VERMAUT GUY: 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.
What changed
VERMAUT GUY
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€14,010
2024 · €47,280-€33,270
Equity
€481,420
2024 · €467,411+€14,010
Cash
€18,212
2024 · €25,523-€7,311
Balance sheet total
€2.6m
2024 · €2.7m-€79,057
Largest movements
Assets
- Tangible fixed assets -€70,524
down €70,524 (-2.7%), from €2.6m to €2.6m
of which Land and buildings: -€61,300
Equity and liabilities
- Debts after one year -€158,922
down €158,922 (-8.8%), from €1.8m to €1.6m
- Other debts +€78,122
up €78,122 (+169%), from €46,233 to €124,355
Income statement
- Gross operating margin -€49,758
down €49,758 (-14.5%), from €342,042 to €292,284
- Taxes -€15,911
down €15,911 (-40.0%), from €39,816 to €23,905
- Other operating charges -€11,885
down €11,885 (-51.9%), from €22,915 to €11,030
- Staff costs -€5,120
down €5,120 (-100%), from €5,120 to €0
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.
Result 2024
€47,280
Gross operating margin
-€49,758
Staff costs
+€5,120
Depreciation
-€2,224
Other operating charges
+€11,885
Other operating items
-€12,094
Financial income
+€22
Financial charges
-€2,132
Taxes
+€15,911
Result 2025
€14,010
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€255,147
Investment
-€117,081
Financing
-€145,377
Cash 2024
€25,523
From operations (derived)
+€255,147
Net result for the year
+€14,010
Depreciation
+€187,605
Receivables within one year
-€994
Deferred charges and accrued income
+€2,216
Trade debts
-€19,089
Tax, wage and social debts
-€6,722
Other debts
+€78,122
Investment (derived)
-€117,081
Investment in fixed assets (net)
-€117,081
Financing
-€145,377
Debts after one year
-€158,922
Current portion of long-term debt
+€13,546
Cash 2025
€18,212
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,656,714 | €2,577,657 | -€79,057 | -3.0% |
| Fixed assets | 21/28 | €2,625,581 | €2,555,057 | -€70,524 | -2.7% |
| Tangible fixed assets | 22/27 | €2,625,172 | €2,554,648 | -€70,524 | -2.7% |
| Land and buildings | 22 | €2,163,806 | €2,102,506 | -€61,300 | -2.8% |
| Plant, machinery and equipment | 23 | €13,997 | €10,578 | -€3,420 | -24.4% |
| Furniture and vehicles | 24 | €274,814 | €276,897 | +€2,083 | +0.8% |
| Other tangible fixed assets | 26 | €172,554 | €164,667 | -€7,887 | -4.6% |
| Financial fixed assets | 28 | €409 | €409 | = | 0.0% |
| Current assets | 29/58 | €31,133 | €22,600 | -€8,533 | -27.4% |
| Amounts receivable within one year | 40/41 | €3,394 | €4,388 | +€994 | +29.3% |
| Trade receivables | 40 | €3,394 | €787 | -€2,608 | -76.8% |
| Other amounts receivable | 41 | - | €3,601 | +€3,601 | |
| Cash at bank and in hand | 54/58 | €25,523 | €18,212 | -€7,311 | -28.6% |
| Deferred charges and accrued income | 490/1 | €2,216 | €0 | -€2,216 | -100% |
| Total equity and liabilities | 10/49 | €2,656,714 | €2,577,657 | -€79,057 | -3.0% |
| Equity | 10/15 | €467,411 | €481,420 | +€14,010 | +3.0% |
| Contributions | 10/11 | €93,624 | €93,624 | = | 0.0% |
| Reserves | 13 | €373,787 | €387,797 | +€14,010 | +3.7% |
| Tax-exempt reserves | 132 | €2,321 | €2,321 | = | 0.0% |
| Distributable reserves | 133 | €371,467 | €385,476 | +€14,010 | +3.8% |
| Amounts payable | 17/49 | €2,189,303 | €2,096,236 | -€93,066 | -4.3% |
| Amounts payable after more than one year | 17 | €1,805,572 | €1,646,650 | -€158,922 | -8.8% |
| Financial debts | 170/4 | €1,805,572 | €1,646,650 | -€158,922 | -8.8% |
| Amounts payable within one year | 42/48 | €383,730 | €449,586 | +€65,856 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €307,352 | €320,897 | +€13,546 | +4.4% |
| Trade debts | 44 | €22,126 | €3,037 | -€19,089 | -86.3% |
| Suppliers | 440/4 | €22,126 | €3,037 | -€19,089 | -86.3% |
| Taxes, remuneration and social security | 45 | €8,020 | €1,298 | -€6,722 | -83.8% |
| Taxes | 450/3 | €8,020 | €1,298 | -€6,722 | -83.8% |
| Other amounts payable | 47/48 | €46,233 | €124,355 | +€78,122 | +169% |
| Remuneration, social security and pensions | 62 | €5,120 | €0 | -€5,120 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185,381 | €187,605 | +€2,224 | +1.2% |
| Other operating charges | 640/8 | €22,915 | €11,030 | -€11,885 | -51.9% |
| Non-recurring operating charges | 66A | - | €12,094 | +€12,094 | |
| Gross operating margin | 9900 | €342,042 | €292,284 | -€49,758 | -14.5% |
| Operating profit (loss) | 9901 | €128,626 | €81,554 | -€47,071 | -36.6% |
| Financial income | 75/76B | - | €22 | +€22 | |
| Recurring financial income | 75 | - | €22 | +€22 | |
| Financial charges | 65/66B | €41,530 | €43,662 | +€2,132 | +5.1% |
| Recurring financial charges | 65 | €41,530 | €43,662 | +€2,132 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | €87,096 | €37,915 | -€49,181 | -56.5% |
| Income taxes | 67/77 | €39,816 | €23,905 | -€15,911 | -40.0% |
| Profit (loss) for the period | 9904 | €47,280 | €14,010 | -€33,270 | -70.4% |
| Profit (loss) for the period to be appropriated | 9905 | €47,280 | €14,010 | -€33,270 | -70.4% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.