S. VERMAST: 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.
S. VERMAST
Largest movements
- Stocks and contracts -€49,412
down €49,412 (-14.3%), from €344,548 to €295,136
- Tangible fixed assets -€15,641
down €15,641 (-49.7%), from €31,476 to €15,834
of which Other tangible fixed assets: -€11,285
- Trade debts -€20,948
down €20,948 (-28.5%), from €73,401 to €52,453
- Debts after one year -€18,064
down €18,064 (-90.0%), from €20,064 to €2,000
- Tax, wage and social debts -€17,375
down €17,375 (-37.0%), from €47,011 to €29,636
- Current portion of long-term debt -€6,058
down €6,058 (-25.1%), from €24,123 to €18,065
- Write-downs +€41,482
new in 2025: €41,482
- Gross operating margin +€28,477
up €28,477 (+56.9%), from €50,022 to €78,500
- Financial charges -€7,211
down €7,211 (-26.0%), from €27,703 to €20,492
- Taxes -€3,149
down €3,149 (-51.9%), from €6,066 to €2,917
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 | €383,226 | €318,845 | -€64,382 | -16.8% |
| Fixed assets | 21/28 | €31,476 | €15,834 | -€15,641 | -49.7% |
| Tangible fixed assets | 22/27 | €31,476 | €15,834 | -€15,641 | -49.7% |
| Plant, machinery and equipment | 23 | €9,034 | €6,415 | -€2,619 | -29.0% |
| Furniture and vehicles | 24 | €4,275 | €2,537 | -€1,737 | -40.6% |
| Other tangible fixed assets | 26 | €18,167 | €6,882 | -€11,285 | -62.1% |
| Current assets | 29/58 | €351,751 | €303,010 | -€48,740 | -13.9% |
| Stocks and contracts in progress | 3 | €344,548 | €295,136 | -€49,412 | -14.3% |
| Stocks | 30/36 | €344,548 | €295,136 | -€49,412 | -14.3% |
| Amounts receivable within one year | 40/41 | €410 | €857 | +€447 | +109% |
| Other amounts receivable | 41 | €410 | €857 | +€447 | +109% |
| Cash at bank and in hand | 54/58 | €6,793 | €6,831 | +€38 | +0.6% |
| Deferred charges and accrued income | 490/1 | - | €186 | +€186 | |
| Total equity and liabilities | 10/49 | €383,226 | €318,845 | -€64,382 | -16.8% |
| Equity | 10/15 | €16,153 | €13,017 | -€3,136 | -19.4% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Contributions outside capital | 11 | €70,000 | - | -€70,000 | |
| Other | 1109/19 | €70,000 | - | -€70,000 | |
| Reserves | 13 | €41,591 | €41,591 | = | 0.0% |
| Distributable reserves | 133 | €41,591 | €41,591 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€95,438 | -€98,574 | -€3,136 | -3.3% |
| Amounts payable | 17/49 | €367,074 | €305,828 | -€61,246 | -16.7% |
| Amounts payable after more than one year | 17 | €20,064 | €2,000 | -€18,064 | -90.0% |
| Financial debts | 170/4 | €20,064 | €2,000 | -€18,064 | -90.0% |
| Amounts payable within one year | 42/48 | €346,496 | €302,740 | -€43,756 | -12.6% |
| Current portion of amounts payable after more than one year | 42 | €24,123 | €18,065 | -€6,058 | -25.1% |
| Financial debts | 43 | €174,229 | €174,804 | +€575 | +0.3% |
| Credit institutions | 430/8 | €174,229 | €174,804 | +€575 | +0.3% |
| Trade debts | 44 | €73,401 | €52,453 | -€20,948 | -28.5% |
| Suppliers | 440/4 | €73,401 | €52,453 | -€20,948 | -28.5% |
| Taxes, remuneration and social security | 45 | €47,011 | €29,636 | -€17,375 | -37.0% |
| Taxes | 450/3 | €47,011 | €29,636 | -€17,375 | -37.0% |
| Other amounts payable | 47/48 | €27,732 | €27,782 | +€50 | +0.2% |
| Accrued charges and deferred income | 492/3 | €513 | €1,088 | +€575 | +112% |
| Non-recurring operating income | 76A | €2,051 | €0 | -€2,051 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,414 | €15,641 | +€228 | +1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €41,482 | +€41,482 | |
| Other operating charges | 640/8 | €461 | €1,102 | +€641 | +139% |
| Gross operating margin | 9900 | €50,022 | €78,500 | +€28,477 | +56.9% |
| Operating profit (loss) | 9901 | €34,147 | €20,274 | -€13,874 | -40.6% |
| Financial charges | 65/66B | €27,703 | €20,492 | -€7,211 | -26.0% |
| Recurring financial charges | 65 | €27,703 | €20,492 | -€7,211 | -26.0% |
| Profit (loss) for the period before taxes | 9903 | €6,444 | -€219 | -€6,662 | |
| Income taxes | 67/77 | €6,066 | €2,917 | -€3,149 | -51.9% |
| Profit (loss) for the period | 9904 | €377 | -€3,136 | -€3,513 | |
| Profit (loss) for the period to be appropriated | 9905 | €377 | -€3,136 | -€3,513 |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.