AARSEETH VERTIER: 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.
AARSEETH VERTIER
Largest movements
- Cash +€99,618
up €99,618 (+163.5%), from €60,943 to €160,561
mainly Net result for the year (+€107,483) and Current investments (+€60,000)
- Current investments -€60,000
no longer reported in 2025 (was €60,000)
- Tangible fixed assets -€14,890
down €14,890 (-28.6%), from €52,100 to €37,211
of which Other tangible fixed assets: -€9,037
- Intangible fixed assets -€10,000
down €10,000 (-50.0%), from €20,000 to €10,000
- Other debts +€15,606
up €15,606 (+11.5%), from €135,175 to €150,781
- Debts after one year -€14,873
down €14,873 (-51.7%), from €28,767 to €13,894
- Tax, wage and social debts +€11,858
up €11,858 (+46.9%), from €25,275 to €37,133
of which Taxes: +€11,858
- Gross operating margin -€11,418
down €11,418 (-5.5%), from €208,727 to €197,309
- Depreciation -€6,820
down €6,820 (-18.7%), from €36,540 to €29,720
- Other operating charges -€6,011
down €6,011 (-70.8%), from €8,496 to €2,484
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 | €224,896 | €237,610 | +€12,714 | +5.7% |
| Fixed assets | 21/28 | €72,100 | €47,211 | -€24,890 | -34.5% |
| Intangible fixed assets | 21 | €20,000 | €10,000 | -€10,000 | -50.0% |
| Tangible fixed assets | 22/27 | €52,100 | €37,211 | -€14,890 | -28.6% |
| Plant, machinery and equipment | 23 | €5,299 | €7,128 | +€1,830 | +34.5% |
| Furniture and vehicles | 24 | €11,914 | €4,232 | -€7,683 | -64.5% |
| Other tangible fixed assets | 26 | €34,887 | €25,851 | -€9,037 | -25.9% |
| Current assets | 29/58 | €152,796 | €190,400 | +€37,604 | +24.6% |
| Stocks and contracts in progress | 3 | €27,584 | €25,279 | -€2,305 | -8.4% |
| Stocks | 30/36 | €27,584 | €25,279 | -€2,305 | -8.4% |
| Amounts receivable within one year | 40/41 | €2,199 | €2,141 | -€58 | -2.6% |
| Trade receivables | 40 | €1,126 | €968 | -€158 | -14.1% |
| Other amounts receivable | 41 | €1,073 | €1,173 | +€101 | +9.4% |
| Current investments | 50/53 | €60,000 | - | -€60,000 | |
| Cash at bank and in hand | 54/58 | €60,943 | €160,561 | +€99,618 | +163.5% |
| Deferred charges and accrued income | 490/1 | €2,070 | €2,419 | +€348 | +16.8% |
| Total equity and liabilities | 10/49 | €224,896 | €237,610 | +€12,714 | +5.7% |
| Equity | 10/15 | €10,538 | €10,621 | +€83 | +0.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €538 | €621 | +€83 | +15.4% |
| Distributable reserves | 133 | €538 | €621 | +€83 | +15.4% |
| Amounts payable | 17/49 | €214,358 | €226,989 | +€12,631 | +5.9% |
| Amounts payable after more than one year | 17 | €28,767 | €13,894 | -€14,873 | -51.7% |
| Financial debts | 170/4 | €28,767 | €13,894 | -€14,873 | -51.7% |
| Amounts payable within one year | 42/48 | €185,127 | €211,910 | +€26,783 | +14.5% |
| Current portion of amounts payable after more than one year | 42 | €17,181 | €14,873 | -€2,308 | -13.4% |
| Trade debts | 44 | €7,496 | €9,123 | +€1,626 | +21.7% |
| Suppliers | 440/4 | €7,496 | €9,123 | +€1,626 | +21.7% |
| Taxes, remuneration and social security | 45 | €25,275 | €37,133 | +€11,858 | +46.9% |
| Taxes | 450/3 | €24,375 | €36,233 | +€11,858 | +48.6% |
| Remuneration and social security | 454/9 | €900 | €900 | = | 0.0% |
| Other amounts payable | 47/48 | €135,175 | €150,781 | +€15,606 | +11.5% |
| Accrued charges and deferred income | 492/3 | €464 | €1,185 | +€721 | +155.5% |
| Remuneration, social security and pensions | 62 | €15,498 | €17,232 | +€1,734 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,540 | €29,720 | -€6,820 | -18.7% |
| Other operating charges | 640/8 | €8,496 | €2,484 | -€6,011 | -70.8% |
| Gross operating margin | 9900 | €208,727 | €197,309 | -€11,418 | -5.5% |
| Operating profit (loss) | 9901 | €148,193 | €147,872 | -€321 | -0.2% |
| Financial income | 75/76B | €906 | €570 | -€336 | -37.1% |
| Recurring financial income | 75 | €906 | €570 | -€336 | -37.1% |
| Financial charges | 65/66B | €5,458 | €3,672 | -€1,787 | -32.7% |
| Recurring financial charges | 65 | €5,458 | €3,672 | -€1,787 | -32.7% |
| Profit (loss) for the period before taxes | 9903 | €143,641 | €144,771 | +€1,130 | +0.8% |
| Income taxes | 67/77 | €37,196 | €37,288 | +€91 | +0.2% |
| Profit (loss) for the period | 9904 | €106,444 | €107,483 | +€1,039 | +1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €106,444 | €107,483 | +€1,039 | +1.0% |
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 12 October 2026 via checked.be.