VERCAEMST: what changed
Two fiscal 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.
VERCAEMST
Largest movements
- Financial fixed assets +€2.3m
up €2.3m (+46.7%), from €4.9m to €7.2m
- Tangible fixed assets +€915,122
up €915,122 (+23.9%), from €3.8m to €4.7m
of which Land and buildings: +€856,900
- Receivables within one year -€548,374
down €548,374 (-55.3%), from €991,341 to €442,966
of which Other amounts receivable: -€478,116
- Receivables after one year +€183,530
up €183,530 (+9.5%), from €1.9m to €2.1m
- Debts after one year +€2.3m
up €2.3m (+40.1%), from €5.8m to €8.1m
- Reserves +€389,757
up €389,757 (+21.1%), from €1.8m to €2.2m
of which Distributable reserves: +€389,757
- Current portion of long-term debt +€160,427
up €160,427 (+68.9%), from €232,845 to €393,272
- Depreciation +€79,521
up €79,521 (+71.9%), from €110,643 to €190,164
- Financial charges +€51,785
up €51,785 (+18.4%), from €282,193 to €333,978
of which Financial charges: +€51,785
- Taxes +€20,913
up €20,913 (+11.7%), from €179,124 to €200,037
- Financial income -€14,745
down €14,745 (-8.5%), from €172,970 to €158,226
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 | €11,943,441 | €14,855,876 | +€2.9m | +24.4% |
| Fixed assets | 21/28 | €8,766,615 | €11,987,076 | +€3.2m | +36.7% |
| Tangible fixed assets | 22/27 | €3,827,596 | €4,742,718 | +€915,122 | +23.9% |
| Land and buildings | 22 | €3,706,166 | €4,563,066 | +€856,900 | +23.1% |
| Plant, machinery and equipment | 23 | €25,610 | €55,683 | +€30,072 | +117.4% |
| Furniture and vehicles | 24 | €95,819 | €123,969 | +€28,150 | +29.4% |
| Financial fixed assets | 28 | €4,939,018 | €7,244,358 | +€2.3m | +46.7% |
| Current assets | 29/58 | €3,176,827 | €2,868,800 | -€308,027 | -9.7% |
| Amounts receivable after more than one year | 29 | €1,935,937 | €2,119,467 | +€183,530 | +9.5% |
| Other amounts receivable | 291 | €1,935,937 | €2,119,467 | +€183,530 | +9.5% |
| Stocks and contracts in progress | 3 | €17,944 | €25,379 | +€7,434 | +41.4% |
| Stocks | 30/36 | €17,944 | €25,379 | +€7,434 | +41.4% |
| Amounts receivable within one year | 40/41 | €991,341 | €442,966 | -€548,374 | -55.3% |
| Trade receivables | 40 | €359,987 | €289,728 | -€70,259 | -19.5% |
| Other amounts receivable | 41 | €631,354 | €153,238 | -€478,116 | -75.7% |
| Cash at bank and in hand | 54/58 | €75,814 | €161,389 | +€85,574 | +112.9% |
| Deferred charges and accrued income | 490/1 | €155,790 | €119,599 | -€36,191 | -23.2% |
| Total equity and liabilities | 10/49 | €11,943,441 | €14,855,876 | +€2.9m | +24.4% |
| Equity | 10/15 | €5,195,427 | €5,585,184 | +€389,757 | +7.5% |
| Contributions | 10/11 | €3,347,500 | €3,347,500 | = | 0.0% |
| Reserves | 13 | €1,847,927 | €2,237,684 | +€389,757 | +21.1% |
| Tax-exempt reserves | 132 | €12,911 | €12,911 | = | 0.0% |
| Distributable reserves | 133 | €1,835,016 | €2,224,773 | +€389,757 | +21.2% |
| Amounts payable | 17/49 | €6,748,014 | €9,270,692 | +€2.5m | +37.4% |
| Amounts payable after more than one year | 17 | €5,814,044 | €8,143,380 | +€2.3m | +40.1% |
| Financial debts | 170/4 | €5,814,044 | €8,143,380 | +€2.3m | +40.1% |
| Amounts payable within one year | 42/48 | €775,145 | €926,711 | +€151,566 | +19.6% |
| Current portion of amounts payable after more than one year | 42 | €232,845 | €393,272 | +€160,427 | +68.9% |
| Financial debts | 43 | €50,141 | €70,232 | +€20,091 | +40.1% |
| Credit institutions | 430/8 | €50,141 | €70,232 | +€20,091 | +40.1% |
| Trade debts | 44 | €78,065 | €22,421 | -€55,644 | -71.3% |
| Suppliers | 440/4 | €78,065 | €22,421 | -€55,644 | -71.3% |
| Taxes, remuneration and social security | 45 | €110,938 | €162,561 | +€51,623 | +46.5% |
| Taxes | 450/3 | €104,593 | €155,243 | +€50,650 | +48.4% |
| Remuneration and social security | 454/9 | €6,345 | €7,318 | +€973 | +15.3% |
| Other amounts payable | 47/48 | €303,157 | €278,225 | -€24,932 | -8.2% |
| Accrued charges and deferred income | 492/3 | €158,825 | €200,601 | +€41,776 | +26.3% |
| Non-recurring operating income | 76A | €111,640 | €66,576 | -€45,065 | -40.4% |
| Remuneration, social security and pensions | 62 | €32,557 | €35,566 | +€3,009 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,643 | €190,164 | +€79,521 | +71.9% |
| Other operating charges | 640/8 | €50,273 | €45,140 | -€5,133 | -10.2% |
| Gross operating margin | 9900 | €1,033,979 | €1,036,416 | +€2,437 | +0.2% |
| Operating profit (loss) | 9901 | €840,506 | €765,546 | -€74,960 | -8.9% |
| Financial income | 75/76B | €172,970 | €158,226 | -€14,745 | -8.5% |
| Recurring financial income | 75 | €172,970 | €158,226 | -€14,745 | -8.5% |
| Financial charges | 65/66B | €282,193 | €333,978 | +€51,785 | +18.4% |
| Recurring financial charges | 65 | €282,193 | €333,978 | +€51,785 | +18.4% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €731,283 | €589,794 | -€141,489 | -19.3% |
| Income taxes | 67/77 | €179,124 | €200,037 | +€20,913 | +11.7% |
| Profit (loss) for the period | 9904 | €552,160 | €389,757 | -€162,403 | -29.4% |
| Profit (loss) for the period to be appropriated | 9905 | €552,160 | €389,757 | -€162,403 | -29.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.