VERTIMAC: 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.
What changed
VERTIMAC
NACE 46.644, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.0m
2024 · €1.5m-€445,935
Equity
€23.8m
2024 · €22.7m+€1.1m
Cash
€2.9m
2024 · €525,278+€2.4m
Balance sheet total
€84.2m
2024 · €82.6m+€1.6m
Largest movements
Assets
- Tangible fixed assets -€3.4m
down €3.4m (-6.5%), from €51.8m to €48.5m
of which Plant, machinery and equipment: -€3.9m
- Cash +€2.4m
up €2.4m (+457.7%), from €525,278 to €2.9m
mainly Depreciation (+€14.8m) and Debts after one year (+€3.6m)
- Stocks and contracts +€2.0m
up €2.0m (+22.4%), from €8.9m to €10.9m
Equity and liabilities
- Debts after one year +€3.6m
up €3.6m (+11.3%), from €31.4m to €34.9m
of which Financial debts: +€3.6m
- Short-term financial debts -€2.3m
down €2.3m (-16.3%), from €14.1m to €11.8m
- Trade debts -€1.5m
down €1.5m (-27.9%), from €5.3m to €3.9m
- Reserves +€1.0m
up €1.0m (+4.6%), from €22.5m to €23.6m
of which Distributable reserves: +€1.0m
Income statement
- Goods and materials -€4.5m
down €4.5m (-12.2%), from €37.0m to €32.5m
of which Change in stocks: decrease (increase): -€5.0m
- Turnover -€2.6m
down €2.6m (-4.0%), from €65.5m to €62.9m
- Depreciation +€1.6m
up €1.6m (+11.9%), from €13.2m to €14.8m
- Staff costs +€901,848
up €901,848 (+14.8%), from €6.1m to €7.0m
- Services and other goods -€777,292
down €777,292 (-12.6%), from €6.2m to €5.4m
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.
Result 2024
€1.5m
Turnover
-€2.6m
Other operating income
+€2,529
Goods and materials
+€4.5m
Services and other goods
+€777,292
Staff costs
-€901,848
Depreciation
-€1.6m
Write-downs
-€268,557
Other operating charges
-€27,935
Other operating items
-€12,375
Financial income
+€159,268
Financial charges
-€623,483
Taxes
+€148,585
Result 2025
€1.0m
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.
From operations
+€12.2m
Investment
-€11.5m
Financing
+€1.6m
Cash 2024
€525,278
From operations (derived)
+€12.2m
Net result for the year
+€1.0m
Depreciation
+€14.8m
Stocks and contracts
-€2.0m
Receivables within one year
-€557,944
Deferred charges and accrued income
+€83,004
Trade debts
-€1.5m
Tax, wage and social debts
+€203,900
Other debts
-€18,305
Accrued charges and deferred income
+€190,630
Investment (derived)
-€11.5m
Investment in fixed assets (net)
-€11.5m
Financing
+€1.6m
Debts after one year
+€3.6m
Current portion of long-term debt
+€326,796
Short-term financial debts
-€2.3m
Contributions, distributions and other
+€53,483
Cash 2025
€2.9m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €82,639,103 | €84,200,216 | +€1.6m | +1.9% |
| Fixed assets | 21/28 | €59,575,325 | €56,260,170 | -€3.3m | -5.6% |
| Intangible fixed assets | 21 | €167,450 | €207,201 | +€39,751 | +23.7% |
| Tangible fixed assets | 22/27 | €51,820,995 | €48,466,088 | -€3.4m | -6.5% |
| Land and buildings | 22 | €804,079 | €1,038,445 | +€234,366 | +29.1% |
| Plant, machinery and equipment | 23 | €49,642,870 | €45,767,978 | -€3.9m | -7.8% |
| Furniture and vehicles | 24 | €1,363,687 | €1,651,113 | +€287,426 | +21.1% |
| Other tangible fixed assets | 26 | €10,360 | €8,552 | -€1,808 | -17.4% |
| Financial fixed assets | 28 | €7,586,880 | €7,586,881 | +€1 | 0.0% |
| Affiliated companies | 280/1 | €7,586,880 | €7,586,881 | +€1 | 0.0% |
| Participating interests | 280 | €586,880 | €2,586,881 | +€2.0m | +340.8% |
| Amounts receivable | 281 | €7,000,000 | €5,000,000 | -€2.0m | -28.6% |
| Current assets | 29/58 | €23,063,778 | €27,940,047 | +€4.9m | +21.1% |
| Stocks and contracts in progress | 3 | €8,918,992 | €10,916,015 | +€2.0m | +22.4% |
| Stocks | 30/36 | €8,918,992 | €10,916,015 | +€2.0m | +22.4% |
| Goods purchased for resale | 34 | €8,879,192 | €10,909,515 | +€2.0m | +22.9% |
| Advance payments | 36 | €39,800 | €6,500 | -€33,300 | -83.7% |
| Amounts receivable within one year | 40/41 | €13,263,255 | €13,821,199 | +€557,944 | +4.2% |
| Trade receivables | 40 | €12,205,577 | €13,349,279 | +€1.1m | +9.4% |
| Other amounts receivable | 41 | €1,057,679 | €471,920 | -€585,759 | -55.4% |
| Cash at bank and in hand | 54/58 | €525,278 | €2,929,583 | +€2.4m | +457.7% |
| Deferred charges and accrued income | 490/1 | €356,253 | €273,250 | -€83,004 | -23.3% |
| Total equity and liabilities | 10/49 | €82,639,103 | €84,200,216 | +€1.6m | +1.9% |
| Equity | 10/15 | €22,681,159 | €23,773,317 | +€1.1m | +4.8% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €22,531,159 | €23,569,834 | +€1.0m | +4.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €1,654,376 | €1,654,376 | = | 0.0% |
| Distributable reserves | 133 | €20,876,783 | €21,915,458 | +€1.0m | +5.0% |
| Investment grants | 15 | - | €53,483 | +€53,483 | |
| Amounts payable | 17/49 | €59,957,945 | €60,426,899 | +€468,955 | +0.8% |
| Amounts payable after more than one year | 17 | €31,378,062 | €34,932,672 | +€3.6m | +11.3% |
| Financial debts | 170/4 | €25,378,062 | €28,932,672 | +€3.6m | +14.0% |
| Credit institutions | 173 | €25,378,062 | €28,932,672 | +€3.6m | +14.0% |
| Other amounts payable | 178/9 | €6,000,000 | €6,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €28,332,135 | €25,055,850 | -€3.3m | -11.6% |
| Current portion of amounts payable after more than one year | 42 | €7,898,711 | €8,225,507 | +€326,796 | +4.1% |
| Financial debts | 43 | €14,100,000 | €11,800,000 | -€2.3m | -16.3% |
| Credit institutions | 430/8 | €14,100,000 | €11,800,000 | -€2.3m | -16.3% |
| Trade debts | 44 | €5,344,760 | €3,856,084 | -€1.5m | -27.9% |
| Suppliers | 440/4 | €5,344,760 | €3,856,084 | -€1.5m | -27.9% |
| Taxes, remuneration and social security | 45 | €970,360 | €1,174,260 | +€203,900 | +21.0% |
| Taxes | 450/3 | €277,802 | €388,032 | +€110,230 | +39.7% |
| Remuneration and social security | 454/9 | €692,558 | €786,227 | +€93,669 | +13.5% |
| Other amounts payable | 47/48 | €18,305 | €0 | -€18,305 | -100.0% |
| Accrued charges and deferred income | 492/3 | €247,748 | €438,377 | +€190,630 | +76.9% |
| Operating income | 70/76A | €66,337,056 | €63,688,519 | -€2.6m | -4.0% |
| Turnover | 70 | €65,526,487 | €62,881,895 | -€2.6m | -4.0% |
| Other operating income | 74 | €797,582 | €800,111 | +€2,529 | +0.3% |
| Non-recurring operating income | 76A | €12,986 | €6,513 | -€6,473 | -49.8% |
| Operating charges | 60/66A | €62,584,297 | €60,066,065 | -€2.5m | -4.0% |
| Goods for resale, raw materials and consumables | 60 | €37,043,077 | €32,523,248 | -€4.5m | -12.2% |
| Purchases | 600/8 | €34,309,932 | €34,833,439 | +€523,507 | +1.5% |
| Change in stocks: decrease (increase) | 609 | €2,733,145 | -€2,310,191 | -€5.0m | |
| Services and other goods | 61 | €6,186,150 | €5,408,858 | -€777,292 | -12.6% |
| Remuneration, social security and pensions | 62 | €6,102,035 | €7,003,883 | +€901,848 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,209,900 | €14,784,548 | +€1.6m | +11.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,311 | €279,868 | +€268,557 | +2374.4% |
| Other operating charges | 640/8 | €30,813 | €58,748 | +€27,935 | +90.7% |
| Non-recurring operating charges | 66A | €1,012 | €6,913 | +€5,901 | +583.3% |
| Operating profit (loss) | 9901 | €3,752,759 | €3,622,454 | -€130,305 | -3.5% |
| Financial income | 75/76B | €359,326 | €518,594 | +€159,268 | +44.3% |
| Recurring financial income | 75 | €359,326 | €518,594 | +€159,268 | +44.3% |
| Income from financial fixed assets | 750 | €128,658 | €280,000 | +€151,342 | +117.6% |
| Income from current assets | 751 | €2,744 | €3,095 | +€351 | +12.8% |
| Other financial income | 752/9 | €227,925 | €235,500 | +€7,575 | +3.3% |
| Financial charges | 65/66B | €2,031,726 | €2,655,209 | +€623,483 | +30.7% |
| Recurring financial charges | 65 | €2,031,726 | €2,655,209 | +€623,483 | +30.7% |
| Debt charges | 650 | €1,751,491 | €1,836,710 | +€85,219 | +4.9% |
| Other financial charges | 652/9 | €280,235 | €818,499 | +€538,265 | +192.1% |
| Profit (loss) for the period before taxes | 9903 | €2,080,359 | €1,485,839 | -€594,520 | -28.6% |
| Income taxes | 67/77 | €595,749 | €447,164 | -€148,585 | -24.9% |
| Taxes | 670/3 | €595,749 | €447,164 | -€148,585 | -24.9% |
| Profit (loss) for the period | 9904 | €1,484,611 | €1,038,676 | -€445,935 | -30.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,484,611 | €1,038,676 | -€445,935 | -30.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.