VERTICEM: 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.
VERTICEM
Largest movements
- Current investments +€132,523
up €132,523 (+309.6%), from €42,811 to €175,334
- Cash -€79,176
down €79,176 (-79.2%), from €99,934 to €20,758
mainly Current investments (-€132,523) and Tax, wage and social debts (-€23,495)
- Receivables within one year +€2,908
up €2,908 (+21.8%), from €13,319 to €16,227
of which Other amounts receivable: +€4,140
- Profit (loss) carried forward +€79,018
up €79,018 (+58.4%), from €135,309 to €214,327
- Tax, wage and social debts -€23,495
no longer reported in 2025 (was €23,495)
- Gross operating margin -€11,842
down €11,842 (-10.4%), from €114,308 to €102,465
- Taxes -€3,387
down €3,387 (-14.4%), from €23,495 to €20,108
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 | €163,917 | €220,857 | +€56,940 | +34.7% |
| Fixed assets | 21/28 | €5,759 | €7,737 | +€1,977 | +34.3% |
| Tangible fixed assets | 22/27 | €5,707 | €7,685 | +€1,977 | +34.6% |
| Furniture and vehicles | 24 | €5,707 | €7,685 | +€1,977 | +34.6% |
| Financial fixed assets | 28 | €52 | €52 | = | 0.0% |
| Current assets | 29/58 | €158,157 | €213,120 | +€54,963 | +34.8% |
| Amounts receivable within one year | 40/41 | €13,319 | €16,227 | +€2,908 | +21.8% |
| Trade receivables | 40 | €12,550 | €11,318 | -€1,232 | -9.8% |
| Other amounts receivable | 41 | €769 | €4,909 | +€4,140 | +538.3% |
| Current investments | 50/53 | €42,811 | €175,334 | +€132,523 | +309.6% |
| Cash at bank and in hand | 54/58 | €99,934 | €20,758 | -€79,176 | -79.2% |
| Deferred charges and accrued income | 490/1 | €2,093 | €801 | -€1,292 | -61.7% |
| Total equity and liabilities | 10/49 | €163,917 | €220,857 | +€56,940 | +34.7% |
| Equity | 10/15 | €139,706 | €219,847 | +€80,141 | +57.4% |
| Contributions | 10/11 | €2,400 | €2,400 | = | 0.0% |
| Revaluation surpluses | 12 | €1,997 | €3,121 | +€1,123 | +56.2% |
| Profit (loss) carried forward | 14 | €135,309 | €214,327 | +€79,018 | +58.4% |
| Amounts payable | 17/49 | €24,211 | €1,009 | -€23,201 | -95.8% |
| Amounts payable within one year | 42/48 | €24,211 | €1,009 | -€23,201 | -95.8% |
| Trade debts | 44 | €716 | €1,008 | +€292 | +40.8% |
| Suppliers | 440/4 | €716 | €1,008 | +€292 | +40.8% |
| Taxes, remuneration and social security | 45 | €23,495 | - | -€23,495 | |
| Taxes | 450/3 | €23,495 | - | -€23,495 | |
| Other amounts payable | 47/48 | - | €1 | +€1 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,614 | €2,581 | +€967 | +59.9% |
| Other operating charges | 640/8 | - | €840 | +€840 | |
| Non-recurring operating charges | 66A | €525 | - | -€525 | |
| Gross operating margin | 9900 | €114,308 | €102,465 | -€11,842 | -10.4% |
| Operating profit (loss) | 9901 | €112,168 | €99,044 | -€13,124 | -11.7% |
| Financial income | 75/76B | €745 | €175 | -€570 | -76.5% |
| Recurring financial income | 75 | €745 | €175 | -€570 | -76.5% |
| Financial charges | 65/66B | €55 | €93 | +€38 | +69.5% |
| Recurring financial charges | 65 | €55 | €93 | +€38 | +69.5% |
| Profit (loss) for the period before taxes | 9903 | €112,858 | €99,126 | -€13,732 | -12.2% |
| Income taxes | 67/77 | €23,495 | €20,108 | -€3,387 | -14.4% |
| Profit (loss) for the period | 9904 | €89,363 | €79,018 | -€10,345 | -11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €89,363 | €79,018 | -€10,345 | -11.6% |
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 29 September 2026 via checked.be.