Koen Vermoere: 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.
Koen Vermoere
Largest movements
- Cash +€47,213
up €47,213 (+105%), from €44,846 to €92,059
mainly Net result for the year (+€89,390) and Depreciation (+€39,368)
- Tangible fixed assets -€36,302
down €36,302 (-55.6%), from €65,334 to €29,032
of which Furniture and vehicles: -€34,945
- Deferred charges and accrued income -€11,954
down €11,954 (-32.2%), from €37,136 to €25,182
- Other debts -€21,669
down €21,669 (-22.0%), from €98,483 to €76,814
- Tax, wage and social debts +€17,056
up €17,056 (+57.1%), from €29,847 to €46,902
- Reserves +€4,390
up €4,390 (+103%), from €4,270 to €8,660
of which Distributable reserves: +€4,390
- Trade debts -€1,712
down €1,712 (-40.1%), from €4,271 to €2,559
- Gross operating margin +€14,731
up €14,731 (+10.6%), from €139,225 to €153,957
- Taxes +€3,586
up €3,586 (+17.2%), from €20,853 to €24,439
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 | €155,470 | €153,535 | -€1,935 | -1.2% |
| Fixed assets | 21/28 | €65,334 | €29,032 | -€36,302 | -55.6% |
| Tangible fixed assets | 22/27 | €65,334 | €29,032 | -€36,302 | -55.6% |
| Plant, machinery and equipment | 23 | €3,504 | €2,147 | -€1,357 | -38.7% |
| Furniture and vehicles | 24 | €61,830 | €26,885 | -€34,945 | -56.5% |
| Current assets | 29/58 | €90,136 | €124,503 | +€34,367 | +38.1% |
| Amounts receivable within one year | 40/41 | €8,155 | €7,262 | -€893 | -10.9% |
| Other amounts receivable | 41 | €8,155 | €7,262 | -€893 | -10.9% |
| Cash at bank and in hand | 54/58 | €44,846 | €92,059 | +€47,213 | +105% |
| Deferred charges and accrued income | 490/1 | €37,136 | €25,182 | -€11,954 | -32.2% |
| Total equity and liabilities | 10/49 | €155,470 | €153,535 | -€1,935 | -1.2% |
| Equity | 10/15 | €22,870 | €27,260 | +€4,390 | +19.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,270 | €8,660 | +€4,390 | +103% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €2,410 | €6,800 | +€4,390 | +182% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €132,600 | €126,275 | -€6,325 | -4.8% |
| Amounts payable within one year | 42/48 | €132,600 | €126,275 | -€6,325 | -4.8% |
| Trade debts | 44 | €4,271 | €2,559 | -€1,712 | -40.1% |
| Suppliers | 440/4 | €4,271 | €2,559 | -€1,712 | -40.1% |
| Taxes, remuneration and social security | 45 | €29,847 | €46,902 | +€17,056 | +57.1% |
| Taxes | 450/3 | €29,847 | €46,902 | +€17,056 | +57.1% |
| Other amounts payable | 47/48 | €98,483 | €76,814 | -€21,669 | -22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,873 | €39,368 | +€495 | +1.3% |
| Other operating charges | 640/8 | €632 | €567 | -€65 | -10.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €139,225 | €153,957 | +€14,731 | +10.6% |
| Operating profit (loss) | 9901 | €99,720 | €114,022 | +€14,302 | +14.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €153 | €193 | +€39 | +25.7% |
| Recurring financial charges | 65 | €153 | €193 | +€39 | +25.7% |
| Profit (loss) for the period before taxes | 9903 | €99,567 | €113,830 | +€14,262 | +14.3% |
| Income taxes | 67/77 | €20,853 | €24,439 | +€3,586 | +17.2% |
| Profit (loss) for the period | 9904 | €78,714 | €89,390 | +€10,676 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €78,714 | €89,390 | +€10,676 | +13.6% |
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 27 October 2026 via checked.be.