Dr. Vermander D.: what changed
Two fiscal 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. Vermander D.
Largest movements
- Receivables within one year -€21,687
down €21,687 (-89.2%), from €24,303 to €2,616
of which Other amounts receivable: -€22,528
- Current investments -€12,182
down €12,182 (-3.0%), from €409,078 to €396,896
- Tangible fixed assets +€11,848
up €11,848 (+3.4%), from €346,342 to €358,190
of which Land and buildings: +€19,961
- Other debts -€41,513
down €41,513 (-87.8%), from €47,300 to €5,787
- Short-term financial debts -€37,917
no longer reported in 2025 (was €37,917)
- Reserves +€37,150
up €37,150 (+5.4%), from €690,050 to €727,200
- Tax, wage and social debts +€24,124
up €24,124 (+209.9%), from €11,495 to €35,619
of which Taxes: +€19,462
- Gross operating margin +€42,231
up €42,231 (+16.3%), from €258,752 to €300,983
- Staff costs +€12,020
up €12,020 (+85.4%), from €14,070 to €26,090
- Taxes +€9,139
up €9,139 (+12.0%), from €76,110 to €85,249
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.
Cash bridge derived
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 | €789,515 | €772,551 | -€16,964 | -2.1% |
| Fixed assets | 21/28 | €346,342 | €358,190 | +€11,848 | +3.4% |
| Tangible fixed assets | 22/27 | €346,342 | €358,190 | +€11,848 | +3.4% |
| Land and buildings | 22 | €316,517 | €336,478 | +€19,961 | +6.3% |
| Plant, machinery and equipment | 23 | €1,633 | €1,920 | +€287 | +17.6% |
| Furniture and vehicles | 24 | €28,192 | €19,792 | -€8,400 | -29.8% |
| Current assets | 29/58 | €443,173 | €414,361 | -€28,812 | -6.5% |
| Amounts receivable within one year | 40/41 | €24,303 | €2,616 | -€21,687 | -89.2% |
| Trade receivables | 40 | €1,775 | €2,616 | +€841 | +47.4% |
| Other amounts receivable | 41 | €22,528 | - | -€22,528 | |
| Current investments | 50/53 | €409,078 | €396,896 | -€12,182 | -3.0% |
| Cash at bank and in hand | 54/58 | €8,261 | €13,207 | +€4,946 | +59.9% |
| Deferred charges and accrued income | 490/1 | €1,531 | €1,642 | +€111 | +7.3% |
| Total equity and liabilities | 10/49 | €789,515 | €772,551 | -€16,964 | -2.1% |
| Equity | 10/15 | €690,789 | €728,373 | +€37,584 | +5.4% |
| Contributions | 10/11 | €288 | €288 | = | 0.0% |
| Reserves | 13 | €690,050 | €727,200 | +€37,150 | +5.4% |
| Distributable reserves | 133 | €690,050 | €727,200 | +€37,150 | +5.4% |
| Profit (loss) carried forward | 14 | €451 | €885 | +€434 | +96.2% |
| Amounts payable | 17/49 | €98,726 | €44,178 | -€54,548 | -55.3% |
| Amounts payable within one year | 42/48 | €98,726 | €44,178 | -€54,548 | -55.3% |
| Financial debts | 43 | €37,917 | - | -€37,917 | |
| Other loans | 439 | €37,917 | - | -€37,917 | |
| Trade debts | 44 | €2,014 | €2,772 | +€758 | +37.6% |
| Suppliers | 440/4 | €2,014 | €2,772 | +€758 | +37.6% |
| Taxes, remuneration and social security | 45 | €11,495 | €35,619 | +€24,124 | +209.9% |
| Taxes | 450/3 | €10,509 | €29,971 | +€19,462 | +185.2% |
| Remuneration and social security | 454/9 | €986 | €5,648 | +€4,662 | +472.8% |
| Other amounts payable | 47/48 | €47,300 | €5,787 | -€41,513 | -87.8% |
| Remuneration, social security and pensions | 62 | €14,070 | €26,090 | +€12,020 | +85.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,299 | €9,112 | -€187 | -2.0% |
| Other operating charges | 640/8 | €2,257 | €2,536 | +€279 | +12.4% |
| Gross operating margin | 9900 | €258,752 | €300,983 | +€42,231 | +16.3% |
| Operating profit (loss) | 9901 | €233,126 | €263,245 | +€30,119 | +12.9% |
| Financial income | 75/76B | €2,038 | €2,747 | +€709 | +34.8% |
| Recurring financial income | 75 | €2,038 | €2,747 | +€709 | +34.8% |
| Financial charges | 65/66B | €2,821 | €4,476 | +€1,655 | +58.7% |
| Recurring financial charges | 65 | €2,821 | €4,476 | +€1,655 | +58.7% |
| Profit (loss) for the period before taxes | 9903 | €232,343 | €261,516 | +€29,173 | +12.6% |
| Income taxes | 67/77 | €76,110 | €85,249 | +€9,139 | +12.0% |
| Profit (loss) for the period | 9904 | €156,233 | €176,267 | +€20,034 | +12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €156,233 | €176,267 | +€20,034 | +12.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.