VERMEULEN PASCAL: 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 PASCAL
Largest movements
- Stocks and contracts -€156,356
down €156,356 (-83.8%), from €186,606 to €30,250
of which Contracts in progress: -€120,856
- Receivables within one year +€72,661
up €72,661 (+45.2%), from €160,702 to €233,363
of which Trade receivables: +€81,326
- Tangible fixed assets +€9,103
up €9,103 (+6.7%), from €135,039 to €144,141
of which Leasing and similar rights: +€16,062
- Other debts -€152,686
down €152,686 (-79.4%), from €192,303 to €39,617
- Debts after one year +€53,599
up €53,599 (+77.7%), from €68,974 to €122,573
- Tax, wage and social debts +€17,536
up €17,536 (+72.7%), from €24,129 to €41,665
of which Taxes: +€13,528
- Trade debts -€10,365
down €10,365 (-18.2%), from €56,958 to €46,593
- Current portion of long-term debt +€8,811
up €8,811 (+23.1%), from €38,087 to €46,899
- Staff costs -€66,837
down €66,837 (-49.3%), from €135,558 to €68,721
- Other operating charges +€43,836
up €43,836 (+347%), from €12,624 to €56,460
- Financial charges -€17,390
down €17,390 (-55.2%), from €31,530 to €14,139
- Gross operating margin -€13,792
down €13,792 (-6.4%), from €214,204 to €200,412
- Financial income -€8,899
down €8,899 (-98.0%), from €9,083 to €184
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €494,300 | €417,149 | -€77,151 | -15.6% |
| Fixed assets | 21/28 | €140,698 | €149,801 | +€9,103 | +6.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €135,039 | €144,141 | +€9,103 | +6.7% |
| Land and buildings | 22 | €11,783 | €9,656 | -€2,127 | -18.0% |
| Plant, machinery and equipment | 23 | €9,124 | €5,995 | -€3,128 | -34.3% |
| Furniture and vehicles | 24 | €5,945 | €4,241 | -€1,704 | -28.7% |
| Leasing and similar rights | 25 | €108,187 | €124,249 | +€16,062 | +14.8% |
| Financial fixed assets | 28 | €5,660 | €5,660 | = | 0.0% |
| Current assets | 29/58 | €353,602 | €267,348 | -€86,254 | -24.4% |
| Stocks and contracts in progress | 3 | €186,606 | €30,250 | -€156,356 | -83.8% |
| Stocks | 30/36 | €65,750 | €30,250 | -€35,500 | -54.0% |
| Contracts in progress | 37 | €120,856 | €0 | -€120,856 | -100% |
| Amounts receivable within one year | 40/41 | €160,702 | €233,363 | +€72,661 | +45.2% |
| Trade receivables | 40 | €149,366 | €230,693 | +€81,326 | +54.4% |
| Other amounts receivable | 41 | €11,336 | €2,670 | -€8,665 | -76.4% |
| Cash at bank and in hand | 54/58 | €1,414 | €1,016 | -€398 | -28.1% |
| Deferred charges and accrued income | 490/1 | €4,879 | €2,719 | -€2,160 | -44.3% |
| Total equity and liabilities | 10/49 | €494,300 | €417,149 | -€77,151 | -15.6% |
| Equity | 10/15 | €105,610 | €105,761 | +€152 | +0.1% |
| Contributions | 10/11 | €14,360 | €14,360 | = | 0.0% |
| Reserves | 13 | €95,032 | €95,032 | = | 0.0% |
| Distributable reserves | 133 | €95,032 | €95,032 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,782 | -€3,631 | +€152 | +4.0% |
| Amounts payable | 17/49 | €388,690 | €311,387 | -€77,303 | -19.9% |
| Amounts payable after more than one year | 17 | €68,974 | €122,573 | +€53,599 | +77.7% |
| Financial debts | 170/4 | €68,974 | €122,573 | +€53,599 | +77.7% |
| Amounts payable within one year | 42/48 | €311,477 | €174,773 | -€136,704 | -43.9% |
| Current portion of amounts payable after more than one year | 42 | €38,087 | €46,899 | +€8,811 | +23.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €56,958 | €46,593 | -€10,365 | -18.2% |
| Suppliers | 440/4 | €56,958 | €46,593 | -€10,365 | -18.2% |
| Taxes, remuneration and social security | 45 | €24,129 | €41,665 | +€17,536 | +72.7% |
| Taxes | 450/3 | €2,408 | €15,936 | +€13,528 | +562% |
| Remuneration and social security | 454/9 | €21,721 | €25,729 | +€4,008 | +18.5% |
| Other amounts payable | 47/48 | €192,303 | €39,617 | -€152,686 | -79.4% |
| Accrued charges and deferred income | 492/3 | €8,239 | €14,041 | +€5,802 | +70.4% |
| Non-recurring operating income | 76A | €110 | €0 | -€110 | -100% |
| Remuneration, social security and pensions | 62 | €135,558 | €68,721 | -€66,837 | -49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,354 | €49,541 | +€2,187 | +4.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,821 | €6,904 | +€8,726 | |
| Other operating charges | 640/8 | €12,624 | €56,460 | +€43,836 | +347% |
| Non-recurring operating charges | 66A | - | €3,503 | +€3,503 | |
| Gross operating margin | 9900 | €214,204 | €200,412 | -€13,792 | -6.4% |
| Operating profit (loss) | 9901 | €20,489 | €15,283 | -€5,207 | -25.4% |
| Financial income | 75/76B | €9,083 | €184 | -€8,899 | -98.0% |
| Recurring financial income | 75 | €9,083 | €184 | -€8,899 | -98.0% |
| Financial charges | 65/66B | €31,530 | €14,139 | -€17,390 | -55.2% |
| Recurring financial charges | 65 | €31,530 | €14,139 | -€17,390 | -55.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,957 | €1,328 | +€3,285 | |
| Income taxes | 67/77 | €2,980 | €1,176 | -€1,804 | -60.5% |
| Profit (loss) for the period | 9904 | -€4,937 | €152 | +€5,089 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,937 | €152 | +€5,089 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.