Tom Vermeir: 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.
Tom Vermeir
Largest movements
- Tangible fixed assets +€311,293
up €311,293 (+41,666%), from €747 to €312,040
of which Land and buildings: +€303,793
- Receivables within one year +€110,102
up €110,102 (+252%), from €43,752 to €153,854
of which Other amounts receivable: +€110,102
- Cash -€52,337
down €52,337 (-49.7%), from €105,309 to €52,972
mainly Investment in fixed assets (net) (-€312,908) and Receivables within one year (-€110,102)
- Current investments -€25,000
down €25,000 (-100%), from €25,000 to €0
- Debts after one year +€219,600
new in 2025: €219,600
- Reserves +€73,604
up €73,604 (+61.6%), from €119,398 to €193,002
- Tax, wage and social debts +€27,092
up €27,092 (+60.8%), from €44,528 to €71,620
- Current portion of long-term debt +€24,400
new in 2025: €24,400
- Gross operating margin -€16,574
down €16,574 (-14.7%), from €113,049 to €96,475
- Financial income +€6,246
up €6,246 (+781%), from €800 to €7,045
- Taxes -€2,120
down €2,120 (-8.3%), from €25,401 to €23,281
- Financial charges +€1,680
up €1,680 (+93.5%), from €1,796 to €3,477
- Depreciation +€1,440
up €1,440 (+824%), from €175 to €1,615
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 | €176,964 | €521,173 | +€344,209 | +195% |
| Fixed assets | 21/28 | €747 | €312,040 | +€311,293 | +41,666% |
| Tangible fixed assets | 22/27 | €747 | €312,040 | +€311,293 | +41,666% |
| Land and buildings | 22 | - | €303,793 | +€303,793 | |
| Furniture and vehicles | 24 | €747 | €8,247 | +€7,500 | +1,004% |
| Current assets | 29/58 | €176,217 | €209,133 | +€32,916 | +18.7% |
| Amounts receivable within one year | 40/41 | €43,752 | €153,854 | +€110,102 | +252% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €43,752 | €153,854 | +€110,102 | +252% |
| Current investments | 50/53 | €25,000 | €0 | -€25,000 | -100% |
| Cash at bank and in hand | 54/58 | €105,309 | €52,972 | -€52,337 | -49.7% |
| Deferred charges and accrued income | 490/1 | €2,156 | €2,306 | +€151 | +7.0% |
| Total equity and liabilities | 10/49 | €176,964 | €521,173 | +€344,209 | +195% |
| Equity | 10/15 | €124,398 | €198,002 | +€73,604 | +59.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €119,398 | €193,002 | +€73,604 | +61.6% |
| Distributable reserves | 133 | €119,398 | €193,002 | +€73,604 | +61.6% |
| Amounts payable | 17/49 | €52,566 | €323,171 | +€270,605 | +515% |
| Amounts payable after more than one year | 17 | - | €219,600 | +€219,600 | |
| Financial debts | 170/4 | - | €219,600 | +€219,600 | |
| Amounts payable within one year | 42/48 | €52,566 | €103,571 | +€51,005 | +97.0% |
| Current portion of amounts payable after more than one year | 42 | - | €24,400 | +€24,400 | |
| Financial debts | 43 | €15 | €731 | +€716 | +4,874% |
| Credit institutions | 430/8 | €15 | €731 | +€716 | +4,874% |
| Trade debts | 44 | €8,024 | €6,820 | -€1,203 | -15.0% |
| Suppliers | 440/4 | €8,024 | €6,820 | -€1,203 | -15.0% |
| Taxes, remuneration and social security | 45 | €44,528 | €71,620 | +€27,092 | +60.8% |
| Taxes | 450/3 | €44,528 | €71,620 | +€27,092 | +60.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175 | €1,615 | +€1,440 | +824% |
| Other operating charges | 640/8 | €830 | €1,543 | +€712 | +85.8% |
| Gross operating margin | 9900 | €113,049 | €96,475 | -€16,574 | -14.7% |
| Operating profit (loss) | 9901 | €112,044 | €93,317 | -€18,727 | -16.7% |
| Financial income | 75/76B | €800 | €7,045 | +€6,246 | +781% |
| Recurring financial income | 75 | €800 | €7,045 | +€6,246 | +781% |
| Financial charges | 65/66B | €1,796 | €3,477 | +€1,680 | +93.5% |
| Recurring financial charges | 65 | €1,796 | €3,477 | +€1,680 | +93.5% |
| Profit (loss) for the period before taxes | 9903 | €111,047 | €96,886 | -€14,162 | -12.8% |
| Income taxes | 67/77 | €25,401 | €23,281 | -€2,120 | -8.3% |
| Profit (loss) for the period | 9904 | €85,646 | €73,604 | -€12,042 | -14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €85,646 | €73,604 | -€12,042 | -14.1% |
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 15 October 2026 via checked.be.