DEVOS VERMEULEN: 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.
DEVOS VERMEULEN
Largest movements
- Receivables after one year +€67,534
up €67,534 (+27.1%), from €248,834 to €316,368
- Receivables within one year -€26,930
down €26,930 (-52.3%), from €51,482 to €24,552
of which Trade receivables: -€27,292
- Intangible fixed assets -€17,150
down €17,150 (-62.4%), from €27,491 to €10,341
- Cash +€12,201
up €12,201 (+142%), from €8,601 to €20,802
mainly Debts after one year (+€231,765) and Current portion of long-term debt (+€35,918)
- Tangible fixed assets -€10,737
down €10,737 (-30.9%), from €34,762 to €24,025
of which Furniture and vehicles: -€8,862
- Debts after one year +€231,765
up €231,765 (+10,429%), from €2,222 to €233,987
- Short-term financial debts -€123,239
down €123,239 (-23.5%), from €525,000 to €401,761
- Trade debts -€64,028
down €64,028 (-50.4%), from €126,930 to €62,903
- Current portion of long-term debt +€35,918
up €35,918 (+108%), from €33,379 to €69,297
- Tax, wage and social debts -€34,710
down €34,710 (-41.6%), from €83,482 to €48,773
of which Taxes: -€17,933
- Gross operating margin -€47,610
down €47,610 (-20.0%), from €237,638 to €190,028
- Staff costs -€36,127
down €36,127 (-22.9%), from €157,582 to €121,454
- Financial charges +€9,945
up €9,945 (+24.3%), from €40,962 to €50,907
- Depreciation -€5,929
down €5,929 (-15.8%), from €37,618 to €31,690
- Other operating charges -€2,679
down €2,679 (-21.8%), from €12,278 to €9,599
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 | €873,776 | €896,075 | +€22,299 | +2.6% |
| Fixed assets | 21/28 | €62,253 | €34,366 | -€27,887 | -44.8% |
| Intangible fixed assets | 21 | €27,491 | €10,341 | -€17,150 | -62.4% |
| Tangible fixed assets | 22/27 | €34,762 | €24,025 | -€10,737 | -30.9% |
| Plant, machinery and equipment | 23 | €1,998 | €1,527 | -€472 | -23.6% |
| Furniture and vehicles | 24 | €30,263 | €21,401 | -€8,862 | -29.3% |
| Other tangible fixed assets | 26 | €2,501 | €1,098 | -€1,403 | -56.1% |
| Current assets | 29/58 | €811,523 | €861,709 | +€50,186 | +6.2% |
| Amounts receivable after more than one year | 29 | €248,834 | €316,368 | +€67,534 | +27.1% |
| Other amounts receivable | 291 | €248,834 | €316,368 | +€67,534 | +27.1% |
| Stocks and contracts in progress | 3 | €497,570 | €496,703 | -€866 | -0.2% |
| Stocks | 30/36 | €497,570 | €496,703 | -€866 | -0.2% |
| Amounts receivable within one year | 40/41 | €51,482 | €24,552 | -€26,930 | -52.3% |
| Trade receivables | 40 | €51,482 | €24,189 | -€27,292 | -53.0% |
| Other amounts receivable | 41 | - | €363 | +€363 | |
| Cash at bank and in hand | 54/58 | €8,601 | €20,802 | +€12,201 | +142% |
| Deferred charges and accrued income | 490/1 | €5,037 | €3,285 | -€1,753 | -34.8% |
| Total equity and liabilities | 10/49 | €873,776 | €896,075 | +€22,299 | +2.6% |
| Equity | 10/15 | €102,762 | €79,354 | -€23,408 | -22.8% |
| Contributions | 10/11 | €243,000 | €243,000 | = | 0.0% |
| Capital | 10 | €243,000 | €243,000 | = | 0.0% |
| Issued capital | 100 | €243,000 | €243,000 | = | 0.0% |
| Reserves | 13 | €7,032 | €7,032 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,709 | €6,709 | = | 0.0% |
| Legal reserve | 130 | €6,709 | €6,709 | = | 0.0% |
| Tax-exempt reserves | 132 | €323 | €323 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€147,269 | -€170,677 | -€23,408 | -15.9% |
| Amounts payable | 17/49 | €771,014 | €816,721 | +€45,707 | +5.9% |
| Amounts payable after more than one year | 17 | €2,222 | €233,987 | +€231,765 | +10,429% |
| Financial debts | 170/4 | €2,222 | €233,987 | +€231,765 | +10,429% |
| Amounts payable within one year | 42/48 | €768,792 | €582,734 | -€186,058 | -24.2% |
| Current portion of amounts payable after more than one year | 42 | €33,379 | €69,297 | +€35,918 | +108% |
| Financial debts | 43 | €525,000 | €401,761 | -€123,239 | -23.5% |
| Credit institutions | 430/8 | €525,000 | €401,761 | -€123,239 | -23.5% |
| Trade debts | 44 | €126,930 | €62,903 | -€64,028 | -50.4% |
| Suppliers | 440/4 | €126,930 | €62,903 | -€64,028 | -50.4% |
| Taxes, remuneration and social security | 45 | €83,482 | €48,773 | -€34,710 | -41.6% |
| Taxes | 450/3 | €52,583 | €34,649 | -€17,933 | -34.1% |
| Remuneration and social security | 454/9 | €30,900 | €14,123 | -€16,776 | -54.3% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €157,582 | €121,454 | -€36,127 | -22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,618 | €31,690 | -€5,929 | -15.8% |
| Other operating charges | 640/8 | €12,278 | €9,599 | -€2,679 | -21.8% |
| Gross operating margin | 9900 | €237,638 | €190,028 | -€47,610 | -20.0% |
| Operating profit (loss) | 9901 | €30,160 | €27,285 | -€2,874 | -9.5% |
| Financial income | 75/76B | €805 | €458 | -€347 | -43.1% |
| Recurring financial income | 75 | €805 | €458 | -€347 | -43.1% |
| Financial charges | 65/66B | €40,962 | €50,907 | +€9,945 | +24.3% |
| Recurring financial charges | 65 | €40,962 | €50,907 | +€9,945 | +24.3% |
| Profit (loss) for the period before taxes | 9903 | -€9,997 | -€23,164 | -€13,166 | -132% |
| Income taxes | 67/77 | €489 | €244 | -€245 | -50.1% |
| Profit (loss) for the period | 9904 | -€10,486 | -€23,408 | -€12,921 | -123% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,486 | -€23,408 | -€12,921 | -123% |
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 16 October 2026 via checked.be.