VERCOUILLIE: 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.
VERCOUILLIE
Largest movements
- Current investments +€609,730
up €609,730 (+223,344%), from €273 to €610,003
- Tangible fixed assets -€335,603
down €335,603 (-41.6%), from €806,178 to €470,575
- Cash +€11,970
up €11,970 (+242%), from €4,954 to €16,924
mainly Net result for the year (+€544,170) and Investment in fixed assets (net) (+€324,261)
- Reserves +€544,170
up €544,170 (+361%), from €150,931 to €695,101
of which Distributable reserves: +€546,816
- Debts after one year -€211,237
down €211,237 (-48.3%), from €437,126 to €225,889
- Current portion of long-term debt -€24,303
down €24,303 (-64.8%), from €37,514 to €13,211
- Gross operating margin +€695,014
up €695,014 (+1,197%), from €58,044 to €753,058
- Taxes +€178,766
up €178,766 (+5,090%), from €3,512 to €182,278
- Depreciation -€10,817
down €10,817 (-48.8%), from €22,159 to €11,342
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €811,960 | €1,107,146 | +€295,186 | +36.4% |
| Fixed assets | 21/28 | €806,178 | €470,575 | -€335,603 | -41.6% |
| Tangible fixed assets | 22/27 | €806,178 | €470,575 | -€335,603 | -41.6% |
| Land and buildings | 22 | €806,178 | €470,575 | -€335,603 | -41.6% |
| Current assets | 29/58 | €5,782 | €636,571 | +€630,789 | +10,910% |
| Amounts receivable within one year | 40/41 | €195 | €8,823 | +€8,628 | +4,425% |
| Trade receivables | 40 | - | €8,823 | +€8,823 | |
| Other amounts receivable | 41 | €195 | - | -€195 | |
| Current investments | 50/53 | €273 | €610,003 | +€609,730 | +223,344% |
| Cash at bank and in hand | 54/58 | €4,954 | €16,924 | +€11,970 | +242% |
| Deferred charges and accrued income | 490/1 | €360 | €821 | +€461 | +128% |
| Total equity and liabilities | 10/49 | €811,960 | €1,107,146 | +€295,186 | +36.4% |
| Equity | 10/15 | €169,481 | €713,651 | +€544,170 | +321% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €150,931 | €695,101 | +€544,170 | +361% |
| Non-distributable reserves | 130/1 | €733 | €733 | = | 0.0% |
| Reserves not available under the articles | 1311 | €733 | €733 | = | 0.0% |
| Tax-exempt reserves | 132 | €77,896 | €75,250 | -€2,646 | -3.4% |
| Distributable reserves | 133 | €72,302 | €619,118 | +€546,816 | +756% |
| Amounts payable | 17/49 | €642,479 | €393,495 | -€248,984 | -38.8% |
| Amounts payable after more than one year | 17 | €437,126 | €225,889 | -€211,237 | -48.3% |
| Financial debts | 170/4 | €437,126 | €225,889 | -€211,237 | -48.3% |
| Amounts payable within one year | 42/48 | €195,814 | €164,015 | -€31,799 | -16.2% |
| Current portion of amounts payable after more than one year | 42 | €37,514 | €13,211 | -€24,303 | -64.8% |
| Financial debts | 43 | €1,035 | €190 | -€845 | -81.6% |
| Credit institutions | 430/8 | €1,035 | €190 | -€845 | -81.6% |
| Trade debts | 44 | €822 | €128 | -€694 | -84.4% |
| Suppliers | 440/4 | €822 | €128 | -€694 | -84.4% |
| Taxes, remuneration and social security | 45 | €3,536 | €3,599 | +€63 | +1.8% |
| Taxes | 450/3 | €3,536 | €3,599 | +€63 | +1.8% |
| Other amounts payable | 47/48 | €152,907 | €146,887 | -€6,020 | -3.9% |
| Accrued charges and deferred income | 492/3 | €9,539 | €3,591 | -€5,948 | -62.4% |
| Non-recurring operating income | 76A | - | €731,025 | +€731,025 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,159 | €11,342 | -€10,817 | -48.8% |
| Other operating charges | 640/8 | €7,106 | €6,702 | -€404 | -5.7% |
| Gross operating margin | 9900 | €58,044 | €753,058 | +€695,014 | +1,197% |
| Operating profit (loss) | 9901 | €28,779 | €735,014 | +€706,235 | +2,454% |
| Financial income | 75/76B | €2 | €3,670 | +€3,668 | +183,400% |
| Recurring financial income | 75 | €2 | €3,670 | +€3,668 | +183,400% |
| Financial charges | 65/66B | €17,989 | €12,236 | -€5,753 | -32.0% |
| Recurring financial charges | 65 | €17,989 | €12,236 | -€5,753 | -32.0% |
| Profit (loss) for the period before taxes | 9903 | €10,792 | €726,448 | +€715,656 | +6,631% |
| Income taxes | 67/77 | €3,512 | €182,278 | +€178,766 | +5,090% |
| Profit (loss) for the period | 9904 | €7,280 | €544,170 | +€536,890 | +7,375% |
| Transfer from tax-exempt reserves | 789 | €2,646 | €2,646 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,926 | €546,816 | +€536,890 | +5,409% |
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 22 October 2026 via checked.be.