Vertine: 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.
Vertine
Largest movements
- Current investments -€80,909
down €80,909 (-79.3%), from €102,027 to €21,117
- Tangible fixed assets -€23,191
down €23,191 (-29.2%), from €79,343 to €56,152
of which Furniture and vehicles: -€18,576
- Cash +€22,693
up €22,693 (+37.7%), from €60,202 to €82,895
mainly Net result for the year (+€90,856) and Current investments (+€80,909)
- Receivables within one year -€6,087
down €6,087 (-59.1%), from €10,302 to €4,214
of which Other amounts receivable: -€8,885
- Reserves -€170,000
down €170,000 (-77.8%), from €218,410 to €48,410
- Other debts +€77,686
up €77,686 (+116505.3%), from €67 to €77,752
- Tax, wage and social debts +€16,311
up €16,311, from €0 to €16,311
- Debts after one year -€8,134
down €8,134 (-40.5%), from €20,082 to €11,948
- Trade debts -€3,514
down €3,514 (-89.5%), from €3,926 to €412
- Gross operating margin +€33,637
up €33,637 (+32.5%), from €103,370 to €137,006
- Taxes +€7,469
up €7,469 (+43.7%), from €17,100 to €24,570
- Depreciation -€1,473
down €1,473 (-6.0%), from €24,664 to €23,191
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 | €258,325 | €169,725 | -€88,600 | -34.3% |
| Fixed assets | 21/28 | €79,643 | €56,452 | -€23,191 | -29.1% |
| Tangible fixed assets | 22/27 | €79,343 | €56,152 | -€23,191 | -29.2% |
| Plant, machinery and equipment | 23 | €19,419 | €14,804 | -€4,614 | -23.8% |
| Furniture and vehicles | 24 | €59,924 | €41,348 | -€18,576 | -31.0% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €178,682 | €113,272 | -€65,410 | -36.6% |
| Amounts receivable within one year | 40/41 | €10,302 | €4,214 | -€6,087 | -59.1% |
| Trade receivables | 40 | €0 | €2,798 | +€2,798 | |
| Other amounts receivable | 41 | €10,302 | €1,416 | -€8,885 | -86.3% |
| Current investments | 50/53 | €102,027 | €21,117 | -€80,909 | -79.3% |
| Cash at bank and in hand | 54/58 | €60,202 | €82,895 | +€22,693 | +37.7% |
| Deferred charges and accrued income | 490/1 | €6,152 | €5,046 | -€1,106 | -18.0% |
| Total equity and liabilities | 10/49 | €258,325 | €169,725 | -€88,600 | -34.3% |
| Equity | 10/15 | €223,410 | €53,410 | -€170,000 | -76.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €218,410 | €48,410 | -€170,000 | -77.8% |
| Distributable reserves | 133 | €218,410 | €48,410 | -€170,000 | -77.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €34,914 | €116,314 | +€81,400 | +233.1% |
| Amounts payable after more than one year | 17 | €20,082 | €11,948 | -€8,134 | -40.5% |
| Financial debts | 170/4 | €20,082 | €11,948 | -€8,134 | -40.5% |
| Amounts payable within one year | 42/48 | €11,886 | €102,608 | +€90,722 | +763.2% |
| Financial debts | 43 | €7,894 | €8,134 | +€240 | +3.0% |
| Other loans | 439 | €7,894 | €8,134 | +€240 | +3.0% |
| Trade debts | 44 | €3,926 | €412 | -€3,514 | -89.5% |
| Suppliers | 440/4 | €3,926 | €412 | -€3,514 | -89.5% |
| Taxes, remuneration and social security | 45 | €0 | €16,311 | +€16,311 | |
| Taxes | 450/3 | €0 | €16,311 | +€16,311 | |
| Other amounts payable | 47/48 | €67 | €77,752 | +€77,686 | +116505.3% |
| Accrued charges and deferred income | 492/3 | €2,946 | €1,758 | -€1,188 | -40.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,664 | €23,191 | -€1,473 | -6.0% |
| Other operating charges | 640/8 | €905 | €915 | +€9 | +1.0% |
| Gross operating margin | 9900 | €103,370 | €137,006 | +€33,637 | +32.5% |
| Operating profit (loss) | 9901 | €77,800 | €112,901 | +€35,101 | +45.1% |
| Financial income | 75/76B | €3,807 | €3,307 | -€501 | -13.2% |
| Recurring financial income | 75 | €3,807 | €3,307 | -€501 | -13.2% |
| Financial charges | 65/66B | €1,064 | €782 | -€283 | -26.6% |
| Recurring financial charges | 65 | €1,064 | €782 | -€283 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €80,543 | €115,426 | +€34,883 | +43.3% |
| Income taxes | 67/77 | €17,100 | €24,570 | +€7,469 | +43.7% |
| Profit (loss) for the period | 9904 | €63,443 | €90,856 | +€27,414 | +43.2% |
| Profit (loss) for the period to be appropriated | 9905 | €63,443 | €90,856 | +€27,414 | +43.2% |
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 7 October 2026 via checked.be.