VERMILUX: 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.
VERMILUX
Largest movements
- Tangible fixed assets +€137,240
up €137,240 (+42.7%), from €321,570 to €458,810
of which Land and buildings: +€173,420
- Receivables after one year -€70,460
down €70,460 (-40.2%), from €175,460 to €105,000
- Cash +€21,439
up €21,439 (+10.0%), from €214,787 to €236,226
mainly Net result for the year (+€131,734) and Receivables after one year (+€70,460)
- Reserves +€66,660
up €66,660 (+28.3%), from €235,320 to €301,980
of which Distributable reserves: +€69,869
- Tax, wage and social debts +€26,595
up €26,595 (+71.4%), from €37,264 to €63,859
- Gross operating margin -€35,719
down €35,719 (-12.8%), from €279,330 to €243,610
- Taxes -€14,045
down €14,045 (-17.1%), from €82,264 to €68,219
- Other operating charges +€3,668
up €3,668 (+67.9%), from €5,404 to €9,072
- Depreciation +€3,300
up €3,300 (+10.0%), from €32,880 to €36,180
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 | €758,179 | €852,192 | +€94,013 | +12.4% |
| Fixed assets | 21/28 | €321,620 | €458,860 | +€137,240 | +42.7% |
| Tangible fixed assets | 22/27 | €321,570 | €458,810 | +€137,240 | +42.7% |
| Land and buildings | 22 | - | €173,420 | +€173,420 | |
| Plant, machinery and equipment | 23 | €957 | €299 | -€658 | -68.8% |
| Furniture and vehicles | 24 | €8,793 | €2,564 | -€6,229 | -70.8% |
| Leasing and similar rights | 25 | €311,820 | €282,528 | -€29,292 | -9.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €436,559 | €393,332 | -€43,228 | -9.9% |
| Amounts receivable after more than one year | 29 | €175,460 | €105,000 | -€70,460 | -40.2% |
| Other amounts receivable | 291 | €175,460 | €105,000 | -€70,460 | -40.2% |
| Amounts receivable within one year | 40/41 | €46,312 | €52,105 | +€5,793 | +12.5% |
| Trade receivables | 40 | €34,041 | €37,608 | +€3,567 | +10.5% |
| Other amounts receivable | 41 | €12,271 | €14,497 | +€2,227 | +18.1% |
| Cash at bank and in hand | 54/58 | €214,787 | €236,226 | +€21,439 | +10.0% |
| Total equity and liabilities | 10/49 | €758,179 | €852,192 | +€94,013 | +12.4% |
| Equity | 10/15 | €421,724 | €488,384 | +€66,660 | +15.8% |
| Contributions | 10/11 | €46,406 | €46,406 | = | 0.0% |
| Reserves | 13 | €235,320 | €301,980 | +€66,660 | +28.3% |
| Tax-exempt reserves | 132 | €6,418 | €3,209 | -€3,209 | -50.0% |
| Distributable reserves | 133 | €228,902 | €298,771 | +€69,869 | +30.5% |
| Profit (loss) carried forward | 14 | €139,999 | €139,999 | = | 0.0% |
| Provisions and deferred taxes | 16 | €224,430 | €222,554 | -€1,877 | -0.8% |
| Provisions for liabilities and charges | 160/5 | €203,803 | €203,803 | = | 0.0% |
| Pensions and similar obligations | 160 | €203,803 | €203,803 | = | 0.0% |
| Deferred taxes | 168 | €20,627 | €18,750 | -€1,877 | -9.1% |
| Amounts payable | 17/49 | €112,024 | €141,254 | +€29,229 | +26.1% |
| Amounts payable within one year | 42/48 | €76,867 | €108,596 | +€31,729 | +41.3% |
| Trade debts | 44 | €8,733 | €13,433 | +€4,700 | +53.8% |
| Suppliers | 440/4 | €8,733 | €13,433 | +€4,700 | +53.8% |
| Taxes, remuneration and social security | 45 | €37,264 | €63,859 | +€26,595 | +71.4% |
| Taxes | 450/3 | €37,264 | €63,859 | +€26,595 | +71.4% |
| Other amounts payable | 47/48 | €30,869 | €31,304 | +€435 | +1.4% |
| Accrued charges and deferred income | 492/3 | €35,158 | €32,658 | -€2,500 | -7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,880 | €36,180 | +€3,300 | +10.0% |
| Other operating charges | 640/8 | €5,404 | €9,072 | +€3,668 | +67.9% |
| Gross operating margin | 9900 | €279,330 | €243,610 | -€35,719 | -12.8% |
| Operating profit (loss) | 9901 | €241,045 | €198,359 | -€42,686 | -17.7% |
| Financial charges | 65/66B | €40 | €282 | +€242 | +612% |
| Recurring financial charges | 65 | €40 | €282 | +€242 | +612% |
| Profit (loss) for the period before taxes | 9903 | €241,006 | €198,077 | -€42,929 | -17.8% |
| Transfer from deferred taxes | 780 | €1,877 | €1,877 | = | 0.0% |
| Income taxes | 67/77 | €82,264 | €68,219 | -€14,045 | -17.1% |
| Profit (loss) for the period | 9904 | €160,618 | €131,734 | -€28,884 | -18.0% |
| Transfer from tax-exempt reserves | 789 | €3,209 | €3,209 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €163,827 | €134,944 | -€28,884 | -17.6% |
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 20 October 2026 via checked.be.