VERCUNDUS: 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.
VERCUNDUS
Largest movements
- Tangible fixed assets -€94,971
down €94,971 (-25.0%), from €379,387 to €284,416
of which Land and buildings: -€94,120
- Receivables within one year -€75,851
down €75,851 (-28.9%), from €262,759 to €186,907
- Debts after one year -€100,237
down €100,237 (-41.4%), from €242,321 to €142,084
- Profit (loss) carried forward -€55,442
new in 2025: -€55,442
- Tax, wage and social debts -€9,285
down €9,285 (-86.7%), from €10,712 to €1,427
- Gross operating margin -€88,841
down €88,841, from €44,714 to -€44,127
- Taxes -€9,283
down €9,283 (-94.9%), from €9,778 to €495
- Depreciation -€4,968
down €4,968 (-24.3%), from €20,454 to €15,486
- Financial income -€2,520
down €2,520 (-17.3%), from €14,581 to €12,062
- Financial charges -€512
down €512 (-9.6%), from €5,322 to €4,810
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 | €647,330 | €476,223 | -€171,107 | -26.4% |
| Fixed assets | 21/28 | €379,387 | €284,416 | -€94,971 | -25.0% |
| Tangible fixed assets | 22/27 | €379,387 | €284,416 | -€94,971 | -25.0% |
| Land and buildings | 22 | €377,293 | €283,173 | -€94,120 | -24.9% |
| Furniture and vehicles | 24 | €2,094 | €1,243 | -€851 | -40.6% |
| Current assets | 29/58 | €267,943 | €191,807 | -€76,137 | -28.4% |
| Amounts receivable within one year | 40/41 | €262,759 | €186,907 | -€75,851 | -28.9% |
| Other amounts receivable | 41 | €262,759 | €186,907 | -€75,851 | -28.9% |
| Cash at bank and in hand | 54/58 | €3,031 | €3,076 | +€46 | +1.5% |
| Deferred charges and accrued income | 490/1 | €2,154 | €1,823 | -€331 | -15.4% |
| Total equity and liabilities | 10/49 | €647,330 | €476,223 | -€171,107 | -26.4% |
| Equity | 10/15 | €360,577 | €305,135 | -€55,442 | -15.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €348,177 | €348,177 | = | 0.0% |
| Distributable reserves | 133 | €348,177 | €348,177 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€55,442 | -€55,442 | |
| Amounts payable | 17/49 | €286,753 | €171,087 | -€115,665 | -40.3% |
| Amounts payable after more than one year | 17 | €242,321 | €142,084 | -€100,237 | -41.4% |
| Financial debts | 170/4 | €242,321 | €142,084 | -€100,237 | -41.4% |
| Amounts payable within one year | 42/48 | €42,457 | €28,486 | -€13,971 | -32.9% |
| Current portion of amounts payable after more than one year | 42 | €30,871 | €26,887 | -€3,985 | -12.9% |
| Trade debts | 44 | €873 | €172 | -€701 | -80.3% |
| Suppliers | 440/4 | €873 | €172 | -€701 | -80.3% |
| Taxes, remuneration and social security | 45 | €10,712 | €1,427 | -€9,285 | -86.7% |
| Taxes | 450/3 | €10,712 | €1,427 | -€9,285 | -86.7% |
| Accrued charges and deferred income | 492/3 | €1,974 | €517 | -€1,458 | -73.8% |
| Non-recurring operating income | 76A | - | €8,742 | +€8,742 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,454 | €15,486 | -€4,968 | -24.3% |
| Other operating charges | 640/8 | €2,583 | €2,585 | +€1 | +0.1% |
| Gross operating margin | 9900 | €44,714 | -€44,127 | -€88,841 | |
| Operating profit (loss) | 9901 | €21,677 | -€62,198 | -€83,875 | |
| Financial income | 75/76B | €14,581 | €12,062 | -€2,520 | -17.3% |
| Recurring financial income | 75 | €14,581 | €12,062 | -€2,520 | -17.3% |
| Financial charges | 65/66B | €5,322 | €4,810 | -€512 | -9.6% |
| Recurring financial charges | 65 | €5,322 | €4,810 | -€512 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €30,936 | -€54,947 | -€85,883 | |
| Income taxes | 67/77 | €9,778 | €495 | -€9,283 | -94.9% |
| Profit (loss) for the period | 9904 | €21,158 | -€55,442 | -€76,600 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,158 | -€55,442 | -€76,600 |
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.