VERTHIGO: 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.
VERTHIGO
Largest movements
- Receivables within one year +€98,515
up €98,515 (+197.0%), from €50,000 to €148,515
of which Other amounts receivable: +€83,515
- Tangible fixed assets +€85,240
up €85,240 (+4.4%), from €2.0m to €2.0m
of which Assets under construction and advance payments: +€395,312
- Profit (loss) carried forward +€182,674
up €182,674 (+27.7%), from €659,642 to €842,315
- Advances received -€129,588
down €129,588 (-14.4%), from €899,413 to €769,826
- Trade debts +€90,338
up €90,338 (+1622.8%), from €5,567 to €95,904
- Other debts +€24,730
up €24,730 (+61.8%), from €40,020 to €64,750
- Gross operating margin +€34,878
up €34,878 (+7.9%), from €443,872 to €478,750
- Depreciation -€15,317
down €15,317 (-6.9%), from €222,527 to €207,210
- Taxes +€9,987
up €9,987 (+18.8%), from €53,237 to €63,224
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 | €2,075,568 | €2,250,183 | +€174,614 | +8.4% |
| Formation expenses | 20 | €414 | - | -€414 | |
| Fixed assets | 21/28 | €1,954,834 | €2,040,074 | +€85,240 | +4.4% |
| Tangible fixed assets | 22/27 | €1,954,834 | €2,040,074 | +€85,240 | +4.4% |
| Land and buildings | 22 | €1,951,417 | €1,642,376 | -€309,041 | -15.8% |
| Plant, machinery and equipment | 23 | €3,416 | €2,386 | -€1,030 | -30.2% |
| Assets under construction and advance payments | 27 | - | €395,312 | +€395,312 | |
| Current assets | 29/58 | €120,321 | €210,109 | +€89,788 | +74.6% |
| Amounts receivable within one year | 40/41 | €50,000 | €148,515 | +€98,515 | +197.0% |
| Trade receivables | 40 | €50,000 | €65,000 | +€15,000 | +30.0% |
| Other amounts receivable | 41 | - | €83,515 | +€83,515 | |
| Cash at bank and in hand | 54/58 | €70,321 | €61,593 | -€8,728 | -12.4% |
| Total equity and liabilities | 10/49 | €2,075,568 | €2,250,183 | +€174,614 | +8.4% |
| Equity | 10/15 | €913,642 | €1,096,315 | +€182,674 | +20.0% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €54,000 | €54,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €34,000 | €34,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €659,642 | €842,315 | +€182,674 | +27.7% |
| Amounts payable | 17/49 | €1,161,927 | €1,153,867 | -€8,059 | -0.7% |
| Amounts payable after more than one year | 17 | €196,000 | €196,000 | = | 0.0% |
| Financial debts | 170/4 | €196,000 | €196,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €965,927 | €957,867 | -€8,059 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €7,596 | - | -€7,596 | |
| Trade debts | 44 | €5,567 | €95,904 | +€90,338 | +1622.8% |
| Suppliers | 440/4 | €5,567 | €95,904 | +€90,338 | +1622.8% |
| Advances received on contracts in progress | 46 | €899,413 | €769,826 | -€129,588 | -14.4% |
| Taxes, remuneration and social security | 45 | €13,331 | €27,387 | +€14,056 | +105.4% |
| Taxes | 450/3 | €13,331 | €27,387 | +€14,056 | +105.4% |
| Other amounts payable | 47/48 | €40,020 | €64,750 | +€24,730 | +61.8% |
| Non-recurring operating income | 76A | - | €18,225 | +€18,225 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €222,527 | €207,210 | -€15,317 | -6.9% |
| Other operating charges | 640/8 | €5,241 | €5,406 | +€165 | +3.1% |
| Gross operating margin | 9900 | €443,872 | €478,750 | +€34,878 | +7.9% |
| Operating profit (loss) | 9901 | €216,104 | €266,134 | +€50,030 | +23.2% |
| Financial income | 75/76B | €396 | €2,658 | +€2,261 | +570.6% |
| Recurring financial income | 75 | €396 | €2,658 | +€2,261 | +570.6% |
| Financial charges | 65/66B | €22,941 | €22,894 | -€48 | -0.2% |
| Recurring financial charges | 65 | €22,941 | €19,744 | -€3,198 | -13.9% |
| Non-recurring financial charges | 66B | - | €3,150 | +€3,150 | |
| Profit (loss) for the period before taxes | 9903 | €193,559 | €245,898 | +€52,339 | +27.0% |
| Income taxes | 67/77 | €53,237 | €63,224 | +€9,987 | +18.8% |
| Profit (loss) for the period | 9904 | €140,322 | €182,674 | +€42,352 | +30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €140,322 | €182,674 | +€42,352 | +30.2% |
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 4 October 2026 via checked.be.