Vert-to: 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.
Vert-to
Largest movements
- Cash -€13,028
down €13,028 (-67.7%), from €19,246 to €6,218
mainly Investment in fixed assets (net) (-€25,525) and Contributions, distributions and other (-€10,226)
- Tangible fixed assets +€9,465
up €9,465 (+4.9%), from €193,605 to €203,070
of which Other tangible fixed assets: +€10,668
- Receivables within one year -€4,640
down €4,640 (-49.2%), from €9,424 to €4,784
of which Trade receivables: -€6,698
- Debts after one year -€6,234
down €6,234 (-4.0%), from €156,145 to €149,912
- Trade debts -€3,756
down €3,756 (-80.3%), from €4,681 to €924
- Other debts +€2,692
up €2,692 (+7.3%), from €36,935 to €39,627
- Depreciation -€2,783
down €2,783 (-14.8%), from €18,844 to €16,061
- Gross operating margin +€1,491
up €1,491 (+3.9%), from €38,163 to €39,654
- Taxes +€715
up €715 (+29.1%), from €2,457 to €3,172
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 | €223,785 | €217,109 | -€6,676 | -3.0% |
| Fixed assets | 21/28 | €193,605 | €203,070 | +€9,465 | +4.9% |
| Tangible fixed assets | 22/27 | €193,605 | €203,070 | +€9,465 | +4.9% |
| Land and buildings | 22 | €173,963 | €166,741 | -€7,222 | -4.2% |
| Plant, machinery and equipment | 23 | €1,411 | €2,337 | +€925 | +65.6% |
| Furniture and vehicles | 24 | €7,140 | €12,233 | +€5,093 | +71.3% |
| Other tangible fixed assets | 26 | €11,090 | €21,758 | +€10,668 | +96.2% |
| Current assets | 29/58 | €30,180 | €14,040 | -€16,140 | -53.5% |
| Amounts receivable within one year | 40/41 | €9,424 | €4,784 | -€4,640 | -49.2% |
| Trade receivables | 40 | €9,424 | €2,725 | -€6,698 | -71.1% |
| Other amounts receivable | 41 | €0 | €2,058 | +€2,058 | |
| Cash at bank and in hand | 54/58 | €19,246 | €6,218 | -€13,028 | -67.7% |
| Deferred charges and accrued income | 490/1 | €1,510 | €3,039 | +€1,528 | +101% |
| Total equity and liabilities | 10/49 | €223,785 | €217,109 | -€6,676 | -3.0% |
| Equity | 10/15 | €12,226 | €14,263 | +€2,037 | +16.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €10,226 | €12,263 | +€2,037 | +19.9% |
| Distributable reserves | 133 | €10,226 | €12,263 | +€2,037 | +19.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €211,559 | €202,847 | -€8,712 | -4.1% |
| Amounts payable after more than one year | 17 | €156,145 | €149,912 | -€6,234 | -4.0% |
| Financial debts | 170/4 | €156,145 | €149,912 | -€6,234 | -4.0% |
| Amounts payable within one year | 42/48 | €54,843 | €52,735 | -€2,109 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €5,975 | €6,234 | +€259 | +4.3% |
| Trade debts | 44 | €4,681 | €924 | -€3,756 | -80.3% |
| Suppliers | 440/4 | €4,681 | €924 | -€3,756 | -80.3% |
| Taxes, remuneration and social security | 45 | €7,253 | €5,950 | -€1,303 | -18.0% |
| Taxes | 450/3 | €6,003 | €4,450 | -€1,553 | -25.9% |
| Remuneration and social security | 454/9 | €1,250 | €1,500 | +€250 | +20.0% |
| Other amounts payable | 47/48 | €36,935 | €39,627 | +€2,692 | +7.3% |
| Accrued charges and deferred income | 492/3 | €570 | €200 | -€370 | -64.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,844 | €16,061 | -€2,783 | -14.8% |
| Other operating charges | 640/8 | €1,029 | €993 | -€36 | -3.5% |
| Gross operating margin | 9900 | €38,163 | €39,654 | +€1,491 | +3.9% |
| Operating profit (loss) | 9901 | €18,290 | €22,600 | +€4,311 | +23.6% |
| Financial income | 75/76B | €8 | €83 | +€75 | +932% |
| Recurring financial income | 75 | €8 | €83 | +€75 | +932% |
| Financial charges | 65/66B | €7,068 | €7,249 | +€181 | +2.6% |
| Recurring financial charges | 65 | €7,068 | €7,249 | +€181 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €11,230 | €15,434 | +€4,205 | +37.4% |
| Income taxes | 67/77 | €2,457 | €3,172 | +€715 | +29.1% |
| Profit (loss) for the period | 9904 | €8,773 | €12,263 | +€3,490 | +39.8% |
| Profit (loss) for the period to be appropriated | 9905 | €8,773 | €12,263 | +€3,490 | +39.8% |
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 15 October 2026 via checked.be.