VERMEC: 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.
VERMEC
Largest movements
- Financial fixed assets +€8.6m
up €8.6m (+25.1%), from €34.2m to €42.8m
- Receivables after one year -€1.3m
down €1.3m (-16.4%), from €7.9m to €6.6m
- Cash +€695,677
up €695,677 (+130.8%), from €531,929 to €1.2m
mainly Net result for the year (+€9.0m) and Receivables after one year (+€1.3m)
- Reserves +€9.0m
up €9.0m (+21.3%), from €42.3m to €51.4m
of which Distributable reserves: +€9.0m
- Revaluation surpluses -€2.2m
down €2.2m (-68.5%), from €3.2m to €1.0m
- Other debts +€861,766
new in 2025: €861,766
- Financial income +€10.3m
up €10.3m (+3135.2%), from €328,914 to €10.6m
- Taxes +€1.1m
up €1.1m (+102227.9%), from €1,088 to €1.1m
- Gross operating margin -€269,998
down €269,998 (-167.0%), from -€161,696 to -€431,694
- Other operating charges -€15,096
down €15,096 (-85.9%), from €17,572 to €2,476
- Depreciation +€14,290
up €14,290 (+28.6%), from €50,029 to €64,319
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 | €49,229,942 | €56,899,421 | +€7.7m | +15.6% |
| Fixed assets | 21/28 | €34,477,314 | €42,999,755 | +€8.5m | +24.7% |
| Tangible fixed assets | 22/27 | €257,418 | €195,999 | -€61,419 | -23.9% |
| Plant, machinery and equipment | 23 | €1,509 | €896 | -€613 | -40.6% |
| Furniture and vehicles | 24 | €248,839 | €186,460 | -€62,379 | -25.1% |
| Other tangible fixed assets | 26 | €7,070 | €8,643 | +€1,573 | +22.3% |
| Financial fixed assets | 28 | €34,219,896 | €42,803,756 | +€8.6m | +25.1% |
| Current assets | 29/58 | €14,752,629 | €13,899,666 | -€852,962 | -5.8% |
| Amounts receivable after more than one year | 29 | €7,935,852 | €6,637,268 | -€1.3m | -16.4% |
| Other amounts receivable | 291 | €7,935,852 | €6,637,268 | -€1.3m | -16.4% |
| Amounts receivable within one year | 40/41 | €3,240,591 | €2,749,334 | -€491,257 | -15.2% |
| Trade receivables | 40 | €20,788 | €28,577 | +€7,789 | +37.5% |
| Other amounts receivable | 41 | €3,219,803 | €2,720,756 | -€499,047 | -15.5% |
| Current investments | 50/53 | €2,987,067 | €3,228,932 | +€241,865 | +8.1% |
| Cash at bank and in hand | 54/58 | €531,929 | €1,227,606 | +€695,677 | +130.8% |
| Deferred charges and accrued income | 490/1 | €57,190 | €56,527 | -€663 | -1.2% |
| Total equity and liabilities | 10/49 | €49,229,942 | €56,899,421 | +€7.7m | +15.6% |
| Equity | 10/15 | €47,987,420 | €54,831,975 | +€6.8m | +14.3% |
| Contributions | 10/11 | €2,476,182 | €2,476,182 | = | 0.0% |
| Capital | 10 | €2,476,182 | €2,476,182 | = | 0.0% |
| Issued capital | 100 | €2,476,182 | €2,476,182 | = | 0.0% |
| Revaluation surpluses | 12 | €3,177,967 | €1,000,098 | -€2.2m | -68.5% |
| Reserves | 13 | €42,333,271 | €51,355,694 | +€9.0m | +21.3% |
| Non-distributable reserves | 130/1 | €336,382 | €336,382 | = | 0.0% |
| Legal reserve | 130 | €336,382 | €336,382 | = | 0.0% |
| Distributable reserves | 133 | €41,996,888 | €51,019,312 | +€9.0m | +21.5% |
| Amounts payable | 17/49 | €1,242,523 | €2,067,446 | +€824,923 | +66.4% |
| Amounts payable within one year | 42/48 | €1,242,523 | €2,067,446 | +€824,923 | +66.4% |
| Financial debts | 43 | €100,000 | €0 | -€100,000 | -100.0% |
| Credit institutions | 430/8 | €100,000 | €0 | -€100,000 | -100.0% |
| Trade debts | 44 | €68,445 | €166,603 | +€98,158 | +143.4% |
| Suppliers | 440/4 | €68,445 | €166,603 | +€98,158 | +143.4% |
| Taxes, remuneration and social security | 45 | €1,074,078 | €1,039,077 | -€35,001 | -3.3% |
| Taxes | 450/3 | €1,074,078 | €1,039,077 | -€35,001 | -3.3% |
| Other amounts payable | 47/48 | - | €861,766 | +€861,766 | |
| Non-recurring operating income | 76A | €40,000 | €0 | -€40,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,029 | €64,319 | +€14,290 | +28.6% |
| Other operating charges | 640/8 | €17,572 | €2,476 | -€15,096 | -85.9% |
| Non-recurring operating charges | 66A | €25,000 | - | -€25,000 | |
| Gross operating margin | 9900 | -€161,696 | -€431,694 | -€269,998 | -167.0% |
| Operating profit (loss) | 9901 | -€254,297 | -€498,489 | -€244,192 | -96.0% |
| Financial income | 75/76B | €328,914 | €10,640,905 | +€10.3m | +3135.2% |
| Recurring financial income | 75 | €328,914 | €10,640,905 | +€10.3m | +3135.2% |
| Financial charges | 65/66B | €1,319 | €6,961 | +€5,642 | +427.8% |
| Recurring financial charges | 65 | €1,319 | €6,961 | +€5,642 | +427.8% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | €73,298 | €10,135,455 | +€10.1m | +13727.7% |
| Income taxes | 67/77 | €1,088 | €1,113,031 | +€1.1m | +102227.9% |
| Profit (loss) for the period | 9904 | €72,210 | €9,022,424 | +€9.0m | +12394.7% |
| Profit (loss) for the period to be appropriated | 9905 | €72,210 | €9,022,424 | +€9.0m | +12394.7% |
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 5 October 2026 via checked.be.