Dirk Vermeersch: 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.
Dirk Vermeersch
Largest movements
- Current investments -€42,363
down €42,363 (-13.1%), from €323,700 to €281,337
- Tangible fixed assets -€11,697
down €11,697 (-28.4%), from €41,160 to €29,463
- Cash +€11,321
up €11,321 (+6.8%), from €167,021 to €178,342
mainly Net result for the year (+€87,097) and Current investments (+€42,363)
- Reserves -€23,659
down €23,659 (-4.7%), from €499,603 to €475,944
- Current portion of long-term debt -€7,875
down €7,875 (-50.0%), from €15,750 to €7,875
- Debts after one year -€7,875
down €7,875 (-100%), from €7,875 to €0
- Financial income -€17,596
down €17,596 (-41.9%), from €41,992 to €24,396
- Gross operating margin +€10,469
up €10,469 (+10.4%), from €101,136 to €111,605
- Taxes +€3,793
up €3,793 (+13.3%), from €28,443 to €32,236
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 | €570,481 | €532,829 | -€37,653 | -6.6% |
| Fixed assets | 21/28 | €41,160 | €29,463 | -€11,697 | -28.4% |
| Tangible fixed assets | 22/27 | €41,160 | €29,463 | -€11,697 | -28.4% |
| Furniture and vehicles | 24 | €41,160 | €29,463 | -€11,697 | -28.4% |
| Current assets | 29/58 | €529,322 | €503,366 | -€25,956 | -4.9% |
| Amounts receivable within one year | 40/41 | €38,027 | €42,882 | +€4,855 | +12.8% |
| Trade receivables | 40 | €34,939 | €41,418 | +€6,479 | +18.5% |
| Other amounts receivable | 41 | €3,088 | €1,464 | -€1,624 | -52.6% |
| Current investments | 50/53 | €323,700 | €281,337 | -€42,363 | -13.1% |
| Cash at bank and in hand | 54/58 | €167,021 | €178,342 | +€11,321 | +6.8% |
| Deferred charges and accrued income | 490/1 | €574 | €805 | +€231 | +40.3% |
| Total equity and liabilities | 10/49 | €570,481 | €532,829 | -€37,653 | -6.6% |
| Equity | 10/15 | €500,603 | €476,944 | -€23,659 | -4.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €499,603 | €475,944 | -€23,659 | -4.7% |
| Distributable reserves | 133 | €499,603 | €475,944 | -€23,659 | -4.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €69,878 | €55,884 | -€13,994 | -20.0% |
| Amounts payable after more than one year | 17 | €7,875 | €0 | -€7,875 | -100% |
| Financial debts | 170/4 | €7,875 | €0 | -€7,875 | -100% |
| Amounts payable within one year | 42/48 | €62,003 | €55,756 | -€6,247 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €15,750 | €7,875 | -€7,875 | -50.0% |
| Trade debts | 44 | €360 | €850 | +€490 | +136% |
| Suppliers | 440/4 | €360 | €850 | +€490 | +136% |
| Taxes, remuneration and social security | 45 | €13,012 | €13,772 | +€760 | +5.8% |
| Taxes | 450/3 | €13,012 | €13,772 | +€760 | +5.8% |
| Other amounts payable | 47/48 | €32,881 | €33,260 | +€379 | +1.2% |
| Accrued charges and deferred income | 492/3 | - | €128 | +€128 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,992 | €11,697 | +€705 | +6.4% |
| Other operating charges | 640/8 | €133 | €344 | +€211 | +159% |
| Gross operating margin | 9900 | €101,136 | €111,605 | +€10,469 | +10.4% |
| Operating profit (loss) | 9901 | €90,012 | €99,564 | +€9,553 | +10.6% |
| Financial income | 75/76B | €41,992 | €24,396 | -€17,596 | -41.9% |
| Recurring financial income | 75 | €41,992 | €24,396 | -€17,596 | -41.9% |
| Financial charges | 65/66B | €4,957 | €4,627 | -€330 | -6.7% |
| Recurring financial charges | 65 | €4,957 | €4,627 | -€330 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €127,046 | €119,333 | -€7,714 | -6.1% |
| Income taxes | 67/77 | €28,443 | €32,236 | +€3,793 | +13.3% |
| Profit (loss) for the period | 9904 | €98,603 | €87,097 | -€11,506 | -11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €98,603 | €87,097 | -€11,506 | -11.7% |
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 31 October 2026 via checked.be.