DAVID VERMEESCH: 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.
DAVID VERMEESCH
Largest movements
- Tangible fixed assets -€90,049
down €90,049 (-9.9%), from €911,840 to €821,791
- Receivables within one year -€75,852
down €75,852 (-64.4%), from €117,836 to €41,984
of which Trade receivables: -€62,195
- Contributions +€200,000
up €200,000 (+1,075%), from €18,600 to €218,600
- Other debts -€171,280
down €171,280 (-38.0%), from €450,300 to €279,020
- Profit (loss) carried forward -€125,838
down €125,838 (-214%), from -€58,678 to -€184,516
- Debts after one year -€58,663
down €58,663 (-12.5%), from €470,073 to €411,410
- Trade debts -€15,456
down €15,456 (-36.4%), from €42,492 to €27,036
- Financial income -€104,481
down €104,481 (-100.0%), from €104,486 to €5
of which Non-recurring financial income: -€104,485
- Gross operating margin -€44,543
down €44,543, from €33,675 to -€10,868
- Taxes -€23,454
down €23,454 (-93.9%), from €24,987 to €1,533
- Depreciation +€8,288
up €8,288 (+9.4%), from €87,786 to €96,074
- Other operating charges -€5,086
down €5,086 (-45.6%), from €11,149 to €6,062
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 | €1,060,662 | €897,764 | -€162,898 | -15.4% |
| Fixed assets | 21/28 | €912,292 | €822,243 | -€90,049 | -9.9% |
| Tangible fixed assets | 22/27 | €911,840 | €821,791 | -€90,049 | -9.9% |
| Land and buildings | 22 | €626,751 | €589,420 | -€37,330 | -6.0% |
| Plant, machinery and equipment | 23 | €1,385 | €444 | -€941 | -67.9% |
| Furniture and vehicles | 24 | €121,529 | €90,204 | -€31,325 | -25.8% |
| Other tangible fixed assets | 26 | €162,175 | €137,774 | -€24,401 | -15.0% |
| Assets under construction and advance payments | 27 | - | €3,949 | +€3,949 | |
| Financial fixed assets | 28 | €452 | €452 | = | 0.0% |
| Current assets | 29/58 | €148,370 | €75,522 | -€72,849 | -49.1% |
| Amounts receivable within one year | 40/41 | €117,836 | €41,984 | -€75,852 | -64.4% |
| Trade receivables | 40 | €74,534 | €12,340 | -€62,195 | -83.4% |
| Other amounts receivable | 41 | €43,302 | €29,645 | -€13,657 | -31.5% |
| Cash at bank and in hand | 54/58 | €26,319 | €25,954 | -€365 | -1.4% |
| Deferred charges and accrued income | 490/1 | €4,215 | €7,583 | +€3,368 | +79.9% |
| Total equity and liabilities | 10/49 | €1,060,662 | €897,764 | -€162,898 | -15.4% |
| Equity | 10/15 | €24,274 | €98,436 | +€74,163 | +306% |
| Contributions | 10/11 | €18,600 | €218,600 | +€200,000 | +1,075% |
| Reserves | 13 | €64,352 | €64,352 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €62,492 | €62,492 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€58,678 | -€184,516 | -€125,838 | -214% |
| Amounts payable | 17/49 | €1,036,388 | €799,328 | -€237,060 | -22.9% |
| Amounts payable after more than one year | 17 | €470,073 | €411,410 | -€58,663 | -12.5% |
| Financial debts | 170/4 | €470,073 | €411,410 | -€58,663 | -12.5% |
| Amounts payable within one year | 42/48 | €566,315 | €387,918 | -€178,397 | -31.5% |
| Current portion of amounts payable after more than one year | 42 | €57,153 | €56,960 | -€194 | -0.3% |
| Financial debts | 43 | €347 | €768 | +€421 | +121% |
| Credit institutions | 430/8 | €347 | €768 | +€421 | +121% |
| Trade debts | 44 | €42,492 | €27,036 | -€15,456 | -36.4% |
| Suppliers | 440/4 | €42,492 | €27,036 | -€15,456 | -36.4% |
| Taxes, remuneration and social security | 45 | €16,023 | €24,135 | +€8,112 | +50.6% |
| Taxes | 450/3 | €16,023 | €24,135 | +€8,112 | +50.6% |
| Other amounts payable | 47/48 | €450,300 | €279,020 | -€171,280 | -38.0% |
| Non-recurring operating income | 76A | €873 | - | -€873 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,786 | €96,074 | +€8,288 | +9.4% |
| Other operating charges | 640/8 | €11,149 | €6,062 | -€5,086 | -45.6% |
| Gross operating margin | 9900 | €33,675 | -€10,868 | -€44,543 | |
| Operating profit (loss) | 9901 | -€65,260 | -€113,004 | -€47,745 | -73.2% |
| Financial income | 75/76B | €104,486 | €5 | -€104,481 | -100.0% |
| Recurring financial income | 75 | €1 | €5 | +€5 | +517% |
| Non-recurring financial income | 76B | €104,485 | - | -€104,485 | |
| Financial charges | 65/66B | €11,583 | €11,306 | -€277 | -2.4% |
| Recurring financial charges | 65 | €11,583 | €11,306 | -€277 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €27,644 | -€124,305 | -€151,948 | |
| Income taxes | 67/77 | €24,987 | €1,533 | -€23,454 | -93.9% |
| Profit (loss) for the period | 9904 | €2,657 | -€125,838 | -€128,494 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,657 | -€125,838 | -€128,494 |
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 27 October 2026 via checked.be.