VERCOVAN: 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.
VERCOVAN
Largest movements
- Current investments +€30,003
up €30,003 (+8.8%), from €341,316 to €371,318
- Tangible fixed assets -€18,952
down €18,952 (-4.0%), from €475,417 to €456,466
of which Land and buildings: -€23,243
- Stocks and contracts +€17,212
up €17,212 (+20.2%), from €85,265 to €102,477
- Cash -€17,132
down €17,132 (-5.9%), from €290,415 to €273,283
mainly Contributions, distributions and other (-€57,171) and Investment in fixed assets (net) (-€31,741)
- Reserves +€39,251
up €39,251 (+3.9%), from €1.0m to €1.0m
of which Distributable reserves: +€39,251
- Trade debts -€18,556
down €18,556 (-62.4%), from €29,751 to €11,195
- Gross operating margin -€66,452
down €66,452 (-14.8%), from €448,024 to €381,571
- Taxes -€22,048
down €22,048 (-51.4%), from €42,888 to €20,840
- Staff costs +€12,290
up €12,290 (+6.5%), from €187,963 to €200,253
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 | €1,255,745 | €1,273,007 | +€17,262 | +1.4% |
| Fixed assets | 21/28 | €478,458 | €458,787 | -€19,672 | -4.1% |
| Intangible fixed assets | 21 | €2,941 | €2,221 | -€720 | -24.5% |
| Tangible fixed assets | 22/27 | €475,417 | €456,466 | -€18,952 | -4.0% |
| Land and buildings | 22 | €406,390 | €383,147 | -€23,243 | -5.7% |
| Plant, machinery and equipment | 23 | €40,341 | €42,880 | +€2,539 | +6.3% |
| Furniture and vehicles | 24 | €28,686 | €30,438 | +€1,752 | +6.1% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €777,286 | €814,220 | +€36,933 | +4.8% |
| Stocks and contracts in progress | 3 | €85,265 | €102,477 | +€17,212 | +20.2% |
| Stocks | 30/36 | €85,265 | €102,477 | +€17,212 | +20.2% |
| Amounts receivable within one year | 40/41 | €56,869 | €64,584 | +€7,715 | +13.6% |
| Trade receivables | 40 | €30,643 | €26,654 | -€3,990 | -13.0% |
| Other amounts receivable | 41 | €26,226 | €37,931 | +€11,705 | +44.6% |
| Current investments | 50/53 | €341,316 | €371,318 | +€30,003 | +8.8% |
| Cash at bank and in hand | 54/58 | €290,415 | €273,283 | -€17,132 | -5.9% |
| Deferred charges and accrued income | 490/1 | €3,422 | €2,557 | -€865 | -25.3% |
| Total equity and liabilities | 10/49 | €1,255,745 | €1,273,007 | +€17,262 | +1.4% |
| Equity | 10/15 | €1,127,737 | €1,166,989 | +€39,251 | +3.5% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €1,003,791 | €1,043,042 | +€39,251 | +3.9% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,131 | €2,131 | = | 0.0% |
| Distributable reserves | 133 | €989,265 | €1,028,516 | +€39,251 | +4.0% |
| Amounts payable | 17/49 | €128,008 | €106,018 | -€21,989 | -17.2% |
| Amounts payable within one year | 42/48 | €128,008 | €106,018 | -€21,989 | -17.2% |
| Trade debts | 44 | €29,751 | €11,195 | -€18,556 | -62.4% |
| Suppliers | 440/4 | €29,751 | €11,195 | -€18,556 | -62.4% |
| Advances received on contracts in progress | 46 | €1,476 | - | -€1,476 | |
| Taxes, remuneration and social security | 45 | €64,287 | €56,964 | -€7,323 | -11.4% |
| Taxes | 450/3 | €47,234 | €38,391 | -€8,843 | -18.7% |
| Remuneration and social security | 454/9 | €17,053 | €18,573 | +€1,520 | +8.9% |
| Other amounts payable | 47/48 | €32,494 | €37,860 | +€5,366 | +16.5% |
| Remuneration, social security and pensions | 62 | €187,963 | €200,253 | +€12,290 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,470 | €51,412 | +€2,943 | +6.1% |
| Other operating charges | 640/8 | €14,432 | €17,252 | +€2,820 | +19.5% |
| Non-recurring operating charges | 66A | €1,310 | - | -€1,310 | |
| Gross operating margin | 9900 | €448,024 | €381,571 | -€66,452 | -14.8% |
| Operating profit (loss) | 9901 | €195,849 | €112,654 | -€83,195 | -42.5% |
| Financial income | 75/76B | €1,645 | €5,772 | +€4,127 | +251% |
| Recurring financial income | 75 | €1,645 | €5,772 | +€4,127 | +251% |
| Financial charges | 65/66B | €539 | €1,163 | +€624 | +116% |
| Recurring financial charges | 65 | €539 | €1,163 | +€624 | +116% |
| Profit (loss) for the period before taxes | 9903 | €196,955 | €117,263 | -€79,693 | -40.5% |
| Income taxes | 67/77 | €42,888 | €20,840 | -€22,048 | -51.4% |
| Profit (loss) for the period | 9904 | €154,068 | €96,423 | -€57,645 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €154,068 | €96,423 | -€57,645 | -37.4% |
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 18 October 2026 via checked.be.