VERMEULEN BENOIT: what changed
VERMEULEN BENOIT
Largest movements
- Receivables within one year +€7,832
up €7,832 (+17.4%), from €44,914 to €52,747
of which Trade receivables: +€7,826
- Tangible fixed assets -€4,876
down €4,876 (-23.5%), from €20,723 to €15,847
of which Furniture and vehicles: -€4,316
- Cash +€3,868
up €3,868 (+17.1%), from €22,647 to €26,515
mainly Short-term financial debts (+€26,598) and Depreciation (+€4,876)
- Short-term financial debts +€26,598
new in 2025: €26,598
- Other debts -€9,475
down €9,475 (-33.3%), from €28,457 to €18,982
- Profit (loss) carried forward -€6,284
down €6,284 (-19.3%), from -€32,621 to -€38,905
- Trade debts -€5,402
down €5,402 (-70.6%), from €7,648 to €2,246
- Gross operating margin +€15,669
up €15,669, from -€10,815 to €4,855
- Financial charges +€2,853
up €2,853 (+1,983%), from €144 to €2,997
- Depreciation +€2,653
up €2,653 (+119%), from €2,223 to €4,876
- Other operating charges +€522
up €522 (+22.6%), from €2,309 to €2,831
- Staff costs -€148
down €148 (-37.2%), from €398 to €250
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
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €100,329 | €106,827 | +€6,498 | +6.5% |
| Fixed assets | 21/28 | €28,723 | €23,847 | -€4,876 | -17.0% |
| Tangible fixed assets | 22/27 | €20,723 | €15,847 | -€4,876 | -23.5% |
| Plant, machinery and equipment | 23 | €1,260 | €700 | -€560 | -44.4% |
| Furniture and vehicles | 24 | €19,463 | €15,147 | -€4,316 | -22.2% |
| Financial fixed assets | 28 | €8,000 | €8,000 | = | 0.0% |
| Current assets | 29/58 | €71,607 | €82,980 | +€11,373 | +15.9% |
| Stocks and contracts in progress | 3 | €4,045 | €3,718 | -€327 | -8.1% |
| Stocks | 30/36 | €4,045 | €3,718 | -€327 | -8.1% |
| Amounts receivable within one year | 40/41 | €44,914 | €52,747 | +€7,832 | +17.4% |
| Trade receivables | 40 | €44,870 | €52,697 | +€7,826 | +17.4% |
| Other amounts receivable | 41 | €44 | €50 | +€6 | +14.0% |
| Cash at bank and in hand | 54/58 | €22,647 | €26,515 | +€3,868 | +17.1% |
| Total equity and liabilities | 10/49 | €100,329 | €106,827 | +€6,498 | +6.5% |
| Equity | 10/15 | €63,983 | €57,699 | -€6,284 | -9.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €84,204 | €84,204 | = | 0.0% |
| Distributable reserves | 133 | €84,204 | €84,204 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,621 | -€38,905 | -€6,284 | -19.3% |
| Amounts payable | 17/49 | €36,346 | €49,128 | +€12,782 | +35.2% |
| Amounts payable within one year | 42/48 | €36,346 | €49,128 | +€12,782 | +35.2% |
| Financial debts | 43 | - | €26,598 | +€26,598 | |
| Credit institutions | 430/8 | - | €26,598 | +€26,598 | |
| Trade debts | 44 | €7,648 | €2,246 | -€5,402 | -70.6% |
| Suppliers | 440/4 | €7,648 | €2,246 | -€5,402 | -70.6% |
| Taxes, remuneration and social security | 45 | €241 | €1,301 | +€1,060 | +439% |
| Taxes | 450/3 | €241 | €1,301 | +€1,060 | +439% |
| Other amounts payable | 47/48 | €28,457 | €18,982 | -€9,475 | -33.3% |
| Remuneration, social security and pensions | 62 | €398 | €250 | -€148 | -37.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,223 | €4,876 | +€2,653 | +119% |
| Other operating charges | 640/8 | €2,309 | €2,831 | +€522 | +22.6% |
| Non-recurring operating charges | 66A | €135 | €188 | +€53 | +39.3% |
| Gross operating margin | 9900 | -€10,815 | €4,855 | +€15,669 | |
| Operating profit (loss) | 9901 | -€15,878 | -€3,290 | +€12,589 | +79.3% |
| Financial income | 75/76B | €120 | €2 | -€118 | -98.0% |
| Recurring financial income | 75 | €120 | €2 | -€118 | -98.0% |
| Financial charges | 65/66B | €144 | €2,997 | +€2,853 | +1,983% |
| Recurring financial charges | 65 | €144 | €2,997 | +€2,853 | +1,983% |
| Profit (loss) for the period before taxes | 9903 | -€15,902 | -€6,284 | +€9,618 | +60.5% |
| Profit (loss) for the period | 9904 | -€15,902 | -€6,284 | +€9,618 | +60.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,902 | -€6,284 | +€9,618 | +60.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.