VERTHO: 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.
VERTHO
Largest movements
- Stocks and contracts +€32,205
up €32,205 (+10.5%), from €306,092 to €338,296
- Receivables within one year +€30,007
up €30,007 (+97.4%), from €30,805 to €60,812
of which Trade receivables: +€29,971
- Cash -€13,549
down €13,549 (-79.5%), from €17,040 to €3,491
mainly Stocks and contracts (-€32,205) and Receivables within one year (-€30,007)
- Tangible fixed assets +€9,320
up €9,320 (+5.4%), from €171,846 to €181,166
of which Plant, machinery and equipment: +€12,021
- Trade debts +€43,661
up €43,661 (+122%), from €35,713 to €79,374
- Reserves +€18,000
up €18,000 (+13.2%), from €136,823 to €154,823
of which Distributable reserves: +€18,000
- Other debts +€16,381
up €16,381 (+7.2%), from €226,545 to €242,926
- Debts after one year -€13,752
down €13,752 (-23.6%), from €58,216 to €44,464
- Current portion of long-term debt -€6,863
down €6,863 (-33.3%), from €20,616 to €13,752
- Depreciation -€22,451
down €22,451 (-52.7%), from €42,619 to €20,168
- Gross operating margin -€9,064
down €9,064 (-17.3%), from €52,293 to €43,228
- Financial income +€685
up €685 (+63.4%), from €1,081 to €1,766
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 | €527,938 | €585,430 | +€57,492 | +10.9% |
| Fixed assets | 21/28 | €171,846 | €181,166 | +€9,320 | +5.4% |
| Tangible fixed assets | 22/27 | €171,846 | €181,166 | +€9,320 | +5.4% |
| Land and buildings | 22 | €151,615 | €155,092 | +€3,477 | +2.3% |
| Plant, machinery and equipment | 23 | €1,697 | €13,718 | +€12,021 | +708% |
| Leasing and similar rights | 25 | €18,534 | €12,356 | -€6,178 | -33.3% |
| Current assets | 29/58 | €356,093 | €404,265 | +€48,172 | +13.5% |
| Stocks and contracts in progress | 3 | €306,092 | €338,296 | +€32,205 | +10.5% |
| Stocks | 30/36 | €306,092 | €338,296 | +€32,205 | +10.5% |
| Amounts receivable within one year | 40/41 | €30,805 | €60,812 | +€30,007 | +97.4% |
| Trade receivables | 40 | €30,805 | €60,776 | +€29,971 | +97.3% |
| Other amounts receivable | 41 | - | €36 | +€36 | |
| Cash at bank and in hand | 54/58 | €17,040 | €3,491 | -€13,549 | -79.5% |
| Deferred charges and accrued income | 490/1 | €2,156 | €1,665 | -€491 | -22.8% |
| Total equity and liabilities | 10/49 | €527,938 | €585,430 | +€57,492 | +10.9% |
| Equity | 10/15 | €177,027 | €194,623 | +€17,596 | +9.9% |
| Contributions | 10/11 | €33,750 | €33,750 | = | 0.0% |
| Reserves | 13 | €136,823 | €154,823 | +€18,000 | +13.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €88,823 | €88,823 | = | 0.0% |
| Distributable reserves | 133 | €48,000 | €66,000 | +€18,000 | +37.5% |
| Profit (loss) carried forward | 14 | €840 | €850 | +€9 | +1.1% |
| Investment grants | 15 | €5,614 | €5,200 | -€413 | -7.4% |
| Amounts payable | 17/49 | €350,912 | €390,808 | +€39,896 | +11.4% |
| Amounts payable after more than one year | 17 | €58,216 | €44,464 | -€13,752 | -23.6% |
| Financial debts | 170/4 | €58,216 | €44,464 | -€13,752 | -23.6% |
| Amounts payable within one year | 42/48 | €292,696 | €346,344 | +€53,649 | +18.3% |
| Current portion of amounts payable after more than one year | 42 | €20,616 | €13,752 | -€6,863 | -33.3% |
| Trade debts | 44 | €35,713 | €79,374 | +€43,661 | +122% |
| Suppliers | 440/4 | €35,713 | €79,374 | +€43,661 | +122% |
| Taxes, remuneration and social security | 45 | €9,822 | €10,292 | +€470 | +4.8% |
| Taxes | 450/3 | €9,822 | €10,292 | +€470 | +4.8% |
| Other amounts payable | 47/48 | €226,545 | €242,926 | +€16,381 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,619 | €20,168 | -€22,451 | -52.7% |
| Other operating charges | 640/8 | €2,875 | €3,058 | +€182 | +6.3% |
| Gross operating margin | 9900 | €52,293 | €43,228 | -€9,064 | -17.3% |
| Operating profit (loss) | 9901 | €6,798 | €20,002 | +€13,204 | +194% |
| Financial income | 75/76B | €1,081 | €1,766 | +€685 | +63.4% |
| Recurring financial income | 75 | €1,081 | €1,766 | +€685 | +63.4% |
| Financial charges | 65/66B | €3,755 | €3,758 | +€3 | +0.1% |
| Recurring financial charges | 65 | €3,755 | €3,758 | +€3 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €4,124 | €18,009 | +€13,886 | +337% |
| Profit (loss) for the period | 9904 | €4,124 | €18,009 | +€13,886 | +337% |
| Profit (loss) for the period to be appropriated | 9905 | €4,124 | €18,009 | +€13,886 | +337% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.