Vertec: 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.
Vertec
Largest movements
- Cash -€109,369
down €109,369 (-73.6%), from €148,560 to €39,191
mainly Contributions, distributions and other (-€180,000) and Net result for the year (-€93,246)
- Receivables within one year +€70,037
up €70,037 (+118.4%), from €59,150 to €129,187
of which Trade receivables: +€57,651
- Tangible fixed assets +€49,149
up €49,149 (+12.2%), from €401,494 to €450,643
of which Furniture and vehicles: +€31,929
- Intangible fixed assets +€19,010
new in 2025: €19,010
- Deferred charges and accrued income +€12,293
up €12,293 (+54.6%), from €22,505 to €34,798
- Other debts +€207,739
up €207,739 (+292.5%), from €71,027 to €278,767
- Reserves -€180,000
down €180,000 (-32.7%), from €550,793 to €370,793
- Profit (loss) carried forward -€93,246
down €93,246 (-398.9%), from -€23,374 to -€116,621
- Trade debts +€48,472
up €48,472 (+306.5%), from €15,817 to €64,289
- Current portion of long-term debt +€23,915
up €23,915 (+104.1%), from €22,983 to €46,897
- Staff costs +€51,499
up €51,499 (+87.5%), from €58,882 to €110,381
- Financial charges +€27,204
up €27,204 (+58.8%), from €46,302 to €73,505
- Gross operating margin +€16,414
up €16,414 (+17.1%), from €95,824 to €112,238
- Other operating charges +€9,383
up €9,383 (+446.2%), from €2,103 to €11,486
- Depreciation -€5,540
down €5,540 (-20.2%), from €27,481 to €21,941
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 | €853,638 | €894,759 | +€41,121 | +4.8% |
| Fixed assets | 21/28 | €401,494 | €469,653 | +€68,159 | +17.0% |
| Intangible fixed assets | 21 | - | €19,010 | +€19,010 | |
| Tangible fixed assets | 22/27 | €401,494 | €450,643 | +€49,149 | +12.2% |
| Land and buildings | 22 | €388,020 | €385,015 | -€3,005 | -0.8% |
| Plant, machinery and equipment | 23 | €3,468 | €3,228 | -€240 | -6.9% |
| Furniture and vehicles | 24 | €5,592 | €37,520 | +€31,929 | +571.0% |
| Other tangible fixed assets | 26 | €4,414 | €24,880 | +€20,466 | +463.6% |
| Current assets | 29/58 | €452,145 | €425,106 | -€27,038 | -6.0% |
| Amounts receivable after more than one year | 29 | €221,931 | €221,931 | = | 0.0% |
| Other amounts receivable | 291 | €221,931 | €221,931 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €59,150 | €129,187 | +€70,037 | +118.4% |
| Trade receivables | 40 | €57,046 | €114,697 | +€57,651 | +101.1% |
| Other amounts receivable | 41 | €2,104 | €14,491 | +€12,386 | +588.7% |
| Cash at bank and in hand | 54/58 | €148,560 | €39,191 | -€109,369 | -73.6% |
| Deferred charges and accrued income | 490/1 | €22,505 | €34,798 | +€12,293 | +54.6% |
| Total equity and liabilities | 10/49 | €853,638 | €894,759 | +€41,121 | +4.8% |
| Equity | 10/15 | €532,419 | €259,172 | -€273,246 | -51.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €550,793 | €370,793 | -€180,000 | -32.7% |
| Distributable reserves | 133 | €550,793 | €370,793 | -€180,000 | -32.7% |
| Profit (loss) carried forward | 14 | -€23,374 | -€116,621 | -€93,246 | -398.9% |
| Amounts payable | 17/49 | €321,220 | €635,587 | +€314,367 | +97.9% |
| Amounts payable after more than one year | 17 | €183,425 | €194,062 | +€10,638 | +5.8% |
| Financial debts | 170/4 | €183,425 | €194,062 | +€10,638 | +5.8% |
| Amounts payable within one year | 42/48 | €137,795 | €441,524 | +€303,729 | +220.4% |
| Current portion of amounts payable after more than one year | 42 | €22,983 | €46,897 | +€23,915 | +104.1% |
| Trade debts | 44 | €15,817 | €64,289 | +€48,472 | +306.5% |
| Suppliers | 440/4 | €15,817 | €64,289 | +€48,472 | +306.5% |
| Taxes, remuneration and social security | 45 | €27,968 | €51,571 | +€23,603 | +84.4% |
| Taxes | 450/3 | €21,240 | €45,826 | +€24,586 | +115.8% |
| Remuneration and social security | 454/9 | €6,728 | €5,745 | -€983 | -14.6% |
| Other amounts payable | 47/48 | €71,027 | €278,767 | +€207,739 | +292.5% |
| Non-recurring operating income | 76A | €12,166 | - | -€12,166 | |
| Remuneration, social security and pensions | 62 | €58,882 | €110,381 | +€51,499 | +87.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,481 | €21,941 | -€5,540 | -20.2% |
| Other operating charges | 640/8 | €2,103 | €11,486 | +€9,383 | +446.2% |
| Non-recurring operating charges | 66A | - | €169 | +€169 | |
| Gross operating margin | 9900 | €95,824 | €112,238 | +€16,414 | +17.1% |
| Operating profit (loss) | 9901 | €7,358 | -€31,739 | -€39,096 | |
| Financial income | 75/76B | €15,049 | €12,653 | -€2,396 | -15.9% |
| Recurring financial income | 75 | €15,049 | €12,653 | -€2,396 | -15.9% |
| Financial charges | 65/66B | €46,302 | €73,505 | +€27,204 | +58.8% |
| Recurring financial charges | 65 | €46,302 | €73,505 | +€27,204 | +58.8% |
| Profit (loss) for the period before taxes | 9903 | -€23,895 | -€92,591 | -€68,696 | -287.5% |
| Income taxes | 67/77 | -€521 | €655 | +€1,176 | |
| Profit (loss) for the period | 9904 | -€23,374 | -€93,246 | -€69,872 | -298.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,374 | -€93,246 | -€69,872 | -298.9% |
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 5 October 2026 via checked.be.