VERTICO: 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.
VERTICO
Largest movements
- Cash -€44,175
down €44,175 (-61.1%), from €72,325 to €28,150
mainly Provisions (-€116,182) and Net result for the year (-€82,552)
- Tangible fixed assets -€32,411
down €32,411 (-6.3%), from €511,555 to €479,144
of which Furniture and vehicles: -€26,501
- Receivables within one year -€17,110
down €17,110 (-16.6%), from €103,093 to €85,983
of which Trade receivables: -€25,114
- Deferred charges and accrued income -€9,478
down €9,478 (-65.3%), from €14,508 to €5,030
- Reserves -€206,104
down €206,104 (-99.6%), from €206,918 to €814
of which Tax-exempt reserves: -€206,104
- Tax, wage and social debts +€144,569
up €144,569 (+1,842%), from €7,848 to €152,417
- Profit (loss) carried forward +€123,553
up €123,553 (+159%), from €77,635 to €201,188
- Provisions -€116,182
down €116,182 (-100%), from €116,182 to €0
- Trade debts -€50,573
down €50,573 (-91.9%), from €55,013 to €4,440
- Taxes +€152,800
up €152,800 (+3,526%), from €4,333 to €157,133
- Gross operating margin -€55,976
down €55,976 (-58.1%), from €96,305 to €40,329
- Depreciation +€5,159
up €5,159 (+14.6%), from €35,341 to €40,500
- Financial income +€1,271
up €1,271 (+127%), from €999 to €2,271
- Other operating charges -€1,075
down €1,075 (-30.2%), from €3,564 to €2,489
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 | €701,672 | €598,498 | -€103,174 | -14.7% |
| Fixed assets | 21/28 | €511,746 | €479,334 | -€32,411 | -6.3% |
| Tangible fixed assets | 22/27 | €511,555 | €479,144 | -€32,411 | -6.3% |
| Land and buildings | 22 | €240,825 | €236,616 | -€4,209 | -1.7% |
| Plant, machinery and equipment | 23 | €7,187 | €5,485 | -€1,701 | -23.7% |
| Furniture and vehicles | 24 | €263,543 | €237,042 | -€26,501 | -10.1% |
| Financial fixed assets | 28 | €191 | €191 | = | 0.0% |
| Current assets | 29/58 | €189,926 | €119,163 | -€70,763 | -37.3% |
| Amounts receivable within one year | 40/41 | €103,093 | €85,983 | -€17,110 | -16.6% |
| Trade receivables | 40 | €63,865 | €38,751 | -€25,114 | -39.3% |
| Other amounts receivable | 41 | €39,228 | €47,232 | +€8,004 | +20.4% |
| Cash at bank and in hand | 54/58 | €72,325 | €28,150 | -€44,175 | -61.1% |
| Deferred charges and accrued income | 490/1 | €14,508 | €5,030 | -€9,478 | -65.3% |
| Total equity and liabilities | 10/49 | €701,672 | €598,498 | -€103,174 | -14.7% |
| Equity | 10/15 | €303,154 | €220,602 | -€82,552 | -27.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €206,918 | €814 | -€206,104 | -99.6% |
| Non-distributable reserves | 130/1 | €814 | €814 | = | 0.0% |
| Reserves not available under the articles | 1311 | €814 | €814 | = | 0.0% |
| Tax-exempt reserves | 132 | €206,104 | €0 | -€206,104 | -100% |
| Profit (loss) carried forward | 14 | €77,635 | €201,188 | +€123,553 | +159% |
| Provisions and deferred taxes | 16 | €116,182 | €0 | -€116,182 | -100% |
| Deferred taxes | 168 | €116,182 | €0 | -€116,182 | -100% |
| Amounts payable | 17/49 | €282,336 | €377,896 | +€95,560 | +33.8% |
| Amounts payable after more than one year | 17 | €177,196 | €171,361 | -€5,836 | -3.3% |
| Financial debts | 170/4 | €177,196 | €171,361 | -€5,836 | -3.3% |
| Amounts payable within one year | 42/48 | €90,139 | €195,577 | +€105,438 | +117% |
| Current portion of amounts payable after more than one year | 42 | €27,279 | €38,721 | +€11,442 | +41.9% |
| Trade debts | 44 | €55,013 | €4,440 | -€50,573 | -91.9% |
| Suppliers | 440/4 | €55,013 | €4,440 | -€50,573 | -91.9% |
| Taxes, remuneration and social security | 45 | €7,848 | €152,417 | +€144,569 | +1,842% |
| Taxes | 450/3 | €7,848 | €152,417 | +€144,569 | +1,842% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €15,000 | €10,958 | -€4,042 | -26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,341 | €40,500 | +€5,159 | +14.6% |
| Other operating charges | 640/8 | €3,564 | €2,489 | -€1,075 | -30.2% |
| Non-recurring operating charges | 66A | €25,482 | €33,318 | +€7,836 | +30.8% |
| Gross operating margin | 9900 | €96,305 | €40,329 | -€55,976 | -58.1% |
| Operating profit (loss) | 9901 | €31,918 | -€35,978 | -€67,896 | |
| Financial income | 75/76B | €999 | €2,271 | +€1,271 | +127% |
| Recurring financial income | 75 | €999 | €2,271 | +€1,271 | +127% |
| Financial charges | 65/66B | €8,677 | €7,894 | -€783 | -9.0% |
| Recurring financial charges | 65 | €8,677 | €7,894 | -€783 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €24,241 | -€41,601 | -€65,842 | |
| Transfer from deferred taxes | 780 | €5,040 | €116,182 | +€111,142 | +2,205% |
| Income taxes | 67/77 | €4,333 | €157,133 | +€152,800 | +3,526% |
| Profit (loss) for the period | 9904 | €24,948 | -€82,552 | -€107,499 | |
| Transfer from tax-exempt reserves | 789 | €15,120 | €206,104 | +€190,985 | +1,263% |
| Profit (loss) for the period to be appropriated | 9905 | €40,068 | €123,553 | +€83,485 | +208% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.