VERTONGEN-DE MUNCK: 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.
VERTONGEN-DE MUNCK
Largest movements
- Stocks and contracts -€34,620
down €34,620 (-20.8%), from €166,068 to €131,448
- Deferred charges and accrued income +€16,080
up €16,080 (+22.3%), from €72,118 to €88,198
- Tangible fixed assets -€14,963
down €14,963 (-39.7%), from €37,711 to €22,748
of which Land and buildings: -€12,173
- Trade debts +€37,199
up €37,199 (+69.1%), from €53,851 to €91,050
- Other debts -€34,747
down €34,747 (-20.0%), from €173,378 to €138,631
- Reserves -€17,760
down €17,760 (-19.8%), from €89,677 to €71,917
- Debts after one year -€14,561
down €14,561 (-21.3%), from €68,308 to €53,747
- Current portion of long-term debt -€6,232
down €6,232 (-30.0%), from €20,793 to €14,561
- Gross operating margin -€51,637
down €51,637 (-18.2%), from €283,135 to €231,498
- Depreciation -€39,870
down €39,870 (-68.7%), from €58,073 to €18,203
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 | €440,339 | €405,677 | -€34,662 | -7.9% |
| Fixed assets | 21/28 | €38,001 | €23,038 | -€14,963 | -39.4% |
| Tangible fixed assets | 22/27 | €37,711 | €22,748 | -€14,963 | -39.7% |
| Land and buildings | 22 | €16,323 | €4,149 | -€12,173 | -74.6% |
| Plant, machinery and equipment | 23 | €3,338 | €1,810 | -€1,528 | -45.8% |
| Furniture and vehicles | 24 | €18,051 | €16,788 | -€1,262 | -7.0% |
| Financial fixed assets | 28 | €291 | €291 | = | 0.0% |
| Current assets | 29/58 | €402,338 | €382,639 | -€19,699 | -4.9% |
| Stocks and contracts in progress | 3 | €166,068 | €131,448 | -€34,620 | -20.8% |
| Stocks | 30/36 | €166,068 | €131,448 | -€34,620 | -20.8% |
| Amounts receivable within one year | 40/41 | €20,977 | €22,583 | +€1,606 | +7.7% |
| Trade receivables | 40 | €20,977 | €16,663 | -€4,314 | -20.6% |
| Other amounts receivable | 41 | €0 | €5,920 | +€5,920 | |
| Cash at bank and in hand | 54/58 | €143,174 | €140,409 | -€2,765 | -1.9% |
| Deferred charges and accrued income | 490/1 | €72,118 | €88,198 | +€16,080 | +22.3% |
| Total equity and liabilities | 10/49 | €440,339 | €405,677 | -€34,662 | -7.9% |
| Equity | 10/15 | €89,677 | €71,917 | -€17,760 | -19.8% |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €89,677 | €71,917 | -€17,760 | -19.8% |
| Distributable reserves | 133 | €89,677 | €71,917 | -€17,760 | -19.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €350,662 | €333,760 | -€16,902 | -4.8% |
| Amounts payable after more than one year | 17 | €68,308 | €53,747 | -€14,561 | -21.3% |
| Financial debts | 170/4 | €68,308 | €53,747 | -€14,561 | -21.3% |
| Amounts payable within one year | 42/48 | €281,481 | €278,743 | -€2,738 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €20,793 | €14,561 | -€6,232 | -30.0% |
| Trade debts | 44 | €53,851 | €91,050 | +€37,199 | +69.1% |
| Suppliers | 440/4 | €53,851 | €91,050 | +€37,199 | +69.1% |
| Taxes, remuneration and social security | 45 | €33,458 | €34,500 | +€1,042 | +3.1% |
| Taxes | 450/3 | €12,146 | €14,668 | +€2,522 | +20.8% |
| Remuneration and social security | 454/9 | €21,312 | €19,832 | -€1,480 | -6.9% |
| Other amounts payable | 47/48 | €173,378 | €138,631 | -€34,747 | -20.0% |
| Accrued charges and deferred income | 492/3 | €873 | €1,270 | +€397 | +45.5% |
| Remuneration, social security and pensions | 62 | €161,498 | €162,749 | +€1,251 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,073 | €18,203 | -€39,870 | -68.7% |
| Other operating charges | 640/8 | €3,284 | €3,161 | -€123 | -3.8% |
| Gross operating margin | 9900 | €283,135 | €231,498 | -€51,637 | -18.2% |
| Operating profit (loss) | 9901 | €60,280 | €47,385 | -€12,895 | -21.4% |
| Financial income | 75/76B | €721 | €709 | -€12 | -1.7% |
| Recurring financial income | 75 | €721 | €709 | -€12 | -1.7% |
| Financial charges | 65/66B | €3,383 | €2,677 | -€706 | -20.9% |
| Recurring financial charges | 65 | €3,383 | €2,677 | -€706 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €57,618 | €45,417 | -€12,201 | -21.2% |
| Income taxes | 67/77 | €16,022 | €16,272 | +€250 | +1.6% |
| Profit (loss) for the period | 9904 | €41,595 | €29,145 | -€12,451 | -29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €41,595 | €29,145 | -€12,451 | -29.9% |
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 25 October 2026 via checked.be.