VERMEESCH PETER: 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.
VERMEESCH PETER
Largest movements
- Cash +€253,148
up €253,148 (+163%), from €155,600 to €408,748
mainly Current investments (+€249,999) and Other debts (+€142,207)
- Current investments -€249,999
no longer reported in 2025 (was €249,999)
- Tangible fixed assets +€99,400
up €99,400 (+13.7%), from €726,266 to €825,666
of which Land and buildings: +€67,809
- Receivables within one year -€18,045
down €18,045 (-41.1%), from €43,902 to €25,858
of which Trade receivables: -€11,080
- Other debts +€142,207
up €142,207 (+26.5%), from €537,636 to €679,843
- Reserves -€27,846
down €27,846 (-4.7%), from €586,943 to €559,097
- Accrued charges and deferred income -€25,857
no longer reported in 2025 (was €25,857)
- Gross operating margin +€15,283
up €15,283 (+15.5%), from €98,838 to €114,122
- Financial charges +€12,895
up €12,895 (+7,523%), from €171 to €13,067
- Depreciation +€7,054
up €7,054 (+9.4%), from €75,124 to €82,177
- Financial income -€5,910
no longer reported in 2025 (was €5,910)
- Taxes -€3,979
down €3,979 (-88.9%), from €4,476 to €496
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 | €1,179,037 | €1,264,221 | +€85,184 | +7.2% |
| Fixed assets | 21/28 | €726,366 | €825,766 | +€99,400 | +13.7% |
| Tangible fixed assets | 22/27 | €726,266 | €825,666 | +€99,400 | +13.7% |
| Land and buildings | 22 | €545,990 | €613,799 | +€67,809 | +12.4% |
| Plant, machinery and equipment | 23 | €6,442 | €4,090 | -€2,352 | -36.5% |
| Furniture and vehicles | 24 | €173,834 | €207,777 | +€33,943 | +19.5% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €452,670 | €438,455 | -€14,215 | -3.1% |
| Amounts receivable within one year | 40/41 | €43,902 | €25,858 | -€18,045 | -41.1% |
| Trade receivables | 40 | €29,785 | €18,705 | -€11,080 | -37.2% |
| Other amounts receivable | 41 | €14,118 | €7,153 | -€6,965 | -49.3% |
| Current investments | 50/53 | €249,999 | - | -€249,999 | |
| Cash at bank and in hand | 54/58 | €155,600 | €408,748 | +€253,148 | +163% |
| Deferred charges and accrued income | 490/1 | €3,169 | €3,849 | +€680 | +21.5% |
| Total equity and liabilities | 10/49 | €1,179,037 | €1,264,221 | +€85,184 | +7.2% |
| Equity | 10/15 | €599,343 | €571,497 | -€27,846 | -4.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €586,943 | €559,097 | -€27,846 | -4.7% |
| Distributable reserves | 133 | €586,943 | €559,097 | -€27,846 | -4.7% |
| Amounts payable | 17/49 | €579,694 | €692,724 | +€113,030 | +19.5% |
| Amounts payable within one year | 42/48 | €553,837 | €692,724 | +€138,887 | +25.1% |
| Trade debts | 44 | €12,207 | €626 | -€11,581 | -94.9% |
| Suppliers | 440/4 | €12,207 | €626 | -€11,581 | -94.9% |
| Taxes, remuneration and social security | 45 | €3,994 | €12,255 | +€8,261 | +207% |
| Taxes | 450/3 | €3,994 | €12,255 | +€8,261 | +207% |
| Other amounts payable | 47/48 | €537,636 | €679,843 | +€142,207 | +26.5% |
| Accrued charges and deferred income | 492/3 | €25,857 | - | -€25,857 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,124 | €82,177 | +€7,054 | +9.4% |
| Other operating charges | 640/8 | €3,876 | €4,715 | +€839 | +21.7% |
| Non-recurring operating charges | 66A | - | €41,512 | +€41,512 | |
| Gross operating margin | 9900 | €98,838 | €114,122 | +€15,283 | +15.5% |
| Operating profit (loss) | 9901 | €19,839 | -€14,283 | -€34,122 | |
| Financial income | 75/76B | €5,910 | - | -€5,910 | |
| Recurring financial income | 75 | €5,910 | - | -€5,910 | |
| Financial charges | 65/66B | €171 | €13,067 | +€12,895 | +7,523% |
| Recurring financial charges | 65 | €171 | €13,067 | +€12,895 | +7,523% |
| Profit (loss) for the period before taxes | 9903 | €25,578 | -€27,349 | -€52,927 | |
| Income taxes | 67/77 | €4,476 | €496 | -€3,979 | -88.9% |
| Profit (loss) for the period | 9904 | €21,102 | -€27,846 | -€48,948 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,102 | -€27,846 | -€48,948 |
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 25 October 2026 via checked.be.