VERMACO BELGIUM: what changed
What changed
VERMACO BELGIUM
NACE 52.250, Logistics services
filed annual accounts (NBB)
Net result for the year
€2,705
2024 · €32,931-€30,226
Equity
€221,657
2024 · €218,952+€2,705
Cash
€1,818
2024 · €15,971-€14,153
Balance sheet total
€1.1m
2024 · €1.1m-€58,539
Largest movements
Assets
- Tangible fixed assets -€44,264
down €44,264 (-3.9%), from €1.1m to €1.1m
of which Land and buildings: -€45,837
- Cash -€14,153
down €14,153 (-88.6%), from €15,971 to €1,818
mainly Debts after one year (-€48,408) and Other debts (-€16,696)
Equity and liabilities
- Debts after one year -€48,408
down €48,408 (-7.1%), from €684,536 to €636,128
- Other debts -€16,696
down €16,696 (-9.8%), from €170,000 to €153,304
Income statement
- Gross operating margin -€39,172
down €39,172 (-31.7%), from €123,731 to €84,559
- Taxes -€13,348
down €13,348 (-64.0%), from €20,848 to €7,500
- Depreciation +€3,055
up €3,055 (+6.9%), from €44,564 to €47,618
- Other operating charges +€2,285
up €2,285 (+44.6%), from €5,120 to €7,405
- Financial charges -€1,565
down €1,565 (-6.5%), from €23,972 to €22,407
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.
Result 2024
€32,931
Gross operating margin
-€39,172
Depreciation
-€3,055
Other operating charges
-€2,285
Financial income
-€627
Financial charges
+€1,565
Taxes
+€13,348
Result 2025
€2,705
raises the resultlowers the result
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.
From operations
+€36,208
Investment
-€3,354
Financing
-€47,006
Cash 2024
€15,971
From operations (derived)
+€36,208
Net result for the year
+€2,705
Depreciation
+€47,618
Receivables within one year
+€253
Deferred charges and accrued income
-€131
Provisions
-€3,077
Trade debts
+€2,566
Tax, wage and social debts
-€594
Other debts
-€16,696
Accrued charges and deferred income
+€3,564
Investment (derived)
-€3,354
Investment in fixed assets (net)
-€3,354
Financing
-€47,006
Debts after one year
-€48,408
Current portion of long-term debt
+€1,402
Cash 2025
€1,818
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,141,934 | €1,083,395 | -€58,539 | -5.1% |
| Fixed assets | 21/28 | €1,121,988 | €1,077,724 | -€44,264 | -3.9% |
| Tangible fixed assets | 22/27 | €1,121,644 | €1,077,380 | -€44,264 | -3.9% |
| Land and buildings | 22 | €1,119,776 | €1,073,939 | -€45,837 | -4.1% |
| Plant, machinery and equipment | 23 | - | €2,569 | +€2,569 | |
| Furniture and vehicles | 24 | €1,868 | €871 | -€997 | -53.4% |
| Financial fixed assets | 28 | €345 | €345 | = | 0.0% |
| Current assets | 29/58 | €19,946 | €5,671 | -€14,275 | -71.6% |
| Amounts receivable within one year | 40/41 | €2,975 | €2,723 | -€253 | -8.5% |
| Trade receivables | 40 | €2,756 | €2,723 | -€33 | -1.2% |
| Other amounts receivable | 41 | €220 | €0 | -€220 | -100% |
| Cash at bank and in hand | 54/58 | €15,971 | €1,818 | -€14,153 | -88.6% |
| Deferred charges and accrued income | 490/1 | €999 | €1,130 | +€131 | +13.1% |
| Total equity and liabilities | 10/49 | €1,141,934 | €1,083,395 | -€58,539 | -5.1% |
| Equity | 10/15 | €218,952 | €221,657 | +€2,705 | +1.2% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €198,501 | €201,206 | +€2,705 | +1.4% |
| Tax-exempt reserves | 132 | €16,964 | €7,734 | -€9,230 | -54.4% |
| Distributable reserves | 133 | €181,537 | €193,471 | +€11,934 | +6.6% |
| Provisions and deferred taxes | 16 | €5,655 | €2,578 | -€3,077 | -54.4% |
| Deferred taxes | 168 | €5,655 | €2,578 | -€3,077 | -54.4% |
| Amounts payable | 17/49 | €917,327 | €859,160 | -€58,167 | -6.3% |
| Amounts payable after more than one year | 17 | €684,536 | €636,128 | -€48,408 | -7.1% |
| Financial debts | 170/4 | €684,536 | €636,128 | -€48,408 | -7.1% |
| Amounts payable within one year | 42/48 | €226,944 | €213,621 | -€13,323 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €53,270 | €54,671 | +€1,402 | +2.6% |
| Trade debts | 44 | €645 | €3,211 | +€2,566 | +398% |
| Suppliers | 440/4 | €645 | €3,211 | +€2,566 | +398% |
| Taxes, remuneration and social security | 45 | €3,029 | €2,435 | -€594 | -19.6% |
| Taxes | 450/3 | €3,029 | €2,435 | -€594 | -19.6% |
| Other amounts payable | 47/48 | €170,000 | €153,304 | -€16,696 | -9.8% |
| Accrued charges and deferred income | 492/3 | €5,847 | €9,411 | +€3,564 | +60.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,564 | €47,618 | +€3,055 | +6.9% |
| Other operating charges | 640/8 | €5,120 | €7,405 | +€2,285 | +44.6% |
| Gross operating margin | 9900 | €123,731 | €84,559 | -€39,172 | -31.7% |
| Operating profit (loss) | 9901 | €74,047 | €29,535 | -€44,512 | -60.1% |
| Financial income | 75/76B | €627 | €0 | -€627 | -100.0% |
| Recurring financial income | 75 | €627 | €0 | -€627 | -100.0% |
| Financial charges | 65/66B | €23,972 | €22,407 | -€1,565 | -6.5% |
| Recurring financial charges | 65 | €23,972 | €22,407 | -€1,565 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €50,703 | €7,128 | -€43,575 | -85.9% |
| Transfer from deferred taxes | 780 | €3,077 | €3,077 | = | 0.0% |
| Income taxes | 67/77 | €20,848 | €7,500 | -€13,348 | -64.0% |
| Profit (loss) for the period | 9904 | €32,931 | €2,705 | -€30,226 | -91.8% |
| Transfer from tax-exempt reserves | 789 | €9,230 | €9,230 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €42,161 | €11,934 | -€30,226 | -71.7% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.