VERMAERCKE CATHERINE: 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 CATHERINE
Largest movements
- Receivables within one year +€51,504
up €51,504 (+105%), from €49,194 to €100,698
- Tangible fixed assets -€2,230
down €2,230 (-55.7%), from €4,006 to €1,776
- Reserves +€23,070
up €23,070 (+144%), from €16,039 to €39,108
- Tax, wage and social debts +€18,616
up €18,616 (+123%), from €15,127 to €33,743
- Short-term financial debts +€9,160
new in 2025: €9,160
- Trade debts +€4,867
up €4,867 (+45.4%), from €10,722 to €15,589
- Debts after one year -€4,380
down €4,380 (-69.2%), from €6,325 to €1,945
- Taxes +€13,030
up €13,030 (+127%), from €10,236 to €23,266
- Gross operating margin +€2,002
up €2,002 (+4.1%), from €48,830 to €50,833
- Other operating charges -€569
down €569 (-39.9%), from €1,426 to €856
- Depreciation -€562
down €562 (-20.1%), from €2,791 to €2,230
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 | €61,914 | €110,154 | +€48,240 | +77.9% |
| Fixed assets | 21/28 | €4,006 | €1,776 | -€2,230 | -55.7% |
| Tangible fixed assets | 22/27 | €4,006 | €1,776 | -€2,230 | -55.7% |
| Furniture and vehicles | 24 | €4,006 | €1,776 | -€2,230 | -55.7% |
| Current assets | 29/58 | €57,908 | €108,378 | +€50,470 | +87.2% |
| Amounts receivable within one year | 40/41 | €49,194 | €100,698 | +€51,504 | +105% |
| Other amounts receivable | 41 | €49,194 | €100,698 | +€51,504 | +105% |
| Cash at bank and in hand | 54/58 | €0 | €10 | +€10 | +49,900% |
| Deferred charges and accrued income | 490/1 | €8,714 | €7,670 | -€1,044 | -12.0% |
| Total equity and liabilities | 10/49 | €61,914 | €110,154 | +€48,240 | +77.9% |
| Equity | 10/15 | €22,239 | €45,308 | +€23,070 | +104% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €16,039 | €39,108 | +€23,070 | +144% |
| Distributable reserves | 133 | €16,039 | €39,108 | +€23,070 | +144% |
| Amounts payable | 17/49 | €39,675 | €64,846 | +€25,170 | +63.4% |
| Amounts payable after more than one year | 17 | €6,325 | €1,945 | -€4,380 | -69.2% |
| Financial debts | 170/4 | €6,325 | €1,945 | -€4,380 | -69.2% |
| Amounts payable within one year | 42/48 | €33,350 | €62,901 | +€29,551 | +88.6% |
| Current portion of amounts payable after more than one year | 42 | €4,002 | €4,409 | +€407 | +10.2% |
| Financial debts | 43 | - | €9,160 | +€9,160 | |
| Credit institutions | 430/8 | - | €9,160 | +€9,160 | |
| Trade debts | 44 | €10,722 | €15,589 | +€4,867 | +45.4% |
| Suppliers | 440/4 | €10,722 | €15,589 | +€4,867 | +45.4% |
| Taxes, remuneration and social security | 45 | €15,127 | €33,743 | +€18,616 | +123% |
| Taxes | 450/3 | €15,127 | €33,743 | +€18,616 | +123% |
| Other amounts payable | 47/48 | €3,500 | €0 | -€3,500 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,791 | €2,230 | -€562 | -20.1% |
| Other operating charges | 640/8 | €1,426 | €856 | -€569 | -39.9% |
| Gross operating margin | 9900 | €48,830 | €50,833 | +€2,002 | +4.1% |
| Operating profit (loss) | 9901 | €44,613 | €47,747 | +€3,134 | +7.0% |
| Financial income | 75/76B | €6 | €1 | -€5 | -75.5% |
| Recurring financial income | 75 | €6 | €1 | -€5 | -75.5% |
| Financial charges | 65/66B | €1,282 | €1,412 | +€130 | +10.2% |
| Recurring financial charges | 65 | €1,282 | €1,412 | +€130 | +10.2% |
| Profit (loss) for the period before taxes | 9903 | €43,337 | €46,336 | +€2,998 | +6.9% |
| Income taxes | 67/77 | €10,236 | €23,266 | +€13,030 | +127% |
| Profit (loss) for the period | 9904 | €33,101 | €23,070 | -€10,031 | -30.3% |
| Profit (loss) for the period to be appropriated | 9905 | €33,101 | €23,070 | -€10,031 | -30.3% |
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 25 October 2026 via checked.be.