VERCOU-TERRES: 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
VERCOU-TERRES
NACE 02.100, Forestry and logging
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€33,700
2024 · -€25,976+€59,676
Equity
€1.9m
2024 · €1.8m+€33,700
Cash
€29,620
2024 · €51,647-€22,027
Balance sheet total
€1.9m
2024 · €1.9m-€14,190
Largest movements
Assets
- Cash -€22,027
down €22,027 (-42.6%), from €51,647 to €29,620
mainly Other debts (-€43,532) and Investment in fixed assets (net) (-€19,851)
Equity and liabilities
- Other debts -€43,532
down €43,532 (-43.3%), from €100,540 to €57,007
- Profit (loss) carried forward +€33,700
up €33,700 (+48.6%), from -€69,322 to -€35,622
Income statement
- Gross operating margin -€35,429
down €35,429 (-37.2%), from €95,242 to €59,813
- Depreciation +€7,971
up €7,971 (+89.1%), from €8,946 to €16,917
- Other operating charges +€2,092
up €2,092 (+29.7%), from €7,038 to €9,130
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
-€25,976
Gross operating margin
-€35,429
Depreciation
-€7,971
Other operating charges
-€2,092
Other operating items
+€105,107
Financial income
+€438
Financial charges
-€13
Taxes
-€364
Result 2025
€33,700
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
-€2,177
Investment
-€19,851
Financing
€0
Cash 2024
€51,647
From operations (derived)
-€2,177
Net result for the year
+€33,700
Depreciation
+€16,917
Receivables within one year
-€4,654
Deferred charges and accrued income
-€249
Trade debts
+€65
Tax, wage and social debts
-€4,423
Other debts
-€43,532
Investment (derived)
-€19,851
Investment in fixed assets (net)
-€19,851
Cash 2025
€29,620
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,940,546 | €1,926,355 | -€14,190 | -0.7% |
| Fixed assets | 21/28 | €1,849,298 | €1,852,232 | +€2,934 | +0.2% |
| Tangible fixed assets | 22/27 | €1,849,298 | €1,852,232 | +€2,934 | +0.2% |
| Land and buildings | 22 | €1,836,100 | €1,812,100 | -€24,000 | -1.3% |
| Plant, machinery and equipment | 23 | €10,484 | €9,598 | -€886 | -8.4% |
| Furniture and vehicles | 24 | €2,715 | €30,534 | +€27,819 | +1,025% |
| Current assets | 29/58 | €91,248 | €74,123 | -€17,124 | -18.8% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €39,600 | €44,254 | +€4,654 | +11.8% |
| Trade receivables | 40 | €38,811 | €1,252 | -€37,558 | -96.8% |
| Other amounts receivable | 41 | €790 | €43,002 | +€42,213 | +5,347% |
| Cash at bank and in hand | 54/58 | €51,647 | €29,620 | -€22,027 | -42.6% |
| Deferred charges and accrued income | 490/1 | - | €249 | +€249 | |
| Total equity and liabilities | 10/49 | €1,940,546 | €1,926,355 | -€14,190 | -0.7% |
| Equity | 10/15 | €1,833,217 | €1,866,917 | +€33,700 | +1.8% |
| Contributions | 10/11 | €1,861,100 | €1,861,100 | = | 0.0% |
| Reserves | 13 | €41,439 | €41,439 | = | 0.0% |
| Distributable reserves | 133 | €41,439 | €41,439 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€69,322 | -€35,622 | +€33,700 | +48.6% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Amounts payable | 17/49 | €107,329 | €59,438 | -€47,891 | -44.6% |
| Amounts payable within one year | 42/48 | €106,459 | €58,568 | -€47,891 | -45.0% |
| Trade debts | 44 | €1,075 | €1,139 | +€65 | +6.0% |
| Suppliers | 440/4 | €1,075 | €1,139 | +€65 | +6.0% |
| Taxes, remuneration and social security | 45 | €4,845 | €422 | -€4,423 | -91.3% |
| Taxes | 450/3 | €4,845 | €422 | -€4,423 | -91.3% |
| Other amounts payable | 47/48 | €100,540 | €57,007 | -€43,532 | -43.3% |
| Accrued charges and deferred income | 492/3 | €870 | €870 | = | 0.0% |
| Non-recurring operating income | 76A | €84,044 | €0 | -€84,044 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,946 | €16,917 | +€7,971 | +89.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €7,038 | €9,130 | +€2,092 | +29.7% |
| Non-recurring operating charges | 66A | €105,107 | €0 | -€105,107 | -100% |
| Gross operating margin | 9900 | €95,242 | €59,813 | -€35,429 | -37.2% |
| Operating profit (loss) | 9901 | -€25,848 | €33,767 | +€59,615 | |
| Financial income | 75/76B | €0 | €438 | +€438 | +2,190,500% |
| Recurring financial income | 75 | €0 | €438 | +€438 | +2,190,500% |
| Financial charges | 65/66B | €128 | €141 | +€13 | +9.9% |
| Recurring financial charges | 65 | €128 | €141 | +€13 | +9.9% |
| Profit (loss) for the period before taxes | 9903 | -€25,976 | €34,064 | +€60,040 | |
| Income taxes | 67/77 | - | €364 | +€364 | |
| Profit (loss) for the period | 9904 | -€25,976 | €33,700 | +€59,676 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,976 | €33,700 | +€59,676 |
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 24 October 2026 via checked.be.