VERTICA: 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.
VERTICA
Largest movements
- Financial fixed assets +€1.3m
new in 2025: €1.3m
- Receivables within one year +€422,143
up €422,143 (+754%), from €56,000 to €478,142
of which Trade receivables: +€421,230
- Tangible fixed assets +€354,579
up €354,579 (+16.3%), from €2.2m to €2.5m
of which Land and buildings: +€453,293
- Cash -€177,272
down €177,272 (-30.6%), from €579,211 to €401,939
mainly Investment in fixed assets (net) (-€1.8m) and Receivables within one year (-€422,143)
- Debts after one year +€1.0m
up €1.0m (+140%), from €720,013 to €1.7m
- Other debts +€361,493
up €361,493 (+142%), from €254,737 to €616,229
- Current portion of long-term debt +€221,593
up €221,593 (+148%), from €149,270 to €370,863
- Reserves +€208,899
up €208,899 (+14.9%), from €1.4m to €1.6m
- Tax, wage and social debts +€61,734
up €61,734 (+42.3%), from €145,972 to €207,705
- Gross operating margin +€222,030
up €222,030 (+34.8%), from €638,799 to €860,829
- Taxes +€40,180
up €40,180 (+24.3%), from €165,116 to €205,295
- Financial charges +€30,840
up €30,840 (+184%), from €16,725 to €47,565
- Depreciation +€29,848
up €29,848 (+22.9%), from €130,320 to €160,167
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 | €2,811,634 | €4,688,102 | +€1.9m | +66.7% |
| Fixed assets | 21/28 | €2,173,241 | €3,804,545 | +€1.6m | +75.1% |
| Tangible fixed assets | 22/27 | €2,173,241 | €2,527,820 | +€354,579 | +16.3% |
| Land and buildings | 22 | €2,046,959 | €2,500,252 | +€453,293 | +22.1% |
| Plant, machinery and equipment | 23 | €17,232 | €24,431 | +€7,199 | +41.8% |
| Furniture and vehicles | 24 | €3,592 | €3,137 | -€455 | -12.7% |
| Assets under construction and advance payments | 27 | €105,458 | - | -€105,458 | |
| Financial fixed assets | 28 | - | €1,276,725 | +€1.3m | |
| Current assets | 29/58 | €638,394 | €883,557 | +€245,163 | +38.4% |
| Amounts receivable within one year | 40/41 | €56,000 | €478,142 | +€422,143 | +754% |
| Trade receivables | 40 | €55,994 | €477,224 | +€421,230 | +752% |
| Other amounts receivable | 41 | €6 | €918 | +€912 | +15,677% |
| Cash at bank and in hand | 54/58 | €579,211 | €401,939 | -€177,272 | -30.6% |
| Deferred charges and accrued income | 490/1 | €3,183 | €3,476 | +€293 | +9.2% |
| Total equity and liabilities | 10/49 | €2,811,634 | €4,688,102 | +€1.9m | +66.7% |
| Equity | 10/15 | €1,409,598 | €1,618,496 | +€208,899 | +14.8% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €1,401,538 | €1,610,436 | +€208,899 | +14.9% |
| Distributable reserves | 133 | €1,401,538 | €1,610,436 | +€208,899 | +14.9% |
| Amounts payable | 17/49 | €1,402,037 | €3,069,606 | +€1.7m | +119% |
| Amounts payable after more than one year | 17 | €720,013 | €1,730,675 | +€1.0m | +140% |
| Financial debts | 170/4 | €720,013 | €1,730,675 | +€1.0m | +140% |
| Amounts payable within one year | 42/48 | €643,342 | €1,312,563 | +€669,220 | +104% |
| Current portion of amounts payable after more than one year | 42 | €149,270 | €370,863 | +€221,593 | +148% |
| Financial debts | 43 | €46,923 | €51,906 | +€4,983 | +10.6% |
| Credit institutions | 430/8 | €46,923 | €51,906 | +€4,983 | +10.6% |
| Trade debts | 44 | €46,441 | €65,859 | +€19,418 | +41.8% |
| Suppliers | 440/4 | €46,441 | €65,859 | +€19,418 | +41.8% |
| Taxes, remuneration and social security | 45 | €145,972 | €207,705 | +€61,734 | +42.3% |
| Taxes | 450/3 | €145,972 | €207,705 | +€61,734 | +42.3% |
| Other amounts payable | 47/48 | €254,737 | €616,229 | +€361,493 | +142% |
| Accrued charges and deferred income | 492/3 | €38,681 | €26,368 | -€12,313 | -31.8% |
| Non-recurring operating income | 76A | - | €17,500 | +€17,500 | |
| Remuneration, social security and pensions | 62 | €1,575 | €1,575 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,320 | €160,167 | +€29,848 | +22.9% |
| Other operating charges | 640/8 | €3,260 | €3,085 | -€175 | -5.4% |
| Non-recurring operating charges | 66A | - | €28,887 | +€28,887 | |
| Gross operating margin | 9900 | €638,799 | €860,829 | +€222,030 | +34.8% |
| Operating profit (loss) | 9901 | €503,643 | €667,115 | +€163,471 | +32.5% |
| Financial income | 75/76B | €1,612 | €7,365 | +€5,753 | +357% |
| Recurring financial income | 75 | €1,612 | €26 | -€1,586 | -98.4% |
| Non-recurring financial income | 76B | - | €7,339 | +€7,339 | |
| Financial charges | 65/66B | €16,725 | €47,565 | +€30,840 | +184% |
| Recurring financial charges | 65 | €16,725 | €47,565 | +€30,840 | +184% |
| Profit (loss) for the period before taxes | 9903 | €488,530 | €626,915 | +€138,384 | +28.3% |
| Income taxes | 67/77 | €165,116 | €205,295 | +€40,180 | +24.3% |
| Profit (loss) for the period | 9904 | €323,415 | €421,619 | +€98,205 | +30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €323,415 | €421,619 | +€98,205 | +30.4% |
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 13 October 2026 via checked.be.