VERCOM: 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.
VERCOM
Largest movements
- Receivables within one year +€22,061
up €22,061 (+72.0%), from €30,631 to €52,692
of which Trade receivables: +€15,773
- Tangible fixed assets +€19,936
up €19,936 (+2307.4%), from €864 to €20,800
of which Furniture and vehicles: +€19,728
- Deferred charges and accrued income +€10,020
new in 2025: €10,020
- Cash -€9,831
down €9,831 (-42.5%), from €23,119 to €13,288
mainly Investment in fixed assets (net) (-€22,307) and Receivables within one year (-€22,061)
- Stocks and contracts -€2,453
down €2,453 (-14.4%), from €16,987 to €14,534
- Debts after one year +€13,906
new in 2025: €13,906
- Profit (loss) carried forward +€10,470
up €10,470, from -€7,993 to €2,477
- Current portion of long-term debt +€10,134
new in 2025: €10,134
- Trade debts +€6,072
up €6,072 (+40.0%), from €15,180 to €21,252
- Tax, wage and social debts -€1,324
down €1,324 (-8.3%), from €16,032 to €14,708
- Gross operating margin -€20,737
down €20,737 (-50.2%), from €41,297 to €20,560
- Taxes -€7,772
down €7,772 (-71.7%), from €10,839 to €3,067
- Other operating charges -€4,356
down €4,356 (-74.9%), from €5,816 to €1,460
- Depreciation +€2,244
up €2,244 (+1767.1%), from €127 to €2,371
- Write-downs -€2,129
down €2,129 (-77.1%), from €2,761 to €632
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 | €71,601 | €111,334 | +€39,733 | +55.5% |
| Fixed assets | 21/28 | €864 | €20,800 | +€19,936 | +2307.4% |
| Tangible fixed assets | 22/27 | €864 | €20,800 | +€19,936 | +2307.4% |
| Plant, machinery and equipment | 23 | €864 | €1,071 | +€207 | +24.0% |
| Furniture and vehicles | 24 | - | €19,728 | +€19,728 | |
| Current assets | 29/58 | €70,737 | €90,534 | +€19,797 | +28.0% |
| Stocks and contracts in progress | 3 | €16,987 | €14,534 | -€2,453 | -14.4% |
| Stocks | 30/36 | €16,987 | €14,534 | -€2,453 | -14.4% |
| Amounts receivable within one year | 40/41 | €30,631 | €52,692 | +€22,061 | +72.0% |
| Trade receivables | 40 | €14,160 | €29,933 | +€15,773 | +111.4% |
| Other amounts receivable | 41 | €16,471 | €22,759 | +€6,288 | +38.2% |
| Cash at bank and in hand | 54/58 | €23,119 | €13,288 | -€9,831 | -42.5% |
| Deferred charges and accrued income | 490/1 | - | €10,020 | +€10,020 | |
| Total equity and liabilities | 10/49 | €71,601 | €111,334 | +€39,733 | +55.5% |
| Equity | 10/15 | €40,389 | €50,860 | +€10,471 | +25.9% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €29,382 | €29,382 | +€0 | 0.0% |
| Tax-exempt reserves | 132 | €4,050 | €4,050 | = | 0.0% |
| Distributable reserves | 133 | €25,332 | €25,332 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€7,993 | €2,477 | +€10,470 | |
| Amounts payable | 17/49 | €31,212 | €60,474 | +€29,262 | +93.8% |
| Amounts payable after more than one year | 17 | - | €13,906 | +€13,906 | |
| Financial debts | 170/4 | - | €13,906 | +€13,906 | |
| Amounts payable within one year | 42/48 | €31,212 | €46,169 | +€14,957 | +47.9% |
| Current portion of amounts payable after more than one year | 42 | - | €10,134 | +€10,134 | |
| Trade debts | 44 | €15,180 | €21,252 | +€6,072 | +40.0% |
| Suppliers | 440/4 | €15,180 | €21,252 | +€6,072 | +40.0% |
| Taxes, remuneration and social security | 45 | €16,032 | €14,708 | -€1,324 | -8.3% |
| Taxes | 450/3 | €16,032 | €14,708 | -€1,324 | -8.3% |
| Other amounts payable | 47/48 | - | €74 | +€74 | |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127 | €2,371 | +€2,244 | +1767.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,761 | €632 | -€2,129 | -77.1% |
| Other operating charges | 640/8 | €5,816 | €1,460 | -€4,356 | -74.9% |
| Non-recurring operating charges | 66A | €150 | €0 | -€150 | -100.0% |
| Gross operating margin | 9900 | €41,297 | €20,560 | -€20,737 | -50.2% |
| Operating profit (loss) | 9901 | €32,443 | €16,096 | -€16,347 | -50.4% |
| Financial income | 75/76B | €99 | €0 | -€99 | -100.0% |
| Recurring financial income | 75 | €99 | €0 | -€99 | -100.0% |
| Financial charges | 65/66B | €512 | €2,560 | +€2,048 | +399.9% |
| Recurring financial charges | 65 | €512 | €2,560 | +€2,048 | +399.9% |
| Profit (loss) for the period before taxes | 9903 | €32,030 | €13,537 | -€18,493 | -57.7% |
| Income taxes | 67/77 | €10,839 | €3,067 | -€7,772 | -71.7% |
| Profit (loss) for the period | 9904 | €21,191 | €10,470 | -€10,721 | -50.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,191 | €10,470 | -€10,721 | -50.6% |
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 5 October 2026 via checked.be.