VERTIM: 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.
VERTIM
Largest movements
- Tangible fixed assets -€236,273
down €236,273 (-14.8%), from €1.6m to €1.4m
of which Land and buildings: -€240,615
- Cash -€29,465
down €29,465 (-56.1%), from €52,520 to €23,055
mainly Debts after one year (-€156,265) and Provisions (-€42,143)
- Debts after one year -€156,265
down €156,265 (-22.6%), from €692,409 to €536,144
- Provisions -€42,143
down €42,143 (-49.4%), from €85,342 to €43,199
- Current portion of long-term debt -€31,498
down €31,498 (-38.6%), from €81,568 to €50,070
- Other debts -€25,233
down €25,233 (-22.3%), from €113,184 to €87,950
- Trade debts -€20,948
down €20,948 (-74.8%), from €27,999 to €7,052
- Taxes +€38,718
up €38,718 (+245.2%), from €15,790 to €54,508
- Depreciation -€28,972
down €28,972 (-26.1%), from €110,996 to €82,023
- Gross operating margin -€13,348
down €13,348 (-10.5%), from €127,424 to €114,075
- Other operating charges -€1,529
down €1,529 (-8.6%), from €17,811 to €16,281
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 | €1,655,373 | €1,386,307 | -€269,067 | -16.3% |
| Fixed assets | 21/28 | €1,596,019 | €1,359,626 | -€236,393 | -14.8% |
| Tangible fixed assets | 22/27 | €1,595,899 | €1,359,626 | -€236,273 | -14.8% |
| Land and buildings | 22 | €1,468,104 | €1,227,488 | -€240,615 | -16.4% |
| Plant, machinery and equipment | 23 | - | €4,702 | +€4,702 | |
| Furniture and vehicles | 24 | €127,796 | €127,435 | -€360 | -0.3% |
| Financial fixed assets | 28 | €120 | €0 | -€120 | -100.0% |
| Current assets | 29/58 | €59,354 | €26,681 | -€32,673 | -55.0% |
| Amounts receivable within one year | 40/41 | €6,250 | €3,215 | -€3,035 | -48.6% |
| Trade receivables | 40 | €1,074 | €2,240 | +€1,166 | +108.6% |
| Other amounts receivable | 41 | €5,176 | €975 | -€4,201 | -81.2% |
| Cash at bank and in hand | 54/58 | €52,520 | €23,055 | -€29,465 | -56.1% |
| Deferred charges and accrued income | 490/1 | €585 | €411 | -€174 | -29.7% |
| Total equity and liabilities | 10/49 | €1,655,373 | €1,386,307 | -€269,067 | -16.3% |
| Equity | 10/15 | €641,936 | €632,048 | -€9,888 | -1.5% |
| Reserves | 13 | €641,936 | €632,048 | -€9,888 | -1.5% |
| Tax-exempt reserves | 132 | €256,027 | €129,599 | -€126,428 | -49.4% |
| Distributable reserves | 133 | €385,909 | €502,449 | +€116,540 | +30.2% |
| Provisions and deferred taxes | 16 | €85,342 | €43,199 | -€42,143 | -49.4% |
| Deferred taxes | 168 | €85,342 | €43,199 | -€42,143 | -49.4% |
| Amounts payable | 17/49 | €928,095 | €711,059 | -€217,036 | -23.4% |
| Amounts payable after more than one year | 17 | €692,409 | €536,144 | -€156,265 | -22.6% |
| Financial debts | 170/4 | €692,409 | €536,144 | -€156,265 | -22.6% |
| Amounts payable within one year | 42/48 | €232,228 | €172,454 | -€59,775 | -25.7% |
| Current portion of amounts payable after more than one year | 42 | €81,568 | €50,070 | -€31,498 | -38.6% |
| Trade debts | 44 | €27,999 | €7,052 | -€20,948 | -74.8% |
| Suppliers | 440/4 | €27,999 | €7,052 | -€20,948 | -74.8% |
| Taxes, remuneration and social security | 45 | €9,477 | €27,382 | +€17,905 | +188.9% |
| Taxes | 450/3 | €9,477 | €27,382 | +€17,905 | +188.9% |
| Other amounts payable | 47/48 | €113,184 | €87,950 | -€25,233 | -22.3% |
| Accrued charges and deferred income | 492/3 | €3,458 | €2,461 | -€997 | -28.8% |
| Non-recurring operating income | 76A | - | €37,486 | +€37,486 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,996 | €82,023 | -€28,972 | -26.1% |
| Other operating charges | 640/8 | €17,811 | €16,281 | -€1,529 | -8.6% |
| Non-recurring operating charges | 66A | €19,551 | €0 | -€19,551 | -100.0% |
| Gross operating margin | 9900 | €127,424 | €114,075 | -€13,348 | -10.5% |
| Operating profit (loss) | 9901 | -€20,934 | €15,771 | +€36,704 | |
| Financial income | 75/76B | €104 | €391 | +€287 | +274.8% |
| Recurring financial income | 75 | €104 | €391 | +€287 | +274.8% |
| Financial charges | 65/66B | €14,386 | €13,684 | -€703 | -4.9% |
| Recurring financial charges | 65 | €14,386 | €13,684 | -€703 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | -€35,216 | €2,478 | +€37,693 | |
| Transfer from deferred taxes | 780 | €21,041 | €42,143 | +€21,102 | +100.3% |
| Income taxes | 67/77 | €15,790 | €54,508 | +€38,718 | +245.2% |
| Profit (loss) for the period | 9904 | -€29,965 | -€9,888 | +€20,077 | +67.0% |
| Transfer from tax-exempt reserves | 789 | €63,122 | €126,428 | +€63,306 | +100.3% |
| Profit (loss) for the period to be appropriated | 9905 | €33,157 | €116,540 | +€83,383 | +251.5% |
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 4 October 2026 via checked.be.