Vertex: 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.
Vertex
Largest movements
- Receivables after one year -€44,256
down €44,256 (-100.0%), from €44,256 to €0
- Tangible fixed assets +€27,024
up €27,024 (+106.1%), from €25,476 to €52,501
of which Furniture and vehicles: +€27,024
- Cash +€1,485
up €1,485 (+133.8%), from €1,110 to €2,595
mainly Receivables after one year (+€44,256) and Other debts (+€29,599)
- Receivables within one year +€908
up €908 (+576.5%), from €158 to €1,065
- Profit (loss) carried forward -€45,426
down €45,426 (-56.5%), from -€80,447 to -€125,873
- Other debts +€29,599
new in 2025: €29,599
- Trade debts +€1,834
up €1,834 (+103.4%), from €1,774 to €3,609
- Tax, wage and social debts -€1,439
down €1,439 (-61.9%), from €2,323 to €884
- Gross operating margin -€25,137
down €25,137 (-164.5%), from -€15,279 to -€40,416
- Financial charges -€2,655
down €2,655 (-65.6%), from €4,047 to €1,392
- Depreciation +€1,397
up €1,397 (+131.6%), from €1,062 to €2,459
- Financial income -€1,392
down €1,392 (-98.6%), from €1,412 to €19
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 | €74,946 | €59,513 | -€15,432 | -20.6% |
| Fixed assets | 21/28 | €25,476 | €52,501 | +€27,024 | +106.1% |
| Tangible fixed assets | 22/27 | €25,476 | €52,501 | +€27,024 | +106.1% |
| Furniture and vehicles | 24 | €476 | €27,501 | +€27,024 | +5672.7% |
| Other tangible fixed assets | 26 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €49,469 | €7,013 | -€42,457 | -85.8% |
| Amounts receivable after more than one year | 29 | €44,256 | €0 | -€44,256 | -100.0% |
| Other amounts receivable | 291 | €44,256 | €0 | -€44,256 | -100.0% |
| Amounts receivable within one year | 40/41 | €158 | €1,065 | +€908 | +576.5% |
| Other amounts receivable | 41 | €158 | €1,065 | +€908 | +576.5% |
| Cash at bank and in hand | 54/58 | €1,110 | €2,595 | +€1,485 | +133.8% |
| Deferred charges and accrued income | 490/1 | €3,946 | €3,352 | -€594 | -15.1% |
| Total equity and liabilities | 10/49 | €74,946 | €59,513 | -€15,432 | -20.6% |
| Equity | 10/15 | €70,848 | €25,421 | -€45,426 | -64.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €145,095 | €145,095 | = | 0.0% |
| Distributable reserves | 133 | €145,095 | €145,095 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€80,447 | -€125,873 | -€45,426 | -56.5% |
| Amounts payable | 17/49 | €4,098 | €34,092 | +€29,994 | +732.0% |
| Amounts payable within one year | 42/48 | €4,098 | €34,092 | +€29,994 | +732.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,774 | €3,609 | +€1,834 | +103.4% |
| Suppliers | 440/4 | €1,774 | €3,609 | +€1,834 | +103.4% |
| Taxes, remuneration and social security | 45 | €2,323 | €884 | -€1,439 | -61.9% |
| Taxes | 450/3 | €2,323 | €884 | -€1,439 | -61.9% |
| Other amounts payable | 47/48 | - | €29,599 | +€29,599 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,062 | €2,459 | +€1,397 | +131.6% |
| Other operating charges | 640/8 | €659 | €758 | +€99 | +15.0% |
| Gross operating margin | 9900 | -€15,279 | -€40,416 | -€25,137 | -164.5% |
| Operating profit (loss) | 9901 | -€17,000 | -€43,633 | -€26,633 | -156.7% |
| Financial income | 75/76B | €1,412 | €19 | -€1,392 | -98.6% |
| Recurring financial income | 75 | €1,412 | €19 | -€1,392 | -98.6% |
| Financial charges | 65/66B | €4,047 | €1,392 | -€2,655 | -65.6% |
| Recurring financial charges | 65 | €4,047 | €1,392 | -€2,655 | -65.6% |
| Profit (loss) for the period before taxes | 9903 | -€19,636 | -€45,006 | -€25,371 | -129.2% |
| Income taxes | 67/77 | €464 | €420 | -€44 | -9.5% |
| Profit (loss) for the period | 9904 | -€20,100 | -€45,426 | -€25,327 | -126.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,100 | -€45,426 | -€25,327 | -126.0% |
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 3 October 2026 via checked.be.