VERMADRA: 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.
VERMADRA
Largest movements
- Stocks and contracts -€240,773
no longer reported in 2025 (was €240,773)
- Receivables within one year +€197,245
up €197,245 (+101%), from €195,713 to €392,958
of which Trade receivables: +€142,257
- Tangible fixed assets +€34,856
up €34,856 (+13.6%), from €256,351 to €291,208
of which Land and buildings: +€95,975
- Intangible fixed assets -€7,560
no longer reported in 2025 (was €7,560)
- Reserves +€243,760
up €243,760 (+342%), from €71,200 to €314,960
of which Distributable reserves: +€243,760
- Trade debts -€143,565
down €143,565 (-87.8%), from €163,502 to €19,936
- Other debts -€96,795
down €96,795 (-58.5%), from €165,415 to €68,620
- Short-term financial debts +€40,754
up €40,754 (+76.3%), from €53,413 to €94,167
of which Other loans: +€40,754
- Tax, wage and social debts -€40,694
down €40,694 (-99.8%), from €40,779 to €84
of which Remuneration and social security: -€35,056
- Gross operating margin +€211,738
up €211,738 (+110%), from €192,650 to €404,389
- Staff costs -€119,318
down €119,318 (-66.9%), from €178,381 to €59,062
- Taxes +€59,161
new in 2025: €59,161
- Write-downs -€16,191
new in 2025: -€16,191
- Depreciation -€11,639
down €11,639 (-35.2%), from €33,094 to €21,455
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 | €748,594 | €731,823 | -€16,771 | -2.2% |
| Fixed assets | 21/28 | €264,977 | €291,208 | +€26,230 | +9.9% |
| Intangible fixed assets | 21 | €7,560 | - | -€7,560 | |
| Tangible fixed assets | 22/27 | €256,351 | €291,208 | +€34,856 | +13.6% |
| Land and buildings | 22 | €152,245 | €248,220 | +€95,975 | +63.0% |
| Plant, machinery and equipment | 23 | €21,943 | - | -€21,943 | |
| Furniture and vehicles | 24 | €922 | - | -€922 | |
| Leasing and similar rights | 25 | €81,242 | €42,988 | -€38,254 | -47.1% |
| Financial fixed assets | 28 | €1,066 | - | -€1,066 | |
| Current assets | 29/58 | €483,617 | €440,615 | -€43,002 | -8.9% |
| Stocks and contracts in progress | 3 | €240,773 | - | -€240,773 | |
| Stocks | 30/36 | €240,773 | - | -€240,773 | |
| Amounts receivable within one year | 40/41 | €195,713 | €392,958 | +€197,245 | +101% |
| Trade receivables | 40 | €121,178 | €263,435 | +€142,257 | +117% |
| Other amounts receivable | 41 | €74,535 | €129,523 | +€54,988 | +73.8% |
| Cash at bank and in hand | 54/58 | €46,366 | €46,963 | +€597 | +1.3% |
| Deferred charges and accrued income | 490/1 | €765 | €694 | -€70 | -9.2% |
| Total equity and liabilities | 10/49 | €748,594 | €731,823 | -€16,771 | -2.2% |
| Equity | 10/15 | €127,666 | €376,960 | +€249,294 | +195% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €71,200 | €314,960 | +€243,760 | +342% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €65,000 | €308,760 | +€243,760 | +375% |
| Profit (loss) carried forward | 14 | -€5,534 | - | +€5,534 | |
| Amounts payable | 17/49 | €620,928 | €354,863 | -€266,065 | -42.8% |
| Amounts payable after more than one year | 17 | €163,772 | €135,845 | -€27,926 | -17.1% |
| Financial debts | 170/4 | €163,772 | €135,845 | -€27,926 | -17.1% |
| Amounts payable within one year | 42/48 | €447,618 | €212,627 | -€234,990 | -52.5% |
| Current portion of amounts payable after more than one year | 42 | €24,510 | €29,820 | +€5,310 | +21.7% |
| Financial debts | 43 | €53,413 | €94,167 | +€40,754 | +76.3% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Other loans | 439 | €3,413 | €44,167 | +€40,754 | +1,194% |
| Trade debts | 44 | €163,502 | €19,936 | -€143,565 | -87.8% |
| Suppliers | 440/4 | €163,502 | €19,936 | -€143,565 | -87.8% |
| Taxes, remuneration and social security | 45 | €40,779 | €84 | -€40,694 | -99.8% |
| Taxes | 450/3 | €5,723 | €84 | -€5,639 | -98.5% |
| Remuneration and social security | 454/9 | €35,056 | - | -€35,056 | |
| Other amounts payable | 47/48 | €165,415 | €68,620 | -€96,795 | -58.5% |
| Accrued charges and deferred income | 492/3 | €9,539 | €6,390 | -€3,149 | -33.0% |
| Remuneration, social security and pensions | 62 | €178,381 | €59,062 | -€119,318 | -66.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,094 | €21,455 | -€11,639 | -35.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€16,191 | -€16,191 | |
| Other operating charges | 640/8 | €5,404 | €14,913 | +€9,509 | +176% |
| Gross operating margin | 9900 | €192,650 | €404,389 | +€211,738 | +110% |
| Operating profit (loss) | 9901 | -€24,229 | €325,149 | +€349,378 | |
| Financial charges | 65/66B | €19,015 | €16,694 | -€2,321 | -12.2% |
| Recurring financial charges | 65 | €19,015 | €16,694 | -€2,321 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | -€43,244 | €308,455 | +€351,699 | |
| Income taxes | 67/77 | - | €59,161 | +€59,161 | |
| Profit (loss) for the period | 9904 | -€43,244 | €249,294 | +€292,538 | |
| Profit (loss) for the period to be appropriated | 9905 | -€43,244 | €249,294 | +€292,538 |
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 16 October 2026 via checked.be.