VERMEULEN: what changed
VERMEULEN
Largest movements
- Cash +€92,086
up €92,086 (+265%), from €34,769 to €126,854
- Tangible fixed assets +€85,781
up €85,781 (+9.7%), from €887,765 to €973,545
of which Land and buildings: +€62,193
- Receivables within one year -€58,398
down €58,398 (-64.6%), from €90,361 to €31,963
of which Trade receivables: -€41,120
- Deferred charges and accrued income -€13,018
down €13,018 (-67.6%), from €19,265 to €6,247
- Debts after one year +€99,306
up €99,306 (+18.9%), from €524,284 to €623,590
- Reserves -€56,929
down €56,929 (-13.8%), from €412,240 to €355,311
of which Distributable reserves: -€56,929
- Other debts +€31,986
new in 2025: €31,986
- Contributions +€31,400
up €31,400 (+169%), from €18,600 to €50,000
- Tax, wage and social debts +€21,208
up €21,208 (+746%), from €2,843 to €24,051
of which Taxes: +€21,518
- Gross operating margin +€57,082
up €57,082 (+81.3%), from €70,180 to €127,262
- Depreciation +€14,829
up €14,829 (+32.4%), from €45,739 to €60,568
- Taxes +€9,491
up €9,491 (+1,359%), from €699 to €10,189
- Financial charges +€7,732
up €7,732 (+77.6%), from €9,964 to €17,696
of which Financial charges: +€7,783
- Write-downs +€5,240
no longer reported in 2025 (was -€5,240)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,032,160 | €1,138,611 | +€106,451 | +10.3% |
| Fixed assets | 21/28 | €887,765 | €973,545 | +€85,781 | +9.7% |
| Tangible fixed assets | 22/27 | €887,765 | €973,545 | +€85,781 | +9.7% |
| Land and buildings | 22 | €822,585 | €884,778 | +€62,193 | +7.6% |
| Plant, machinery and equipment | 23 | €41,709 | €77,065 | +€35,357 | +84.8% |
| Furniture and vehicles | 24 | €12,390 | €11,702 | -€689 | -5.6% |
| Leasing and similar rights | 25 | €11,080 | - | -€11,080 | |
| Current assets | 29/58 | €144,395 | €165,065 | +€20,670 | +14.3% |
| Amounts receivable within one year | 40/41 | €90,361 | €31,963 | -€58,398 | -64.6% |
| Trade receivables | 40 | €45,006 | €3,886 | -€41,120 | -91.4% |
| Other amounts receivable | 41 | €45,355 | €28,078 | -€17,277 | -38.1% |
| Cash at bank and in hand | 54/58 | €34,769 | €126,854 | +€92,086 | +265% |
| Deferred charges and accrued income | 490/1 | €19,265 | €6,247 | -€13,018 | -67.6% |
| Total equity and liabilities | 10/49 | €1,032,160 | €1,138,611 | +€106,451 | +10.3% |
| Equity | 10/15 | €430,840 | €405,311 | -€25,529 | -5.9% |
| Contributions | 10/11 | €18,600 | €50,000 | +€31,400 | +169% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €412,240 | €355,311 | -€56,929 | -13.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Tax-exempt reserves | 132 | €5,002 | €5,002 | = | 0.0% |
| Distributable reserves | 133 | €405,378 | €348,450 | -€56,929 | -14.0% |
| Amounts payable | 17/49 | €601,320 | €733,299 | +€131,979 | +21.9% |
| Amounts payable after more than one year | 17 | €524,284 | €623,590 | +€99,306 | +18.9% |
| Financial debts | 170/4 | €524,284 | €623,590 | +€99,306 | +18.9% |
| Amounts payable within one year | 42/48 | €77,036 | €109,709 | +€32,673 | +42.4% |
| Current portion of amounts payable after more than one year | 42 | €39,329 | €36,105 | -€3,224 | -8.2% |
| Trade debts | 44 | €34,865 | €17,567 | -€17,298 | -49.6% |
| Suppliers | 440/4 | €34,865 | €17,567 | -€17,298 | -49.6% |
| Taxes, remuneration and social security | 45 | €2,843 | €24,051 | +€21,208 | +746% |
| Taxes | 450/3 | €796 | €22,314 | +€21,518 | +2,703% |
| Remuneration and social security | 454/9 | €2,047 | €1,737 | -€310 | -15.1% |
| Other amounts payable | 47/48 | - | €31,986 | +€31,986 | |
| Remuneration, social security and pensions | 62 | €17,222 | €19,165 | +€1,943 | +11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,739 | €60,568 | +€14,829 | +32.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,240 | - | +€5,240 | |
| Other operating charges | 640/8 | €3,826 | €5,314 | +€1,488 | +38.9% |
| Gross operating margin | 9900 | €70,180 | €127,262 | +€57,082 | +81.3% |
| Operating profit (loss) | 9901 | €8,633 | €42,214 | +€33,581 | +389% |
| Financial income | 75/76B | €3 | €142 | +€140 | +5,547% |
| Recurring financial income | 75 | €3 | €2 | -€0 | -2.8% |
| Non-recurring financial income | 76B | - | €140 | +€140 | |
| Financial charges | 65/66B | €9,964 | €17,696 | +€7,732 | +77.6% |
| Recurring financial charges | 65 | €9,913 | €17,696 | +€7,783 | +78.5% |
| Non-recurring financial charges | 66B | €51 | - | -€51 | |
| Profit (loss) for the period before taxes | 9903 | -€1,329 | €24,661 | +€25,989 | |
| Income taxes | 67/77 | €699 | €10,189 | +€9,491 | +1,359% |
| Profit (loss) for the period | 9904 | -€2,027 | €14,471 | +€16,498 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,027 | €14,471 | +€16,498 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.