VERTIGO INVEST: 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.
VERTIGO INVEST
Largest movements
- Tangible fixed assets -€277,674
down €277,674 (-97.5%), from €284,736 to €7,063
of which Land and buildings: -€229,458
- Cash +€63,047
up €63,047 (+886%), from €7,114 to €70,161
mainly Investment in fixed assets (net) (+€274,234) and Other debts (+€48,810)
- Receivables within one year -€11,305
down €11,305 (-38.7%), from €29,201 to €17,896
of which Other amounts receivable: -€17,525
- Debts after one year -€156,656
down €156,656 (-100%), from €156,656 to €0
- Profit (loss) carried forward -€92,755
down €92,755 (-195%), from -€47,479 to -€140,234
- Other debts +€48,810
up €48,810 (+71.5%), from €68,259 to €117,069
- Current portion of long-term debt -€31,414
down €31,414 (-100%), from €31,414 to €0
- Gross operating margin -€62,493
down €62,493, from €7,434 to -€55,059
- Depreciation -€40,218
down €40,218 (-92.1%), from €43,658 to €3,440
- Taxes +€2,129
up €2,129 (+512%), from €416 to €2,545
- Financial charges -€1,872
down €1,872 (-19.9%), from €9,430 to €7,558
- Other operating charges -€980
down €980 (-59.2%), from €1,654 to €674
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 | €328,331 | €99,558 | -€228,773 | -69.7% |
| Fixed assets | 21/28 | €284,811 | €7,138 | -€277,674 | -97.5% |
| Tangible fixed assets | 22/27 | €284,736 | €7,063 | -€277,674 | -97.5% |
| Land and buildings | 22 | €229,458 | €0 | -€229,458 | -100% |
| Plant, machinery and equipment | 23 | €6,510 | €5,164 | -€1,346 | -20.7% |
| Furniture and vehicles | 24 | €48,769 | €1,899 | -€46,870 | -96.1% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €43,520 | €92,421 | +€48,901 | +112% |
| Amounts receivable within one year | 40/41 | €29,201 | €17,896 | -€11,305 | -38.7% |
| Trade receivables | 40 | €10,345 | €16,565 | +€6,220 | +60.1% |
| Other amounts receivable | 41 | €18,856 | €1,331 | -€17,525 | -92.9% |
| Cash at bank and in hand | 54/58 | €7,114 | €70,161 | +€63,047 | +886% |
| Deferred charges and accrued income | 490/1 | €7,205 | €4,364 | -€2,841 | -39.4% |
| Total equity and liabilities | 10/49 | €328,331 | €99,558 | -€228,773 | -69.7% |
| Equity | 10/15 | €62,491 | -€30,264 | -€92,755 | |
| Contributions | 10/11 | €2,400 | €2,400 | = | 0.0% |
| Reserves | 13 | €107,570 | €107,570 | = | 0.0% |
| Distributable reserves | 133 | €107,570 | €107,570 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€47,479 | -€140,234 | -€92,755 | -195% |
| Amounts payable | 17/49 | €265,840 | €129,822 | -€136,018 | -51.2% |
| Amounts payable after more than one year | 17 | €156,656 | €0 | -€156,656 | -100% |
| Financial debts | 170/4 | €156,656 | €0 | -€156,656 | -100% |
| Amounts payable within one year | 42/48 | €109,184 | €129,822 | +€20,639 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €31,414 | €0 | -€31,414 | -100% |
| Financial debts | 43 | €25 | €264 | +€239 | +941% |
| Credit institutions | 430/8 | €25 | €264 | +€239 | +941% |
| Trade debts | 44 | €9,485 | €11,965 | +€2,480 | +26.1% |
| Suppliers | 440/4 | €9,485 | €11,965 | +€2,480 | +26.1% |
| Taxes, remuneration and social security | 45 | €0 | €524 | +€524 | |
| Taxes | 450/3 | €0 | €524 | +€524 | |
| Other amounts payable | 47/48 | €68,259 | €117,069 | +€48,810 | +71.5% |
| Non-recurring operating income | 76A | €23 | €0 | -€23 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,658 | €3,440 | -€40,218 | -92.1% |
| Other operating charges | 640/8 | €1,654 | €674 | -€980 | -59.2% |
| Non-recurring operating charges | 66A | €43 | €23,484 | +€23,441 | +54,884% |
| Gross operating margin | 9900 | €7,434 | -€55,059 | -€62,493 | |
| Operating profit (loss) | 9901 | -€37,921 | -€82,657 | -€44,736 | -118% |
| Financial income | 75/76B | €288 | €4 | -€284 | -98.5% |
| Recurring financial income | 75 | €288 | €4 | -€284 | -98.5% |
| Financial charges | 65/66B | €9,430 | €7,558 | -€1,872 | -19.9% |
| Recurring financial charges | 65 | €9,430 | €7,558 | -€1,872 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | -€47,063 | -€90,210 | -€43,147 | -91.7% |
| Income taxes | 67/77 | €416 | €2,545 | +€2,129 | +512% |
| Profit (loss) for the period | 9904 | -€47,479 | -€92,755 | -€45,276 | -95.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€47,479 | -€92,755 | -€45,276 | -95.4% |
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 1 November 2026 via checked.be.