VERCOPAL: 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.
VERCOPAL
Largest movements
- Intangible fixed assets -€32,213
down €32,213 (-33.3%), from €96,638 to €64,425
- Cash +€27,246
up €27,246 (+464.0%), from €5,872 to €33,118
mainly Depreciation (+€39,755) and Tax, wage and social debts (+€13,474)
- Tangible fixed assets -€7,542
down €7,542 (-4.3%), from €176,014 to €168,472
of which Land and buildings: -€6,899
- Stocks and contracts -€5,284
down €5,284 (-20.8%), from €25,439 to €20,155
- Debts after one year -€35,910
down €35,910 (-20.9%), from €171,735 to €135,825
of which Financial debts: -€35,910
- Tax, wage and social debts +€13,474
up €13,474 (+136.6%), from €9,863 to €23,337
- Profit (loss) carried forward +€5,224
up €5,224 (+58.9%), from -€8,863 to -€3,639
- Other debts -€3,400
down €3,400 (-4.5%), from €75,489 to €72,089
- Gross operating margin +€4,525
up €4,525 (+6.5%), from €70,000 to €74,525
- Taxes +€1,418
up €1,418 (+11.6%), from €12,210 to €13,628
- Financial charges -€1,003
down €1,003 (-17.3%), from €5,809 to €4,806
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 | €315,240 | €296,685 | -€18,555 | -5.9% |
| Fixed assets | 21/28 | €272,652 | €232,897 | -€39,755 | -14.6% |
| Intangible fixed assets | 21 | €96,638 | €64,425 | -€32,213 | -33.3% |
| Tangible fixed assets | 22/27 | €176,014 | €168,472 | -€7,542 | -4.3% |
| Land and buildings | 22 | €175,371 | €168,472 | -€6,899 | -3.9% |
| Furniture and vehicles | 24 | €643 | - | -€643 | |
| Current assets | 29/58 | €42,588 | €63,788 | +€21,200 | +49.8% |
| Stocks and contracts in progress | 3 | €25,439 | €20,155 | -€5,284 | -20.8% |
| Stocks | 30/36 | €25,439 | €20,155 | -€5,284 | -20.8% |
| Amounts receivable within one year | 40/41 | €11,277 | €10,515 | -€762 | -6.8% |
| Trade receivables | 40 | €9,144 | €8,281 | -€863 | -9.4% |
| Other amounts receivable | 41 | €2,133 | €2,234 | +€101 | +4.7% |
| Cash at bank and in hand | 54/58 | €5,872 | €33,118 | +€27,246 | +464.0% |
| Total equity and liabilities | 10/49 | €315,240 | €296,685 | -€18,555 | -5.9% |
| Equity | 10/15 | €11,542 | €16,766 | +€5,224 | +45.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,863 | -€3,639 | +€5,224 | +58.9% |
| Amounts payable | 17/49 | €303,698 | €279,919 | -€23,779 | -7.8% |
| Amounts payable after more than one year | 17 | €171,735 | €135,825 | -€35,910 | -20.9% |
| Financial debts | 170/4 | €161,445 | €125,535 | -€35,910 | -22.2% |
| Other amounts payable | 178/9 | €10,290 | €10,290 | = | 0.0% |
| Amounts payable within one year | 42/48 | €131,963 | €144,094 | +€12,131 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €34,950 | €35,910 | +€960 | +2.7% |
| Trade debts | 44 | €11,661 | €12,758 | +€1,097 | +9.4% |
| Suppliers | 440/4 | €11,661 | €12,758 | +€1,097 | +9.4% |
| Taxes, remuneration and social security | 45 | €9,863 | €23,337 | +€13,474 | +136.6% |
| Taxes | 450/3 | €9,863 | €23,337 | +€13,474 | +136.6% |
| Other amounts payable | 47/48 | €75,489 | €72,089 | -€3,400 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,741 | €39,755 | +€14 | 0.0% |
| Other operating charges | 640/8 | €10,773 | €11,112 | +€339 | +3.1% |
| Gross operating margin | 9900 | €70,000 | €74,525 | +€4,525 | +6.5% |
| Operating profit (loss) | 9901 | €19,486 | €23,658 | +€4,172 | +21.4% |
| Financial income | 75/76B | €17 | - | -€17 | |
| Recurring financial income | 75 | €17 | - | -€17 | |
| Financial charges | 65/66B | €5,809 | €4,806 | -€1,003 | -17.3% |
| Recurring financial charges | 65 | €5,809 | €4,806 | -€1,003 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €13,694 | €18,852 | +€5,158 | +37.7% |
| Income taxes | 67/77 | €12,210 | €13,628 | +€1,418 | +11.6% |
| Profit (loss) for the period | 9904 | €1,484 | €5,224 | +€3,740 | +252.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,484 | €5,224 | +€3,740 | +252.0% |
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 12 October 2026 via checked.be.