VERTIMMO: 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.
VERTIMMO
Largest movements
- Tangible fixed assets +€881,806
up €881,806 (+122.3%), from €720,798 to €1.6m
of which Land and buildings: +€882,159
- Receivables within one year +€53,979
up €53,979 (+30.4%), from €177,794 to €231,773
of which Other amounts receivable: +€55,018
- Cash -€36,844
down €36,844 (-98.1%), from €37,571 to €727
mainly Investment in fixed assets (net) (-€927,420) and Receivables within one year (-€53,979)
- Revaluation surpluses +€790,000
new in 2025: €790,000
- Debts after one year +€115,360
up €115,360 (+21.5%), from €537,615 to €652,976
- Profit (loss) carried forward -€19,050
down €19,050 (-16.8%), from €113,236 to €94,186
- Gross operating margin -€27,096
down €27,096 (-31.0%), from €87,514 to €60,419
- Depreciation +€10,375
up €10,375 (+29.4%), from €35,239 to €45,614
- Financial charges -€4,286
down €4,286 (-15.7%), from €27,264 to €22,979
- Other operating charges -€4,013
down €4,013 (-27.0%), from €14,889 to €10,876
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 | €936,163 | €1,835,280 | +€899,117 | +96.0% |
| Fixed assets | 21/28 | €720,798 | €1,602,604 | +€881,806 | +122.3% |
| Tangible fixed assets | 22/27 | €720,798 | €1,602,604 | +€881,806 | +122.3% |
| Land and buildings | 22 | €634,069 | €1,516,228 | +€882,159 | +139.1% |
| Plant, machinery and equipment | 23 | €287 | €205 | -€82 | -28.5% |
| Furniture and vehicles | 24 | €86,442 | €86,171 | -€271 | -0.3% |
| Current assets | 29/58 | €215,365 | €232,676 | +€17,311 | +8.0% |
| Amounts receivable within one year | 40/41 | €177,794 | €231,773 | +€53,979 | +30.4% |
| Trade receivables | 40 | €1,542 | €503 | -€1,039 | -67.4% |
| Other amounts receivable | 41 | €176,252 | €231,270 | +€55,018 | +31.2% |
| Cash at bank and in hand | 54/58 | €37,571 | €727 | -€36,844 | -98.1% |
| Deferred charges and accrued income | 490/1 | - | €176 | +€176 | |
| Total equity and liabilities | 10/49 | €936,163 | €1,835,280 | +€899,117 | +96.0% |
| Equity | 10/15 | €321,736 | €1,092,686 | +€770,950 | +239.6% |
| Contributions | 10/11 | €130,000 | €130,000 | = | 0.0% |
| Capital | 10 | €130,000 | €130,000 | = | 0.0% |
| Issued capital | 100 | €130,000 | €130,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €790,000 | +€790,000 | |
| Reserves | 13 | €78,500 | €78,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €13,000 | €13,000 | = | 0.0% |
| Legal reserve | 130 | €13,000 | €13,000 | = | 0.0% |
| Distributable reserves | 133 | €65,500 | €65,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €113,236 | €94,186 | -€19,050 | -16.8% |
| Amounts payable | 17/49 | €614,427 | €742,594 | +€128,167 | +20.9% |
| Amounts payable after more than one year | 17 | €537,615 | €652,976 | +€115,360 | +21.5% |
| Financial debts | 170/4 | €537,615 | €652,976 | +€115,360 | +21.5% |
| Amounts payable within one year | 42/48 | €76,812 | €89,618 | +€12,806 | +16.7% |
| Current portion of amounts payable after more than one year | 42 | €56,687 | €67,616 | +€10,929 | +19.3% |
| Trade debts | 44 | €642 | €14,109 | +€13,467 | +2099.3% |
| Suppliers | 440/4 | €642 | €14,109 | +€13,467 | +2099.3% |
| Taxes, remuneration and social security | 45 | €2,438 | €3,268 | +€830 | +34.0% |
| Taxes | 450/3 | €2,438 | €3,268 | +€830 | +34.0% |
| Other amounts payable | 47/48 | €17,045 | €4,625 | -€12,420 | -72.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,239 | €45,614 | +€10,375 | +29.4% |
| Other operating charges | 640/8 | €14,889 | €10,876 | -€4,013 | -27.0% |
| Gross operating margin | 9900 | €87,514 | €60,419 | -€27,096 | -31.0% |
| Operating profit (loss) | 9901 | €37,387 | €3,929 | -€33,458 | -89.5% |
| Financial income | 75/76B | €12 | - | -€12 | |
| Recurring financial income | 75 | €12 | - | -€12 | |
| Financial charges | 65/66B | €27,264 | €22,979 | -€4,286 | -15.7% |
| Recurring financial charges | 65 | €27,264 | €22,979 | -€4,286 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €10,135 | -€19,050 | -€29,184 | |
| Income taxes | 67/77 | €442 | - | -€442 | |
| Profit (loss) for the period | 9904 | €9,693 | -€19,050 | -€28,743 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,693 | -€19,050 | -€28,743 |
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 6 October 2026 via checked.be.