Dr. Peter Vermeulen: what changed
Dr. Peter Vermeulen
Largest movements
- Cash +€201,309
up €201,309 (+44.1%), from €456,614 to €657,923
mainly Net result for the year (+€180,858) and Receivables within one year (+€108,336)
- Receivables within one year -€108,336
down €108,336 (-92.6%), from €117,054 to €8,719
of which Other amounts receivable: -€85,336
- Tangible fixed assets -€74,315
down €74,315 (-18.2%), from €408,788 to €334,472
of which Land and buildings: -€49,915
- Deferred charges and accrued income +€26,176
up €26,176 (+18.5%), from €141,381 to €167,557
- Reserves +€180,858
up €180,858 (+20.6%), from €877,287 to €1.1m
- Other debts -€148,571
no longer reported in 2026 (was €148,571)
- Tax, wage and social debts +€12,351
up €12,351 (+62.8%), from €19,660 to €32,011
- Gross operating margin +€61,747
up €61,747 (+21.3%), from €290,495 to €352,242
- Taxes +€20,387
up €20,387 (+33.0%), from €61,840 to €82,228
- Depreciation +€7,635
up €7,635 (+9.3%), from €82,376 to €90,010
Change in the result, 2025 to 2026
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 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,123,837 | €1,168,671 | +€44,834 | +4.0% |
| Fixed assets | 21/28 | €408,788 | €334,472 | -€74,315 | -18.2% |
| Tangible fixed assets | 22/27 | €408,788 | €334,472 | -€74,315 | -18.2% |
| Land and buildings | 22 | €316,297 | €266,382 | -€49,915 | -15.8% |
| Plant, machinery and equipment | 23 | €26,175 | €21,777 | -€4,398 | -16.8% |
| Furniture and vehicles | 24 | €18,073 | €21,473 | +€3,400 | +18.8% |
| Assets under construction and advance payments | 27 | €48,243 | €24,840 | -€23,403 | -48.5% |
| Current assets | 29/58 | €715,049 | €834,199 | +€119,150 | +16.7% |
| Amounts receivable within one year | 40/41 | €117,054 | €8,719 | -€108,336 | -92.6% |
| Trade receivables | 40 | €23,000 | - | -€23,000 | |
| Other amounts receivable | 41 | €94,054 | €8,719 | -€85,336 | -90.7% |
| Cash at bank and in hand | 54/58 | €456,614 | €657,923 | +€201,309 | +44.1% |
| Deferred charges and accrued income | 490/1 | €141,381 | €167,557 | +€26,176 | +18.5% |
| Total equity and liabilities | 10/49 | €1,123,837 | €1,168,671 | +€44,834 | +4.0% |
| Equity | 10/15 | €895,887 | €1,076,745 | +€180,858 | +20.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €877,287 | €1,058,145 | +€180,858 | +20.6% |
| Distributable reserves | 133 | €877,287 | €1,058,145 | +€180,858 | +20.6% |
| Amounts payable | 17/49 | €227,950 | €91,927 | -€136,023 | -59.7% |
| Amounts payable within one year | 42/48 | €227,950 | €91,927 | -€136,023 | -59.7% |
| Current portion of amounts payable after more than one year | 42 | €41,768 | €41,765 | -€3 | 0.0% |
| Trade debts | 44 | €17,951 | €18,151 | +€200 | +1.1% |
| Suppliers | 440/4 | €17,951 | €18,151 | +€200 | +1.1% |
| Taxes, remuneration and social security | 45 | €19,660 | €32,011 | +€12,351 | +62.8% |
| Taxes | 450/3 | €19,660 | €32,011 | +€12,351 | +62.8% |
| Other amounts payable | 47/48 | €148,571 | - | -€148,571 | |
| Non-recurring operating income | 76A | €28,291 | - | -€28,291 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,376 | €90,010 | +€7,635 | +9.3% |
| Other operating charges | 640/8 | €976 | €1,008 | +€32 | +3.3% |
| Gross operating margin | 9900 | €290,495 | €352,242 | +€61,747 | +21.3% |
| Operating profit (loss) | 9901 | €207,144 | €261,224 | +€54,080 | +26.1% |
| Financial income | 75/76B | €6,036 | €3,391 | -€2,645 | -43.8% |
| Recurring financial income | 75 | €6,036 | €3,391 | -€2,645 | -43.8% |
| Financial charges | 65/66B | €1,452 | €1,530 | +€77 | +5.3% |
| Recurring financial charges | 65 | €1,452 | €1,530 | +€77 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €211,728 | €263,085 | +€51,357 | +24.3% |
| Income taxes | 67/77 | €61,840 | €82,228 | +€20,387 | +33.0% |
| Profit (loss) for the period | 9904 | €149,888 | €180,858 | +€30,970 | +20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €149,888 | €180,858 | +€30,970 | +20.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.