J.P. VERTUEL: 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.
J.P. VERTUEL
Largest movements
- Cash -€8,158
down €8,158 (-13.9%), from €58,670 to €50,512
mainly Short-term financial debts (-€25,000) and Receivables within one year (-€870)
- Tangible fixed assets -€1,812
down €1,812 (-88.4%), from €2,050 to €238
- Short-term financial debts -€25,000
down €25,000 (-45.5%), from €55,000 to €30,000
- Trade debts +€11,032
up €11,032 (+41.3%), from €26,735 to €37,767
- Profit (loss) carried forward +€3,736
up €3,736 (+4.4%), from -€84,763 to -€81,027
- Tax, wage and social debts +€1,097
up €1,097 (+6.3%), from €17,539 to €18,636
of which Taxes: +€676
- Gross operating margin -€64,744
down €64,744 (-40.4%), from €160,317 to €95,573
- Staff costs -€8,448
down €8,448 (-9.2%), from €91,344 to €82,896
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 | €88,882 | €79,748 | -€9,134 | -10.3% |
| Fixed assets | 21/28 | €4,079 | €2,267 | -€1,812 | -44.4% |
| Tangible fixed assets | 22/27 | €2,050 | €238 | -€1,812 | -88.4% |
| Plant, machinery and equipment | 23 | €2,050 | €238 | -€1,812 | -88.4% |
| Financial fixed assets | 28 | €2,029 | €2,029 | = | 0.0% |
| Current assets | 29/58 | €84,803 | €77,481 | -€7,322 | -8.6% |
| Stocks and contracts in progress | 3 | €14,660 | €14,626 | -€33 | -0.2% |
| Stocks | 30/36 | €14,660 | €14,626 | -€33 | -0.2% |
| Amounts receivable within one year | 40/41 | €11,473 | €12,343 | +€870 | +7.6% |
| Trade receivables | 40 | €6,467 | €6,467 | = | 0.0% |
| Other amounts receivable | 41 | €5,006 | €5,876 | +€870 | +17.4% |
| Cash at bank and in hand | 54/58 | €58,670 | €50,512 | -€8,158 | -13.9% |
| Total equity and liabilities | 10/49 | €88,882 | €79,748 | -€9,134 | -10.3% |
| Equity | 10/15 | -€53,157 | -€49,420 | +€3,736 | +7.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €13,014 | €13,014 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €11,155 | €11,155 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€84,763 | -€81,027 | +€3,736 | +4.4% |
| Amounts payable | 17/49 | €142,039 | €129,169 | -€12,870 | -9.1% |
| Amounts payable within one year | 42/48 | €139,639 | €126,769 | -€12,870 | -9.2% |
| Financial debts | 43 | €55,000 | €30,000 | -€25,000 | -45.5% |
| Credit institutions | 430/8 | €55,000 | €30,000 | -€25,000 | -45.5% |
| Trade debts | 44 | €26,735 | €37,767 | +€11,032 | +41.3% |
| Suppliers | 440/4 | €26,735 | €37,767 | +€11,032 | +41.3% |
| Taxes, remuneration and social security | 45 | €17,539 | €18,636 | +€1,097 | +6.3% |
| Taxes | 450/3 | €12,621 | €13,296 | +€676 | +5.4% |
| Remuneration and social security | 454/9 | €4,918 | €5,340 | +€422 | +8.6% |
| Other amounts payable | 47/48 | €40,365 | €40,365 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,400 | €2,400 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €91,344 | €82,896 | -€8,448 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,812 | €1,812 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,288 | €1,492 | +€204 | +15.8% |
| Gross operating margin | 9900 | €160,317 | €95,573 | -€64,744 | -40.4% |
| Operating profit (loss) | 9901 | €65,873 | €9,373 | -€56,499 | -85.8% |
| Financial income | 75/76B | €200 | €15 | -€186 | -92.7% |
| Recurring financial income | 75 | €200 | €15 | -€186 | -92.7% |
| Financial charges | 65/66B | €5,584 | €5,652 | +€68 | +1.2% |
| Recurring financial charges | 65 | €5,584 | €5,652 | +€68 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €60,489 | €3,736 | -€56,753 | -93.8% |
| Income taxes | 67/77 | €364 | - | -€364 | |
| Profit (loss) for the period | 9904 | €60,125 | €3,736 | -€56,388 | -93.8% |
| Profit (loss) for the period to be appropriated | 9905 | €60,125 | €3,736 | -€56,388 | -93.8% |
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.