VERCAEMER: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VERCAEMER
Largest movements
- Cash -€71,963
down €71,963 (-22.0%), from €326,787 to €254,824
mainly Other debts (-€74,315) and Contributions, distributions and other (-€39,434)
- Tangible fixed assets -€17,195
down €17,195 (-12.8%), from €134,634 to €117,439
of which Furniture and vehicles: -€26,811
- Receivables within one year -€9,440
down €9,440 (-21.5%), from €43,988 to €34,548
of which Trade receivables: -€20,366
- Other debts -€74,315
down €74,315 (-88.7%), from €83,818 to €9,503
- Tax, wage and social debts -€12,742
down €12,742 (-60.1%), from €21,198 to €8,456
of which Taxes: -€11,942
- Reserves -€7,434
down €7,434 (-1.9%), from €401,592 to €394,159
of which Distributable reserves: -€5,579
- Gross operating margin -€78,648
down €78,648 (-48.4%), from €162,365 to €83,717
- Taxes -€25,055
down €25,055 (-71.0%), from €35,264 to €10,210
- Depreciation +€3,556
up €3,556 (+10.0%), from €35,651 to €39,207
- Other operating charges -€1,789
down €1,789 (-51.5%), from €3,474 to €1,686
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €539,041 | €444,202 | -€94,839 | -17.6% |
| Fixed assets | 21/28 | €134,634 | €117,439 | -€17,195 | -12.8% |
| Tangible fixed assets | 22/27 | €134,634 | €117,439 | -€17,195 | -12.8% |
| Land and buildings | 22 | €20,147 | €17,271 | -€2,875 | -14.3% |
| Plant, machinery and equipment | 23 | €18,433 | €30,925 | +€12,492 | +67.8% |
| Furniture and vehicles | 24 | €96,054 | €69,243 | -€26,811 | -27.9% |
| Current assets | 29/58 | €404,407 | €326,762 | -€77,645 | -19.2% |
| Stocks and contracts in progress | 3 | €33,632 | €37,390 | +€3,758 | +11.2% |
| Stocks | 30/36 | €33,632 | €37,390 | +€3,758 | +11.2% |
| Amounts receivable within one year | 40/41 | €43,988 | €34,548 | -€9,440 | -21.5% |
| Trade receivables | 40 | €39,862 | €19,496 | -€20,366 | -51.1% |
| Other amounts receivable | 41 | €4,126 | €15,052 | +€10,926 | +264.8% |
| Cash at bank and in hand | 54/58 | €326,787 | €254,824 | -€71,963 | -22.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €539,041 | €444,202 | -€94,839 | -17.6% |
| Equity | 10/15 | €420,764 | €413,532 | -€7,233 | -1.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €401,592 | €394,159 | -€7,434 | -1.9% |
| Non-distributable reserves | 130/1 | €1,855 | €0 | -€1,855 | -100.0% |
| Reserves not available under the articles | 1311 | €1,855 | €0 | -€1,855 | -100.0% |
| Distributable reserves | 133 | €399,737 | €394,159 | -€5,579 | -1.4% |
| Profit (loss) carried forward | 14 | €622 | €823 | +€201 | +32.3% |
| Amounts payable | 17/49 | €118,277 | €30,670 | -€87,607 | -74.1% |
| Amounts payable within one year | 42/48 | €118,277 | €30,670 | -€87,607 | -74.1% |
| Trade debts | 44 | €13,261 | €12,711 | -€550 | -4.1% |
| Suppliers | 440/4 | €13,261 | €12,711 | -€550 | -4.1% |
| Taxes, remuneration and social security | 45 | €21,198 | €8,456 | -€12,742 | -60.1% |
| Taxes | 450/3 | €17,348 | €5,406 | -€11,942 | -68.8% |
| Remuneration and social security | 454/9 | €3,850 | €3,050 | -€800 | -20.8% |
| Other amounts payable | 47/48 | €83,818 | €9,503 | -€74,315 | -88.7% |
| Non-recurring operating income | 76A | €36,500 | €0 | -€36,500 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,651 | €39,207 | +€3,556 | +10.0% |
| Other operating charges | 640/8 | €3,474 | €1,686 | -€1,789 | -51.5% |
| Gross operating margin | 9900 | €162,365 | €83,717 | -€78,648 | -48.4% |
| Operating profit (loss) | 9901 | €123,240 | €42,825 | -€80,415 | -65.3% |
| Financial income | 75/76B | €171 | €24 | -€148 | -86.2% |
| Recurring financial income | 75 | €171 | €24 | -€148 | -86.2% |
| Financial charges | 65/66B | €649 | €438 | -€211 | -32.6% |
| Recurring financial charges | 65 | €649 | €438 | -€211 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €122,762 | €42,411 | -€80,351 | -65.5% |
| Income taxes | 67/77 | €35,264 | €10,210 | -€25,055 | -71.0% |
| Profit (loss) for the period | 9904 | €87,498 | €32,201 | -€55,297 | -63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €87,498 | €32,201 | -€55,297 | -63.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.