VERMO: 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.
VERMO
Largest movements
- Stocks and contracts +€524,562
up €524,562 (+100%), from €523,085 to €1.0m
- Tangible fixed assets -€160,416
down €160,416 (-4.6%), from €3.5m to €3.3m
of which Land and buildings: -€159,331
- Current investments -€150,000
down €150,000 (-25.0%), from €600,000 to €450,000
- Cash +€91,477
up €91,477 (+116%), from €79,143 to €170,619
mainly Net result for the year (+€556,605) and Depreciation (+€191,967)
- Reserves +€556,605
up €556,605 (+17.2%), from €3.2m to €3.8m
of which Distributable reserves: +€589,444
- Debts after one year -€164,547
down €164,547 (-51.8%), from €317,875 to €153,328
- Other debts -€111,053
down €111,053 (-33.1%), from €335,844 to €224,791
- Tax, wage and social debts +€63,730
up €63,730 (+95.4%), from €66,776 to €130,506
- Financial income -€11,662
down €11,662 (-54.7%), from €21,323 to €9,661
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 | €4,716,511 | €4,996,454 | +€279,943 | +5.9% |
| Fixed assets | 21/28 | €3,451,219 | €3,290,802 | -€160,416 | -4.6% |
| Tangible fixed assets | 22/27 | €3,451,219 | €3,290,802 | -€160,416 | -4.6% |
| Land and buildings | 22 | €3,435,608 | €3,276,277 | -€159,331 | -4.6% |
| Furniture and vehicles | 24 | €15,611 | €14,526 | -€1,086 | -7.0% |
| Current assets | 29/58 | €1,265,293 | €1,705,652 | +€440,360 | +34.8% |
| Stocks and contracts in progress | 3 | €523,085 | €1,047,647 | +€524,562 | +100% |
| Stocks | 30/36 | €523,085 | €1,047,647 | +€524,562 | +100% |
| Amounts receivable within one year | 40/41 | €45,320 | €26,051 | -€19,269 | -42.5% |
| Trade receivables | 40 | €45,320 | €26,051 | -€19,269 | -42.5% |
| Current investments | 50/53 | €600,000 | €450,000 | -€150,000 | -25.0% |
| Cash at bank and in hand | 54/58 | €79,143 | €170,619 | +€91,477 | +116% |
| Deferred charges and accrued income | 490/1 | €17,745 | €11,336 | -€6,410 | -36.1% |
| Total equity and liabilities | 10/49 | €4,716,511 | €4,996,454 | +€279,943 | +5.9% |
| Equity | 10/15 | €3,702,905 | €4,259,510 | +€556,605 | +15.0% |
| Contributions | 10/11 | €475,000 | €475,000 | = | 0.0% |
| Capital | 10 | €475,000 | €475,000 | = | 0.0% |
| Issued capital | 100 | €475,000 | €475,000 | = | 0.0% |
| Reserves | 13 | €3,227,905 | €3,784,510 | +€556,605 | +17.2% |
| Non-distributable reserves | 130/1 | €47,500 | €47,500 | = | 0.0% |
| Legal reserve | 130 | €47,500 | €47,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €57,468 | €24,629 | -€32,839 | -57.1% |
| Distributable reserves | 133 | €3,122,937 | €3,712,381 | +€589,444 | +18.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €19,156 | €8,210 | -€10,946 | -57.1% |
| Deferred taxes | 168 | €19,156 | €8,210 | -€10,946 | -57.1% |
| Amounts payable | 17/49 | €994,451 | €728,735 | -€265,716 | -26.7% |
| Amounts payable after more than one year | 17 | €317,875 | €153,328 | -€164,547 | -51.8% |
| Financial debts | 170/4 | €317,875 | €153,328 | -€164,547 | -51.8% |
| Amounts payable within one year | 42/48 | €644,615 | €561,817 | -€82,798 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | €241,256 | €201,631 | -€39,625 | -16.4% |
| Trade debts | 44 | €738 | €4,888 | +€4,150 | +562% |
| Suppliers | 440/4 | €738 | €4,888 | +€4,150 | +562% |
| Taxes, remuneration and social security | 45 | €66,776 | €130,506 | +€63,730 | +95.4% |
| Taxes | 450/3 | €66,776 | €130,506 | +€63,730 | +95.4% |
| Other amounts payable | 47/48 | €335,844 | €224,791 | -€111,053 | -33.1% |
| Accrued charges and deferred income | 492/3 | €31,961 | €13,590 | -€18,371 | -57.5% |
| Non-recurring operating income | 76A | €3,856 | €0 | -€3,856 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €199,807 | €191,967 | -€7,839 | -3.9% |
| Other operating charges | 640/8 | €94,922 | €97,374 | +€2,453 | +2.6% |
| Gross operating margin | 9900 | €1,125,742 | €1,123,223 | -€2,518 | -0.2% |
| Operating profit (loss) | 9901 | €831,013 | €833,882 | +€2,869 | +0.3% |
| Financial income | 75/76B | €21,323 | €9,661 | -€11,662 | -54.7% |
| Recurring financial income | 75 | €21,323 | €9,661 | -€11,662 | -54.7% |
| Financial charges | 65/66B | €33,191 | €30,417 | -€2,774 | -8.4% |
| Recurring financial charges | 65 | €33,191 | €30,417 | -€2,774 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €819,146 | €813,126 | -€6,019 | -0.7% |
| Transfer from deferred taxes | 780 | €10,946 | €10,946 | = | 0.0% |
| Income taxes | 67/77 | €267,850 | €267,467 | -€382 | -0.1% |
| Profit (loss) for the period | 9904 | €562,243 | €556,605 | -€5,637 | -1.0% |
| Transfer from tax-exempt reserves | 789 | €32,839 | €32,839 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €595,081 | €589,444 | -€5,637 | -0.9% |
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 13 October 2026 via checked.be.