DR. W. VERMOUT: 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. W. VERMOUT
Largest movements
- Cash +€369,145
up €369,145 (+50.2%), from €734,895 to €1.1m
mainly Net result for the year (+€450,062) and Depreciation (+€16,678)
- Current investments +€24,631
up €24,631 (+8.3%), from €297,030 to €321,660
- Reserves +€450,062
up €450,062 (+43.8%), from €1.0m to €1.5m
of which Distributable reserves: +€271,137
- Other debts -€63,262
down €63,262 (-76.0%), from €83,285 to €20,023
- Trade debts +€15,677
up €15,677 (+1,364%), from €1,149 to €16,826
- Gross operating margin +€24,412
up €24,412 (+3.8%), from €634,996 to €659,409
- Taxes -€9,955
down €9,955 (-5.3%), from €187,826 to €177,870
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 | €1,134,481 | €1,529,439 | +€394,958 | +34.8% |
| Fixed assets | 21/28 | €45,726 | €59,311 | +€13,585 | +29.7% |
| Tangible fixed assets | 22/27 | €45,726 | €59,311 | +€13,585 | +29.7% |
| Land and buildings | 22 | €27,967 | €36,590 | +€8,623 | +30.8% |
| Plant, machinery and equipment | 23 | €17,759 | €17,552 | -€207 | -1.2% |
| Furniture and vehicles | 24 | - | €5,169 | +€5,169 | |
| Current assets | 29/58 | €1,088,755 | €1,470,129 | +€381,374 | +35.0% |
| Stocks and contracts in progress | 3 | €19,810 | €8,578 | -€11,232 | -56.7% |
| Stocks | 30/36 | €19,810 | €8,578 | -€11,232 | -56.7% |
| Amounts receivable within one year | 40/41 | €450 | €1,665 | +€1,215 | +270% |
| Trade receivables | 40 | €450 | - | -€450 | |
| Other amounts receivable | 41 | - | €1,665 | +€1,665 | |
| Current investments | 50/53 | €297,030 | €321,660 | +€24,631 | +8.3% |
| Cash at bank and in hand | 54/58 | €734,895 | €1,104,040 | +€369,145 | +50.2% |
| Deferred charges and accrued income | 490/1 | €36,571 | €34,186 | -€2,385 | -6.5% |
| Total equity and liabilities | 10/49 | €1,134,481 | €1,529,439 | +€394,958 | +34.8% |
| Equity | 10/15 | €1,039,642 | €1,488,870 | +€449,229 | +43.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,027,108 | €1,477,169 | +€450,062 | +43.8% |
| Tax-exempt reserves | 132 | €163,800 | €342,725 | +€178,925 | +109% |
| Distributable reserves | 133 | €863,308 | €1,134,444 | +€271,137 | +31.4% |
| Profit (loss) carried forward | 14 | €6,334 | €5,501 | -€833 | -13.2% |
| Amounts payable | 17/49 | €94,839 | €40,569 | -€54,270 | -57.2% |
| Amounts payable within one year | 42/48 | €93,888 | €39,568 | -€54,319 | -57.9% |
| Trade debts | 44 | €1,149 | €16,826 | +€15,677 | +1,364% |
| Suppliers | 440/4 | €1,149 | €16,826 | +€15,677 | +1,364% |
| Taxes, remuneration and social security | 45 | €9,453 | €2,719 | -€6,734 | -71.2% |
| Taxes | 450/3 | €7,175 | €679 | -€6,496 | -90.5% |
| Remuneration and social security | 454/9 | €2,279 | €2,040 | -€238 | -10.4% |
| Other amounts payable | 47/48 | €83,285 | €20,023 | -€63,262 | -76.0% |
| Accrued charges and deferred income | 492/3 | €952 | €1,001 | +€49 | +5.2% |
| Remuneration, social security and pensions | 62 | €18,058 | €16,575 | -€1,483 | -8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,008 | €16,678 | +€5,671 | +51.5% |
| Other operating charges | 640/8 | €1,249 | €1,287 | +€38 | +3.1% |
| Gross operating margin | 9900 | €634,996 | €659,409 | +€24,412 | +3.8% |
| Operating profit (loss) | 9901 | €604,682 | €624,868 | +€20,186 | +3.3% |
| Financial income | 75/76B | €893 | €5,051 | +€4,158 | +466% |
| Recurring financial income | 75 | €893 | €5,051 | +€4,158 | +466% |
| Financial charges | 65/66B | €1,608 | €1,987 | +€379 | +23.6% |
| Recurring financial charges | 65 | €1,608 | €1,987 | +€379 | +23.6% |
| Profit (loss) for the period before taxes | 9903 | €603,967 | €627,932 | +€23,965 | +4.0% |
| Income taxes | 67/77 | €187,826 | €177,870 | -€9,955 | -5.3% |
| Profit (loss) for the period | 9904 | €416,141 | €450,062 | +€33,920 | +8.2% |
| Transfer to tax-exempt reserves | 689 | - | €178,925 | +€178,925 | |
| Profit (loss) for the period to be appropriated | 9905 | €416,141 | €271,137 | -€145,005 | -34.8% |
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.