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.
VERMEERSCH LUC
Largest movements
- Receivables within one year -€103,900
down €103,900 (-73.5%), from €141,296 to €37,396
of which Trade receivables: -€102,980
- Stocks and contracts -€28,700
down €28,700 (-30.3%), from €94,630 to €65,930
of which Contracts in progress: -€34,100
- Tangible fixed assets -€25,848
down €25,848 (-26.4%), from €98,073 to €72,225
of which Land and buildings: -€19,863
- Cash +€19,772
up €19,772 (+122.5%), from €16,145 to €35,917
mainly Receivables within one year (+€103,900) and Depreciation (+€29,210)
- Other debts -€64,355
down €64,355 (-47.5%), from €135,541 to €71,186
- Profit (loss) carried forward -€56,247
down €56,247 (-95.5%), from €58,904 to €2,658
- Accrued charges and deferred income -€7,797
down €7,797 (-51.6%), from €15,115 to €7,318
- Tax, wage and social debts -€5,487
down €5,487 (-88.1%), from €6,226 to €739
of which Taxes: -€2,991
- Debts after one year -€4,407
no longer reported in 2025 (was €4,407)
- Gross operating margin -€88,221
down €88,221 (-64.3%), from €137,254 to €49,033
- Staff costs -€65,349
down €65,349 (-52.3%), from €124,969 to €59,619
- Financial charges -€20,262
down €20,262 (-63.6%), from €31,838 to €11,576
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 | €356,884 | €217,418 | -€139,466 | -39.1% |
| Fixed assets | 21/28 | €98,073 | €72,225 | -€25,848 | -26.4% |
| Tangible fixed assets | 22/27 | €98,073 | €72,225 | -€25,848 | -26.4% |
| Land and buildings | 22 | €69,848 | €49,985 | -€19,863 | -28.4% |
| Plant, machinery and equipment | 23 | €10,409 | €8,511 | -€1,898 | -18.2% |
| Furniture and vehicles | 24 | - | €663 | +€663 | |
| Leasing and similar rights | 25 | €17,816 | €13,066 | -€4,750 | -26.7% |
| Current assets | 29/58 | €258,811 | €145,194 | -€113,617 | -43.9% |
| Stocks and contracts in progress | 3 | €94,630 | €65,930 | -€28,700 | -30.3% |
| Stocks | 30/36 | €25,530 | €30,930 | +€5,400 | +21.2% |
| Contracts in progress | 37 | €69,100 | €35,000 | -€34,100 | -49.3% |
| Amounts receivable within one year | 40/41 | €141,296 | €37,396 | -€103,900 | -73.5% |
| Trade receivables | 40 | €133,525 | €30,545 | -€102,980 | -77.1% |
| Other amounts receivable | 41 | €7,770 | €6,851 | -€920 | -11.8% |
| Cash at bank and in hand | 54/58 | €16,145 | €35,917 | +€19,772 | +122.5% |
| Deferred charges and accrued income | 490/1 | €6,741 | €5,951 | -€789 | -11.7% |
| Total equity and liabilities | 10/49 | €356,884 | €217,418 | -€139,466 | -39.1% |
| Equity | 10/15 | €118,532 | €62,286 | -€56,247 | -47.5% |
| Contributions | 10/11 | €35,084 | €35,084 | = | 0.0% |
| Reserves | 13 | €24,543 | €24,543 | = | 0.0% |
| Tax-exempt reserves | 132 | €24,543 | €24,543 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,904 | €2,658 | -€56,247 | -95.5% |
| Amounts payable | 17/49 | €238,352 | €155,133 | -€83,219 | -34.9% |
| Amounts payable after more than one year | 17 | €4,407 | - | -€4,407 | |
| Financial debts | 170/4 | €4,407 | - | -€4,407 | |
| Amounts payable within one year | 42/48 | €218,830 | €147,815 | -€71,016 | -32.5% |
| Current portion of amounts payable after more than one year | 42 | €6,254 | €4,404 | -€1,850 | -29.6% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €20,810 | €21,486 | +€676 | +3.3% |
| Suppliers | 440/4 | €20,810 | €21,486 | +€676 | +3.3% |
| Taxes, remuneration and social security | 45 | €6,226 | €739 | -€5,487 | -88.1% |
| Taxes | 450/3 | €3,168 | €176 | -€2,991 | -94.4% |
| Remuneration and social security | 454/9 | €3,058 | €562 | -€2,496 | -81.6% |
| Other amounts payable | 47/48 | €135,541 | €71,186 | -€64,355 | -47.5% |
| Accrued charges and deferred income | 492/3 | €15,115 | €7,318 | -€7,797 | -51.6% |
| Non-recurring operating income | 76A | - | €681 | +€681 | |
| Remuneration, social security and pensions | 62 | €124,969 | €59,619 | -€65,349 | -52.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,059 | €29,210 | -€848 | -2.8% |
| Other operating charges | 640/8 | €4,871 | €4,883 | +€12 | +0.2% |
| Gross operating margin | 9900 | €137,254 | €49,033 | -€88,221 | -64.3% |
| Operating profit (loss) | 9901 | -€22,644 | -€44,679 | -€22,035 | -97.3% |
| Financial income | 75/76B | €581 | €187 | -€394 | -67.7% |
| Recurring financial income | 75 | €581 | €187 | -€394 | -67.7% |
| Financial charges | 65/66B | €31,838 | €11,576 | -€20,262 | -63.6% |
| Recurring financial charges | 65 | €31,838 | €11,576 | -€20,262 | -63.6% |
| Profit (loss) for the period before taxes | 9903 | -€53,901 | -€56,067 | -€2,167 | -4.0% |
| Income taxes | 67/77 | €2 | €179 | +€177 | +9531.2% |
| Profit (loss) for the period | 9904 | -€53,903 | -€56,247 | -€2,344 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€53,903 | -€56,247 | -€2,344 | -4.3% |
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 27 September 2026 via checked.be.