JACQUES VERMEIRE: 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.
JACQUES VERMEIRE
Largest movements
- Receivables within one year +€109,082
up €109,082 (+83.8%), from €130,128 to €239,210
of which Trade receivables: +€89,255
- Current investments -€96,754
down €96,754 (-10.9%), from €890,352 to €793,598
- Cash +€38,358
up €38,358 (+537%), from €7,141 to €45,499
mainly Current investments (+€96,754) and Net result for the year (+€74,872)
- Reserves +€74,872
up €74,872 (+3.0%), from €2.5m to €2.5m
of which Distributable reserves: +€74,872
- Tax, wage and social debts -€62,825
down €62,825 (-54.9%), from €114,497 to €51,672
- Gross operating margin -€71,294
down €71,294 (-40.0%), from €178,337 to €107,042
- Taxes -€30,368
down €30,368 (-50.8%), from €59,746 to €29,378
- Financial income -€14,378
down €14,378 (-44.0%), from €32,662 to €18,285
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 | €2,690,600 | €2,723,446 | +€32,846 | +1.2% |
| Fixed assets | 21/28 | €1,659,911 | €1,641,829 | -€18,081 | -1.1% |
| Tangible fixed assets | 22/27 | €962,177 | €944,096 | -€18,081 | -1.9% |
| Land and buildings | 22 | €63,665 | €47,974 | -€15,692 | -24.6% |
| Plant, machinery and equipment | 23 | €4,680 | €3,510 | -€1,170 | -25.0% |
| Furniture and vehicles | 24 | €13,414 | €12,194 | -€1,220 | -9.1% |
| Other tangible fixed assets | 26 | €880,418 | €880,418 | = | 0.0% |
| Financial fixed assets | 28 | €697,734 | €697,734 | = | 0.0% |
| Current assets | 29/58 | €1,030,689 | €1,081,617 | +€50,927 | +4.9% |
| Amounts receivable within one year | 40/41 | €130,128 | €239,210 | +€109,082 | +83.8% |
| Trade receivables | 40 | €34,390 | €123,645 | +€89,255 | +260% |
| Other amounts receivable | 41 | €95,738 | €115,565 | +€19,827 | +20.7% |
| Current investments | 50/53 | €890,352 | €793,598 | -€96,754 | -10.9% |
| Cash at bank and in hand | 54/58 | €7,141 | €45,499 | +€38,358 | +537% |
| Deferred charges and accrued income | 490/1 | €3,068 | €3,309 | +€241 | +7.9% |
| Total equity and liabilities | 10/49 | €2,690,600 | €2,723,446 | +€32,846 | +1.2% |
| Equity | 10/15 | €2,575,846 | €2,650,718 | +€74,872 | +2.9% |
| Contributions | 10/11 | €108,254 | €108,254 | = | 0.0% |
| Capital | 10 | €71,517 | €71,517 | = | 0.0% |
| Issued capital | 100 | €71,517 | €71,517 | = | 0.0% |
| Contributions outside capital | 11 | €36,737 | €36,737 | = | 0.0% |
| Share premium | 1100/10 | €36,737 | €36,737 | = | 0.0% |
| Reserves | 13 | €2,467,591 | €2,542,463 | +€74,872 | +3.0% |
| Non-distributable reserves | 130/1 | €7,152 | €7,152 | = | 0.0% |
| Legal reserve | 130 | €7,152 | €7,152 | = | 0.0% |
| Distributable reserves | 133 | €2,460,440 | €2,535,312 | +€74,872 | +3.0% |
| Amounts payable | 17/49 | €114,754 | €72,728 | -€42,026 | -36.6% |
| Amounts payable within one year | 42/48 | €114,497 | €72,728 | -€41,768 | -36.5% |
| Trade debts | 44 | - | €21,057 | +€21,057 | |
| Suppliers | 440/4 | - | €21,057 | +€21,057 | |
| Taxes, remuneration and social security | 45 | €114,497 | €51,672 | -€62,825 | -54.9% |
| Taxes | 450/3 | €114,497 | €51,672 | -€62,825 | -54.9% |
| Accrued charges and deferred income | 492/3 | €258 | - | -€258 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,430 | €18,081 | +€652 | +3.7% |
| Other operating charges | 640/8 | €1,086 | €1,707 | +€622 | +57.3% |
| Gross operating margin | 9900 | €178,337 | €107,042 | -€71,294 | -40.0% |
| Operating profit (loss) | 9901 | €159,822 | €87,254 | -€72,568 | -45.4% |
| Financial income | 75/76B | €32,662 | €18,285 | -€14,378 | -44.0% |
| Recurring financial income | 75 | €32,662 | €18,285 | -€14,378 | -44.0% |
| Financial charges | 65/66B | €1,101 | €1,289 | +€188 | +17.0% |
| Recurring financial charges | 65 | €1,101 | €1,289 | +€188 | +17.0% |
| Profit (loss) for the period before taxes | 9903 | €191,383 | €104,250 | -€87,133 | -45.5% |
| Income taxes | 67/77 | €59,746 | €29,378 | -€30,368 | -50.8% |
| Profit (loss) for the period | 9904 | €131,637 | €74,872 | -€56,765 | -43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €131,637 | €74,872 | -€56,765 | -43.1% |
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 29 October 2026 via checked.be.