VERMEIREN: 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.
VERMEIREN
Largest movements
- Cash -€71,347
down €71,347 (-50.0%), from €142,740 to €71,393
mainly Receivables within one year (-€53,494) and Other debts (-€40,904)
- Receivables within one year +€53,494
up €53,494 (+72.5%), from €73,770 to €127,264
of which Trade receivables: +€57,170
- Tangible fixed assets -€8,895
down €8,895 (-28.8%), from €30,840 to €21,944
of which Furniture and vehicles: -€7,265
- Other debts -€40,904
down €40,904 (-95.9%), from €42,657 to €1,753
- Reserves +€12,186
up €12,186 (+3.6%), from €335,008 to €347,194
- Gross operating margin -€2,822
down €2,822 (-5.0%), from €56,464 to €53,642
- Staff costs +€1,491
up €1,491 (+6.0%), from €24,840 to €26,331
- Financial charges -€1,347
down €1,347 (-74.9%), from €1,799 to €452
- Depreciation +€1,169
up €1,169 (+15.1%), from €7,726 to €8,895
- Taxes -€1,147
down €1,147 (-18.6%), from €6,153 to €5,006
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 | €419,516 | €390,212 | -€29,305 | -7.0% |
| Fixed assets | 21/28 | €30,840 | €21,944 | -€8,895 | -28.8% |
| Tangible fixed assets | 22/27 | €30,840 | €21,944 | -€8,895 | -28.8% |
| Furniture and vehicles | 24 | €17,487 | €10,222 | -€7,265 | -41.5% |
| Other tangible fixed assets | 26 | €13,353 | €11,722 | -€1,631 | -12.2% |
| Current assets | 29/58 | €388,676 | €368,267 | -€20,409 | -5.3% |
| Stocks and contracts in progress | 3 | €100,513 | €99,683 | -€830 | -0.8% |
| Stocks | 30/36 | €100,513 | €99,683 | -€830 | -0.8% |
| Amounts receivable within one year | 40/41 | €73,770 | €127,264 | +€53,494 | +72.5% |
| Trade receivables | 40 | €59,498 | €116,668 | +€57,170 | +96.1% |
| Other amounts receivable | 41 | €14,272 | €10,596 | -€3,676 | -25.8% |
| Current investments | 50/53 | €62,750 | €62,750 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €142,740 | €71,393 | -€71,347 | -50.0% |
| Deferred charges and accrued income | 490/1 | €8,903 | €7,177 | -€1,726 | -19.4% |
| Total equity and liabilities | 10/49 | €419,516 | €390,212 | -€29,305 | -7.0% |
| Equity | 10/15 | €365,008 | €377,194 | +€12,186 | +3.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €335,008 | €347,194 | +€12,186 | +3.6% |
| Distributable reserves | 133 | €335,008 | €347,194 | +€12,186 | +3.6% |
| Amounts payable | 17/49 | €54,508 | €13,017 | -€41,491 | -76.1% |
| Amounts payable within one year | 42/48 | €54,508 | €13,017 | -€41,491 | -76.1% |
| Trade debts | 44 | €3,882 | €2,105 | -€1,777 | -45.8% |
| Suppliers | 440/4 | €3,882 | €2,105 | -€1,777 | -45.8% |
| Taxes, remuneration and social security | 45 | €7,969 | €9,160 | +€1,190 | +14.9% |
| Taxes | 450/3 | - | €741 | +€741 | |
| Remuneration and social security | 454/9 | €7,969 | €8,418 | +€449 | +5.6% |
| Other amounts payable | 47/48 | €42,657 | €1,753 | -€40,904 | -95.9% |
| Non-recurring operating income | 76A | €9,439 | €885 | -€8,555 | -90.6% |
| Remuneration, social security and pensions | 62 | €24,840 | €26,331 | +€1,491 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,726 | €8,895 | +€1,169 | +15.1% |
| Other operating charges | 640/8 | €991 | €1,031 | +€40 | +4.0% |
| Gross operating margin | 9900 | €56,464 | €53,642 | -€2,822 | -5.0% |
| Operating profit (loss) | 9901 | €22,907 | €17,384 | -€5,522 | -24.1% |
| Financial income | 75/76B | €423 | €259 | -€164 | -38.8% |
| Recurring financial income | 75 | €423 | €259 | -€164 | -38.8% |
| Financial charges | 65/66B | €1,799 | €452 | -€1,347 | -74.9% |
| Recurring financial charges | 65 | €1,799 | €452 | -€1,347 | -74.9% |
| Profit (loss) for the period before taxes | 9903 | €21,531 | €17,192 | -€4,339 | -20.2% |
| Income taxes | 67/77 | €6,153 | €5,006 | -€1,147 | -18.6% |
| Profit (loss) for the period | 9904 | €15,378 | €12,186 | -€3,193 | -20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,378 | €12,186 | -€3,193 | -20.8% |
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 8 October 2026 via checked.be.