VERTILA: 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.
VERTILA
Largest movements
- Deferred charges and accrued income +€50,861
up €50,861 (+628.2%), from €8,097 to €58,958
- Tangible fixed assets -€49,157
down €49,157 (-9.3%), from €527,991 to €478,835
of which Land and buildings: -€30,582
- Intangible fixed assets -€43,426
down €43,426 (-11.1%), from €391,734 to €348,308
- Receivables within one year -€39,373
down €39,373 (-15.1%), from €260,029 to €220,656
of which Other amounts receivable: -€33,905
- Debts after one year -€136,861
down €136,861 (-19.6%), from €698,127 to €561,265
- Other debts +€55,944
new in 2025: €55,944
- Tax, wage and social debts +€15,438
up €15,438 (+100.7%), from €15,327 to €30,765
of which Remuneration and social security: +€10,080
- Current portion of long-term debt -€14,658
down €14,658 (-19.2%), from €76,519 to €61,861
- Gross operating margin +€37,977
up €37,977 (+11.0%), from €346,689 to €384,666
- Depreciation -€27,861
down €27,861 (-18.7%), from €148,810 to €120,948
- Financial charges -€8,522
down €8,522 (-36.8%), from €23,171 to €14,648
- Financial income -€7,836
down €7,836 (-10.9%), from €71,912 to €64,076
- Staff costs +€7,624
up €7,624 (+8.2%), from €92,881 to €100,505
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 | €1,267,844 | €1,191,105 | -€76,738 | -6.1% |
| Fixed assets | 21/28 | €919,775 | €827,193 | -€92,583 | -10.1% |
| Intangible fixed assets | 21 | €391,734 | €348,308 | -€43,426 | -11.1% |
| Tangible fixed assets | 22/27 | €527,991 | €478,835 | -€49,157 | -9.3% |
| Land and buildings | 22 | €484,015 | €453,433 | -€30,582 | -6.3% |
| Plant, machinery and equipment | 23 | €4,256 | €3,505 | -€751 | -17.6% |
| Furniture and vehicles | 24 | €39,720 | €21,896 | -€17,824 | -44.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €348,068 | €363,913 | +€15,844 | +4.6% |
| Amounts receivable within one year | 40/41 | €260,029 | €220,656 | -€39,373 | -15.1% |
| Trade receivables | 40 | €97,360 | €91,892 | -€5,467 | -5.6% |
| Other amounts receivable | 41 | €162,669 | €128,764 | -€33,905 | -20.8% |
| Current investments | 50/53 | €50,000 | €60,000 | +€10,000 | +20.0% |
| Cash at bank and in hand | 54/58 | €29,943 | €24,299 | -€5,644 | -18.9% |
| Deferred charges and accrued income | 490/1 | €8,097 | €58,958 | +€50,861 | +628.2% |
| Total equity and liabilities | 10/49 | €1,267,844 | €1,191,105 | -€76,738 | -6.1% |
| Equity | 10/15 | €421,419 | €431,449 | +€10,030 | +2.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €321,419 | €331,449 | +€10,030 | +3.1% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €38,741 | €34,436 | -€4,305 | -11.1% |
| Distributable reserves | 133 | €272,679 | €287,013 | +€14,335 | +5.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €43,807 | €41,999 | -€1,808 | -4.1% |
| Provisions for liabilities and charges | 160/5 | €27,534 | €27,534 | = | 0.0% |
| Pensions and similar obligations | 160 | €27,534 | €27,534 | = | 0.0% |
| Deferred taxes | 168 | €16,273 | €14,465 | -€1,808 | -11.1% |
| Amounts payable | 17/49 | €802,618 | €717,658 | -€84,960 | -10.6% |
| Amounts payable after more than one year | 17 | €698,127 | €561,265 | -€136,861 | -19.6% |
| Financial debts | 170/4 | €698,127 | €561,265 | -€136,861 | -19.6% |
| Amounts payable within one year | 42/48 | €104,486 | €155,481 | +€50,995 | +48.8% |
| Current portion of amounts payable after more than one year | 42 | €76,519 | €61,861 | -€14,658 | -19.2% |
| Trade debts | 44 | €12,640 | €6,911 | -€5,730 | -45.3% |
| Suppliers | 440/4 | €12,640 | €6,911 | -€5,730 | -45.3% |
| Taxes, remuneration and social security | 45 | €15,327 | €30,765 | +€15,438 | +100.7% |
| Taxes | 450/3 | €8,391 | €13,748 | +€5,358 | +63.9% |
| Remuneration and social security | 454/9 | €6,936 | €17,016 | +€10,080 | +145.3% |
| Other amounts payable | 47/48 | - | €55,944 | +€55,944 | |
| Accrued charges and deferred income | 492/3 | €5 | €911 | +€906 | +19204.2% |
| Non-recurring operating income | 76A | €250 | €0 | -€250 | -100.0% |
| Remuneration, social security and pensions | 62 | €92,881 | €100,505 | +€7,624 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,810 | €120,948 | -€27,861 | -18.7% |
| Other operating charges | 640/8 | €9,030 | €6,069 | -€2,961 | -32.8% |
| Gross operating margin | 9900 | €346,689 | €384,666 | +€37,977 | +11.0% |
| Operating profit (loss) | 9901 | €95,967 | €157,142 | +€61,175 | +63.7% |
| Financial income | 75/76B | €71,912 | €64,076 | -€7,836 | -10.9% |
| Recurring financial income | 75 | €71,912 | €64,076 | -€7,836 | -10.9% |
| Financial charges | 65/66B | €23,171 | €14,648 | -€8,522 | -36.8% |
| Recurring financial charges | 65 | €23,171 | €14,648 | -€8,522 | -36.8% |
| Profit (loss) for the period before taxes | 9903 | €144,708 | €206,570 | +€61,862 | +42.7% |
| Transfer from deferred taxes | 780 | €1,808 | €1,808 | = | 0.0% |
| Income taxes | 67/77 | €48,393 | €49,832 | +€1,439 | +3.0% |
| Profit (loss) for the period | 9904 | €98,123 | €158,546 | +€60,423 | +61.6% |
| Transfer from tax-exempt reserves | 789 | €4,305 | €4,305 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €102,428 | €162,851 | +€60,423 | +59.0% |
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 5 October 2026 via checked.be.