VERMACO: what changed
Two fiscal 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.
What changed
VERMACO
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€36,354
2024 · -€30,554-€5,800
Equity
€317,666
2024 · €354,020-€36,354
Cash
€5,141
2024 · €6+€5,134
Balance sheet total
€1.3m
2024 · €1.3m-€56,654
Largest movements
Assets
- Tangible fixed assets -€61,854
down €61,854 (-4.8%), from €1.3m to €1.2m
of which Land and buildings: -€59,029
Equity and liabilities
- Profit (loss) carried forward -€36,354
down €36,354 (-7.4%), from -€489,629 to -€525,983
Income statement
- Gross operating margin -€4,355
down €4,355 (-8.4%), from €52,099 to €47,744
- Depreciation +€2,344
up €2,344 (+3.1%), from €76,191 to €78,536
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.
Result 2024
-€30,554
Gross operating margin
-€4,355
Depreciation
-€2,344
Other operating charges
+€490
Financial income
-€6
Financial charges
+€416
Result 2025
-€36,354
Cash bridge derived
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.
From operations
+€31,272
Investment
-€16,682
Financing
-€9,456
Cash 2024
€6
From operations (derived)
+€31,272
Net result for the year
-€36,354
Depreciation
+€78,536
Receivables within one year
-€66
Trade debts
-€3,165
Tax, wage and social debts
+€530
Other debts
-€6,552
Accrued charges and deferred income
-€1,657
Investment (derived)
-€16,682
Investment in fixed assets (net)
-€16,682
Financing
-€9,456
Debts after one year
-€8,891
Current portion of long-term debt
+€155
Short-term financial debts
-€719
Cash 2025
€5,141
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,319,494 | €1,262,841 | -€56,654 | -4.3% |
| Fixed assets | 21/28 | €1,301,038 | €1,239,184 | -€61,854 | -4.8% |
| Tangible fixed assets | 22/27 | €1,301,038 | €1,239,184 | -€61,854 | -4.8% |
| Land and buildings | 22 | €1,292,965 | €1,233,935 | -€59,029 | -4.6% |
| Plant, machinery and equipment | 23 | €1,999 | €1,250 | -€750 | -37.5% |
| Furniture and vehicles | 24 | €6,075 | €4,000 | -€2,075 | -34.2% |
| Current assets | 29/58 | €18,456 | €23,656 | +€5,200 | +28.2% |
| Amounts receivable within one year | 40/41 | €18,450 | €18,515 | +€66 | +0.4% |
| Other amounts receivable | 41 | €18,450 | €18,515 | +€66 | +0.4% |
| Cash at bank and in hand | 54/58 | €6 | €5,141 | +€5,134 | +79724.7% |
| Total equity and liabilities | 10/49 | €1,319,494 | €1,262,841 | -€56,654 | -4.3% |
| Equity | 10/15 | €354,020 | €317,666 | -€36,354 | -10.3% |
| Contributions | 10/11 | €835,000 | €835,000 | = | 0.0% |
| Reserves | 13 | €8,649 | €8,649 | = | 0.0% |
| Distributable reserves | 133 | €8,649 | €8,649 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€489,629 | -€525,983 | -€36,354 | -7.4% |
| Amounts payable | 17/49 | €965,474 | €945,174 | -€20,300 | -2.1% |
| Amounts payable after more than one year | 17 | €676,917 | €668,026 | -€8,891 | -1.3% |
| Financial debts | 170/4 | €25,917 | €17,026 | -€8,891 | -34.3% |
| Other amounts payable | 178/9 | €651,000 | €651,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €283,410 | €273,659 | -€9,752 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €8,736 | €8,891 | +€155 | +1.8% |
| Financial debts | 43 | €719 | €0 | -€719 | -100.0% |
| Credit institutions | 430/8 | €719 | €0 | -€719 | -100.0% |
| Trade debts | 44 | €3,639 | €474 | -€3,165 | -87.0% |
| Suppliers | 440/4 | €3,639 | €474 | -€3,165 | -87.0% |
| Taxes, remuneration and social security | 45 | - | €530 | +€530 | |
| Taxes | 450/3 | - | €530 | +€530 | |
| Other amounts payable | 47/48 | €270,315 | €263,763 | -€6,552 | -2.4% |
| Accrued charges and deferred income | 492/3 | €5,147 | €3,490 | -€1,657 | -32.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,191 | €78,536 | +€2,344 | +3.1% |
| Other operating charges | 640/8 | €4,682 | €4,191 | -€490 | -10.5% |
| Gross operating margin | 9900 | €52,099 | €47,744 | -€4,355 | -8.4% |
| Operating profit (loss) | 9901 | -€28,774 | -€34,983 | -€6,209 | -21.6% |
| Financial income | 75/76B | €6 | €0 | -€6 | -100.0% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -100.0% |
| Financial charges | 65/66B | €1,787 | €1,371 | -€416 | -23.3% |
| Recurring financial charges | 65 | €1,787 | €1,371 | -€416 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | -€30,554 | -€36,354 | -€5,800 | -19.0% |
| Profit (loss) for the period | 9904 | -€30,554 | -€36,354 | -€5,800 | -19.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,554 | -€36,354 | -€5,800 | -19.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.