Vermeiren: 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.
Vermeiren
Largest movements
- Current investments +€148,500
up €148,500 (+149%), from €99,450 to €247,950
- Cash -€90,891
down €90,891 (-21.1%), from €430,036 to €339,145
mainly Current investments (-€148,500) and Tax, wage and social debts (-€6,649)
- Receivables within one year -€19,898
down €19,898 (-39.3%), from €50,586 to €30,687
of which Trade receivables: -€11,699
- Reserves +€44,004
up €44,004 (+9.9%), from €442,508 to €486,512
of which Distributable reserves: +€44,004
- Tax, wage and social debts -€6,649
down €6,649 (-60.1%), from €11,063 to €4,415
- Gross operating margin -€36,807
down €36,807 (-36.2%), from €101,641 to €64,834
- Taxes -€11,627
down €11,627 (-35.8%), from €32,467 to €20,840
- Financial income +€2,677
up €2,677 (+1,477%), from €181 to €2,858
- Depreciation +€1,067
up €1,067 (+1,047%), from €102 to €1,169
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 | €583,624 | €620,027 | +€36,403 | +6.2% |
| Fixed assets | 21/28 | €3,405 | €2,236 | -€1,169 | -34.3% |
| Tangible fixed assets | 22/27 | €3,405 | €2,236 | -€1,169 | -34.3% |
| Furniture and vehicles | 24 | €3,405 | €2,236 | -€1,169 | -34.3% |
| Current assets | 29/58 | €580,218 | €617,791 | +€37,572 | +6.5% |
| Amounts receivable within one year | 40/41 | €50,586 | €30,687 | -€19,898 | -39.3% |
| Trade receivables | 40 | €27,796 | €16,097 | -€11,699 | -42.1% |
| Other amounts receivable | 41 | €22,790 | €14,591 | -€8,199 | -36.0% |
| Current investments | 50/53 | €99,450 | €247,950 | +€148,500 | +149% |
| Cash at bank and in hand | 54/58 | €430,036 | €339,145 | -€90,891 | -21.1% |
| Deferred charges and accrued income | 490/1 | €147 | €8 | -€139 | -94.3% |
| Total equity and liabilities | 10/49 | €583,624 | €620,027 | +€36,403 | +6.2% |
| Equity | 10/15 | €567,508 | €611,512 | +€44,004 | +7.8% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €442,508 | €486,512 | +€44,004 | +9.9% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,128 | €25,128 | = | 0.0% |
| Distributable reserves | 133 | €404,880 | €448,884 | +€44,004 | +10.9% |
| Amounts payable | 17/49 | €16,116 | €8,515 | -€7,601 | -47.2% |
| Amounts payable within one year | 42/48 | €16,116 | €8,515 | -€7,601 | -47.2% |
| Trade debts | 44 | €5,052 | €4,100 | -€952 | -18.8% |
| Suppliers | 440/4 | €5,052 | €4,100 | -€952 | -18.8% |
| Taxes, remuneration and social security | 45 | €11,063 | €4,415 | -€6,649 | -60.1% |
| Taxes | 450/3 | €11,063 | €4,415 | -€6,649 | -60.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102 | €1,169 | +€1,067 | +1,047% |
| Other operating charges | 640/8 | €1,427 | €1,589 | +€162 | +11.3% |
| Gross operating margin | 9900 | €101,641 | €64,834 | -€36,807 | -36.2% |
| Operating profit (loss) | 9901 | €100,112 | €62,077 | -€38,036 | -38.0% |
| Financial income | 75/76B | €181 | €2,858 | +€2,677 | +1,477% |
| Recurring financial income | 75 | €181 | €2,858 | +€2,677 | +1,477% |
| Financial charges | 65/66B | €642 | €91 | -€551 | -85.9% |
| Recurring financial charges | 65 | €642 | €91 | -€551 | -85.9% |
| Profit (loss) for the period before taxes | 9903 | €99,651 | €64,844 | -€34,807 | -34.9% |
| Income taxes | 67/77 | €32,467 | €20,840 | -€11,627 | -35.8% |
| Profit (loss) for the period | 9904 | €67,184 | €44,004 | -€23,180 | -34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €67,184 | €44,004 | -€23,180 | -34.5% |
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 27 October 2026 via checked.be.