Vervloet MSM: 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.
Vervloet MSM
Largest movements
- Cash +€36,334
up €36,334 (+55.9%), from €64,964 to €101,297
mainly Net result for the year (+€69,881) and Other debts (+€41,484)
- Tangible fixed assets -€17,708
down €17,708 (-20.6%), from €85,911 to €68,203
of which Furniture and vehicles: -€14,960
- Receivables within one year +€3,962
up €3,962 (+25.1%), from €15,757 to €19,719
of which Trade receivables: +€3,603
- Other debts +€41,484
up €41,484 (+83.9%), from €49,427 to €90,910
- Reserves -€22,511
down €22,511 (-69.5%), from €32,392 to €9,881
- Tax, wage and social debts +€17,486
up €17,486 (+163%), from €10,705 to €28,190
- Debts after one year -€12,681
down €12,681 (-32.3%), from €39,293 to €26,612
- Gross operating margin +€36,748
up €36,748 (+47.7%), from €77,047 to €113,795
- Depreciation +€12,039
up €12,039 (+180%), from €6,670 to €18,709
- Taxes +€5,733
up €5,733 (+38.5%), from €14,908 to €20,641
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 | €166,632 | €189,219 | +€22,587 | +13.6% |
| Fixed assets | 21/28 | €85,911 | €68,203 | -€17,708 | -20.6% |
| Tangible fixed assets | 22/27 | €85,911 | €68,203 | -€17,708 | -20.6% |
| Plant, machinery and equipment | 23 | €1,506 | €1,088 | -€417 | -27.7% |
| Furniture and vehicles | 24 | €68,164 | €53,204 | -€14,960 | -21.9% |
| Other tangible fixed assets | 26 | €16,242 | €13,911 | -€2,331 | -14.4% |
| Current assets | 29/58 | €80,721 | €121,016 | +€40,295 | +49.9% |
| Amounts receivable within one year | 40/41 | €15,757 | €19,719 | +€3,962 | +25.1% |
| Trade receivables | 40 | €15,757 | €19,360 | +€3,603 | +22.9% |
| Other amounts receivable | 41 | €0 | €359 | +€359 | |
| Cash at bank and in hand | 54/58 | €64,964 | €101,297 | +€36,334 | +55.9% |
| Total equity and liabilities | 10/49 | €166,632 | €189,219 | +€22,587 | +13.6% |
| Equity | 10/15 | €50,992 | €28,481 | -€22,511 | -44.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,392 | €9,881 | -€22,511 | -69.5% |
| Distributable reserves | 133 | €32,392 | €9,881 | -€22,511 | -69.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €115,640 | €160,738 | +€45,098 | +39.0% |
| Amounts payable after more than one year | 17 | €39,293 | €26,612 | -€12,681 | -32.3% |
| Financial debts | 170/4 | €39,293 | €26,612 | -€12,681 | -32.3% |
| Amounts payable within one year | 42/48 | €76,347 | €134,126 | +€57,779 | +75.7% |
| Current portion of amounts payable after more than one year | 42 | €12,282 | €12,681 | +€399 | +3.2% |
| Trade debts | 44 | €3,933 | €2,344 | -€1,590 | -40.4% |
| Suppliers | 440/4 | €3,933 | €2,344 | -€1,590 | -40.4% |
| Taxes, remuneration and social security | 45 | €10,705 | €28,190 | +€17,486 | +163% |
| Taxes | 450/3 | €10,705 | €28,190 | +€17,486 | +163% |
| Other amounts payable | 47/48 | €49,427 | €90,910 | +€41,484 | +83.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €8,884 | €0 | -€8,884 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,670 | €18,709 | +€12,039 | +180% |
| Other operating charges | 640/8 | €1,867 | €1,419 | -€448 | -24.0% |
| Non-recurring operating charges | 66A | €0 | €72 | +€72 | |
| Gross operating margin | 9900 | €77,047 | €113,795 | +€36,748 | +47.7% |
| Operating profit (loss) | 9901 | €68,510 | €93,595 | +€25,085 | +36.6% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €2,043 | €3,072 | +€1,030 | +50.4% |
| Recurring financial charges | 65 | €2,043 | €3,072 | +€1,030 | +50.4% |
| Profit (loss) for the period before taxes | 9903 | €66,467 | €90,523 | +€24,055 | +36.2% |
| Income taxes | 67/77 | €14,908 | €20,641 | +€5,733 | +38.5% |
| Profit (loss) for the period | 9904 | €51,559 | €69,881 | +€18,322 | +35.5% |
| Profit (loss) for the period to be appropriated | 9905 | €51,559 | €69,881 | +€18,322 | +35.5% |
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 31 October 2026 via checked.be.