Vergaerde: 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.
Vergaerde
Largest movements
- Tangible fixed assets -€21,072
down €21,072 (-8.3%), from €255,051 to €233,979
of which Land and buildings: -€18,911
- Receivables within one year +€14,648
up €14,648 (+5.9%), from €250,092 to €264,740
- Other debts +€46,696
up €46,696 (+17.3%), from €269,744 to €316,440
- Profit (loss) carried forward -€41,360
down €41,360 (-24.5%), from €168,993 to €127,633
- Reserves -€12,637
down €12,637 (-19.2%), from €65,871 to €53,233
of which Tax-exempt reserves: -€12,637
- Financial income -€15,430
down €15,430 (-52.7%), from €29,258 to €13,829
- Gross operating margin -€6,058
down €6,058 (-30.1%), from -€20,101 to -€26,159
- Financial charges +€3,001
up €3,001 (+14.6%), from €20,510 to €23,511
- Other operating charges -€2,210
down €2,210 (-40.1%), from €5,505 to €3,295
- Depreciation -€794
down €794 (-3.6%), from €21,866 to €21,072
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 | €775,252 | €765,231 | -€10,021 | -1.3% |
| Fixed assets | 21/28 | €505,941 | €484,869 | -€21,072 | -4.2% |
| Tangible fixed assets | 22/27 | €255,051 | €233,979 | -€21,072 | -8.3% |
| Land and buildings | 22 | €250,049 | €231,138 | -€18,911 | -7.6% |
| Plant, machinery and equipment | 23 | €5,002 | €2,841 | -€2,161 | -43.2% |
| Financial fixed assets | 28 | €250,890 | €250,890 | = | 0.0% |
| Current assets | 29/58 | €269,311 | €280,363 | +€11,052 | +4.1% |
| Amounts receivable within one year | 40/41 | €250,092 | €264,740 | +€14,648 | +5.9% |
| Other amounts receivable | 41 | €250,092 | €264,740 | +€14,648 | +5.9% |
| Current investments | 50/53 | €9 | €9 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €4,533 | €1,785 | -€2,748 | -60.6% |
| Deferred charges and accrued income | 490/1 | €14,677 | €13,829 | -€848 | -5.8% |
| Total equity and liabilities | 10/49 | €775,252 | €765,231 | -€10,021 | -1.3% |
| Equity | 10/15 | €484,863 | €430,866 | -€53,997 | -11.1% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €65,871 | €53,233 | -€12,637 | -19.2% |
| Non-distributable reserves | 130/1 | €24,897 | €24,897 | = | 0.0% |
| Legal reserve | 130 | €24,897 | €24,897 | = | 0.0% |
| Tax-exempt reserves | 132 | €32,197 | €19,560 | -€12,637 | -39.2% |
| Distributable reserves | 133 | €8,777 | €8,777 | = | 0.0% |
| Profit (loss) carried forward | 14 | €168,993 | €127,633 | -€41,360 | -24.5% |
| Provisions and deferred taxes | 16 | €12,926 | €6,419 | -€6,507 | -50.3% |
| Deferred taxes | 168 | €12,926 | €6,419 | -€6,507 | -50.3% |
| Amounts payable | 17/49 | €277,463 | €327,946 | +€50,484 | +18.2% |
| Amounts payable after more than one year | 17 | €860 | €860 | = | 0.0% |
| Other amounts payable | 178/9 | €860 | €860 | = | 0.0% |
| Amounts payable within one year | 42/48 | €276,603 | €327,086 | +€50,484 | +18.3% |
| Trade debts | 44 | €641 | €1,396 | +€754 | +118% |
| Suppliers | 440/4 | €641 | €1,396 | +€754 | +118% |
| Taxes, remuneration and social security | 45 | €6,218 | €9,251 | +€3,033 | +48.8% |
| Taxes | 450/3 | €6,218 | €7,126 | +€908 | +14.6% |
| Remuneration and social security | 454/9 | - | €2,125 | +€2,125 | |
| Other amounts payable | 47/48 | €269,744 | €316,440 | +€46,696 | +17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,866 | €21,072 | -€794 | -3.6% |
| Other operating charges | 640/8 | €5,505 | €3,295 | -€2,210 | -40.1% |
| Gross operating margin | 9900 | -€20,101 | -€26,159 | -€6,058 | -30.1% |
| Operating profit (loss) | 9901 | -€47,472 | -€50,526 | -€3,054 | -6.4% |
| Financial income | 75/76B | €29,258 | €13,829 | -€15,430 | -52.7% |
| Recurring financial income | 75 | €29,258 | €13,829 | -€15,430 | -52.7% |
| Financial charges | 65/66B | €20,510 | €23,511 | +€3,001 | +14.6% |
| Recurring financial charges | 65 | €20,510 | €23,511 | +€3,001 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | -€38,724 | -€60,209 | -€21,485 | -55.5% |
| Transfer from deferred taxes | 780 | €6,507 | €6,507 | = | 0.0% |
| Income taxes | 67/77 | €287 | €295 | +€9 | +3.0% |
| Profit (loss) for the period | 9904 | -€32,504 | -€53,997 | -€21,493 | -66.1% |
| Transfer from tax-exempt reserves | 789 | €12,637 | €12,637 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,866 | -€41,360 | -€21,493 | -108% |
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 17 October 2026 via checked.be.