VERMANDER & CLAEYS: 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.
VERMANDER & CLAEYS
Largest movements
- Tangible fixed assets -€50,664
down €50,664 (-9.7%), from €524,878 to €474,214
- Other debts -€42,226
down €42,226 (-31.8%), from €132,888 to €90,661
- Current portion of long-term debt -€22,989
no longer reported in 2025 (was €22,989)
- Reserves +€15,700
up €15,700 (+1124.8%), from €1,396 to €17,096
of which Distributable reserves: +€14,910
- Debts after one year -€12,879
down €12,879 (-99.4%), from €12,959 to €80
of which Financial debts: -€12,879
- Advances received +€10,500
new in 2025: €10,500
- Gross operating margin +€10,130
up €10,130 (+12.7%), from €79,623 to €89,753
- Financial charges +€7,683
up €7,683 (+206.3%), from €3,724 to €11,408
- Taxes +€2,970
new in 2025: €2,970
- Depreciation -€938
down €938 (-1.8%), from €51,603 to €50,664
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €529,405 | €474,414 | -€54,991 | -10.4% |
| Fixed assets | 21/28 | €525,078 | €474,414 | -€50,664 | -9.6% |
| Tangible fixed assets | 22/27 | €524,878 | €474,214 | -€50,664 | -9.7% |
| Land and buildings | 22 | €524,878 | €474,214 | -€50,664 | -9.7% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €4,327 | - | -€4,327 | |
| Deferred charges and accrued income | 490/1 | €4,327 | - | -€4,327 | |
| Total equity and liabilities | 10/49 | €529,405 | €474,414 | -€54,991 | -10.4% |
| Equity | 10/15 | €332,450 | €348,257 | +€15,807 | +4.8% |
| Contributions | 10/11 | €299,100 | €299,100 | = | 0.0% |
| Capital | 10 | €299,100 | €299,100 | = | 0.0% |
| Issued capital | 100 | €299,100 | €299,100 | = | 0.0% |
| Reserves | 13 | €1,396 | €17,096 | +€15,700 | +1124.8% |
| Non-distributable reserves | 130/1 | €1,396 | €2,186 | +€790 | +56.6% |
| Legal reserve | 130 | €1,396 | €2,186 | +€790 | +56.6% |
| Distributable reserves | 133 | - | €14,910 | +€14,910 | |
| Profit (loss) carried forward | 14 | €31,954 | €32,061 | +€107 | +0.3% |
| Amounts payable | 17/49 | €196,955 | €126,157 | -€70,798 | -35.9% |
| Amounts payable after more than one year | 17 | €12,959 | €80 | -€12,879 | -99.4% |
| Financial debts | 170/4 | €12,879 | - | -€12,879 | |
| Other amounts payable | 178/9 | €80 | €80 | = | 0.0% |
| Amounts payable within one year | 42/48 | €183,996 | €126,077 | -€57,919 | -31.5% |
| Current portion of amounts payable after more than one year | 42 | €22,989 | - | -€22,989 | |
| Financial debts | 43 | €15,873 | €17,581 | +€1,708 | +10.8% |
| Credit institutions | 430/8 | €15,873 | €17,581 | +€1,708 | +10.8% |
| Trade debts | 44 | €12,247 | €2,048 | -€10,199 | -83.3% |
| Suppliers | 440/4 | €12,247 | €2,048 | -€10,199 | -83.3% |
| Advances received on contracts in progress | 46 | - | €10,500 | +€10,500 | |
| Taxes, remuneration and social security | 45 | - | €5,287 | +€5,287 | |
| Taxes | 450/3 | - | €5,287 | +€5,287 | |
| Other amounts payable | 47/48 | €132,888 | €90,661 | -€42,226 | -31.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,603 | €50,664 | -€938 | -1.8% |
| Other operating charges | 640/8 | €8,634 | €8,904 | +€270 | +3.1% |
| Gross operating margin | 9900 | €79,623 | €89,753 | +€10,130 | +12.7% |
| Operating profit (loss) | 9901 | €19,386 | €30,185 | +€10,798 | +55.7% |
| Financial charges | 65/66B | €3,724 | €11,408 | +€7,683 | +206.3% |
| Recurring financial charges | 65 | €3,724 | €11,408 | +€7,683 | +206.3% |
| Profit (loss) for the period before taxes | 9903 | €15,662 | €18,777 | +€3,115 | +19.9% |
| Income taxes | 67/77 | - | €2,970 | +€2,970 | |
| Profit (loss) for the period | 9904 | €15,662 | €15,807 | +€145 | +0.9% |
| Profit (loss) for the period to be appropriated | 9905 | €15,662 | €15,807 | +€145 | +0.9% |
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 11 October 2026 via checked.be.