VERMEULEN-PROJECTS: 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-PROJECTS
Largest movements
- Cash +€101,300
up €101,300 (+1,254%), from €8,079 to €109,380
mainly Other debts (+€114,385) and Net result for the year (+€109,505)
- Receivables within one year +€10,821
up €10,821 (+505%), from €2,142 to €12,963
of which Trade receivables: +€10,543
- Deferred charges and accrued income +€1,560
up €1,560 (+63.7%), from €2,450 to €4,010
- Other debts +€114,385
up €114,385 (+10,065%), from €1,137 to €115,522
- Reserves -€2,896
down €2,896 (-100%), from €2,896 to €0
- Tax, wage and social debts +€1,591
up €1,591 (+24.5%), from €6,490 to €8,082
of which Taxes: +€1,155
- Trade debts +€1,408
up €1,408 (+169%), from €834 to €2,242
- Gross operating margin +€135,024
up €135,024 (+1,402%), from €9,633 to €144,657
- Taxes +€29,539
up €29,539 (+1,375%), from €2,149 to €31,688
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 | €13,356 | €127,845 | +€114,489 | +857% |
| Fixed assets | 21/28 | €685 | €1,492 | +€807 | +118% |
| Tangible fixed assets | 22/27 | €685 | €1,492 | +€807 | +118% |
| Furniture and vehicles | 24 | - | €1,013 | +€1,013 | |
| Other tangible fixed assets | 26 | €685 | €478 | -€207 | -30.2% |
| Current assets | 29/58 | €12,671 | €126,353 | +€113,682 | +897% |
| Amounts receivable within one year | 40/41 | €2,142 | €12,963 | +€10,821 | +505% |
| Trade receivables | 40 | €1,557 | €12,100 | +€10,543 | +677% |
| Other amounts receivable | 41 | €585 | €863 | +€278 | +47.5% |
| Cash at bank and in hand | 54/58 | €8,079 | €109,380 | +€101,300 | +1,254% |
| Deferred charges and accrued income | 490/1 | €2,450 | €4,010 | +€1,560 | +63.7% |
| Total equity and liabilities | 10/49 | €13,356 | €127,845 | +€114,489 | +857% |
| Equity | 10/15 | €4,896 | €2,000 | -€2,896 | -59.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €2,896 | €0 | -€2,896 | -100% |
| Distributable reserves | 133 | €2,896 | €0 | -€2,896 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €8,460 | €125,845 | +€117,385 | +1,387% |
| Amounts payable within one year | 42/48 | €8,460 | €125,845 | +€117,385 | +1,387% |
| Trade debts | 44 | €834 | €2,242 | +€1,408 | +169% |
| Suppliers | 440/4 | €834 | €2,242 | +€1,408 | +169% |
| Taxes, remuneration and social security | 45 | €6,490 | €8,082 | +€1,591 | +24.5% |
| Taxes | 450/3 | €4,378 | €5,533 | +€1,155 | +26.4% |
| Remuneration and social security | 454/9 | €2,112 | €2,548 | +€436 | +20.7% |
| Other amounts payable | 47/48 | €1,137 | €115,522 | +€114,385 | +10,065% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €207 | €576 | +€369 | +178% |
| Other operating charges | 640/8 | €1,308 | €1,252 | -€57 | -4.3% |
| Gross operating margin | 9900 | €9,633 | €144,657 | +€135,024 | +1,402% |
| Operating profit (loss) | 9901 | €8,118 | €142,830 | +€134,712 | +1,659% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €1,998 | €1,637 | -€361 | -18.1% |
| Recurring financial charges | 65 | €1,998 | €1,637 | -€361 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €6,121 | €141,193 | +€135,072 | +2,207% |
| Income taxes | 67/77 | €2,149 | €31,688 | +€29,539 | +1,375% |
| Profit (loss) for the period | 9904 | €3,972 | €109,505 | +€105,534 | +2,657% |
| Profit (loss) for the period to be appropriated | 9905 | €3,972 | €109,505 | +€105,534 | +2,657% |
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 18 October 2026 via checked.be.