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
- Receivables within one year +€51,906
up €51,906 (+135.4%), from €38,346 to €90,252
of which Trade receivables: +€51,102
- Tangible fixed assets +€5,516
up €5,516 (+152.8%), from €3,610 to €9,126
of which Plant, machinery and equipment: +€6,327
- Cash -€1,905
down €1,905 (-18.3%), from €10,386 to €8,481
mainly Receivables within one year (-€51,906) and Tax, wage and social debts (-€9,974)
- Trade debts +€31,456
up €31,456 (+276.9%), from €11,361 to €42,817
- Other debts +€19,101
new in 2025: €19,101
- Profit (loss) carried forward +€14,369
up €14,369 (+68.7%), from €20,901 to €35,270
- Tax, wage and social debts -€9,974
down €9,974 (-71.6%), from €13,921 to €3,947
- Gross operating margin +€4,872
up €4,872 (+24.8%), from €19,670 to €24,541
- Depreciation +€1,562
up €1,562 (+64.5%), from €2,423 to €3,985
- Other operating charges +€627
up €627 (+91.2%), from €687 to €1,314
- Financial charges +€584
up €584 (+170.2%), from €343 to €927
- Taxes +€348
up €348 (+9.7%), from €3,599 to €3,947
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 | €54,183 | €109,192 | +€55,009 | +101.5% |
| Formation expenses | 20 | €1,786 | €1,277 | -€508 | -28.5% |
| Fixed assets | 21/28 | €3,665 | €9,181 | +€5,516 | +150.5% |
| Tangible fixed assets | 22/27 | €3,610 | €9,126 | +€5,516 | +152.8% |
| Plant, machinery and equipment | 23 | - | €6,327 | +€6,327 | |
| Furniture and vehicles | 24 | €3,610 | €2,799 | -€811 | -22.5% |
| Financial fixed assets | 28 | €55 | €55 | = | 0.0% |
| Current assets | 29/58 | €48,732 | €98,733 | +€50,001 | +102.6% |
| Amounts receivable within one year | 40/41 | €38,346 | €90,252 | +€51,906 | +135.4% |
| Trade receivables | 40 | €34,923 | €86,024 | +€51,102 | +146.3% |
| Other amounts receivable | 41 | €3,423 | €4,228 | +€804 | +23.5% |
| Cash at bank and in hand | 54/58 | €10,386 | €8,481 | -€1,905 | -18.3% |
| Total equity and liabilities | 10/49 | €54,183 | €109,192 | +€55,009 | +101.5% |
| Equity | 10/15 | €28,901 | €43,270 | +€14,369 | +49.7% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,901 | €35,270 | +€14,369 | +68.7% |
| Amounts payable | 17/49 | €25,281 | €65,921 | +€40,640 | +160.7% |
| Amounts payable within one year | 42/48 | €25,281 | €65,865 | +€40,584 | +160.5% |
| Trade debts | 44 | €11,361 | €42,817 | +€31,456 | +276.9% |
| Suppliers | 440/4 | €11,361 | €42,817 | +€31,456 | +276.9% |
| Taxes, remuneration and social security | 45 | €13,921 | €3,947 | -€9,974 | -71.6% |
| Taxes | 450/3 | €13,921 | €3,947 | -€9,974 | -71.6% |
| Other amounts payable | 47/48 | - | €19,101 | +€19,101 | |
| Accrued charges and deferred income | 492/3 | - | €56 | +€56 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,423 | €3,985 | +€1,562 | +64.5% |
| Other operating charges | 640/8 | €687 | €1,314 | +€627 | +91.2% |
| Gross operating margin | 9900 | €19,670 | €24,541 | +€4,872 | +24.8% |
| Operating profit (loss) | 9901 | €16,559 | €19,243 | +€2,683 | +16.2% |
| Financial income | 75/76B | €5 | €0 | -€5 | -100.0% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -100.0% |
| Financial charges | 65/66B | €343 | €927 | +€584 | +170.2% |
| Recurring financial charges | 65 | €343 | €927 | +€584 | +170.2% |
| Profit (loss) for the period before taxes | 9903 | €16,222 | €18,316 | +€2,094 | +12.9% |
| Income taxes | 67/77 | €3,599 | €3,947 | +€348 | +9.7% |
| Profit (loss) for the period | 9904 | €12,623 | €14,369 | +€1,746 | +13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,623 | €14,369 | +€1,746 | +13.8% |
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 30 September 2026 via checked.be.