VERMEERSCH: 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.
VERMEERSCH
Largest movements
- Cash +€1.7m
up €1.7m (+795%), from €212,274 to €1.9m
mainly Current investments (+€1.5m) and Accrued charges and deferred income (+€160,610)
- Current investments -€1.5m
down €1.5m (-16.9%), from €8.8m to €7.3m
- Accrued charges and deferred income +€160,610
up €160,610 (+70.1%), from €228,988 to €389,598
- Other debts +€96,498
up €96,498 (+2.4%), from €4.0m to €4.1m
- Financial charges +€291,287
up €291,287, from -€2,108 to €289,179
- Gross operating margin +€49,843
up €49,843, from -€9,993 to €39,850
- Financial income +€41,125
up €41,125 (+20.6%), from €199,968 to €241,093
- Write-downs -€7,368
new in 2025: -€7,368
- Other operating charges -€4,157
down €4,157 (-30.6%), from €13,565 to €9,408
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 | €9,182,693 | €9,370,978 | +€188,285 | +2.1% |
| Fixed assets | 21/28 | €32 | €2 | -€30 | -93.1% |
| Tangible fixed assets | 22/27 | €32 | €2 | -€30 | -93.1% |
| Plant, machinery and equipment | 23 | €32 | €2 | -€30 | -93.1% |
| Current assets | 29/58 | €9,182,661 | €9,370,976 | +€188,315 | +2.1% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €85,641 | €86,302 | +€661 | +0.8% |
| Trade receivables | 40 | €37,164 | €0 | -€37,164 | -100% |
| Other amounts receivable | 41 | €48,477 | €86,302 | +€37,825 | +78.0% |
| Current investments | 50/53 | €8,845,756 | €7,347,565 | -€1.5m | -16.9% |
| Cash at bank and in hand | 54/58 | €212,274 | €1,899,769 | +€1.7m | +795% |
| Deferred charges and accrued income | 490/1 | €38,990 | €37,339 | -€1,651 | -4.2% |
| Total equity and liabilities | 10/49 | €9,182,693 | €9,370,978 | +€188,285 | +2.1% |
| Equity | 10/15 | €4,710,930 | €4,700,267 | -€10,663 | -0.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €4,648,930 | €4,638,267 | -€10,663 | -0.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €4,642,730 | €4,632,067 | -€10,663 | -0.2% |
| Amounts payable | 17/49 | €4,471,763 | €4,670,712 | +€198,948 | +4.4% |
| Amounts payable within one year | 42/48 | €4,242,775 | €4,281,114 | +€38,339 | +0.9% |
| Trade debts | 44 | €220,019 | €161,859 | -€58,160 | -26.4% |
| Suppliers | 440/4 | €220,019 | €161,859 | -€58,160 | -26.4% |
| Other amounts payable | 47/48 | €4,022,756 | €4,119,255 | +€96,498 | +2.4% |
| Accrued charges and deferred income | 492/3 | €228,988 | €389,598 | +€160,610 | +70.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30 | €30 | -€0 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€7,368 | -€7,368 | |
| Other operating charges | 640/8 | €13,565 | €9,408 | -€4,157 | -30.6% |
| Gross operating margin | 9900 | -€9,993 | €39,850 | +€49,843 | |
| Operating profit (loss) | 9901 | -€23,588 | €37,781 | +€61,368 | |
| Financial income | 75/76B | €199,968 | €241,093 | +€41,125 | +20.6% |
| Recurring financial income | 75 | €199,968 | €241,093 | +€41,125 | +20.6% |
| Financial charges | 65/66B | -€2,108 | €289,179 | +€291,287 | |
| Recurring financial charges | 65 | -€2,108 | €289,179 | +€291,287 | |
| Profit (loss) for the period before taxes | 9903 | €178,489 | -€10,306 | -€188,794 | |
| Income taxes | 67/77 | €353 | €358 | +€5 | +1.3% |
| Profit (loss) for the period | 9904 | €178,136 | -€10,663 | -€188,799 | |
| Profit (loss) for the period to be appropriated | 9905 | €178,136 | -€10,663 | -€188,799 |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.