VERMARKE: 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.
VERMARKE
Largest movements
- Current investments -€600,000
down €600,000 (-100%), from €600,000 to €0
- Tangible fixed assets +€191,666
up €191,666 (+8.6%), from €2.2m to €2.4m
of which Land and buildings: +€176,182
- Cash +€182,546
up €182,546 (+11.2%), from €1.6m to €1.8m
mainly Net result for the year (+€652,352) and Current investments (+€600,000)
- Receivables within one year -€172,030
down €172,030 (-38.6%), from €445,519 to €273,489
of which Trade receivables: -€212,348
- Debts after one year -€289,000
down €289,000 (-18.6%), from €1.6m to €1.3m
- Trade debts -€178,448
down €178,448 (-63.6%), from €280,669 to €102,220
- Reserves +€102,982
up €102,982 (+4.0%), from €2.6m to €2.7m
of which Distributable reserves: +€74,943
- Staff costs +€135,234
up €135,234 (+85.5%), from €158,246 to €293,480
- Taxes -€84,871
down €84,871 (-29.5%), from €288,012 to €203,140
- Depreciation -€58,835
down €58,835 (-14.5%), from €405,161 to €346,326
- Financial income +€37,841
up €37,841 (+426%), from €8,877 to €46,718
- Gross operating margin -€23,739
down €23,739 (-1.6%), from €1.5m to €1.5m
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 | €4,926,249 | €4,560,215 | -€366,034 | -7.4% |
| Fixed assets | 21/28 | €2,228,264 | €2,419,931 | +€191,666 | +8.6% |
| Tangible fixed assets | 22/27 | €2,228,084 | €2,419,751 | +€191,666 | +8.6% |
| Land and buildings | 22 | €1,529,341 | €1,705,523 | +€176,182 | +11.5% |
| Plant, machinery and equipment | 23 | €570,726 | €533,753 | -€36,973 | -6.5% |
| Furniture and vehicles | 24 | €128,018 | €180,475 | +€52,457 | +41.0% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €2,697,985 | €2,140,284 | -€557,701 | -20.7% |
| Amounts receivable after more than one year | 29 | €7,178 | €35,890 | +€28,712 | +400% |
| Other amounts receivable | 291 | €7,178 | €35,890 | +€28,712 | +400% |
| Amounts receivable within one year | 40/41 | €445,519 | €273,489 | -€172,030 | -38.6% |
| Trade receivables | 40 | €434,065 | €221,717 | -€212,348 | -48.9% |
| Other amounts receivable | 41 | €11,454 | €51,772 | +€40,318 | +352% |
| Current investments | 50/53 | €600,000 | €0 | -€600,000 | -100% |
| Cash at bank and in hand | 54/58 | €1,624,475 | €1,807,021 | +€182,546 | +11.2% |
| Deferred charges and accrued income | 490/1 | €20,813 | €23,884 | +€3,071 | +14.8% |
| Total equity and liabilities | 10/49 | €4,926,249 | €4,560,215 | -€366,034 | -7.4% |
| Equity | 10/15 | €2,687,778 | €2,790,760 | +€102,982 | +3.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €2,587,778 | €2,690,760 | +€102,982 | +4.0% |
| Tax-exempt reserves | 132 | - | €28,039 | +€28,039 | |
| Distributable reserves | 133 | €2,587,778 | €2,662,721 | +€74,943 | +2.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,238,472 | €1,769,455 | -€469,017 | -21.0% |
| Amounts payable after more than one year | 17 | €1,556,000 | €1,267,000 | -€289,000 | -18.6% |
| Financial debts | 170/4 | €1,556,000 | €1,267,000 | -€289,000 | -18.6% |
| Amounts payable within one year | 42/48 | €682,472 | €502,455 | -€180,017 | -26.4% |
| Current portion of amounts payable after more than one year | 42 | €289,000 | €289,000 | = | 0.0% |
| Trade debts | 44 | €280,669 | €102,220 | -€178,448 | -63.6% |
| Suppliers | 440/4 | €280,669 | €102,220 | -€178,448 | -63.6% |
| Advances received on contracts in progress | 46 | €3,458 | €0 | -€3,458 | -100% |
| Taxes, remuneration and social security | 45 | €75,337 | €72,157 | -€3,179 | -4.2% |
| Taxes | 450/3 | €56,541 | €18,185 | -€38,356 | -67.8% |
| Remuneration and social security | 454/9 | €18,796 | €53,973 | +€35,177 | +187% |
| Other amounts payable | 47/48 | €34,008 | €39,077 | +€5,069 | +14.9% |
| Non-recurring operating income | 76A | €23,500 | €30,000 | +€6,500 | +27.7% |
| Remuneration, social security and pensions | 62 | €158,246 | €293,480 | +€135,234 | +85.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €405,161 | €346,326 | -€58,835 | -14.5% |
| Other operating charges | 640/8 | €29,794 | €29,902 | +€108 | +0.4% |
| Gross operating margin | 9900 | €1,530,833 | €1,507,093 | -€23,739 | -1.6% |
| Operating profit (loss) | 9901 | €937,631 | €837,385 | -€100,246 | -10.7% |
| Financial income | 75/76B | €8,877 | €46,718 | +€37,841 | +426% |
| Recurring financial income | 75 | €8,877 | €46,718 | +€37,841 | +426% |
| Financial charges | 65/66B | €28,727 | €28,611 | -€116 | -0.4% |
| Recurring financial charges | 65 | €28,727 | €28,611 | -€116 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €917,781 | €855,492 | -€62,289 | -6.8% |
| Income taxes | 67/77 | €288,012 | €203,140 | -€84,871 | -29.5% |
| Profit (loss) for the period | 9904 | €629,769 | €652,352 | +€22,582 | +3.6% |
| Transfer to tax-exempt reserves | 689 | - | €28,039 | +€28,039 | |
| Profit (loss) for the period to be appropriated | 9905 | €629,769 | €624,313 | -€5,457 | -0.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.