VERMACO: 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.
VERMACO
Largest movements
- Tangible fixed assets -€25,344
down €25,344 (-9.3%), from €271,672 to €246,328
of which Land and buildings: -€12,831
- Cash -€14,283
down €14,283 (-6.9%), from €208,066 to €193,783
mainly Trade debts (-€51,043) and Other debts (-€47,949)
- Reserves +€82,821
up €82,821 (+12.7%), from €651,389 to €734,210
of which Distributable reserves: +€82,821
- Trade debts -€51,043
down €51,043 (-39.3%), from €129,896 to €78,853
- Other debts -€47,949
down €47,949 (-85.9%), from €55,830 to €7,881
- Short-term financial debts -€16,055
no longer reported in 2025 (was €16,055)
- Gross operating margin +€81,016
up €81,016 (+23.0%), from €352,142 to €433,158
- Staff costs +€21,558
up €21,558 (+9.7%), from €223,278 to €244,836
- Other operating charges +€15,649
up €15,649 (+90.6%), from €17,275 to €32,924
- Taxes +€13,795
up €13,795 (+57.8%), from €23,870 to €37,665
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 | €912,418 | €880,191 | -€32,227 | -3.5% |
| Fixed assets | 21/28 | €272,279 | €246,935 | -€25,344 | -9.3% |
| Tangible fixed assets | 22/27 | €271,672 | €246,328 | -€25,344 | -9.3% |
| Land and buildings | 22 | €225,629 | €212,798 | -€12,831 | -5.7% |
| Plant, machinery and equipment | 23 | €4,753 | €2,323 | -€2,431 | -51.1% |
| Furniture and vehicles | 24 | €29,184 | €20,192 | -€8,992 | -30.8% |
| Other tangible fixed assets | 26 | €12,106 | €11,016 | -€1,090 | -9.0% |
| Financial fixed assets | 28 | €607 | €607 | = | 0.0% |
| Current assets | 29/58 | €640,139 | €633,256 | -€6,883 | -1.1% |
| Stocks and contracts in progress | 3 | €22,485 | €20,763 | -€1,722 | -7.7% |
| Stocks | 30/36 | €22,485 | €20,763 | -€1,722 | -7.7% |
| Amounts receivable within one year | 40/41 | €311,215 | €315,113 | +€3,898 | +1.3% |
| Trade receivables | 40 | €235,816 | €246,187 | +€10,371 | +4.4% |
| Other amounts receivable | 41 | €75,399 | €68,927 | -€6,473 | -8.6% |
| Current investments | 50/53 | €82,680 | €82,680 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €208,066 | €193,783 | -€14,283 | -6.9% |
| Deferred charges and accrued income | 490/1 | €15,693 | €20,917 | +€5,224 | +33.3% |
| Total equity and liabilities | 10/49 | €912,418 | €880,191 | -€32,227 | -3.5% |
| Equity | 10/15 | €669,989 | €752,810 | +€82,821 | +12.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €651,389 | €734,210 | +€82,821 | +12.7% |
| Tax-exempt reserves | 132 | €13,651 | €13,651 | = | 0.0% |
| Distributable reserves | 133 | €637,738 | €720,559 | +€82,821 | +13.0% |
| Amounts payable | 17/49 | €242,429 | €127,381 | -€115,048 | -47.5% |
| Amounts payable after more than one year | 17 | €500 | €500 | = | 0.0% |
| Other amounts payable | 178/9 | €500 | €500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €241,863 | €126,814 | -€115,050 | -47.6% |
| Current portion of amounts payable after more than one year | 42 | - | €8,802 | +€8,802 | |
| Financial debts | 43 | €16,055 | - | -€16,055 | |
| Credit institutions | 430/8 | €16,055 | - | -€16,055 | |
| Trade debts | 44 | €129,896 | €78,853 | -€51,043 | -39.3% |
| Suppliers | 440/4 | €129,896 | €78,853 | -€51,043 | -39.3% |
| Taxes, remuneration and social security | 45 | €40,082 | €31,278 | -€8,804 | -22.0% |
| Taxes | 450/3 | €29,317 | €17,504 | -€11,813 | -40.3% |
| Remuneration and social security | 454/9 | €10,764 | €13,774 | +€3,010 | +28.0% |
| Other amounts payable | 47/48 | €55,830 | €7,881 | -€47,949 | -85.9% |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Remuneration, social security and pensions | 62 | €223,278 | €244,836 | +€21,558 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,368 | €25,344 | +€1,976 | +8.5% |
| Other operating charges | 640/8 | €17,275 | €32,924 | +€15,649 | +90.6% |
| Gross operating margin | 9900 | €352,142 | €433,158 | +€81,016 | +23.0% |
| Operating profit (loss) | 9901 | €88,220 | €130,054 | +€41,834 | +47.4% |
| Financial income | 75/76B | €460 | €19 | -€442 | -96.0% |
| Recurring financial income | 75 | €460 | €19 | -€442 | -96.0% |
| Financial charges | 65/66B | €11,545 | €9,586 | -€1,959 | -17.0% |
| Recurring financial charges | 65 | €11,545 | €9,586 | -€1,959 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €77,136 | €120,486 | +€43,351 | +56.2% |
| Income taxes | 67/77 | €23,870 | €37,665 | +€13,795 | +57.8% |
| Profit (loss) for the period | 9904 | €53,266 | €82,821 | +€29,555 | +55.5% |
| Profit (loss) for the period to be appropriated | 9905 | €53,266 | €82,821 | +€29,555 | +55.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.