Dr. C. Vermeir: what changed
Dr. C. Vermeir
Largest movements
- Cash +€161,409
up €161,409 (+162%), from €99,517 to €260,926
mainly Net result for the year (+€194,836) and Tax, wage and social debts (+€29,042)
- Tangible fixed assets +€54,006
up €54,006 (+634%), from €8,524 to €62,530
of which Furniture and vehicles: +€44,535
- Deferred charges and accrued income +€9,179
up €9,179 (+27.0%), from €33,976 to €43,155
- Reserves +€193,170
up €193,170 (+175%), from €110,654 to €303,823
- Tax, wage and social debts +€29,042
up €29,042 (+91.7%), from €31,657 to €60,699
- Gross operating margin +€117,602
up €117,602 (+81.0%), from €145,144 to €262,746
- Taxes +€28,709
up €28,709 (+90.3%), from €31,808 to €60,518
- Depreciation +€4,481
up €4,481 (+247%), from €1,816 to €6,297
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €146,535 | €371,581 | +€225,046 | +154% |
| Fixed assets | 21/28 | €9,274 | €63,280 | +€54,006 | +582% |
| Tangible fixed assets | 22/27 | €8,524 | €62,530 | +€54,006 | +634% |
| Plant, machinery and equipment | 23 | €999 | €10,471 | +€9,471 | +948% |
| Furniture and vehicles | 24 | €7,525 | €52,060 | +€44,535 | +592% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €137,261 | €308,301 | +€171,040 | +125% |
| Amounts receivable within one year | 40/41 | €3,769 | €4,221 | +€452 | +12.0% |
| Other amounts receivable | 41 | €3,769 | €4,221 | +€452 | +12.0% |
| Cash at bank and in hand | 54/58 | €99,517 | €260,926 | +€161,409 | +162% |
| Deferred charges and accrued income | 490/1 | €33,976 | €43,155 | +€9,179 | +27.0% |
| Total equity and liabilities | 10/49 | €146,535 | €371,581 | +€225,046 | +154% |
| Equity | 10/15 | €114,154 | €307,323 | +€193,170 | +169% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €110,654 | €303,823 | +€193,170 | +175% |
| Distributable reserves | 133 | €110,654 | €303,823 | +€193,170 | +175% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €32,381 | €64,258 | +€31,876 | +98.4% |
| Amounts payable within one year | 42/48 | €32,381 | €64,258 | +€31,876 | +98.4% |
| Trade debts | 44 | €141 | €2,393 | +€2,251 | +1,591% |
| Suppliers | 440/4 | €141 | €2,393 | +€2,251 | +1,591% |
| Taxes, remuneration and social security | 45 | €31,657 | €60,699 | +€29,042 | +91.7% |
| Taxes | 450/3 | €31,657 | €60,699 | +€29,042 | +91.7% |
| Other amounts payable | 47/48 | €583 | €1,166 | +€583 | +100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,816 | €6,297 | +€4,481 | +247% |
| Other operating charges | 640/8 | - | €281 | +€281 | |
| Non-recurring operating charges | 66A | - | €676 | +€676 | |
| Gross operating margin | 9900 | €145,144 | €262,746 | +€117,602 | +81.0% |
| Operating profit (loss) | 9901 | €143,328 | €255,492 | +€112,165 | +78.3% |
| Financial income | 75/76B | €51 | €29 | -€22 | -43.8% |
| Recurring financial income | 75 | €51 | €29 | -€22 | -43.8% |
| Financial charges | 65/66B | €84 | €168 | +€84 | +100% |
| Recurring financial charges | 65 | €84 | €168 | +€84 | +100% |
| Profit (loss) for the period before taxes | 9903 | €143,295 | €255,353 | +€112,058 | +78.2% |
| Income taxes | 67/77 | €31,808 | €60,518 | +€28,709 | +90.3% |
| Profit (loss) for the period | 9904 | €111,487 | €194,836 | +€83,349 | +74.8% |
| Profit (loss) for the period to be appropriated | 9905 | €111,487 | €194,836 | +€83,349 | +74.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.