VERMO: what changed
Two fiscal 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.
VERMO
Largest movements
- Receivables within one year -€1.1m
down €1.1m (-48.8%), from €2.2m to €1.1m
of which Trade receivables: -€891,252
- Intangible fixed assets +€404,656
up €404,656 (+235.3%), from €171,971 to €576,627
- Stocks and contracts +€341,747
up €341,747 (+81.4%), from €420,041 to €761,788
- Tangible fixed assets +€319,784
up €319,784 (+87.1%), from €367,223 to €687,007
- Cash +€139,161
up €139,161 (+108.4%), from €128,341 to €267,501
mainly Receivables within one year (+€1.1m) and Advances received (+€275,631)
- Other debts -€575,203
down €575,203 (-91.8%), from €626,532 to €51,330
- Advances received +€275,631
up €275,631 (+210.9%), from €130,687 to €406,318
- Reserves +€221,339
up €221,339 (+34.7%), from €638,221 to €859,560
of which Distributable reserves: +€221,339
- Debts after one year +€215,439
up €215,439 (+47.0%), from €458,144 to €673,583
- Trade debts +€159,225
up €159,225 (+31.5%), from €505,226 to €664,451
- Gross operating margin -€276,500
down €276,500 (-11.5%), from €2.4m to €2.1m
- Staff costs +€198,463
up €198,463 (+14.3%), from €1.4m to €1.6m
- Taxes -€146,292
down €146,292 (-76.6%), from €190,960 to €44,668
- Depreciation +€110,592
up €110,592 (+90.6%), from €122,013 to €232,605
- Financial income +€36,826
up €36,826 (+248.0%), from €14,850 to €51,677
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.
Cash bridge derived
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 | €3,264,523 | €3,480,308 | +€215,785 | +6.6% |
| Fixed assets | 21/28 | €539,193 | €1,263,634 | +€724,441 | +134.4% |
| Intangible fixed assets | 21 | €171,971 | €576,627 | +€404,656 | +235.3% |
| Tangible fixed assets | 22/27 | €367,223 | €687,007 | +€319,784 | +87.1% |
| Land and buildings | 22 | €45,901 | €110,078 | +€64,177 | +139.8% |
| Plant, machinery and equipment | 23 | €149,571 | €308,000 | +€158,428 | +105.9% |
| Furniture and vehicles | 24 | €171,751 | €133,787 | -€37,963 | -22.1% |
| Leasing and similar rights | 25 | - | €135,143 | +€135,143 | |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €2,725,329 | €2,216,674 | -€508,656 | -18.7% |
| Stocks and contracts in progress | 3 | €420,041 | €761,788 | +€341,747 | +81.4% |
| Stocks | 30/36 | €420,041 | €761,788 | +€341,747 | +81.4% |
| Amounts receivable within one year | 40/41 | €2,169,173 | €1,111,372 | -€1.1m | -48.8% |
| Trade receivables | 40 | €1,806,820 | €915,568 | -€891,252 | -49.3% |
| Other amounts receivable | 41 | €362,352 | €195,804 | -€166,549 | -46.0% |
| Cash at bank and in hand | 54/58 | €128,341 | €267,501 | +€139,161 | +108.4% |
| Deferred charges and accrued income | 490/1 | €7,775 | €76,012 | +€68,237 | +877.7% |
| Total equity and liabilities | 10/49 | €3,264,523 | €3,480,308 | +€215,785 | +6.6% |
| Equity | 10/15 | €1,093,885 | €1,276,364 | +€182,479 | +16.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €638,221 | €859,560 | +€221,339 | +34.7% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €628,221 | €849,560 | +€221,339 | +35.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €355,664 | €316,804 | -€38,860 | -10.9% |
| Provisions and deferred taxes | 16 | €117,304 | €106,194 | -€11,110 | -9.5% |
| Provisions for liabilities and charges | 160/5 | €117,304 | €106,194 | -€11,110 | -9.5% |
| Major repairs and maintenance | 162 | €16,068 | €16,068 | = | 0.0% |
| Other liabilities and charges | 164/5 | €101,236 | €90,126 | -€11,110 | -11.0% |
| Amounts payable | 17/49 | €2,053,334 | €2,097,750 | +€44,416 | +2.2% |
| Amounts payable after more than one year | 17 | €458,144 | €673,583 | +€215,439 | +47.0% |
| Financial debts | 170/4 | €458,144 | €673,583 | +€215,439 | +47.0% |
| Amounts payable within one year | 42/48 | €1,595,190 | €1,424,167 | -€171,023 | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €136,173 | €203,653 | +€67,480 | +49.6% |
| Trade debts | 44 | €505,226 | €664,451 | +€159,225 | +31.5% |
| Suppliers | 440/4 | €505,226 | €664,451 | +€159,225 | +31.5% |
| Advances received on contracts in progress | 46 | €130,687 | €406,318 | +€275,631 | +210.9% |
| Taxes, remuneration and social security | 45 | €196,572 | €98,415 | -€98,156 | -49.9% |
| Taxes | 450/3 | €108,548 | €0 | -€108,548 | -100.0% |
| Remuneration and social security | 454/9 | €88,023 | €98,415 | +€10,392 | +11.8% |
| Other amounts payable | 47/48 | €626,532 | €51,330 | -€575,203 | -91.8% |
| Non-recurring operating income | 76A | €11,050 | €7,990 | -€3,060 | -27.7% |
| Remuneration, social security and pensions | 62 | €1,386,443 | €1,584,906 | +€198,463 | +14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,013 | €232,605 | +€110,592 | +90.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €11,368 | -€11,110 | -€22,478 | |
| Other operating charges | 640/8 | €25,977 | €28,819 | +€2,842 | +10.9% |
| Gross operating margin | 9900 | €2,400,160 | €2,123,660 | -€276,500 | -11.5% |
| Operating profit (loss) | 9901 | €854,360 | €288,440 | -€565,920 | -66.2% |
| Financial income | 75/76B | €14,850 | €51,677 | +€36,826 | +248.0% |
| Recurring financial income | 75 | €14,850 | €51,677 | +€36,826 | +248.0% |
| Financial charges | 65/66B | €20,679 | €22,804 | +€2,125 | +10.3% |
| Recurring financial charges | 65 | €20,679 | €22,804 | +€2,125 | +10.3% |
| Profit (loss) for the period before taxes | 9903 | €848,531 | €317,313 | -€531,218 | -62.6% |
| Income taxes | 67/77 | €190,960 | €44,668 | -€146,292 | -76.6% |
| Profit (loss) for the period | 9904 | €657,571 | €272,644 | -€384,927 | -58.5% |
| Profit (loss) for the period to be appropriated | 9905 | €657,571 | €272,644 | -€384,927 | -58.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.