DR. VERMANDER - DR. VAN IMSCHOOT: 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. VERMANDER - DR. VAN IMSCHOOT
Largest movements
- Current investments -€1.9m
down €1.9m (-100%), from €1.9m to €0
- Receivables within one year +€1.2m
up €1.2m (+3,105%), from €38,002 to €1.2m
of which Other amounts receivable: +€1.2m
- Cash +€665,660
up €665,660 (+3,452%), from €19,285 to €684,945
mainly Current investments (+€1.9m) and Net result for the year (+€230,612)
- Tangible fixed assets +€242,733
up €242,733 (+13.8%), from €1.8m to €2.0m
of which Land and buildings: +€214,804
- Deferred charges and accrued income -€53,420
down €53,420 (-87.7%), from €60,895 to €7,476
- Reserves +€230,612
up €230,612 (+6.9%), from €3.3m to €3.6m
of which Distributable reserves: +€230,612
- Other debts -€98,819
down €98,819 (-28.5%), from €346,653 to €247,834
- Financial income -€45,900
down €45,900 (-77.2%), from €59,444 to €13,544
- Depreciation +€29,140
up €29,140 (+328%), from €8,881 to €38,021
- Gross operating margin +€16,795
up €16,795 (+4.5%), from €375,312 to €392,107
- Taxes -€12,908
down €12,908 (-9.9%), from €130,138 to €117,230
- Financial charges -€5,866
down €5,866 (-31.1%), from €18,838 to €12,972
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 | €3,783,754 | €3,908,782 | +€125,028 | +3.3% |
| Fixed assets | 21/28 | €1,755,741 | €1,998,473 | +€242,733 | +13.8% |
| Tangible fixed assets | 22/27 | €1,755,741 | €1,998,473 | +€242,733 | +13.8% |
| Land and buildings | 22 | €1,721,383 | €1,936,187 | +€214,804 | +12.5% |
| Plant, machinery and equipment | 23 | €8,027 | €8,027 | = | 0.0% |
| Furniture and vehicles | 24 | €26,331 | €54,260 | +€27,929 | +106% |
| Current assets | 29/58 | €2,028,013 | €1,910,308 | -€117,705 | -5.8% |
| Amounts receivable within one year | 40/41 | €38,002 | €1,217,887 | +€1.2m | +3,105% |
| Trade receivables | 40 | €33,002 | €12,887 | -€20,115 | -60.9% |
| Other amounts receivable | 41 | €5,000 | €1,205,000 | +€1.2m | +24,000% |
| Current investments | 50/53 | €1,909,831 | €0 | -€1.9m | -100% |
| Cash at bank and in hand | 54/58 | €19,285 | €684,945 | +€665,660 | +3,452% |
| Deferred charges and accrued income | 490/1 | €60,895 | €7,476 | -€53,420 | -87.7% |
| Total equity and liabilities | 10/49 | €3,783,754 | €3,908,782 | +€125,028 | +3.3% |
| Equity | 10/15 | €3,359,719 | €3,590,330 | +€230,612 | +6.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,341,119 | €3,571,730 | +€230,612 | +6.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €3,341,119 | €3,571,730 | +€230,612 | +6.9% |
| Amounts payable | 17/49 | €424,035 | €318,451 | -€105,584 | -24.9% |
| Amounts payable within one year | 42/48 | €389,099 | €304,628 | -€84,471 | -21.7% |
| Trade debts | 44 | €133 | €1,051 | +€918 | +689% |
| Suppliers | 440/4 | €133 | €1,051 | +€918 | +689% |
| Taxes, remuneration and social security | 45 | €42,313 | €55,743 | +€13,431 | +31.7% |
| Taxes | 450/3 | €42,313 | €55,743 | +€13,431 | +31.7% |
| Other amounts payable | 47/48 | €346,653 | €247,834 | -€98,819 | -28.5% |
| Accrued charges and deferred income | 492/3 | €34,936 | €13,823 | -€21,113 | -60.4% |
| Non-recurring operating income | 76A | €0 | €2,450 | +€2,450 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,881 | €38,021 | +€29,140 | +328% |
| Other operating charges | 640/8 | €7,748 | €6,816 | -€932 | -12.0% |
| Gross operating margin | 9900 | €375,312 | €392,107 | +€16,795 | +4.5% |
| Operating profit (loss) | 9901 | €358,683 | €347,270 | -€11,413 | -3.2% |
| Financial income | 75/76B | €59,444 | €13,544 | -€45,900 | -77.2% |
| Recurring financial income | 75 | €59,444 | €13,544 | -€45,900 | -77.2% |
| Financial charges | 65/66B | €18,838 | €12,972 | -€5,866 | -31.1% |
| Recurring financial charges | 65 | €18,838 | €12,972 | -€5,866 | -31.1% |
| Profit (loss) for the period before taxes | 9903 | €399,289 | €347,842 | -€51,447 | -12.9% |
| Income taxes | 67/77 | €130,138 | €117,230 | -€12,908 | -9.9% |
| Profit (loss) for the period | 9904 | €269,151 | €230,612 | -€38,539 | -14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €269,151 | €230,612 | -€38,539 | -14.3% |
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 1 November 2026 via checked.be.