VERMEULEN CONSTRUCT: 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.
VERMEULEN CONSTRUCT
Largest movements
- Deferred charges and accrued income -€454,805
down €454,805 (-98.9%), from €459,712 to €4,907
- Receivables within one year +€395,569
up €395,569 (+792.0%), from €49,944 to €445,513
of which Trade receivables: +€413,149
- Tangible fixed assets -€71,864
down €71,864 (-6.5%), from €1.1m to €1.0m
- Cash +€29,219
up €29,219 (+41.5%), from €70,405 to €99,624
mainly Deferred charges and accrued income (+€454,805) and Depreciation (+€71,864)
- Reserves -€95,226
down €95,226 (-7.3%), from €1.3m to €1.2m
of which Distributable reserves: -€95,226
- Profit (loss) carried forward +€24,017
up €24,017 (+19.7%), from -€121,742 to -€97,725
- Debts after one year -€20,769
down €20,769 (-11.1%), from €186,697 to €165,929
- Depreciation -€140,832
down €140,832 (-66.2%), from €212,696 to €71,864
- Other operating charges +€52,853
new in 2025: €52,853
- Gross operating margin -€27,904
down €27,904 (-13.2%), from €211,440 to €183,535
- Taxes +€21,542
up €21,542 (+11581.9%), from €186 to €21,728
- Staff costs -€5,333
down €5,333 (-100.0%), from €5,333 to €0
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 | €1,706,895 | €1,605,014 | -€101,881 | -6.0% |
| Fixed assets | 21/28 | €1,106,834 | €1,034,970 | -€71,864 | -6.5% |
| Tangible fixed assets | 22/27 | €1,106,834 | €1,034,970 | -€71,864 | -6.5% |
| Land and buildings | 22 | €1,106,834 | €1,034,970 | -€71,864 | -6.5% |
| Current assets | 29/58 | €600,060 | €570,044 | -€30,016 | -5.0% |
| Amounts receivable within one year | 40/41 | €49,944 | €445,513 | +€395,569 | +792.0% |
| Trade receivables | 40 | €27,964 | €441,113 | +€413,149 | +1477.4% |
| Other amounts receivable | 41 | €21,980 | €4,400 | -€17,580 | -80.0% |
| Current investments | 50/53 | €20,000 | €20,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €70,405 | €99,624 | +€29,219 | +41.5% |
| Deferred charges and accrued income | 490/1 | €459,712 | €4,907 | -€454,805 | -98.9% |
| Total equity and liabilities | 10/49 | €1,706,895 | €1,605,014 | -€101,881 | -6.0% |
| Equity | 10/15 | €1,304,839 | €1,233,631 | -€71,208 | -5.5% |
| 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 | €1,301,582 | €1,206,356 | -€95,226 | -7.3% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €1,289,082 | €1,193,856 | -€95,226 | -7.4% |
| Profit (loss) carried forward | 14 | -€121,742 | -€97,725 | +€24,017 | +19.7% |
| Amounts payable | 17/49 | €402,055 | €371,383 | -€30,672 | -7.6% |
| Amounts payable after more than one year | 17 | €186,697 | €165,929 | -€20,769 | -11.1% |
| Financial debts | 170/4 | €186,697 | €165,929 | -€20,769 | -11.1% |
| Amounts payable within one year | 42/48 | €215,358 | €205,454 | -€9,904 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €27,781 | €20,769 | -€7,013 | -25.2% |
| Taxes, remuneration and social security | 45 | €3,568 | €739 | -€2,828 | -79.3% |
| Taxes | 450/3 | €1,268 | €739 | -€528 | -41.7% |
| Remuneration and social security | 454/9 | €2,300 | €0 | -€2,300 | -100.0% |
| Other amounts payable | 47/48 | €184,009 | €183,947 | -€63 | 0.0% |
| Non-recurring operating income | 76A | - | €72,626 | +€72,626 | |
| Remuneration, social security and pensions | 62 | €5,333 | €0 | -€5,333 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €212,696 | €71,864 | -€140,832 | -66.2% |
| Other operating charges | 640/8 | - | €52,853 | +€52,853 | |
| Gross operating margin | 9900 | €211,440 | €183,535 | -€27,904 | -13.2% |
| Operating profit (loss) | 9901 | -€6,589 | €58,818 | +€65,408 | |
| Financial income | 75/76B | €837 | €15 | -€822 | -98.3% |
| Recurring financial income | 75 | €837 | €15 | -€822 | -98.3% |
| Financial charges | 65/66B | €10,154 | €13,087 | +€2,933 | +28.9% |
| Recurring financial charges | 65 | €10,154 | €13,087 | +€2,933 | +28.9% |
| Profit (loss) for the period before taxes | 9903 | -€15,907 | €45,746 | +€61,652 | |
| Income taxes | 67/77 | €186 | €21,728 | +€21,542 | +11581.9% |
| Profit (loss) for the period | 9904 | -€16,093 | €24,017 | +€40,110 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,093 | €24,017 | +€40,110 |
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.