VERTCONCEPT: what changed
VERTCONCEPT
Largest movements
- Tangible fixed assets +€440,679
up €440,679 (+338%), from €130,487 to €571,165
of which Land and buildings: +€400,000
- Cash -€127,679
down €127,679 (-73.2%), from €174,486 to €46,808
mainly Investment in fixed assets (net) (-€505,639) and Stocks and contracts (-€106,811)
- Stocks and contracts +€106,811
up €106,811 (+325%), from €32,822 to €139,633
- Debts after one year +€429,193
up €429,193 (+931%), from €46,097 to €475,290
- Profit (loss) carried forward -€52,829
down €52,829 (-56.6%), from €93,393 to €40,565
- Current portion of long-term debt +€42,342
up €42,342 (+49.6%), from €85,402 to €127,744
- Trade debts +€30,205
up €30,205 (+34.7%), from €86,972 to €117,177
- Other debts -€26,815
down €26,815 (-35.2%), from €76,262 to €49,447
- Gross operating margin -€108,854
down €108,854 (-18.4%), from €592,465 to €483,610
- Staff costs -€28,288
down €28,288 (-6.1%), from €462,346 to €434,058
- Depreciation +€13,202
up €13,202 (+22.0%), from €60,111 to €73,313
- Taxes -€12,006
down €12,006 (-98.6%), from €12,176 to €170
- Financial charges +€9,392
up €9,392 (+62.1%), from €15,132 to €24,524
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €463,409 | €872,785 | +€409,376 | +88.3% |
| Fixed assets | 21/28 | €151,871 | €584,196 | +€432,326 | +285% |
| Intangible fixed assets | 21 | €20,798 | €12,445 | -€8,353 | -40.2% |
| Tangible fixed assets | 22/27 | €130,487 | €571,165 | +€440,679 | +338% |
| Land and buildings | 22 | - | €400,000 | +€400,000 | |
| Plant, machinery and equipment | 23 | €19,736 | €42,867 | +€23,130 | +117% |
| Furniture and vehicles | 24 | €51,629 | €55,934 | +€4,305 | +8.3% |
| Leasing and similar rights | 25 | €59,121 | €72,364 | +€13,243 | +22.4% |
| Financial fixed assets | 28 | €586 | €586 | = | 0.0% |
| Current assets | 29/58 | €311,538 | €288,588 | -€22,950 | -7.4% |
| Stocks and contracts in progress | 3 | €32,822 | €139,633 | +€106,811 | +325% |
| Stocks | 30/36 | €32,822 | €139,633 | +€106,811 | +325% |
| Amounts receivable within one year | 40/41 | €93,637 | €92,016 | -€1,621 | -1.7% |
| Trade receivables | 40 | €92,313 | €90,640 | -€1,673 | -1.8% |
| Other amounts receivable | 41 | €1,324 | €1,376 | +€52 | +3.9% |
| Cash at bank and in hand | 54/58 | €174,486 | €46,808 | -€127,679 | -73.2% |
| Deferred charges and accrued income | 490/1 | €10,593 | €10,132 | -€461 | -4.4% |
| Total equity and liabilities | 10/49 | €463,409 | €872,785 | +€409,376 | +88.3% |
| Equity | 10/15 | €101,453 | €48,625 | -€52,829 | -52.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €93,393 | €40,565 | -€52,829 | -56.6% |
| Amounts payable | 17/49 | €361,956 | €824,160 | +€462,205 | +128% |
| Amounts payable after more than one year | 17 | €46,097 | €475,290 | +€429,193 | +931% |
| Financial debts | 170/4 | €46,097 | €475,290 | +€429,193 | +931% |
| Amounts payable within one year | 42/48 | €315,859 | €348,870 | +€33,012 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €85,402 | €127,744 | +€42,342 | +49.6% |
| Trade debts | 44 | €86,972 | €117,177 | +€30,205 | +34.7% |
| Suppliers | 440/4 | €86,972 | €117,177 | +€30,205 | +34.7% |
| Taxes, remuneration and social security | 45 | €67,223 | €54,503 | -€12,720 | -18.9% |
| Taxes | 450/3 | €11,873 | €14,117 | +€2,244 | +18.9% |
| Remuneration and social security | 454/9 | €55,350 | €40,386 | -€14,964 | -27.0% |
| Other amounts payable | 47/48 | €76,262 | €49,447 | -€26,815 | -35.2% |
| Non-recurring operating income | 76A | - | €396 | +€396 | |
| Remuneration, social security and pensions | 62 | €462,346 | €434,058 | -€28,288 | -6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,111 | €73,313 | +€13,202 | +22.0% |
| Other operating charges | 640/8 | €4,883 | €4,380 | -€503 | -10.3% |
| Gross operating margin | 9900 | €592,465 | €483,610 | -€108,854 | -18.4% |
| Operating profit (loss) | 9901 | €65,125 | -€28,141 | -€93,265 | |
| Financial income | 75/76B | €129 | €6 | -€122 | -95.0% |
| Recurring financial income | 75 | €129 | €6 | -€122 | -95.0% |
| Financial charges | 65/66B | €15,132 | €24,524 | +€9,392 | +62.1% |
| Recurring financial charges | 65 | €15,132 | €24,524 | +€9,392 | +62.1% |
| Profit (loss) for the period before taxes | 9903 | €50,122 | -€52,658 | -€102,780 | |
| Income taxes | 67/77 | €12,176 | €170 | -€12,006 | -98.6% |
| Profit (loss) for the period | 9904 | €37,946 | -€52,829 | -€90,774 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,946 | -€52,829 | -€90,774 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.