VERMAERCKE: 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.
VERMAERCKE
Largest movements
- Cash +€35,253
up €35,253 (+41.0%), from €86,037 to €121,290
mainly Stocks and contracts (+€22,852) and Depreciation (+€19,234)
- Stocks and contracts -€22,852
down €22,852 (-53.0%), from €43,113 to €20,260
of which Contracts in progress: -€21,082
- Tangible fixed assets -€13,129
down €13,129 (-35.8%), from €36,690 to €23,561
- Receivables within one year +€10,766
up €10,766 (+9.9%), from €108,638 to €119,404
of which Trade receivables: +€9,458
- Reserves +€14,000
up €14,000 (+14.8%), from €94,460 to €108,460
- Other debts -€9,760
down €9,760 (-10.7%), from €91,109 to €81,349
- Trade debts +€8,976
up €8,976 (+153%), from €5,868 to €14,844
- Tax, wage and social debts -€3,156
down €3,156 (-41.1%), from €7,676 to €4,520
- Financial income -€15,778
down €15,778 (-89.7%), from €17,586 to €1,808
of which Non-recurring financial income: -€15,247
- Financial charges -€6,885
down €6,885 (-71.6%), from €9,617 to €2,731
- Gross operating margin -€4,111
down €4,111 (-8.4%), from €49,195 to €45,084
- Taxes -€3,460
down €3,460 (-26.2%), from €13,194 to €9,734
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 | €277,605 | €287,680 | +€10,074 | +3.6% |
| Fixed assets | 21/28 | €36,690 | €23,561 | -€13,129 | -35.8% |
| Tangible fixed assets | 22/27 | €36,690 | €23,561 | -€13,129 | -35.8% |
| Plant, machinery and equipment | 23 | €9,964 | €6,992 | -€2,972 | -29.8% |
| Furniture and vehicles | 24 | €20,768 | €16,569 | -€4,199 | -20.2% |
| Leasing and similar rights | 25 | €5,958 | - | -€5,958 | |
| Current assets | 29/58 | €240,915 | €264,118 | +€23,203 | +9.6% |
| Stocks and contracts in progress | 3 | €43,113 | €20,260 | -€22,852 | -53.0% |
| Stocks | 30/36 | €22,031 | €20,260 | -€1,770 | -8.0% |
| Contracts in progress | 37 | €21,082 | - | -€21,082 | |
| Amounts receivable within one year | 40/41 | €108,638 | €119,404 | +€10,766 | +9.9% |
| Trade receivables | 40 | €107,152 | €116,610 | +€9,458 | +8.8% |
| Other amounts receivable | 41 | €1,486 | €2,794 | +€1,308 | +88.0% |
| Cash at bank and in hand | 54/58 | €86,037 | €121,290 | +€35,253 | +41.0% |
| Deferred charges and accrued income | 490/1 | €3,127 | €3,164 | +€37 | +1.2% |
| Total equity and liabilities | 10/49 | €277,605 | €287,680 | +€10,074 | +3.6% |
| Equity | 10/15 | €172,952 | €186,966 | +€14,014 | +8.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €94,460 | €108,460 | +€14,000 | +14.8% |
| Distributable reserves | 133 | €94,460 | €108,460 | +€14,000 | +14.8% |
| Profit (loss) carried forward | 14 | €66,092 | €66,106 | +€14 | 0.0% |
| Amounts payable | 17/49 | €104,653 | €100,713 | -€3,940 | -3.8% |
| Amounts payable within one year | 42/48 | €104,653 | €100,713 | -€3,940 | -3.8% |
| Trade debts | 44 | €5,868 | €14,844 | +€8,976 | +153% |
| Suppliers | 440/4 | €5,868 | €14,844 | +€8,976 | +153% |
| Taxes, remuneration and social security | 45 | €7,676 | €4,520 | -€3,156 | -41.1% |
| Taxes | 450/3 | €7,676 | €4,520 | -€3,156 | -41.1% |
| Other amounts payable | 47/48 | €91,109 | €81,349 | -€9,760 | -10.7% |
| Non-recurring operating income | 76A | €313 | - | -€313 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,757 | €19,234 | +€477 | +2.5% |
| Other operating charges | 640/8 | €1,146 | €1,178 | +€33 | +2.8% |
| Gross operating margin | 9900 | €49,195 | €45,084 | -€4,111 | -8.4% |
| Operating profit (loss) | 9901 | €29,292 | €24,672 | -€4,620 | -15.8% |
| Financial income | 75/76B | €17,586 | €1,808 | -€15,778 | -89.7% |
| Recurring financial income | 75 | €2,339 | €1,808 | -€531 | -22.7% |
| Non-recurring financial income | 76B | €15,247 | - | -€15,247 | |
| Financial charges | 65/66B | €9,617 | €2,731 | -€6,885 | -71.6% |
| Recurring financial charges | 65 | €9,617 | €2,731 | -€6,885 | -71.6% |
| Profit (loss) for the period before taxes | 9903 | €37,262 | €23,749 | -€13,513 | -36.3% |
| Income taxes | 67/77 | €13,194 | €9,734 | -€3,460 | -26.2% |
| Profit (loss) for the period | 9904 | €24,068 | €14,014 | -€10,053 | -41.8% |
| Profit (loss) for the period to be appropriated | 9905 | €24,068 | €14,014 | -€10,053 | -41.8% |
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.