Vereecke Ph.: 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.
Vereecke Ph.
Largest movements
- Cash -€93,372
down €93,372 (-23.0%), from €406,436 to €313,064
mainly Contributions, distributions and other (-€112,035) and Current investments (-€79,657)
- Current investments +€79,657
up €79,657 (+99.6%), from €79,999 to €159,656
- Tangible fixed assets -€48,239
down €48,239 (-7.9%), from €613,798 to €565,559
of which Furniture and vehicles: -€32,279
- Receivables within one year -€37,663
down €37,663 (-11.9%), from €316,536 to €278,874
of which Trade receivables: -€34,244
- Stocks and contracts +€17,421
up €17,421 (+17.5%), from €99,543 to €116,964
- Debts after one year -€52,019
down €52,019 (-21.0%), from €247,131 to €195,112
- Tax, wage and social debts -€34,388
down €34,388 (-65.1%), from €52,793 to €18,405
- Reserves +€16,368
up €16,368 (+1.9%), from €875,646 to €892,014
of which Distributable reserves: +€16,368
- Gross operating margin -€71,117
down €71,117 (-22.6%), from €315,054 to €243,937
- Taxes -€20,807
down €20,807 (-26.4%), from €78,746 to €57,939
- Depreciation -€6,505
down €6,505 (-11.1%), from €58,699 to €52,195
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 | €1,516,312 | €1,434,117 | -€82,195 | -5.4% |
| Fixed assets | 21/28 | €613,798 | €565,559 | -€48,239 | -7.9% |
| Tangible fixed assets | 22/27 | €613,798 | €565,559 | -€48,239 | -7.9% |
| Land and buildings | 22 | €476,716 | €461,895 | -€14,821 | -3.1% |
| Plant, machinery and equipment | 23 | €23,611 | €22,472 | -€1,139 | -4.8% |
| Furniture and vehicles | 24 | €113,471 | €81,192 | -€32,279 | -28.4% |
| Current assets | 29/58 | €902,514 | €868,558 | -€33,956 | -3.8% |
| Stocks and contracts in progress | 3 | €99,543 | €116,964 | +€17,421 | +17.5% |
| Stocks | 30/36 | €99,543 | €116,964 | +€17,421 | +17.5% |
| Amounts receivable within one year | 40/41 | €316,536 | €278,874 | -€37,663 | -11.9% |
| Trade receivables | 40 | €308,861 | €274,617 | -€34,244 | -11.1% |
| Other amounts receivable | 41 | €7,675 | €4,256 | -€3,419 | -44.5% |
| Current investments | 50/53 | €79,999 | €159,656 | +€79,657 | +99.6% |
| Cash at bank and in hand | 54/58 | €406,436 | €313,064 | -€93,372 | -23.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,516,312 | €1,434,117 | -€82,195 | -5.4% |
| Equity | 10/15 | €966,635 | €983,003 | +€16,368 | +1.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €875,646 | €892,014 | +€16,368 | +1.9% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €873,646 | €890,014 | +€16,368 | +1.9% |
| Profit (loss) carried forward | 14 | €70,989 | €70,989 | = | 0.0% |
| Amounts payable | 17/49 | €549,677 | €451,114 | -€98,563 | -17.9% |
| Amounts payable after more than one year | 17 | €247,131 | €195,112 | -€52,019 | -21.0% |
| Financial debts | 170/4 | €247,131 | €195,112 | -€52,019 | -21.0% |
| Amounts payable within one year | 42/48 | €301,206 | €256,002 | -€45,204 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €50,742 | €52,019 | +€1,276 | +2.5% |
| Trade debts | 44 | €197,671 | €185,578 | -€12,093 | -6.1% |
| Suppliers | 440/4 | €197,671 | €185,578 | -€12,093 | -6.1% |
| Taxes, remuneration and social security | 45 | €52,793 | €18,405 | -€34,388 | -65.1% |
| Taxes | 450/3 | €52,793 | €18,405 | -€34,388 | -65.1% |
| Accrued charges and deferred income | 492/3 | €1,340 | €0 | -€1,340 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,699 | €52,195 | -€6,505 | -11.1% |
| Other operating charges | 640/8 | €2,627 | €2,085 | -€542 | -20.6% |
| Gross operating margin | 9900 | €315,054 | €243,937 | -€71,117 | -22.6% |
| Operating profit (loss) | 9901 | €253,728 | €189,657 | -€64,071 | -25.3% |
| Financial income | 75/76B | €3,406 | €4,943 | +€1,537 | +45.1% |
| Recurring financial income | 75 | €3,406 | €4,943 | +€1,537 | +45.1% |
| Financial charges | 65/66B | €7,646 | €8,259 | +€613 | +8.0% |
| Recurring financial charges | 65 | €7,646 | €8,259 | +€613 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €249,488 | €186,341 | -€63,147 | -25.3% |
| Income taxes | 67/77 | €78,746 | €57,939 | -€20,807 | -26.4% |
| Profit (loss) for the period | 9904 | €170,742 | €128,403 | -€42,340 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €170,742 | €128,403 | -€42,340 | -24.8% |
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 20 October 2026 via checked.be.