Van Bulck - Vermylen: what changed
Van Bulck - Vermylen
Largest movements
- Receivables within one year +€284,873
up €284,873 (+109%), from €261,179 to €546,052
of which Trade receivables: +€285,828
- Cash -€107,546
down €107,546 (-34.9%), from €308,487 to €200,942
mainly Receivables within one year (-€284,873) and Short-term financial debts (-€50,000)
- Stocks and contracts -€28,546
down €28,546 (-4.7%), from €601,452 to €572,906
- Trade debts +€109,233
up €109,233 (+42.2%), from €258,941 to €368,175
- Short-term financial debts -€50,000
down €50,000 (-33.3%), from €150,000 to €100,000
- Reserves +€43,617
up €43,617 (+9.1%), from €480,648 to €524,265
- Tax, wage and social debts +€26,384
up €26,384 (+207%), from €12,728 to €39,112
of which Taxes: +€25,103
- Other debts +€21,511
up €21,511 (+10.4%), from €206,018 to €227,528
- Gross operating margin -€19,880
down €19,880 (-9.2%), from €215,107 to €195,228
- Taxes -€6,805
down €6,805 (-29.3%), from €23,203 to €16,398
- Staff costs +€3,108
up €3,108 (+3.2%), from €97,236 to €100,344
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,178,441 | €1,334,199 | +€155,758 | +13.2% |
| Fixed assets | 21/28 | €7,323 | €14,299 | +€6,976 | +95.3% |
| Tangible fixed assets | 22/27 | €7,323 | €14,299 | +€6,976 | +95.3% |
| Land and buildings | 22 | €5,701 | €3,660 | -€2,041 | -35.8% |
| Furniture and vehicles | 24 | €1,622 | €10,639 | +€9,017 | +556% |
| Current assets | 29/58 | €1,171,118 | €1,319,899 | +€148,781 | +12.7% |
| Stocks and contracts in progress | 3 | €601,452 | €572,906 | -€28,546 | -4.7% |
| Stocks | 30/36 | €601,452 | €572,906 | -€28,546 | -4.7% |
| Amounts receivable within one year | 40/41 | €261,179 | €546,052 | +€284,873 | +109% |
| Trade receivables | 40 | €226,090 | €511,918 | +€285,828 | +126% |
| Other amounts receivable | 41 | €35,088 | €34,134 | -€955 | -2.7% |
| Cash at bank and in hand | 54/58 | €308,487 | €200,942 | -€107,546 | -34.9% |
| Total equity and liabilities | 10/49 | €1,178,441 | €1,334,199 | +€155,758 | +13.2% |
| Equity | 10/15 | €549,086 | €592,703 | +€43,617 | +7.9% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €480,648 | €524,265 | +€43,617 | +9.1% |
| Distributable reserves | 133 | €480,648 | €524,265 | +€43,617 | +9.1% |
| Profit (loss) carried forward | 14 | €49,438 | €49,438 | = | 0.0% |
| Amounts payable | 17/49 | €629,355 | €741,495 | +€112,140 | +17.8% |
| Amounts payable within one year | 42/48 | €629,355 | €735,220 | +€105,865 | +16.8% |
| Financial debts | 43 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Credit institutions | 430/8 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Trade debts | 44 | €258,941 | €368,175 | +€109,233 | +42.2% |
| Suppliers | 440/4 | €258,941 | €368,175 | +€109,233 | +42.2% |
| Advances received on contracts in progress | 46 | €1,668 | €405 | -€1,263 | -75.7% |
| Taxes, remuneration and social security | 45 | €12,728 | €39,112 | +€26,384 | +207% |
| Taxes | 450/3 | €3,720 | €28,823 | +€25,103 | +675% |
| Remuneration and social security | 454/9 | €9,008 | €10,289 | +€1,281 | +14.2% |
| Other amounts payable | 47/48 | €206,018 | €227,528 | +€21,511 | +10.4% |
| Accrued charges and deferred income | 492/3 | - | €6,276 | +€6,276 | |
| Remuneration, social security and pensions | 62 | €97,236 | €100,344 | +€3,108 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,002 | €3,771 | -€1,231 | -24.6% |
| Other operating charges | 640/8 | €3,844 | €5,171 | +€1,327 | +34.5% |
| Gross operating margin | 9900 | €215,107 | €195,228 | -€19,880 | -9.2% |
| Operating profit (loss) | 9901 | €109,026 | €85,942 | -€23,084 | -21.2% |
| Financial income | 75/76B | €306 | €1,515 | +€1,209 | +395% |
| Recurring financial income | 75 | €306 | €1,515 | +€1,209 | +395% |
| Financial charges | 65/66B | €26,195 | €27,441 | +€1,246 | +4.8% |
| Recurring financial charges | 65 | €26,195 | €27,441 | +€1,246 | +4.8% |
| Profit (loss) for the period before taxes | 9903 | €83,137 | €60,016 | -€23,122 | -27.8% |
| Income taxes | 67/77 | €23,203 | €16,398 | -€6,805 | -29.3% |
| Profit (loss) for the period | 9904 | €59,934 | €43,617 | -€16,317 | -27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €59,934 | €43,617 | -€16,317 | -27.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.