VERCAUTEREN: 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.
VERCAUTEREN
Largest movements
- Current investments +€464,994
up €464,994 (+620%), from €75,006 to €540,000
- Tangible fixed assets -€63,562
no longer reported in 2025 (was €63,562)
of which Land and buildings: -€63,346
- Receivables within one year +€32,421
up €32,421 (+70.5%), from €45,958 to €78,379
- Cash +€13,313
up €13,313 (+89.4%), from €14,893 to €28,206
mainly Net result for the year (+€446,989) and Investment in fixed assets (net) (+€63,727)
- Reserves +€445,000
up €445,000 (+873%), from €50,949 to €495,949
of which Distributable reserves: +€445,000
- Gross operating margin +€639,462
up €639,462, from -€25,008 to €614,454
- Taxes +€171,323
up €171,323 (+40,418%), from €424 to €171,747
- Depreciation -€12,073
no longer reported in 2025 (was €12,073)
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.
Derived cash bridge
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 | €199,671 | €646,585 | +€446,914 | +224% |
| Fixed assets | 21/28 | €63,727 | - | -€63,727 | |
| Tangible fixed assets | 22/27 | €63,562 | - | -€63,562 | |
| Land and buildings | 22 | €63,346 | - | -€63,346 | |
| Plant, machinery and equipment | 23 | €217 | - | -€217 | |
| Financial fixed assets | 28 | €165 | - | -€165 | |
| Current assets | 29/58 | €135,944 | €646,585 | +€510,641 | +376% |
| Amounts receivable within one year | 40/41 | €45,958 | €78,379 | +€32,421 | +70.5% |
| Other amounts receivable | 41 | €45,958 | €78,379 | +€32,421 | +70.5% |
| Current investments | 50/53 | €75,006 | €540,000 | +€464,994 | +620% |
| Cash at bank and in hand | 54/58 | €14,893 | €28,206 | +€13,313 | +89.4% |
| Deferred charges and accrued income | 490/1 | €86 | - | -€86 | |
| Total equity and liabilities | 10/49 | €199,671 | €646,585 | +€446,914 | +224% |
| Equity | 10/15 | €198,360 | €645,349 | +€446,989 | +225% |
| Contributions | 10/11 | €59,494 | €59,494 | = | 0.0% |
| Reserves | 13 | €50,949 | €495,949 | +€445,000 | +873% |
| Non-distributable reserves | 130/1 | €5,949 | €5,949 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,949 | €5,949 | = | 0.0% |
| Distributable reserves | 133 | €45,000 | €490,000 | +€445,000 | +989% |
| Profit (loss) carried forward | 14 | €87,916 | €89,905 | +€1,989 | +2.3% |
| Amounts payable | 17/49 | €1,311 | €1,237 | -€75 | -5.7% |
| Amounts payable within one year | 42/48 | €1,311 | €1,237 | -€75 | -5.7% |
| Trade debts | 44 | - | €1,237 | +€1,237 | |
| Suppliers | 440/4 | - | €1,237 | +€1,237 | |
| Taxes, remuneration and social security | 45 | €1,311 | - | -€1,311 | |
| Taxes | 450/3 | €1,311 | - | -€1,311 | |
| Non-recurring operating income | 76A | - | €636,654 | +€636,654 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,073 | - | -€12,073 | |
| Other operating charges | 640/8 | €3,760 | €1,588 | -€2,172 | -57.8% |
| Gross operating margin | 9900 | -€25,008 | €614,454 | +€639,462 | |
| Operating profit (loss) | 9901 | -€40,841 | €612,866 | +€653,707 | |
| Financial income | 75/76B | €4,101 | €6,075 | +€1,973 | +48.1% |
| Recurring financial income | 75 | €4,101 | €6,075 | +€1,973 | +48.1% |
| Financial charges | 65/66B | €491 | €205 | -€286 | -58.2% |
| Recurring financial charges | 65 | €491 | €205 | -€286 | -58.2% |
| Profit (loss) for the period before taxes | 9903 | -€37,231 | €618,736 | +€655,967 | |
| Income taxes | 67/77 | €424 | €171,747 | +€171,323 | +40,418% |
| Profit (loss) for the period | 9904 | -€37,655 | €446,989 | +€484,644 | |
| Profit (loss) for the period to be appropriated | 9905 | -€37,655 | €446,989 | +€484,644 |
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 15 October 2026 via checked.be.