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
- Tangible fixed assets -€21,870
down €21,870 (-10.8%), from €202,514 to €180,643
- Other debts +€70,484
up €70,484 (+32.8%), from €214,832 to €285,316
- Reserves -€68,224
down €68,224 (-33.5%), from €203,932 to €135,708
- Debts after one year -€19,581
down €19,581 (-24.6%), from €79,581 to €60,000
- Gross operating margin +€12,377
up €12,377 (+14.1%), from €87,865 to €100,242
- Financial charges +€4,778
up €4,778 (+48.0%), from €9,960 to €14,738
- Taxes -€4,469
down €4,469 (-18.3%), from €24,428 to €19,959
- Depreciation +€2,412
up €2,412 (+12.4%), from €19,459 to €21,870
- Financial income -€1,594
down €1,594 (-17.8%), from €8,975 to €7,381
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 | €600,188 | €582,347 | -€17,841 | -3.0% |
| Fixed assets | 21/28 | €203,257 | €181,387 | -€21,870 | -10.8% |
| Tangible fixed assets | 22/27 | €202,514 | €180,643 | -€21,870 | -10.8% |
| Land and buildings | 22 | €143,625 | €133,288 | -€10,337 | -7.2% |
| Furniture and vehicles | 24 | €33,083 | €25,556 | -€7,527 | -22.8% |
| Other tangible fixed assets | 26 | €25,806 | €21,799 | -€4,007 | -15.5% |
| Financial fixed assets | 28 | €744 | €744 | = | 0.0% |
| Current assets | 29/58 | €396,931 | €400,960 | +€4,030 | +1.0% |
| Amounts receivable after more than one year | 29 | €246,536 | €244,103 | -€2,433 | -1.0% |
| Trade receivables | 290 | €20,536 | - | -€20,536 | |
| Other amounts receivable | 291 | €226,000 | €244,103 | +€18,103 | +8.0% |
| Amounts receivable within one year | 40/41 | €20,242 | €22,168 | +€1,927 | +9.5% |
| Trade receivables | 40 | €17,853 | €19,735 | +€1,882 | +10.5% |
| Other amounts receivable | 41 | €2,389 | €2,433 | +€44 | +1.8% |
| Cash at bank and in hand | 54/58 | €126,127 | €130,687 | +€4,560 | +3.6% |
| Deferred charges and accrued income | 490/1 | €4,026 | €4,002 | -€24 | -0.6% |
| Total equity and liabilities | 10/49 | €600,188 | €582,347 | -€17,841 | -3.0% |
| Equity | 10/15 | €223,932 | €155,708 | -€68,224 | -30.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €203,932 | €135,708 | -€68,224 | -33.5% |
| Distributable reserves | 133 | €203,932 | €135,708 | -€68,224 | -33.5% |
| Amounts payable | 17/49 | €376,256 | €426,639 | +€50,383 | +13.4% |
| Amounts payable after more than one year | 17 | €79,581 | €60,000 | -€19,581 | -24.6% |
| Financial debts | 170/4 | €79,581 | €60,000 | -€19,581 | -24.6% |
| Amounts payable within one year | 42/48 | €287,322 | €352,216 | +€64,894 | +22.6% |
| Current portion of amounts payable after more than one year | 42 | €25,461 | €19,581 | -€5,880 | -23.1% |
| Trade debts | 44 | €6,242 | €2,877 | -€3,366 | -53.9% |
| Suppliers | 440/4 | €6,242 | €2,877 | -€3,366 | -53.9% |
| Taxes, remuneration and social security | 45 | €40,787 | €44,442 | +€3,656 | +9.0% |
| Taxes | 450/3 | €40,787 | €44,442 | +€3,656 | +9.0% |
| Other amounts payable | 47/48 | €214,832 | €285,316 | +€70,484 | +32.8% |
| Accrued charges and deferred income | 492/3 | €9,353 | €14,424 | +€5,071 | +54.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,459 | €21,870 | +€2,412 | +12.4% |
| Other operating charges | 640/8 | €3,550 | €3,201 | -€349 | -9.8% |
| Gross operating margin | 9900 | €87,865 | €100,242 | +€12,377 | +14.1% |
| Operating profit (loss) | 9901 | €64,856 | €75,171 | +€10,315 | +15.9% |
| Financial income | 75/76B | €8,975 | €7,381 | -€1,594 | -17.8% |
| Recurring financial income | 75 | €8,975 | €7,381 | -€1,594 | -17.8% |
| Financial charges | 65/66B | €9,960 | €14,738 | +€4,778 | +48.0% |
| Recurring financial charges | 65 | €9,960 | €14,738 | +€4,778 | +48.0% |
| Profit (loss) for the period before taxes | 9903 | €63,870 | €67,813 | +€3,943 | +6.2% |
| Income taxes | 67/77 | €24,428 | €19,959 | -€4,469 | -18.3% |
| Profit (loss) for the period | 9904 | €39,442 | €47,854 | +€8,412 | +21.3% |
| Profit (loss) for the period to be appropriated | 9905 | €39,442 | €47,854 | +€8,412 | +21.3% |
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 31 October 2026 via checked.be.