VERTHERM: 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.
VERTHERM
Largest movements
- Receivables within one year -€29,973
down €29,973 (-45.3%), from €66,210 to €36,237
of which Trade receivables: -€32,440
- Cash -€13,501
down €13,501 (-67.0%), from €20,136 to €6,635
mainly Net result for the year (-€29,270) and Trade debts (-€18,944)
- Tangible fixed assets -€12,775
down €12,775 (-22.4%), from €56,992 to €44,217
of which Furniture and vehicles: -€8,962
- Stocks and contracts +€7,973
up €7,973 (+885%), from €900 to €8,874
- Profit (loss) carried forward -€29,270
down €29,270 (-29.8%), from €98,142 to €68,872
- Trade debts -€18,944
down €18,944 (-51.7%), from €36,607 to €17,663
- Tax, wage and social debts +€6,969
up €6,969 (+35.0%), from €19,885 to €26,854
of which Remuneration and social security: +€11,586
- Other debts -€6,800
down €6,800 (-81.0%), from €8,394 to €1,593
- Gross operating margin -€58,616
down €58,616, from €46,208 to -€12,407
- Taxes -€5,605
down €5,605 (-90.1%), from €6,218 to €613
- Other operating charges -€2,499
down €2,499 (-67.2%), from €3,719 to €1,219
- Financial income +€727
up €727 (+69.7%), from €1,043 to €1,770
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 | €163,027 | €114,982 | -€48,045 | -29.5% |
| Fixed assets | 21/28 | €57,778 | €45,078 | -€12,700 | -22.0% |
| Tangible fixed assets | 22/27 | €56,992 | €44,217 | -€12,775 | -22.4% |
| Plant, machinery and equipment | 23 | €2,565 | €3,496 | +€931 | +36.3% |
| Furniture and vehicles | 24 | €34,639 | €25,678 | -€8,962 | -25.9% |
| Other tangible fixed assets | 26 | €19,788 | €15,043 | -€4,745 | -24.0% |
| Financial fixed assets | 28 | €787 | €862 | +€75 | +9.5% |
| Current assets | 29/58 | €105,249 | €69,903 | -€35,345 | -33.6% |
| Amounts receivable after more than one year | 29 | €18,000 | €18,000 | = | 0.0% |
| Other amounts receivable | 291 | €18,000 | €18,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €900 | €8,874 | +€7,973 | +885% |
| Stocks | 30/36 | €900 | €8,874 | +€7,973 | +885% |
| Amounts receivable within one year | 40/41 | €66,210 | €36,237 | -€29,973 | -45.3% |
| Trade receivables | 40 | €65,010 | €32,570 | -€32,440 | -49.9% |
| Other amounts receivable | 41 | €1,199 | €3,667 | +€2,467 | +206% |
| Cash at bank and in hand | 54/58 | €20,136 | €6,635 | -€13,501 | -67.0% |
| Deferred charges and accrued income | 490/1 | €2 | €158 | +€156 | +6,539% |
| Total equity and liabilities | 10/49 | €163,027 | €114,982 | -€48,045 | -29.5% |
| Equity | 10/15 | €98,142 | €68,872 | -€29,270 | -29.8% |
| Profit (loss) carried forward | 14 | €98,142 | €68,872 | -€29,270 | -29.8% |
| Amounts payable | 17/49 | €64,885 | €46,110 | -€18,775 | -28.9% |
| Amounts payable within one year | 42/48 | €64,885 | €46,110 | -€18,775 | -28.9% |
| Trade debts | 44 | €36,607 | €17,663 | -€18,944 | -51.7% |
| Suppliers | 440/4 | €36,607 | €17,663 | -€18,944 | -51.7% |
| Taxes, remuneration and social security | 45 | €19,885 | €26,854 | +€6,969 | +35.0% |
| Taxes | 450/3 | €7,754 | €3,137 | -€4,617 | -59.5% |
| Remuneration and social security | 454/9 | €12,131 | €23,717 | +€11,586 | +95.5% |
| Other amounts payable | 47/48 | €8,394 | €1,593 | -€6,800 | -81.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,804 | €16,048 | +€244 | +1.5% |
| Other operating charges | 640/8 | €3,719 | €1,219 | -€2,499 | -67.2% |
| Gross operating margin | 9900 | €46,208 | -€12,407 | -€58,616 | |
| Operating profit (loss) | 9901 | €26,686 | -€29,674 | -€56,361 | |
| Financial income | 75/76B | €1,043 | €1,770 | +€727 | +69.7% |
| Recurring financial income | 75 | €1,043 | €1,770 | +€727 | +69.7% |
| Financial charges | 65/66B | €613 | €753 | +€140 | +22.8% |
| Recurring financial charges | 65 | €613 | €753 | +€140 | +22.8% |
| Profit (loss) for the period before taxes | 9903 | €27,116 | -€28,658 | -€55,774 | |
| Income taxes | 67/77 | €6,218 | €613 | -€5,605 | -90.1% |
| Profit (loss) for the period | 9904 | €20,898 | -€29,270 | -€50,168 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,898 | -€29,270 | -€50,168 |
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 23 October 2026 via checked.be.