DR. J. VERMYLEN: 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.
DR. J. VERMYLEN
Largest movements
- Receivables within one year -€52,394
down €52,394 (-46.7%), from €112,280 to €59,886
- Cash -€26,756
down €26,756 (-34.0%), from €78,712 to €51,956
mainly Contributions, distributions and other (-€100,462) and Other debts (-€27,168)
- Tangible fixed assets -€15,616
down €15,616 (-81.5%), from €19,150 to €3,534
of which Land and buildings: -€9,946
- Reserves -€63,285
down €63,285 (-34.4%), from €184,084 to €120,799
- Other debts -€27,168
down €27,168 (-45.7%), from €59,489 to €32,320
- Depreciation -€27,087
down €27,087 (-82.7%), from €32,758 to €5,670
- Gross operating margin -€25,037
down €25,037 (-29.8%), from €84,136 to €59,098
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 | €264,841 | €172,181 | -€92,660 | -35.0% |
| Fixed assets | 21/28 | €19,350 | €3,534 | -€15,816 | -81.7% |
| Tangible fixed assets | 22/27 | €19,150 | €3,534 | -€15,616 | -81.5% |
| Land and buildings | 22 | €9,946 | - | -€9,946 | |
| Plant, machinery and equipment | 23 | €9,204 | €3,534 | -€5,670 | -61.6% |
| Financial fixed assets | 28 | €200 | - | -€200 | |
| Current assets | 29/58 | €245,491 | €168,647 | -€76,845 | -31.3% |
| Amounts receivable within one year | 40/41 | €112,280 | €59,886 | -€52,394 | -46.7% |
| Other amounts receivable | 41 | €112,280 | €59,886 | -€52,394 | -46.7% |
| Current investments | 50/53 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €78,712 | €51,956 | -€26,756 | -34.0% |
| Deferred charges and accrued income | 490/1 | €4,500 | €6,805 | +€2,305 | +51.2% |
| Total equity and liabilities | 10/49 | €264,841 | €172,181 | -€92,660 | -35.0% |
| Equity | 10/15 | €196,484 | €133,199 | -€63,285 | -32.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €184,084 | €120,799 | -€63,285 | -34.4% |
| Distributable reserves | 133 | €184,084 | €120,799 | -€63,285 | -34.4% |
| Amounts payable | 17/49 | €68,357 | €38,982 | -€29,375 | -43.0% |
| Amounts payable within one year | 42/48 | €68,357 | €38,982 | -€29,375 | -43.0% |
| Trade debts | 44 | €3,501 | €3,577 | +€75 | +2.2% |
| Suppliers | 440/4 | €3,501 | €3,577 | +€75 | +2.2% |
| Taxes, remuneration and social security | 45 | €5,367 | €3,084 | -€2,282 | -42.5% |
| Taxes | 450/3 | €5,367 | €3,084 | -€2,282 | -42.5% |
| Other amounts payable | 47/48 | €59,489 | €32,320 | -€27,168 | -45.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,758 | €5,670 | -€27,087 | -82.7% |
| Other operating charges | 640/8 | €2,599 | €2,638 | +€40 | +1.5% |
| Gross operating margin | 9900 | €84,136 | €59,098 | -€25,037 | -29.8% |
| Operating profit (loss) | 9901 | €48,780 | €50,790 | +€2,010 | +4.1% |
| Financial income | 75/76B | €893 | €881 | -€13 | -1.4% |
| Recurring financial income | 75 | €893 | €881 | -€13 | -1.4% |
| Financial charges | 65/66B | €230 | €212 | -€18 | -7.8% |
| Recurring financial charges | 65 | €230 | €212 | -€18 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €49,443 | €51,458 | +€2,016 | +4.1% |
| Income taxes | 67/77 | €13,621 | €14,282 | +€661 | +4.9% |
| Profit (loss) for the period | 9904 | €35,822 | €37,177 | +€1,355 | +3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €35,822 | €37,177 | +€1,355 | +3.8% |
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 30 October 2026 via checked.be.