VERTEX: 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.
VERTEX
Largest movements
- Cash +€13,598
up €13,598 (+49.4%), from €27,533 to €41,131
mainly Net result for the year (+€32,874) and Depreciation (+€8,752)
- Tangible fixed assets +€9,885
up €9,885 (+31.8%), from €31,107 to €40,992
of which Plant, machinery and equipment: +€17,189
- Receivables within one year -€1,421
down €1,421 (-11.2%), from €12,668 to €11,247
of which Other amounts receivable: -€870
- Deferred charges and accrued income +€1,189
up €1,189 (+383.6%), from €310 to €1,499
- Profit (loss) carried forward +€32,874
up €32,874 (+138.5%), from €23,734 to €56,608
- Debts after one year -€11,717
down €11,717 (-74.5%), from €15,723 to €4,006
- Trade debts +€7,019
up €7,019 (+203.5%), from €3,449 to €10,467
- Tax, wage and social debts -€4,396
down €4,396 (-30.8%), from €14,285 to €9,889
of which Taxes: -€4,396
- Other debts -€968
down €968 (-96.8%), from €1,000 to €32
- Gross operating margin +€13,782
up €13,782 (+37.2%), from €37,096 to €50,878
- Depreciation +€3,343
up €3,343 (+61.8%), from €5,409 to €8,752
- Taxes +€2,146
up €2,146 (+36.0%), from €5,956 to €8,102
- Financial charges -€1,024
down €1,024 (-55.0%), from €1,862 to €838
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 | €71,617 | €94,869 | +€23,252 | +32.5% |
| Fixed assets | 21/28 | €31,107 | €40,992 | +€9,885 | +31.8% |
| Tangible fixed assets | 22/27 | €31,107 | €40,992 | +€9,885 | +31.8% |
| Plant, machinery and equipment | 23 | - | €17,189 | +€17,189 | |
| Furniture and vehicles | 24 | €31,107 | €23,804 | -€7,303 | -23.5% |
| Current assets | 29/58 | €40,511 | €53,877 | +€13,366 | +33.0% |
| Amounts receivable within one year | 40/41 | €12,668 | €11,247 | -€1,421 | -11.2% |
| Trade receivables | 40 | €11,798 | €11,247 | -€551 | -4.7% |
| Other amounts receivable | 41 | €870 | €0 | -€870 | -100.0% |
| Cash at bank and in hand | 54/58 | €27,533 | €41,131 | +€13,598 | +49.4% |
| Deferred charges and accrued income | 490/1 | €310 | €1,499 | +€1,189 | +383.6% |
| Total equity and liabilities | 10/49 | €71,617 | €94,869 | +€23,252 | +32.5% |
| Equity | 10/15 | €25,734 | €58,608 | +€32,874 | +127.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,734 | €56,608 | +€32,874 | +138.5% |
| Amounts payable | 17/49 | €45,884 | €36,262 | -€9,622 | -21.0% |
| Amounts payable after more than one year | 17 | €15,723 | €4,006 | -€11,717 | -74.5% |
| Financial debts | 170/4 | €15,723 | €4,006 | -€11,717 | -74.5% |
| Amounts payable within one year | 42/48 | €30,011 | €32,105 | +€2,095 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €11,277 | €11,717 | +€440 | +3.9% |
| Trade debts | 44 | €3,449 | €10,467 | +€7,019 | +203.5% |
| Suppliers | 440/4 | €3,449 | €10,467 | +€7,019 | +203.5% |
| Taxes, remuneration and social security | 45 | €14,285 | €9,889 | -€4,396 | -30.8% |
| Taxes | 450/3 | €11,185 | €6,789 | -€4,396 | -39.3% |
| Remuneration and social security | 454/9 | €3,100 | €3,100 | = | 0.0% |
| Other amounts payable | 47/48 | €1,000 | €32 | -€968 | -96.8% |
| Accrued charges and deferred income | 492/3 | €150 | €150 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,409 | €8,752 | +€3,343 | +61.8% |
| Other operating charges | 640/8 | €136 | €312 | +€177 | +130.1% |
| Gross operating margin | 9900 | €37,096 | €50,878 | +€13,782 | +37.2% |
| Operating profit (loss) | 9901 | €31,552 | €41,814 | +€10,262 | +32.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,862 | €838 | -€1,024 | -55.0% |
| Recurring financial charges | 65 | €1,862 | €838 | -€1,024 | -55.0% |
| Profit (loss) for the period before taxes | 9903 | €29,689 | €40,976 | +€11,286 | +38.0% |
| Income taxes | 67/77 | €5,956 | €8,102 | +€2,146 | +36.0% |
| Profit (loss) for the period | 9904 | €23,734 | €32,874 | +€9,140 | +38.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,734 | €32,874 | +€9,140 | +38.5% |
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 12 October 2026 via checked.be.