Vermeulen Maarten: 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 Maarten
Largest movements
- Cash +€34,451
up €34,451 (+149%), from €23,095 to €57,546
mainly Depreciation (+€32,491) and Net result for the year (+€18,133)
- Tangible fixed assets -€25,121
down €25,121 (-8.8%), from €284,308 to €259,188
- Receivables within one year -€13,731
down €13,731 (-54.0%), from €25,434 to €11,703
of which Trade receivables: -€11,597
- Stocks and contracts -€11,711
down €11,711 (-12.4%), from €94,748 to €83,037
of which Contracts in progress: -€17,010
- Debts after one year -€23,295
down €23,295 (-12.4%), from €187,714 to €164,419
- Trade debts -€13,496
down €13,496 (-44.7%), from €30,174 to €16,678
- Profit (loss) carried forward +€9,133
up €9,133, from -€8,991 to €142
- Reserves +€9,000
up €9,000 (+18.0%), from €50,000 to €59,000
- Depreciation -€13,608
down €13,608 (-29.5%), from €46,100 to €32,491
- Gross operating margin +€2,687
up €2,687 (+4.8%), from €55,600 to €58,287
- Taxes +€900
new in 2025: €900
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 | €435,628 | €418,296 | -€17,333 | -4.0% |
| Fixed assets | 21/28 | €290,860 | €264,489 | -€26,371 | -9.1% |
| Intangible fixed assets | 21 | €6,551 | €5,301 | -€1,250 | -19.1% |
| Tangible fixed assets | 22/27 | €284,308 | €259,188 | -€25,121 | -8.8% |
| Land and buildings | 22 | €206,223 | €198,777 | -€7,447 | -3.6% |
| Plant, machinery and equipment | 23 | €10,254 | €4,912 | -€5,341 | -52.1% |
| Furniture and vehicles | 24 | €45,410 | €34,646 | -€10,764 | -23.7% |
| Other tangible fixed assets | 26 | €22,422 | €20,852 | -€1,569 | -7.0% |
| Current assets | 29/58 | €144,769 | €153,807 | +€9,038 | +6.2% |
| Stocks and contracts in progress | 3 | €94,748 | €83,037 | -€11,711 | -12.4% |
| Stocks | 30/36 | €20,738 | €26,037 | +€5,299 | +25.6% |
| Contracts in progress | 37 | €74,010 | €57,000 | -€17,010 | -23.0% |
| Amounts receivable within one year | 40/41 | €25,434 | €11,703 | -€13,731 | -54.0% |
| Trade receivables | 40 | €21,481 | €9,883 | -€11,597 | -54.0% |
| Other amounts receivable | 41 | €3,953 | €1,819 | -€2,134 | -54.0% |
| Cash at bank and in hand | 54/58 | €23,095 | €57,546 | +€34,451 | +149% |
| Deferred charges and accrued income | 490/1 | €1,491 | €1,521 | +€29 | +2.0% |
| Total equity and liabilities | 10/49 | €435,628 | €418,296 | -€17,333 | -4.0% |
| Equity | 10/15 | €71,009 | €89,142 | +€18,133 | +25.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €50,000 | €59,000 | +€9,000 | +18.0% |
| Distributable reserves | 133 | €50,000 | €59,000 | +€9,000 | +18.0% |
| Profit (loss) carried forward | 14 | -€8,991 | €142 | +€9,133 | |
| Amounts payable | 17/49 | €364,620 | €329,154 | -€35,466 | -9.7% |
| Amounts payable after more than one year | 17 | €187,714 | €164,419 | -€23,295 | -12.4% |
| Financial debts | 170/4 | €187,714 | €164,419 | -€23,295 | -12.4% |
| Amounts payable within one year | 42/48 | €176,906 | €164,735 | -€12,171 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €22,603 | €23,295 | +€692 | +3.1% |
| Trade debts | 44 | €30,174 | €16,678 | -€13,496 | -44.7% |
| Suppliers | 440/4 | €30,174 | €16,678 | -€13,496 | -44.7% |
| Taxes, remuneration and social security | 45 | - | €900 | +€900 | |
| Taxes | 450/3 | - | €900 | +€900 | |
| Other amounts payable | 47/48 | €124,129 | €123,862 | -€268 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,100 | €32,491 | -€13,608 | -29.5% |
| Other operating charges | 640/8 | €946 | €1,012 | +€66 | +7.0% |
| Non-recurring operating charges | 66A | €2,382 | - | -€2,382 | |
| Gross operating margin | 9900 | €55,600 | €58,287 | +€2,687 | +4.8% |
| Operating profit (loss) | 9901 | €6,172 | €24,784 | +€18,612 | +302% |
| Financial income | 75/76B | €5 | €153 | +€148 | +3,099% |
| Recurring financial income | 75 | €5 | €153 | +€148 | +3,099% |
| Financial charges | 65/66B | €6,027 | €5,904 | -€123 | -2.0% |
| Recurring financial charges | 65 | €6,027 | €5,904 | -€123 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €150 | €19,033 | +€18,883 | +12,597% |
| Income taxes | 67/77 | - | €900 | +€900 | |
| Profit (loss) for the period | 9904 | €150 | €18,133 | +€17,983 | +11,997% |
| Profit (loss) for the period to be appropriated | 9905 | €150 | €18,133 | +€17,983 | +11,997% |
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 29 October 2026 via checked.be.