VERMEULEN: 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.
VERMEULEN
Largest movements
- Receivables within one year +€30,000
up €30,000 (+60.0%), from €50,000 to €80,000
- Cash -€19,951
down €19,951 (-46.8%), from €42,603 to €22,652
mainly Receivables within one year (-€30,000) and Deferred charges and accrued income (-€9,266)
- Deferred charges and accrued income +€9,266
up €9,266 (+77.6%), from €11,936 to €21,202
- Tangible fixed assets -€4,963
down €4,963 (-23.4%), from €21,221 to €16,258
of which Furniture and vehicles: -€6,294
- Reserves +€13,583
up €13,583 (+14.2%), from €95,853 to €109,436
- Other debts +€1,577
up €1,577 (+30.6%), from €5,147 to €6,724
- Trade debts -€1,493
down €1,493 (-44.7%), from €3,343 to €1,850
- Gross operating margin -€4,214
down €4,214 (-9.7%), from €43,464 to €39,250
- Taxes -€2,105
down €2,105 (-21.4%), from €9,857 to €7,752
- Financial charges +€445
up €445 (+330%), from €135 to €580
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 | €125,760 | €140,112 | +€14,352 | +11.4% |
| Fixed assets | 21/28 | €21,221 | €16,258 | -€4,963 | -23.4% |
| Tangible fixed assets | 22/27 | €21,221 | €16,258 | -€4,963 | -23.4% |
| Land and buildings | 22 | €2,170 | €548 | -€1,622 | -74.7% |
| Plant, machinery and equipment | 23 | €7,052 | €10,005 | +€2,953 | +41.9% |
| Furniture and vehicles | 24 | €11,999 | €5,705 | -€6,294 | -52.5% |
| Current assets | 29/58 | €104,539 | €123,854 | +€19,315 | +18.5% |
| Amounts receivable within one year | 40/41 | €50,000 | €80,000 | +€30,000 | +60.0% |
| Other amounts receivable | 41 | €50,000 | €80,000 | +€30,000 | +60.0% |
| Cash at bank and in hand | 54/58 | €42,603 | €22,652 | -€19,951 | -46.8% |
| Deferred charges and accrued income | 490/1 | €11,936 | €21,202 | +€9,266 | +77.6% |
| Total equity and liabilities | 10/49 | €125,760 | €140,112 | +€14,352 | +11.4% |
| Equity | 10/15 | €114,453 | €128,036 | +€13,583 | +11.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €95,853 | €109,436 | +€13,583 | +14.2% |
| Distributable reserves | 133 | €95,853 | €109,436 | +€13,583 | +14.2% |
| Amounts payable | 17/49 | €11,307 | €12,076 | +€769 | +6.8% |
| Amounts payable within one year | 42/48 | €11,307 | €12,076 | +€769 | +6.8% |
| Trade debts | 44 | €3,343 | €1,850 | -€1,493 | -44.7% |
| Suppliers | 440/4 | €3,343 | €1,850 | -€1,493 | -44.7% |
| Taxes, remuneration and social security | 45 | €2,817 | €3,502 | +€685 | +24.3% |
| Taxes | 450/3 | €2,817 | €3,502 | +€685 | +24.3% |
| Other amounts payable | 47/48 | €5,147 | €6,724 | +€1,577 | +30.6% |
| Non-recurring operating income | 76A | - | €12,100 | +€12,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,550 | €9,426 | -€124 | -1.3% |
| Other operating charges | 640/8 | €116 | €173 | +€57 | +49.1% |
| Gross operating margin | 9900 | €43,464 | €39,250 | -€4,214 | -9.7% |
| Operating profit (loss) | 9901 | €33,798 | €29,651 | -€4,147 | -12.3% |
| Financial income | 75/76B | €131 | €224 | +€93 | +71.0% |
| Recurring financial income | 75 | €131 | €224 | +€93 | +71.0% |
| Financial charges | 65/66B | €135 | €580 | +€445 | +330% |
| Recurring financial charges | 65 | €135 | €580 | +€445 | +330% |
| Profit (loss) for the period before taxes | 9903 | €33,794 | €29,295 | -€4,499 | -13.3% |
| Income taxes | 67/77 | €9,857 | €7,752 | -€2,105 | -21.4% |
| Profit (loss) for the period | 9904 | €23,937 | €21,543 | -€2,394 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,937 | €21,543 | -€2,394 | -10.0% |
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 22 October 2026 via checked.be.