VERMU: 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.
VERMU
Largest movements
- Receivables within one year +€895,926
up €895,926 (+36.4%), from €2.5m to €3.4m
of which Other amounts receivable: +€886,246
- Current investments -€824,717
down €824,717 (-100.0%), from €824,717 to €0
- Cash -€157,688
down €157,688 (-98.9%), from €159,369 to €1,680
mainly Receivables within one year (-€895,926) and Contributions, distributions and other (-€664,000)
- Other debts -€259,181
down €259,181 (-95.2%), from €272,245 to €13,063
- Reserves +€127,858
up €127,858 (+2.3%), from €5.6m to €5.7m
- Financial income +€219,144
up €219,144 (+31.8%), from €689,323 to €908,467
- Taxes +€44,680
up €44,680 (+64.9%), from €68,887 to €113,567
- Financial charges -€11,279
down €11,279 (-52.0%), from €21,701 to €10,423
- Gross operating margin -€10,963
down €10,963 (-56.3%), from €19,470 to €8,508
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 | €8,462,755 | €8,376,276 | -€86,479 | -1.0% |
| Fixed assets | 21/28 | €5,015,260 | €5,015,260 | = | 0.0% |
| Financial fixed assets | 28 | €5,015,260 | €5,015,260 | = | 0.0% |
| Current assets | 29/58 | €3,447,495 | €3,361,016 | -€86,479 | -2.5% |
| Amounts receivable within one year | 40/41 | €2,463,410 | €3,359,336 | +€895,926 | +36.4% |
| Trade receivables | 40 | €0 | €9,680 | +€9,680 | |
| Other amounts receivable | 41 | €2,463,410 | €3,349,656 | +€886,246 | +36.0% |
| Current investments | 50/53 | €824,717 | €0 | -€824,717 | -100.0% |
| Cash at bank and in hand | 54/58 | €159,369 | €1,680 | -€157,688 | -98.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €8,462,755 | €8,376,276 | -€86,479 | -1.0% |
| Equity | 10/15 | €8,124,217 | €8,252,075 | +€127,858 | +1.6% |
| Contributions | 10/11 | €2,510,000 | €2,510,000 | = | 0.0% |
| Reserves | 13 | €5,614,217 | €5,742,075 | +€127,858 | +2.3% |
| Distributable reserves | 133 | €5,614,217 | €5,742,075 | +€127,858 | +2.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €338,538 | €124,201 | -€214,337 | -63.3% |
| Amounts payable within one year | 42/48 | €317,161 | €114,101 | -€203,060 | -64.0% |
| Trade debts | 44 | €31 | €413 | +€382 | +1221.2% |
| Suppliers | 440/4 | €31 | €413 | +€382 | +1221.2% |
| Taxes, remuneration and social security | 45 | €44,886 | €100,625 | +€55,739 | +124.2% |
| Taxes | 450/3 | €44,886 | €100,625 | +€55,739 | +124.2% |
| Other amounts payable | 47/48 | €272,245 | €13,063 | -€259,181 | -95.2% |
| Accrued charges and deferred income | 492/3 | €21,376 | €10,100 | -€11,276 | -52.8% |
| Other operating charges | 640/8 | €1,155 | €1,126 | -€29 | -2.5% |
| Gross operating margin | 9900 | €19,470 | €8,508 | -€10,963 | -56.3% |
| Operating profit (loss) | 9901 | €18,315 | €7,381 | -€10,934 | -59.7% |
| Financial income | 75/76B | €689,323 | €908,467 | +€219,144 | +31.8% |
| Recurring financial income | 75 | €689,323 | €908,467 | +€219,144 | +31.8% |
| Financial charges | 65/66B | €21,701 | €10,423 | -€11,279 | -52.0% |
| Recurring financial charges | 65 | €21,701 | €10,423 | -€11,279 | -52.0% |
| Profit (loss) for the period before taxes | 9903 | €685,937 | €905,425 | +€219,488 | +32.0% |
| Income taxes | 67/77 | €68,887 | €113,567 | +€44,680 | +64.9% |
| Profit (loss) for the period | 9904 | €617,050 | €791,858 | +€174,808 | +28.3% |
| Profit (loss) for the period to be appropriated | 9905 | €617,050 | €791,858 | +€174,808 | +28.3% |
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.