Vermeulens 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.
Vermeulens Projects
Largest movements
- Cash +€31,138
up €31,138 (+46.7%), from €66,627 to €97,765
mainly Net result for the year (+€32,717) and Depreciation (+€1,056)
- Tangible fixed assets +€1,361
up €1,361 (+64.7%), from €2,104 to €3,466
of which Furniture and vehicles: +€1,130
- Reserves +€32,717
up €32,717 (+52.8%), from €61,974 to €94,691
- Gross operating margin -€36,282
down €36,282 (-44.5%), from €81,554 to €45,272
- Taxes -€6,998
down €6,998 (-39.5%), from €17,699 to €10,702
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 | €69,869 | €102,339 | +€32,470 | +46.5% |
| Fixed assets | 21/28 | €2,104 | €3,466 | +€1,361 | +64.7% |
| Tangible fixed assets | 22/27 | €2,104 | €3,466 | +€1,361 | +64.7% |
| Plant, machinery and equipment | 23 | €2,104 | €2,336 | +€232 | +11.0% |
| Furniture and vehicles | 24 | - | €1,130 | +€1,130 | |
| Current assets | 29/58 | €67,765 | €98,873 | +€31,108 | +45.9% |
| Amounts receivable within one year | 40/41 | €488 | €1,108 | +€620 | +127% |
| Trade receivables | 40 | €488 | €410 | -€78 | -16.0% |
| Other amounts receivable | 41 | - | €698 | +€698 | |
| Cash at bank and in hand | 54/58 | €66,627 | €97,765 | +€31,138 | +46.7% |
| Deferred charges and accrued income | 490/1 | €650 | €0 | -€650 | -100% |
| Total equity and liabilities | 10/49 | €69,869 | €102,339 | +€32,470 | +46.5% |
| Equity | 10/15 | €64,974 | €97,691 | +€32,717 | +50.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €61,974 | €94,691 | +€32,717 | +52.8% |
| Distributable reserves | 133 | €61,974 | €94,691 | +€32,717 | +52.8% |
| Amounts payable | 17/49 | €4,895 | €4,648 | -€247 | -5.0% |
| Amounts payable within one year | 42/48 | €4,895 | €4,648 | -€247 | -5.0% |
| Trade debts | 44 | €564 | €40 | -€524 | -92.9% |
| Suppliers | 440/4 | €564 | €40 | -€524 | -92.9% |
| Taxes, remuneration and social security | 45 | €2,672 | €3,252 | +€580 | +21.7% |
| Taxes | 450/3 | €2,672 | €3,252 | +€580 | +21.7% |
| Other amounts payable | 47/48 | €1,659 | €1,357 | -€303 | -18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €521 | €1,056 | +€535 | +103% |
| Other operating charges | 640/8 | €1,354 | €896 | -€458 | -33.8% |
| Gross operating margin | 9900 | €81,554 | €45,272 | -€36,282 | -44.5% |
| Operating profit (loss) | 9901 | €79,679 | €43,320 | -€36,359 | -45.6% |
| Financial income | 75/76B | - | €190 | +€190 | |
| Recurring financial income | 75 | - | €190 | +€190 | |
| Financial charges | 65/66B | €5 | €91 | +€86 | +1,571% |
| Recurring financial charges | 65 | €5 | €91 | +€86 | +1,571% |
| Profit (loss) for the period before taxes | 9903 | €79,674 | €43,419 | -€36,255 | -45.5% |
| Income taxes | 67/77 | €17,699 | €10,702 | -€6,998 | -39.5% |
| Profit (loss) for the period | 9904 | €61,974 | €32,717 | -€29,257 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €61,974 | €32,717 | -€29,257 | -47.2% |
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 24 October 2026 via checked.be.