VERTEM CONSEIL: 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.
VERTEM CONSEIL
Largest movements
- Current investments +€447,759
up €447,759 (+71.5%), from €626,294 to €1.1m
- Cash -€444,781
down €444,781 (-29.2%), from €1.5m to €1.1m
mainly Current investments (-€447,759) and Investment in fixed assets (net) (-€137,536)
- Tangible fixed assets +€115,469
up €115,469 (+13.1%), from €883,128 to €998,598
of which Land and buildings: +€118,620
- Receivables within one year -€99,458
down €99,458 (-76.0%), from €130,851 to €31,393
of which Other amounts receivable: -€89,372
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€27,469
down €27,469 (-26.0%), from €105,460 to €77,991
- Gross operating margin -€22,437
down €22,437, from €6,756 to -€15,680
- Taxes -€11,688
down €11,688 (-71.8%), from €16,286 to €4,598
- Depreciation +€11,491
up €11,491 (+109%), from €10,575 to €22,066
- Financial charges -€7,399
down €7,399, from €2,912 to -€4,487
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 | €3,166,717 | €3,185,257 | +€18,540 | +0.6% |
| Fixed assets | 21/28 | €883,128 | €998,598 | +€115,469 | +13.1% |
| Tangible fixed assets | 22/27 | €883,128 | €998,598 | +€115,469 | +13.1% |
| Land and buildings | 22 | €879,978 | €998,598 | +€118,620 | +13.5% |
| Furniture and vehicles | 24 | €3,151 | - | -€3,151 | |
| Current assets | 29/58 | €2,283,589 | €2,186,660 | -€96,929 | -4.2% |
| Amounts receivable within one year | 40/41 | €130,851 | €31,393 | -€99,458 | -76.0% |
| Trade receivables | 40 | €18,156 | €8,070 | -€10,086 | -55.6% |
| Other amounts receivable | 41 | €112,695 | €23,323 | -€89,372 | -79.3% |
| Current investments | 50/53 | €626,294 | €1,074,053 | +€447,759 | +71.5% |
| Cash at bank and in hand | 54/58 | €1,524,554 | €1,079,774 | -€444,781 | -29.2% |
| Deferred charges and accrued income | 490/1 | €1,890 | €1,440 | -€449 | -23.8% |
| Total equity and liabilities | 10/49 | €3,166,717 | €3,185,257 | +€18,540 | +0.6% |
| Equity | 10/15 | €3,130,696 | €3,145,720 | +€15,024 | +0.5% |
| Contributions | 10/11 | €864,500 | €864,500 | = | 0.0% |
| Reserves | 13 | €2,265,750 | €2,280,750 | +€15,000 | +0.7% |
| Distributable reserves | 133 | €2,265,750 | €2,280,750 | +€15,000 | +0.7% |
| Profit (loss) carried forward | 14 | €446 | €470 | +€24 | +5.4% |
| Amounts payable | 17/49 | €36,021 | €39,538 | +€3,517 | +9.8% |
| Amounts payable within one year | 42/48 | €36,021 | €37,238 | +€1,217 | +3.4% |
| Trade debts | 44 | €1,387 | €1,181 | -€206 | -14.8% |
| Suppliers | 440/4 | €1,387 | €1,181 | -€206 | -14.8% |
| Other amounts payable | 47/48 | €34,635 | €36,057 | +€1,422 | +4.1% |
| Accrued charges and deferred income | 492/3 | - | €2,300 | +€2,300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,575 | €22,066 | +€11,491 | +109% |
| Other operating charges | 640/8 | €1,588 | €5,110 | +€3,522 | +222% |
| Gross operating margin | 9900 | €6,756 | -€15,680 | -€22,437 | |
| Operating profit (loss) | 9901 | -€5,407 | -€42,857 | -€37,450 | -693% |
| Financial income | 75/76B | €105,460 | €77,991 | -€27,469 | -26.0% |
| Recurring financial income | 75 | €105,460 | €77,991 | -€27,469 | -26.0% |
| Financial charges | 65/66B | €2,912 | -€4,487 | -€7,399 | |
| Recurring financial charges | 65 | €2,912 | -€4,487 | -€7,399 | |
| Profit (loss) for the period before taxes | 9903 | €97,141 | €39,622 | -€57,519 | -59.2% |
| Income taxes | 67/77 | €16,286 | €4,598 | -€11,688 | -71.8% |
| Profit (loss) for the period | 9904 | €80,855 | €35,024 | -€45,831 | -56.7% |
| Profit (loss) for the period to be appropriated | 9905 | €80,855 | €35,024 | -€45,831 | -56.7% |
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 14 October 2026 via checked.be.