VERCAIGNE: 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.
VERCAIGNE
Largest movements
- Tangible fixed assets +€595,045
up €595,045 (+42.0%), from €1.4m to €2.0m
- Cash -€261,579
down €261,579 (-42.4%), from €616,368 to €354,790
mainly Investment in fixed assets (net) (-€741,290) and Contributions, distributions and other (-€120,000)
- Debts after one year +€365,392
new in 2025: €365,392
- Accrued charges and deferred income -€67,830
down €67,830 (-100.0%), from €67,830 to €0
- Reserves +€42,873
up €42,873 (+2.5%), from €1.7m to €1.8m
of which Distributable reserves: +€42,873
- Current portion of long-term debt +€34,608
new in 2025: €34,608
- Trade debts -€24,688
down €24,688 (-78.3%), from €31,527 to €6,839
- Depreciation +€38,146
up €38,146 (+36.7%), from €103,829 to €141,974
- Gross operating margin +€17,032
up €17,032 (+5.0%), from €341,201 to €358,233
- Financial income +€4,375
up €4,375 (+133.5%), from €3,278 to €7,653
- Other operating charges +€3,993
up €3,993 (+9.5%), from €42,026 to €46,019
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 | €2,042,004 | €2,377,060 | +€335,055 | +16.4% |
| Fixed assets | 21/28 | €1,415,246 | €2,014,562 | +€599,315 | +42.3% |
| Tangible fixed assets | 22/27 | €1,415,246 | €2,010,292 | +€595,045 | +42.0% |
| Land and buildings | 22 | €1,415,246 | €2,010,292 | +€595,045 | +42.0% |
| Financial fixed assets | 28 | - | €4,270 | +€4,270 | |
| Current assets | 29/58 | €626,758 | €362,498 | -€264,260 | -42.2% |
| Amounts receivable within one year | 40/41 | €8,468 | €7,708 | -€760 | -9.0% |
| Trade receivables | 40 | €7,142 | €1,738 | -€5,404 | -75.7% |
| Other amounts receivable | 41 | €1,326 | €5,970 | +€4,644 | +350.1% |
| Cash at bank and in hand | 54/58 | €616,368 | €354,790 | -€261,579 | -42.4% |
| Deferred charges and accrued income | 490/1 | €1,921 | €0 | -€1,921 | -100.0% |
| Total equity and liabilities | 10/49 | €2,042,004 | €2,377,060 | +€335,055 | +16.4% |
| Equity | 10/15 | €1,807,347 | €1,850,220 | +€42,873 | +2.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,745,347 | €1,788,220 | +€42,873 | +2.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,762 | €3,762 | = | 0.0% |
| Distributable reserves | 133 | €1,735,384 | €1,778,258 | +€42,873 | +2.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €234,657 | €526,839 | +€292,182 | +124.5% |
| Amounts payable after more than one year | 17 | - | €365,392 | +€365,392 | |
| Financial debts | 170/4 | - | €365,392 | +€365,392 | |
| Amounts payable within one year | 42/48 | €166,827 | €161,448 | -€5,379 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | - | €34,608 | +€34,608 | |
| Trade debts | 44 | €31,527 | €6,839 | -€24,688 | -78.3% |
| Suppliers | 440/4 | €31,527 | €6,839 | -€24,688 | -78.3% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €135,300 | €120,000 | -€15,300 | -11.3% |
| Accrued charges and deferred income | 492/3 | €67,830 | €0 | -€67,830 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,829 | €141,974 | +€38,146 | +36.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €42,026 | €46,019 | +€3,993 | +9.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €341,201 | €358,233 | +€17,032 | +5.0% |
| Operating profit (loss) | 9901 | €195,347 | €170,240 | -€25,107 | -12.9% |
| Financial income | 75/76B | €3,278 | €7,653 | +€4,375 | +133.5% |
| Recurring financial income | 75 | €3,278 | €7,653 | +€4,375 | +133.5% |
| Financial charges | 65/66B | €164 | €642 | +€478 | +291.8% |
| Recurring financial charges | 65 | €164 | €642 | +€478 | +291.8% |
| Profit (loss) for the period before taxes | 9903 | €198,461 | €177,251 | -€21,210 | -10.7% |
| Income taxes | 67/77 | €15,872 | €14,378 | -€1,494 | -9.4% |
| Profit (loss) for the period | 9904 | €182,588 | €162,873 | -€19,715 | -10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €182,588 | €162,873 | -€19,715 | -10.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.