VERMANDELE BART: what changed
Two fiscal 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.
VERMANDELE BART
Largest movements
- Cash +€663,182
up €663,182 (+446.6%), from €148,503 to €811,685
mainly Current investments (+€597,000) and Net result for the year (+€158,477)
- Current investments -€597,000
down €597,000 (-100.0%), from €597,000 to €0
- Tangible fixed assets +€106,099
up €106,099 (+152.0%), from €69,782 to €175,881
of which Furniture and vehicles: +€119,536
- Reserves +€92,992
up €92,992 (+12.5%), from €742,614 to €835,606
of which Distributable reserves: +€92,992
- Debts after one year +€64,515
up €64,515 (+69.1%), from €93,329 to €157,844
- Tax, wage and social debts +€20,432
up €20,432 (+227.4%), from €8,987 to €29,419
of which Taxes: +€14,417
- Trade debts -€11,436
down €11,436 (-39.7%), from €28,836 to €17,400
- Staff costs +€34,052
up €34,052 (+239.4%), from €14,221 to €48,274
- Gross operating margin +€28,654
up €28,654 (+10.2%), from €281,670 to €310,323
- Financial income -€4,699
down €4,699 (-32.6%), from €14,391 to €9,693
- Depreciation +€3,896
up €3,896 (+14.1%), from €27,573 to €31,469
- Taxes +€3,402
up €3,402 (+5.1%), from €66,941 to €70,344
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 | €901,181 | €1,068,684 | +€167,503 | +18.6% |
| Fixed assets | 21/28 | €69,957 | €176,056 | +€106,099 | +151.7% |
| Tangible fixed assets | 22/27 | €69,782 | €175,881 | +€106,099 | +152.0% |
| Land and buildings | 22 | €7,868 | €58 | -€7,810 | -99.3% |
| Plant, machinery and equipment | 23 | €22,531 | €16,903 | -€5,628 | -25.0% |
| Furniture and vehicles | 24 | €39,383 | €158,920 | +€119,536 | +303.5% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €831,224 | €892,628 | +€61,404 | +7.4% |
| Stocks and contracts in progress | 3 | €45,142 | €44,195 | -€946 | -2.1% |
| Stocks | 30/36 | €45,142 | €44,195 | -€946 | -2.1% |
| Amounts receivable within one year | 40/41 | €36,341 | €29,455 | -€6,886 | -18.9% |
| Trade receivables | 40 | €28,775 | €18,670 | -€10,105 | -35.1% |
| Other amounts receivable | 41 | €7,566 | €10,784 | +€3,219 | +42.5% |
| Current investments | 50/53 | €597,000 | €0 | -€597,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €148,503 | €811,685 | +€663,182 | +446.6% |
| Deferred charges and accrued income | 490/1 | €4,238 | €7,293 | +€3,055 | +72.1% |
| Total equity and liabilities | 10/49 | €901,181 | €1,068,684 | +€167,503 | +18.6% |
| Equity | 10/15 | €761,164 | €854,156 | +€92,992 | +12.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €742,614 | €835,606 | +€92,992 | +12.5% |
| Tax-exempt reserves | 132 | €63,150 | €63,150 | = | 0.0% |
| Distributable reserves | 133 | €679,464 | €772,456 | +€92,992 | +13.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €140,017 | €214,528 | +€74,511 | +53.2% |
| Amounts payable after more than one year | 17 | €93,329 | €157,844 | +€64,515 | +69.1% |
| Other amounts payable | 178/9 | €93,329 | €157,844 | +€64,515 | +69.1% |
| Amounts payable within one year | 42/48 | €39,489 | €48,485 | +€8,996 | +22.8% |
| Trade debts | 44 | €28,836 | €17,400 | -€11,436 | -39.7% |
| Suppliers | 440/4 | €28,836 | €17,400 | -€11,436 | -39.7% |
| Taxes, remuneration and social security | 45 | €8,987 | €29,419 | +€20,432 | +227.4% |
| Taxes | 450/3 | €7,851 | €22,269 | +€14,417 | +183.6% |
| Remuneration and social security | 454/9 | €1,136 | €7,150 | +€6,015 | +529.7% |
| Other amounts payable | 47/48 | €1,666 | €1,666 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €7,199 | €8,199 | +€1,000 | +13.9% |
| Remuneration, social security and pensions | 62 | €14,221 | €48,274 | +€34,052 | +239.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,573 | €31,469 | +€3,896 | +14.1% |
| Other operating charges | 640/8 | €2,412 | €3,000 | +€588 | +24.4% |
| Gross operating margin | 9900 | €281,670 | €310,323 | +€28,654 | +10.2% |
| Operating profit (loss) | 9901 | €237,464 | €227,581 | -€9,883 | -4.2% |
| Financial income | 75/76B | €14,391 | €9,693 | -€4,699 | -32.6% |
| Recurring financial income | 75 | €14,391 | €9,693 | -€4,699 | -32.6% |
| Financial charges | 65/66B | €7,659 | €8,452 | +€793 | +10.4% |
| Recurring financial charges | 65 | €7,659 | €8,452 | +€793 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | €244,196 | €228,821 | -€15,375 | -6.3% |
| Income taxes | 67/77 | €66,941 | €70,344 | +€3,402 | +5.1% |
| Profit (loss) for the period | 9904 | €177,255 | €158,477 | -€18,778 | -10.6% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €0 | -€63,150 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €114,105 | €158,477 | +€44,372 | +38.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.