VANMEERHAEGHE & CARUSI: 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.
VANMEERHAEGHE & CARUSI
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Other debts +€134,224
up €134,224 (+80.9%), from €165,867 to €300,091
- Debts after one year -€103,873
down €103,873 (-18.1%), from €573,891 to €470,017
of which Financial debts: -€54,373
- Profit (loss) carried forward -€28,995
down €28,995 (-9.5%), from -€304,732 to -€333,727
- Trade debts -€10,023
down €10,023 (-87.4%), from €11,470 to €1,447
- Gross operating margin +€36,048
up €36,048, from -€12,348 to €23,700
- Depreciation -€10,195
down €10,195 (-21.9%), from €46,584 to €36,389
- Financial charges -€3,720
down €3,720 (-20.6%), from €18,038 to €14,318
- Other operating charges +€739
up €739 (+76.4%), from €968 to €1,707
- Taxes +€281
new in 2025: €281
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 | €596,925 | €588,482 | -€8,443 | -1.4% |
| Fixed assets | 21/28 | €585,939 | €583,627 | -€2,312 | -0.4% |
| Tangible fixed assets | 22/27 | €585,596 | €583,284 | -€2,312 | -0.4% |
| Land and buildings | 22 | €498,067 | €493,799 | -€4,269 | -0.9% |
| Plant, machinery and equipment | 23 | - | €1,090 | +€1,090 | |
| Furniture and vehicles | 24 | €8,134 | €17,015 | +€8,881 | +109% |
| Leasing and similar rights | 25 | €373 | €138 | -€235 | -63.1% |
| Other tangible fixed assets | 26 | €79,021 | €71,242 | -€7,779 | -9.8% |
| Financial fixed assets | 28 | €343 | €343 | = | 0.0% |
| Current assets | 29/58 | €10,986 | €4,855 | -€6,131 | -55.8% |
| Amounts receivable within one year | 40/41 | €605 | €0 | -€605 | -100% |
| Trade receivables | 40 | €605 | €0 | -€605 | -100% |
| Cash at bank and in hand | 54/58 | €2,714 | €901 | -€1,814 | -66.8% |
| Deferred charges and accrued income | 490/1 | €7,667 | €3,954 | -€3,713 | -48.4% |
| Total equity and liabilities | 10/49 | €596,925 | €588,482 | -€8,443 | -1.4% |
| Equity | 10/15 | -€209,272 | -€238,267 | -€28,995 | -13.9% |
| Contributions | 10/11 | €93,600 | €93,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€304,732 | -€333,727 | -€28,995 | -9.5% |
| Amounts payable | 17/49 | €806,197 | €826,749 | +€20,552 | +2.5% |
| Amounts payable after more than one year | 17 | €573,891 | €470,017 | -€103,873 | -18.1% |
| Financial debts | 170/4 | €524,391 | €470,017 | -€54,373 | -10.4% |
| Other amounts payable | 178/9 | €49,500 | €0 | -€49,500 | -100% |
| Amounts payable within one year | 42/48 | €231,657 | €356,479 | +€124,822 | +53.9% |
| Current portion of amounts payable after more than one year | 42 | €54,320 | €54,373 | +€54 | +0.1% |
| Trade debts | 44 | €11,470 | €1,447 | -€10,023 | -87.4% |
| Suppliers | 440/4 | €11,470 | €1,447 | -€10,023 | -87.4% |
| Advances received on contracts in progress | 46 | - | €285 | +€285 | |
| Taxes, remuneration and social security | 45 | - | €281 | +€281 | |
| Taxes | 450/3 | - | €281 | +€281 | |
| Other amounts payable | 47/48 | €165,867 | €300,091 | +€134,224 | +80.9% |
| Accrued charges and deferred income | 492/3 | €649 | €253 | -€396 | -61.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,584 | €36,389 | -€10,195 | -21.9% |
| Other operating charges | 640/8 | €968 | €1,707 | +€739 | +76.4% |
| Non-recurring operating charges | 66A | €1,844 | - | -€1,844 | |
| Gross operating margin | 9900 | -€12,348 | €23,700 | +€36,048 | |
| Operating profit (loss) | 9901 | -€61,743 | -€14,396 | +€47,347 | +76.7% |
| Financial income | 75/76B | €33 | €0 | -€33 | -99.9% |
| Recurring financial income | 75 | €33 | €0 | -€33 | -99.9% |
| Financial charges | 65/66B | €18,038 | €14,318 | -€3,720 | -20.6% |
| Recurring financial charges | 65 | €18,038 | €14,318 | -€3,720 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | -€79,749 | -€28,714 | +€51,035 | +64.0% |
| Income taxes | 67/77 | - | €281 | +€281 | |
| Profit (loss) for the period | 9904 | -€79,749 | -€28,995 | +€50,753 | +63.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€79,749 | -€28,995 | +€50,753 | +63.6% |
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 25 October 2026 via checked.be.