JO VERMAERCKE: 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.
JO VERMAERCKE
Largest movements
- Tangible fixed assets -€10,868
down €10,868 (-17.0%), from €63,879 to €53,011
of which Plant, machinery and equipment: -€5,436
- Receivables within one year -€5,650
down €5,650 (-67.0%), from €8,430 to €2,779
of which Trade receivables: -€3,066
- Cash +€2,565
up €2,565 (+37.9%), from €6,766 to €9,332
mainly Other debts (+€17,830) and Depreciation (+€13,998)
- Profit (loss) carried forward -€28,390
down €28,390, from €9,823 to -€18,568
- Other debts +€17,830
up €17,830 (+47.4%), from €37,606 to €55,436
- Reserves -€1,910
down €1,910 (-3.9%), from €48,497 to €46,587
of which Distributable reserves: -€1,910
- Trade debts -€1,484
down €1,484 (-40.6%), from €3,654 to €2,171
- Gross operating margin +€14,663
up €14,663 (+51.8%), from -€28,284 to -€13,621
- Financial charges +€2,237
up €2,237 (+275%), from €815 to €3,051
- Financial income -€806
down €806 (-41.4%), from €1,948 to €1,143
- Depreciation +€567
up €567 (+4.2%), from €13,431 to €13,998
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €118,679 | €104,726 | -€13,954 | -11.8% |
| Fixed assets | 21/28 | €63,879 | €53,011 | -€10,868 | -17.0% |
| Tangible fixed assets | 22/27 | €63,879 | €53,011 | -€10,868 | -17.0% |
| Plant, machinery and equipment | 23 | €20,337 | €14,901 | -€5,436 | -26.7% |
| Furniture and vehicles | 24 | €10,258 | €8,606 | -€1,652 | -16.1% |
| Other tangible fixed assets | 26 | €33,284 | €29,503 | -€3,781 | -11.4% |
| Current assets | 29/58 | €54,800 | €51,715 | -€3,085 | -5.6% |
| Amounts receivable within one year | 40/41 | €8,430 | €2,779 | -€5,650 | -67.0% |
| Trade receivables | 40 | €4,090 | €1,024 | -€3,066 | -75.0% |
| Other amounts receivable | 41 | €4,339 | €1,755 | -€2,584 | -59.5% |
| Current investments | 50/53 | €39,604 | €39,604 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €6,766 | €9,332 | +€2,565 | +37.9% |
| Total equity and liabilities | 10/49 | €118,679 | €104,726 | -€13,954 | -11.8% |
| Equity | 10/15 | €77,420 | €47,119 | -€30,300 | -39.1% |
| Contributions | 10/11 | €19,100 | €19,100 | = | 0.0% |
| Reserves | 13 | €48,497 | €46,587 | -€1,910 | -3.9% |
| Tax-exempt reserves | 132 | €5,088 | €5,088 | = | 0.0% |
| Distributable reserves | 133 | €43,409 | €41,499 | -€1,910 | -4.4% |
| Profit (loss) carried forward | 14 | €9,823 | -€18,568 | -€28,390 | |
| Amounts payable | 17/49 | €41,260 | €57,607 | +€16,347 | +39.6% |
| Amounts payable within one year | 42/48 | €41,260 | €57,607 | +€16,347 | +39.6% |
| Trade debts | 44 | €3,654 | €2,171 | -€1,484 | -40.6% |
| Suppliers | 440/4 | €3,654 | €2,171 | -€1,484 | -40.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €37,606 | €55,436 | +€17,830 | +47.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,431 | €13,998 | +€567 | +4.2% |
| Other operating charges | 640/8 | €528 | €676 | +€148 | +28.0% |
| Gross operating margin | 9900 | -€28,284 | -€13,621 | +€14,663 | +51.8% |
| Operating profit (loss) | 9901 | -€42,243 | -€28,296 | +€13,948 | +33.0% |
| Financial income | 75/76B | €1,948 | €1,143 | -€806 | -41.4% |
| Recurring financial income | 75 | €1,948 | €1,143 | -€806 | -41.4% |
| Financial charges | 65/66B | €815 | €3,051 | +€2,237 | +275% |
| Recurring financial charges | 65 | €815 | €3,051 | +€2,237 | +275% |
| Profit (loss) for the period before taxes | 9903 | -€41,110 | -€30,204 | +€10,905 | +26.5% |
| Income taxes | 67/77 | €0 | €96 | +€96 | |
| Profit (loss) for the period | 9904 | -€41,110 | -€30,300 | +€10,809 | +26.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€41,110 | -€30,300 | +€10,809 | +26.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.