VERMAX: 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.
VERMAX
Largest movements
- Receivables within one year -€17,955
down €17,955 (-15.7%), from €114,654 to €96,699
of which Trade receivables: -€21,253
- Cash +€12,582
up €12,582 (+162%), from €7,743 to €20,326
mainly Depreciation (+€19,959) and Receivables within one year (+€17,955)
- Current investments +€8,365
up €8,365 (+12.6%), from €66,502 to €74,867
- Stocks and contracts -€6,125
down €6,125 (-9.8%), from €62,293 to €56,168
- Tangible fixed assets -€5,490
down €5,490 (-15.8%), from €34,649 to €29,159
- Trade debts -€22,119
down €22,119 (-20.6%), from €107,367 to €85,248
- Other debts +€8,306
up €8,306 (+84.7%), from €9,808 to €18,114
- Reserves +€7,953
up €7,953 (+6.7%), from €118,489 to €126,442
- Gross operating margin -€17,626
down €17,626 (-20.7%), from €85,046 to €67,421
- Taxes -€5,570
down €5,570 (-58.9%), from €9,454 to €3,885
- Depreciation +€1,058
up €1,058 (+5.6%), from €18,901 to €19,959
- Staff costs +€913
up €913 (+3.0%), from €30,269 to €31,182
- Other operating charges +€884
up €884 (+45.1%), from €1,962 to €2,847
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 | €290,099 | €281,689 | -€8,410 | -2.9% |
| Fixed assets | 21/28 | €34,649 | €29,159 | -€5,490 | -15.8% |
| Tangible fixed assets | 22/27 | €34,649 | €29,159 | -€5,490 | -15.8% |
| Plant, machinery and equipment | 23 | €5,729 | €4,422 | -€1,307 | -22.8% |
| Furniture and vehicles | 24 | €19,525 | €17,849 | -€1,676 | -8.6% |
| Other tangible fixed assets | 26 | €9,395 | €6,888 | -€2,507 | -26.7% |
| Current assets | 29/58 | €255,450 | €252,530 | -€2,920 | -1.1% |
| Stocks and contracts in progress | 3 | €62,293 | €56,168 | -€6,125 | -9.8% |
| Stocks | 30/36 | €62,293 | €56,168 | -€6,125 | -9.8% |
| Amounts receivable within one year | 40/41 | €114,654 | €96,699 | -€17,955 | -15.7% |
| Trade receivables | 40 | €111,089 | €89,836 | -€21,253 | -19.1% |
| Other amounts receivable | 41 | €3,565 | €6,863 | +€3,298 | +92.5% |
| Current investments | 50/53 | €66,502 | €74,867 | +€8,365 | +12.6% |
| Cash at bank and in hand | 54/58 | €7,743 | €20,326 | +€12,582 | +162% |
| Deferred charges and accrued income | 490/1 | €4,257 | €4,470 | +€213 | +5.0% |
| Total equity and liabilities | 10/49 | €290,099 | €281,689 | -€8,410 | -2.9% |
| Equity | 10/15 | €137,089 | €145,042 | +€7,953 | +5.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €118,489 | €126,442 | +€7,953 | +6.7% |
| Distributable reserves | 133 | €118,489 | €126,442 | +€7,953 | +6.7% |
| Amounts payable | 17/49 | €153,010 | €136,647 | -€16,363 | -10.7% |
| Amounts payable after more than one year | 17 | €7,916 | €8,194 | +€278 | +3.5% |
| Financial debts | 170/4 | €7,916 | €8,194 | +€278 | +3.5% |
| Amounts payable within one year | 42/48 | €145,093 | €128,453 | -€16,641 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €13,662 | €10,796 | -€2,866 | -21.0% |
| Financial debts | 43 | €3,385 | €3,371 | -€14 | -0.4% |
| Credit institutions | 430/8 | €3,385 | €3,371 | -€14 | -0.4% |
| Trade debts | 44 | €107,367 | €85,248 | -€22,119 | -20.6% |
| Suppliers | 440/4 | €107,367 | €85,248 | -€22,119 | -20.6% |
| Taxes, remuneration and social security | 45 | €10,871 | €10,923 | +€52 | +0.5% |
| Taxes | 450/3 | €7,230 | €7,160 | -€70 | -1.0% |
| Remuneration and social security | 454/9 | €3,641 | €3,763 | +€122 | +3.3% |
| Other amounts payable | 47/48 | €9,808 | €18,114 | +€8,306 | +84.7% |
| Non-recurring operating income | 76A | - | €1,109 | +€1,109 | |
| Remuneration, social security and pensions | 62 | €30,269 | €31,182 | +€913 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,901 | €19,959 | +€1,058 | +5.6% |
| Other operating charges | 640/8 | €1,962 | €2,847 | +€884 | +45.1% |
| Gross operating margin | 9900 | €85,046 | €67,421 | -€17,626 | -20.7% |
| Operating profit (loss) | 9901 | €33,914 | €13,433 | -€20,481 | -60.4% |
| Financial income | 75/76B | €335 | €451 | +€116 | +34.7% |
| Recurring financial income | 75 | €335 | €451 | +€116 | +34.7% |
| Financial charges | 65/66B | €2,834 | €2,046 | -€787 | -27.8% |
| Recurring financial charges | 65 | €2,834 | €2,046 | -€787 | -27.8% |
| Profit (loss) for the period before taxes | 9903 | €31,415 | €11,838 | -€19,577 | -62.3% |
| Income taxes | 67/77 | €9,454 | €3,885 | -€5,570 | -58.9% |
| Profit (loss) for the period | 9904 | €21,960 | €7,953 | -€14,007 | -63.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,960 | €7,953 | -€14,007 | -63.8% |
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 22 October 2026 via checked.be.