VERMACON: 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.
VERMACON
Largest movements
- Receivables within one year -€62,598
down €62,598 (-41.9%), from €149,313 to €86,715
of which Trade receivables: -€60,366
- Cash +€59,062
up €59,062 (+52.9%), from €111,631 to €170,694
mainly Receivables within one year (+€62,598) and Net result for the year (+€47,448)
- Tangible fixed assets +€13,705
up €13,705 (+22.4%), from €61,296 to €75,001
of which Other tangible fixed assets: +€38,023
- Financial fixed assets +€7,000
new in 2025: €7,000
- Trade debts -€24,017
down €24,017 (-19.9%), from €120,462 to €96,445
- Reserves +€22,448
up €22,448 (+13.0%), from €172,193 to €194,641
of which Distributable reserves: +€22,448
- Debts after one year +€11,097
up €11,097 (+34.6%), from €32,056 to €43,153
- Current portion of long-term debt +€7,820
up €7,820 (+35.0%), from €22,354 to €30,174
- Gross operating margin +€11,377
up €11,377 (+7.5%), from €152,490 to €163,867
- Staff costs +€3,865
up €3,865 (+5.8%), from €66,129 to €69,994
- Depreciation +€2,850
up €2,850 (+11.2%), from €25,353 to €28,203
- Other operating charges +€2,611
up €2,611 (+68.6%), from €3,807 to €6,419
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €401,843 | €417,026 | +€15,183 | +3.8% |
| Formation expenses | 20 | €180 | €0 | -€180 | -100.0% |
| Fixed assets | 21/28 | €62,910 | €82,977 | +€20,067 | +31.9% |
| Intangible fixed assets | 21 | €1,613 | €975 | -€638 | -39.5% |
| Tangible fixed assets | 22/27 | €61,296 | €75,001 | +€13,705 | +22.4% |
| Plant, machinery and equipment | 23 | €49,436 | €32,264 | -€17,172 | -34.7% |
| Furniture and vehicles | 24 | €11,861 | €4,714 | -€7,146 | -60.3% |
| Other tangible fixed assets | 26 | - | €38,023 | +€38,023 | |
| Financial fixed assets | 28 | - | €7,000 | +€7,000 | |
| Current assets | 29/58 | €338,753 | €334,049 | -€4,704 | -1.4% |
| Stocks and contracts in progress | 3 | €73,800 | €71,714 | -€2,086 | -2.8% |
| Stocks | 30/36 | €73,800 | €71,714 | -€2,086 | -2.8% |
| Amounts receivable within one year | 40/41 | €149,313 | €86,715 | -€62,598 | -41.9% |
| Trade receivables | 40 | €146,208 | €85,842 | -€60,366 | -41.3% |
| Other amounts receivable | 41 | €3,105 | €873 | -€2,232 | -71.9% |
| Cash at bank and in hand | 54/58 | €111,631 | €170,694 | +€59,062 | +52.9% |
| Deferred charges and accrued income | 490/1 | €4,009 | €4,927 | +€918 | +22.9% |
| Total equity and liabilities | 10/49 | €401,843 | €417,026 | +€15,183 | +3.8% |
| Equity | 10/15 | €190,793 | €213,241 | +€22,448 | +11.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €172,193 | €194,641 | +€22,448 | +13.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €172,193 | €194,641 | +€22,448 | +13.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €211,050 | €203,784 | -€7,265 | -3.4% |
| Amounts payable after more than one year | 17 | €32,056 | €43,153 | +€11,097 | +34.6% |
| Financial debts | 170/4 | €32,056 | €43,153 | +€11,097 | +34.6% |
| Amounts payable within one year | 42/48 | €178,993 | €160,631 | -€18,362 | -10.3% |
| Current portion of amounts payable after more than one year | 42 | €22,354 | €30,174 | +€7,820 | +35.0% |
| Trade debts | 44 | €120,462 | €96,445 | -€24,017 | -19.9% |
| Suppliers | 440/4 | €120,462 | €96,445 | -€24,017 | -19.9% |
| Taxes, remuneration and social security | 45 | €11,177 | €8,972 | -€2,205 | -19.7% |
| Taxes | 450/3 | €8,957 | €6,660 | -€2,298 | -25.7% |
| Remuneration and social security | 454/9 | €2,220 | €2,313 | +€93 | +4.2% |
| Other amounts payable | 47/48 | €25,000 | €25,040 | +€40 | +0.2% |
| Remuneration, social security and pensions | 62 | €66,129 | €69,994 | +€3,865 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,353 | €28,203 | +€2,850 | +11.2% |
| Other operating charges | 640/8 | €3,807 | €6,419 | +€2,611 | +68.6% |
| Gross operating margin | 9900 | €152,490 | €163,867 | +€11,377 | +7.5% |
| Operating profit (loss) | 9901 | €57,200 | €59,251 | +€2,051 | +3.6% |
| Financial income | 75/76B | €26 | €26 | -€0 | -1.2% |
| Recurring financial income | 75 | €26 | €26 | -€0 | -1.2% |
| Financial charges | 65/66B | €4,637 | €5,140 | +€503 | +10.9% |
| Recurring financial charges | 65 | €4,637 | €5,140 | +€503 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | €52,589 | €54,137 | +€1,547 | +2.9% |
| Income taxes | 67/77 | €7,093 | €6,689 | -€404 | -5.7% |
| Profit (loss) for the period | 9904 | €45,497 | €47,448 | +€1,951 | +4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €45,497 | €47,448 | +€1,951 | +4.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.