VERMEULEN WOUTER: 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.
What changed
VERMEULEN WOUTER
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€8,454
2024 · €1.2m-€1.2m
Equity
€2.7m
2024 · €2.7m-€8,454
Cash
€46,786
2024 · €32,799+€13,986
Balance sheet total
€4.2m
2024 · €4.6m-€311,223
Largest movements
Assets
- Receivables after one year -€500,000
down €500,000 (-41.7%), from €1.2m to €700,000
- Current investments +€358,738
up €358,738 (+123%), from €292,163 to €650,901
- Tangible fixed assets -€125,737
down €125,737 (-4.3%), from €2.9m to €2.8m
Equity and liabilities
- Debts after one year -€174,335
down €174,335 (-17.4%), from €1.0m to €826,720
- Other debts -€75,667
down €75,667 (-26.3%), from €287,749 to €212,081
Income statement
- Gross operating margin -€952,684
down €952,684 (-84.0%), from €1.1m to €181,374
- Financial income -€255,244
down €255,244 (-87.8%), from €290,646 to €35,401
- Taxes -€34,173
down €34,173 (-61.6%), from €55,447 to €21,275
- Depreciation -€22,498
down €22,498 (-12.9%), from €174,113 to €151,615
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.
Result 2024
€1.2m
Gross operating margin
-€952,684
Depreciation
+€22,498
Other operating charges
-€4,804
Financial income
-€255,244
Financial charges
-€3,807
Taxes
+€34,173
Deferred taxes and other
-€92
Result 2025
-€8,454
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€564,493
Investment
-€358,738
Financing
-€191,768
Cash 2024
€32,799
From operations (derived)
+€564,493
Net result for the year
-€8,454
Depreciation
+€151,615
Receivables after one year
+€500,000
Receivables within one year
+€25,449
Deferred charges and accrued income
+€6,883
Provisions
-€13,032
Trade debts
-€4,522
Tax, wage and social debts
-€26,508
Other debts
-€75,667
Accrued charges and deferred income
+€8,730
Investment (derived)
-€358,738
Current investments
-€358,738
Financing
-€191,768
Debts after one year
-€174,335
Current portion of long-term debt
+€3,653
Short-term financial debts
-€21,086
Cash 2025
€46,786
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,551,334 | €4,240,112 | -€311,223 | -6.8% |
| Formation expenses | 20 | €25,879 | - | -€25,879 | |
| Fixed assets | 21/28 | €2,946,048 | €2,820,311 | -€125,737 | -4.3% |
| Tangible fixed assets | 22/27 | €2,945,813 | €2,820,076 | -€125,737 | -4.3% |
| Land and buildings | 22 | €2,945,813 | €2,820,076 | -€125,737 | -4.3% |
| Financial fixed assets | 28 | €235 | €235 | = | 0.0% |
| Current assets | 29/58 | €1,579,408 | €1,419,801 | -€159,607 | -10.1% |
| Amounts receivable after more than one year | 29 | €1,200,000 | €700,000 | -€500,000 | -41.7% |
| Trade receivables | 290 | €1,200,000 | €700,000 | -€500,000 | -41.7% |
| Amounts receivable within one year | 40/41 | €25,449 | - | -€25,449 | |
| Trade receivables | 40 | €19,923 | - | -€19,923 | |
| Other amounts receivable | 41 | €5,526 | - | -€5,526 | |
| Current investments | 50/53 | €292,163 | €650,901 | +€358,738 | +123% |
| Cash at bank and in hand | 54/58 | €32,799 | €46,786 | +€13,986 | +42.6% |
| Deferred charges and accrued income | 490/1 | €28,997 | €22,114 | -€6,883 | -23.7% |
| Total equity and liabilities | 10/49 | €4,551,334 | €4,240,112 | -€311,223 | -6.8% |
| Equity | 10/15 | €2,728,343 | €2,719,889 | -€8,454 | -0.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,708,508 | €2,700,054 | -€8,454 | -0.3% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €607,768 | €576,743 | -€31,025 | -5.1% |
| Distributable reserves | 133 | €2,098,881 | €2,121,451 | +€22,570 | +1.1% |
| Profit (loss) carried forward | 14 | €1,243 | €1,243 | = | 0.0% |
| Provisions and deferred taxes | 16 | €255,293 | €242,261 | -€13,032 | -5.1% |
| Deferred taxes | 168 | €255,293 | €242,261 | -€13,032 | -5.1% |
| Amounts payable | 17/49 | €1,567,698 | €1,277,962 | -€289,736 | -18.5% |
| Amounts payable after more than one year | 17 | €1,001,055 | €826,720 | -€174,335 | -17.4% |
| Financial debts | 170/4 | €1,001,055 | €826,720 | -€174,335 | -17.4% |
| Amounts payable within one year | 42/48 | €564,798 | €440,667 | -€124,131 | -22.0% |
| Current portion of amounts payable after more than one year | 42 | €170,682 | €174,335 | +€3,653 | +2.1% |
| Financial debts | 43 | €21,086 | - | -€21,086 | |
| Credit institutions | 430/8 | €21,086 | - | -€21,086 | |
| Trade debts | 44 | €7,876 | €3,354 | -€4,522 | -57.4% |
| Suppliers | 440/4 | €7,876 | €3,354 | -€4,522 | -57.4% |
| Taxes, remuneration and social security | 45 | €77,405 | €50,897 | -€26,508 | -34.2% |
| Taxes | 450/3 | €77,405 | €50,897 | -€26,508 | -34.2% |
| Other amounts payable | 47/48 | €287,749 | €212,081 | -€75,667 | -26.3% |
| Accrued charges and deferred income | 492/3 | €1,845 | €10,575 | +€8,730 | +473% |
| Non-recurring operating income | 76A | €918,641 | - | -€918,641 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €174,113 | €151,615 | -€22,498 | -12.9% |
| Other operating charges | 640/8 | €25,619 | €30,423 | +€4,804 | +18.8% |
| Gross operating margin | 9900 | €1,134,058 | €181,374 | -€952,684 | -84.0% |
| Operating profit (loss) | 9901 | €934,325 | -€664 | -€934,989 | |
| Financial income | 75/76B | €290,646 | €35,401 | -€255,244 | -87.8% |
| Recurring financial income | 75 | €290,646 | €35,401 | -€255,244 | -87.8% |
| Financial charges | 65/66B | €31,142 | €34,949 | +€3,807 | +12.2% |
| Recurring financial charges | 65 | €31,142 | €34,949 | +€3,807 | +12.2% |
| Profit (loss) for the period before taxes | 9903 | €1,193,829 | -€212 | -€1.2m | |
| Transfer from deferred taxes | 780 | €13,124 | €13,032 | -€92 | -0.7% |
| Income taxes | 67/77 | €55,447 | €21,275 | -€34,173 | -61.6% |
| Profit (loss) for the period | 9904 | €1,151,506 | -€8,454 | -€1.2m | |
| Transfer from tax-exempt reserves | 789 | €31,244 | €31,025 | -€219 | -0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,182,750 | €22,570 | -€1.2m | -98.1% |
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 23 October 2026 via checked.be.