VERCIM: 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.
VERCIM
Largest movements
- Tangible fixed assets -€220,675
down €220,675 (-8.4%), from €2.6m to €2.4m
of which Plant, machinery and equipment: -€132,818
- Receivables within one year -€196,779
down €196,779 (-99.2%), from €198,441 to €1,661
of which Other amounts receivable: -€196,970
- Cash +€111,415
up €111,415 (+200.1%), from €55,667 to €167,082
mainly Depreciation (+€231,860) and Receivables within one year (+€196,779)
- Profit (loss) carried forward -€154,650
down €154,650 (-34.5%), from -€447,705 to -€602,355
- Debts after one year -€137,743
down €137,743 (-4.8%), from €2.9m to €2.7m
of which Financial debts: -€137,743
- Taxes +€147,142
up €147,142 (+49562.9%), from €297 to €147,439
- Gross operating margin +€21,710
up €21,710 (+8.2%), from €264,252 to €285,962
- Other operating charges -€10,396
down €10,396 (-38.0%), from €27,336 to €16,940
- Depreciation -€9,630
down €9,630 (-4.0%), from €241,491 to €231,860
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 | €2,890,720 | €2,584,683 | -€306,037 | -10.6% |
| Fixed assets | 21/28 | €2,635,254 | €2,414,579 | -€220,675 | -8.4% |
| Tangible fixed assets | 22/27 | €2,635,254 | €2,414,579 | -€220,675 | -8.4% |
| Land and buildings | 22 | €1,807,741 | €1,718,267 | -€89,474 | -4.9% |
| Plant, machinery and equipment | 23 | €827,514 | €694,696 | -€132,818 | -16.1% |
| Furniture and vehicles | 24 | - | €1,616 | +€1,616 | |
| Current assets | 29/58 | €255,466 | €170,104 | -€85,362 | -33.4% |
| Amounts receivable within one year | 40/41 | €198,441 | €1,661 | -€196,779 | -99.2% |
| Trade receivables | 40 | - | €190 | +€190 | |
| Other amounts receivable | 41 | €198,441 | €1,471 | -€196,970 | -99.3% |
| Cash at bank and in hand | 54/58 | €55,667 | €167,082 | +€111,415 | +200.1% |
| Deferred charges and accrued income | 490/1 | €1,358 | €1,361 | +€3 | +0.2% |
| Total equity and liabilities | 10/49 | €2,890,720 | €2,584,683 | -€306,037 | -10.6% |
| Equity | 10/15 | -€427,245 | -€581,895 | -€154,650 | -36.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€447,705 | -€602,355 | -€154,650 | -34.5% |
| Amounts payable | 17/49 | €3,317,965 | €3,166,578 | -€151,387 | -4.6% |
| Amounts payable after more than one year | 17 | €2,877,694 | €2,739,951 | -€137,743 | -4.8% |
| Financial debts | 170/4 | €2,820,574 | €2,682,831 | -€137,743 | -4.9% |
| Other amounts payable | 178/9 | €57,120 | €57,120 | = | 0.0% |
| Amounts payable within one year | 42/48 | €440,271 | €426,627 | -€13,644 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €135,078 | €137,743 | +€2,665 | +2.0% |
| Trade debts | 44 | €5,483 | €36 | -€5,447 | -99.3% |
| Suppliers | 440/4 | €5,483 | €36 | -€5,447 | -99.3% |
| Taxes, remuneration and social security | 45 | €290 | €300 | +€10 | +3.4% |
| Taxes | 450/3 | €290 | €300 | +€10 | +3.4% |
| Other amounts payable | 47/48 | €299,420 | €288,548 | -€10,872 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €241,491 | €231,860 | -€9,630 | -4.0% |
| Other operating charges | 640/8 | €27,336 | €16,940 | -€10,396 | -38.0% |
| Gross operating margin | 9900 | €264,252 | €285,962 | +€21,710 | +8.2% |
| Operating profit (loss) | 9901 | -€4,575 | €37,161 | +€41,736 | |
| Financial income | 75/76B | €24 | - | -€24 | |
| Recurring financial income | 75 | €24 | - | -€24 | |
| Financial charges | 65/66B | €47,095 | €44,372 | -€2,723 | -5.8% |
| Recurring financial charges | 65 | €47,095 | €44,372 | -€2,723 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | -€51,645 | -€7,211 | +€44,435 | +86.0% |
| Income taxes | 67/77 | €297 | €147,439 | +€147,142 | +49562.9% |
| Profit (loss) for the period | 9904 | -€51,942 | -€154,650 | -€102,708 | -197.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,942 | -€154,650 | -€102,708 | -197.7% |
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 4 October 2026 via checked.be.