EDWIN VERMULST: 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.
EDWIN VERMULST
Largest movements
- Receivables within one year -€233,055
down €233,055 (-31.2%), from €747,123 to €514,068
of which Trade receivables: -€422,079
- Trade debts -€324,677
down €324,677 (-95.1%), from €341,264 to €16,587
- Reserves +€77,068
up €77,068 (+2.4%), from €3.2m to €3.3m
- Gross operating margin -€117,180
down €117,180 (-16.9%), from €692,633 to €575,453
- Taxes -€50,700
down €50,700 (-18.6%), from €272,393 to €221,693
- Financial income -€33,391
down €33,391 (-19.3%), from €172,769 to €139,378
- Financial charges +€14,205
up €14,205 (+96.9%), from -€14,667 to -€462
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 | €3,581,259 | €3,324,873 | -€256,386 | -7.2% |
| Fixed assets | 21/28 | €203,276 | €199,572 | -€3,704 | -1.8% |
| Tangible fixed assets | 22/27 | €199,566 | €195,862 | -€3,704 | -1.9% |
| Land and buildings | 22 | €180,313 | €167,458 | -€12,855 | -7.1% |
| Plant, machinery and equipment | 23 | €13,669 | €21,016 | +€7,347 | +53.7% |
| Furniture and vehicles | 24 | €1,634 | €3,438 | +€1,804 | +110% |
| Other tangible fixed assets | 26 | €3,950 | €3,950 | = | 0.0% |
| Financial fixed assets | 28 | €3,710 | €3,710 | = | 0.0% |
| Current assets | 29/58 | €3,377,983 | €3,125,301 | -€252,682 | -7.5% |
| Amounts receivable within one year | 40/41 | €747,123 | €514,068 | -€233,055 | -31.2% |
| Trade receivables | 40 | €591,538 | €169,459 | -€422,079 | -71.4% |
| Other amounts receivable | 41 | €155,585 | €344,609 | +€189,024 | +121% |
| Current investments | 50/53 | €2,305,967 | €2,298,592 | -€7,375 | -0.3% |
| Cash at bank and in hand | 54/58 | €311,095 | €293,183 | -€17,912 | -5.8% |
| Deferred charges and accrued income | 490/1 | €13,798 | €19,458 | +€5,660 | +41.0% |
| Total equity and liabilities | 10/49 | €3,581,259 | €3,324,873 | -€256,386 | -7.2% |
| Equity | 10/15 | €3,228,716 | €3,305,784 | +€77,068 | +2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,210,116 | €3,287,184 | +€77,068 | +2.4% |
| Distributable reserves | 133 | €3,210,116 | €3,287,184 | +€77,068 | +2.4% |
| Amounts payable | 17/49 | €352,543 | €19,089 | -€333,454 | -94.6% |
| Amounts payable within one year | 42/48 | €350,543 | €16,619 | -€333,924 | -95.3% |
| Trade debts | 44 | €341,264 | €16,587 | -€324,677 | -95.1% |
| Suppliers | 440/4 | €341,264 | €16,587 | -€324,677 | -95.1% |
| Advances received on contracts in progress | 46 | €7,000 | - | -€7,000 | |
| Taxes, remuneration and social security | 45 | - | €32 | +€32 | |
| Taxes | 450/3 | - | €32 | +€32 | |
| Other amounts payable | 47/48 | €2,279 | - | -€2,279 | |
| Accrued charges and deferred income | 492/3 | €2,000 | €2,470 | +€470 | +23.5% |
| Non-recurring operating income | 76A | - | €9,050 | +€9,050 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,663 | €22,219 | +€3,556 | +19.1% |
| Other operating charges | 640/8 | €9,724 | €7,817 | -€1,907 | -19.6% |
| Gross operating margin | 9900 | €692,633 | €575,453 | -€117,180 | -16.9% |
| Operating profit (loss) | 9901 | €664,246 | €545,417 | -€118,829 | -17.9% |
| Financial income | 75/76B | €172,769 | €139,378 | -€33,391 | -19.3% |
| Recurring financial income | 75 | €172,769 | €139,378 | -€33,391 | -19.3% |
| Financial charges | 65/66B | -€14,667 | -€462 | +€14,205 | +96.9% |
| Recurring financial charges | 65 | -€14,667 | -€462 | +€14,205 | +96.9% |
| Profit (loss) for the period before taxes | 9903 | €851,682 | €685,257 | -€166,425 | -19.5% |
| Income taxes | 67/77 | €272,393 | €221,693 | -€50,700 | -18.6% |
| Profit (loss) for the period | 9904 | €579,289 | €463,564 | -€115,725 | -20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €579,289 | €463,564 | -€115,725 | -20.0% |
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 17 October 2026 via checked.be.