VERMANDEL F.: what changed
VERMANDEL F.
Largest movements
- Tangible fixed assets -€21,257
down €21,257 (-17.3%), from €123,105 to €101,848
of which Furniture and vehicles: -€11,190
- Cash -€9,918
down €9,918 (-61.1%), from €16,240 to €6,322
mainly Debts after one year (-€23,152) and Current portion of long-term debt (-€7,282)
- Debts after one year -€23,152
down €23,152 (-61.6%), from €37,567 to €14,415
- Current portion of long-term debt -€7,282
down €7,282 (-28.6%), from €25,434 to €18,152
- Trade debts -€2,419
down €2,419 (-28.4%), from €8,528 to €6,109
- Tax, wage and social debts -€2,237
down €2,237 (-64.0%), from €3,495 to €1,257
of which Taxes: -€2,212
- Profit (loss) carried forward +€1,860
up €1,860 (+74.8%), from €2,486 to €4,346
- Staff costs +€18,121
up €18,121 (+26.8%), from €67,675 to €85,796
- Gross operating margin +€8,081
up €8,081 (+7.3%), from €110,646 to €118,727
- Taxes -€2,588
down €2,588 (-55.4%), from €4,673 to €2,086
- Other operating charges -€1,370
down €1,370 (-43.2%), from €3,172 to €1,801
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €154,253 | €122,689 | -€31,563 | -20.5% |
| Fixed assets | 21/28 | €123,105 | €101,848 | -€21,257 | -17.3% |
| Tangible fixed assets | 22/27 | €123,105 | €101,848 | -€21,257 | -17.3% |
| Land and buildings | 22 | €86,897 | €76,830 | -€10,067 | -11.6% |
| Furniture and vehicles | 24 | €36,208 | €25,017 | -€11,190 | -30.9% |
| Current assets | 29/58 | €31,148 | €20,842 | -€10,306 | -33.1% |
| Stocks and contracts in progress | 3 | €1,250 | €1,250 | = | 0.0% |
| Stocks | 30/36 | €1,250 | €1,250 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €13,658 | €13,270 | -€388 | -2.8% |
| Trade receivables | 40 | €9,440 | €9,388 | -€52 | -0.6% |
| Other amounts receivable | 41 | €4,218 | €3,882 | -€336 | -8.0% |
| Cash at bank and in hand | 54/58 | €16,240 | €6,322 | -€9,918 | -61.1% |
| Total equity and liabilities | 10/49 | €154,253 | €122,689 | -€31,563 | -20.5% |
| Equity | 10/15 | €79,065 | €82,756 | +€3,691 | +4.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €57,979 | €59,810 | +€1,831 | +3.2% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €56,119 | €59,810 | +€3,691 | +6.6% |
| Profit (loss) carried forward | 14 | €2,486 | €4,346 | +€1,860 | +74.8% |
| Amounts payable | 17/49 | €75,188 | €39,934 | -€35,254 | -46.9% |
| Amounts payable after more than one year | 17 | €37,567 | €14,415 | -€23,152 | -61.6% |
| Financial debts | 170/4 | €37,567 | €14,415 | -€23,152 | -61.6% |
| Amounts payable within one year | 42/48 | €37,621 | €25,519 | -€12,102 | -32.2% |
| Current portion of amounts payable after more than one year | 42 | €25,434 | €18,152 | -€7,282 | -28.6% |
| Trade debts | 44 | €8,528 | €6,109 | -€2,419 | -28.4% |
| Suppliers | 440/4 | €8,528 | €6,109 | -€2,419 | -28.4% |
| Taxes, remuneration and social security | 45 | €3,495 | €1,257 | -€2,237 | -64.0% |
| Taxes | 450/3 | €2,818 | €606 | -€2,212 | -78.5% |
| Remuneration and social security | 454/9 | €677 | €651 | -€26 | -3.8% |
| Other amounts payable | 47/48 | €164 | - | -€164 | |
| Non-recurring operating income | 76A | - | €1,446 | +€1,446 | |
| Remuneration, social security and pensions | 62 | €67,675 | €85,796 | +€18,121 | +26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,682 | €21,257 | -€425 | -2.0% |
| Other operating charges | 640/8 | €3,172 | €1,801 | -€1,370 | -43.2% |
| Gross operating margin | 9900 | €110,646 | €118,727 | +€8,081 | +7.3% |
| Operating profit (loss) | 9901 | €18,118 | €9,873 | -€8,245 | -45.5% |
| Financial charges | 65/66B | €2,994 | €2,430 | -€564 | -18.8% |
| Recurring financial charges | 65 | €2,994 | €2,430 | -€564 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €15,124 | €7,442 | -€7,681 | -50.8% |
| Income taxes | 67/77 | €4,673 | €2,086 | -€2,588 | -55.4% |
| Profit (loss) for the period | 9904 | €10,450 | €5,357 | -€5,093 | -48.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,450 | €5,357 | -€5,093 | -48.7% |
Next steps
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 3 November 2026 via checked.be.