VERCNOCKE: 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.
What changed
VERCNOCKE
NACE 18.120, Other printing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€22,580
2024 · -€28,867+€6,287
Equity
-€53,074
2024 · -€30,495-€22,580
Cash
€3,785
2024 · €2,741+€1,044
Balance sheet total
€369,567
2024 · €393,400-€23,833
Largest movements
Assets
- Tangible fixed assets -€27,073
down €27,073 (-7.0%), from €389,084 to €362,011
Equity and liabilities
- Other debts +€26,351
up €26,351 (+13.1%), from €201,410 to €227,761
- Debts after one year -€25,237
down €25,237 (-17.1%), from €147,934 to €122,697
- Profit (loss) carried forward -€12,860
down €12,860 (-5.9%), from -€216,920 to -€229,780
- Reserves -€9,720
down €9,720 (-6.7%), from €145,926 to €136,206
of which Tax-exempt reserves: -€9,720
Income statement
- Financial charges -€6,453
down €6,453 (-42.3%), from €15,255 to €8,802
- Gross operating margin -€138
down €138 (-1.1%), from €12,027 to €11,889
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.
Result 2024
-€28,867
Gross operating margin
-€138
Depreciation
-€27
Other operating charges
-€40
Other operating items
+€42
Financial income
-€4
Financial charges
+€6,453
Taxes
+€1
Result 2025
-€22,580
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€26,316
Investment
-€1,280
Financing
-€23,992
Cash 2024
€2,741
From operations (derived)
+€26,316
Net result for the year
-€22,580
Depreciation
+€28,353
Receivables within one year
+€1,491
Deferred charges and accrued income
-€3,687
Provisions
-€3,240
Trade debts
-€1,671
Tax, wage and social debts
+€212
Other debts
+€26,351
Accrued charges and deferred income
+€1,086
Investment (derived)
-€1,280
Investment in fixed assets (net)
-€1,280
Financing
-€23,992
Debts after one year
-€25,237
Current portion of long-term debt
+€1,245
Cash 2025
€3,785
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €393,400 | €369,567 | -€23,833 | -6.1% |
| Fixed assets | 21/28 | €389,084 | €362,011 | -€27,073 | -7.0% |
| Tangible fixed assets | 22/27 | €389,084 | €362,011 | -€27,073 | -7.0% |
| Plant, machinery and equipment | 23 | €389,084 | €362,011 | -€27,073 | -7.0% |
| Current assets | 29/58 | €4,316 | €7,556 | +€3,240 | +75.1% |
| Amounts receivable within one year | 40/41 | €1,539 | €49 | -€1,491 | -96.8% |
| Trade receivables | 40 | €1,539 | €49 | -€1,491 | -96.8% |
| Cash at bank and in hand | 54/58 | €2,741 | €3,785 | +€1,044 | +38.1% |
| Deferred charges and accrued income | 490/1 | €35 | €3,722 | +€3,687 | +10,471% |
| Total equity and liabilities | 10/49 | €393,400 | €369,567 | -€23,833 | -6.1% |
| Equity | 10/15 | -€30,495 | -€53,074 | -€22,580 | -74.0% |
| Contributions | 10/11 | €40,500 | €40,500 | = | 0.0% |
| Reserves | 13 | €145,926 | €136,206 | -€9,720 | -6.7% |
| Non-distributable reserves | 130/1 | €9,853 | €9,853 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,853 | €9,853 | = | 0.0% |
| Tax-exempt reserves | 132 | €136,073 | €126,353 | -€9,720 | -7.1% |
| Profit (loss) carried forward | 14 | -€216,920 | -€229,780 | -€12,860 | -5.9% |
| Provisions and deferred taxes | 16 | €45,358 | €42,118 | -€3,240 | -7.1% |
| Deferred taxes | 168 | €45,358 | €42,118 | -€3,240 | -7.1% |
| Amounts payable | 17/49 | €378,537 | €380,524 | +€1,987 | +0.5% |
| Amounts payable after more than one year | 17 | €147,934 | €122,697 | -€25,237 | -17.1% |
| Financial debts | 170/4 | €147,934 | €122,697 | -€25,237 | -17.1% |
| Amounts payable within one year | 42/48 | €228,417 | €254,554 | +€26,137 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €23,992 | €25,237 | +€1,245 | +5.2% |
| Trade debts | 44 | €2,379 | €708 | -€1,671 | -70.2% |
| Suppliers | 440/4 | €2,379 | €708 | -€1,671 | -70.2% |
| Taxes, remuneration and social security | 45 | €635 | €848 | +€212 | +33.4% |
| Taxes | 450/3 | €635 | €848 | +€212 | +33.4% |
| Other amounts payable | 47/48 | €201,410 | €227,761 | +€26,351 | +13.1% |
| Accrued charges and deferred income | 492/3 | €2,186 | €3,272 | +€1,086 | +49.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,327 | €28,353 | +€27 | +0.1% |
| Other operating charges | 640/8 | €513 | €553 | +€40 | +7.7% |
| Non-recurring operating charges | 66A | €42 | - | -€42 | |
| Gross operating margin | 9900 | €12,027 | €11,889 | -€138 | -1.1% |
| Operating profit (loss) | 9901 | -€16,856 | -€17,017 | -€162 | -1.0% |
| Financial income | 75/76B | €4 | €0 | -€4 | -97.3% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -97.3% |
| Financial charges | 65/66B | €15,255 | €8,802 | -€6,453 | -42.3% |
| Recurring financial charges | 65 | €15,255 | €8,802 | -€6,453 | -42.3% |
| Profit (loss) for the period before taxes | 9903 | -€32,106 | -€25,819 | +€6,287 | +19.6% |
| Transfer from deferred taxes | 780 | €3,240 | €3,240 | = | 0.0% |
| Income taxes | 67/77 | €1 | - | -€1 | |
| Profit (loss) for the period | 9904 | -€28,867 | -€22,580 | +€6,287 | +21.8% |
| Transfer from tax-exempt reserves | 789 | €9,720 | €9,720 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,148 | -€12,860 | +€6,287 | +32.8% |
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 23 October 2026 via checked.be.