VERTIS BRUSSELS: what changed
Two financial 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.
VERTIS BRUSSELS
Largest movements
- Receivables within one year +€2.0m
up €2.0m (+280%), from €698,121 to €2.7m
of which Trade receivables: +€1.9m
- Deferred charges and accrued income -€1.7m
down €1.7m (-98.1%), from €1.7m to €32,302
- Cash +€41,411
up €41,411 (+40.1%), from €103,173 to €144,584
mainly Deferred charges and accrued income (+€1.7m) and Debts after one year (+€750,000)
- Accrued charges and deferred income -€967,587
down €967,587 (-51.0%), from €1.9m to €928,030
- Debts after one year +€750,000
new in 2025: €750,000
- Tax, wage and social debts +€463,637
up €463,637 (+1,887%), from €24,564 to €488,201
- Profit (loss) carried forward +€113,952
up €113,952 (+26.6%), from €428,595 to €542,547
- Gross operating margin +€1.1m
up €1.1m (+46.6%), from €2.4m to €3.6m
- Staff costs +€840,208
up €840,208 (+36.7%), from €2.3m to €3.1m
- Other operating charges +€133,988
up €133,988 (+640%), from €20,940 to €154,928
- Depreciation +€88,779
up €88,779 (+305%), from €29,066 to €117,844
- Financial charges +€44,223
up €44,223 (+3,385%), from €1,306 to €45,529
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.
Derived cash bridge
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 | €3,136,475 | €3,511,651 | +€375,176 | +12.0% |
| Fixed assets | 21/28 | €634,995 | €682,287 | +€47,292 | +7.4% |
| Tangible fixed assets | 22/27 | €629,995 | €664,081 | +€34,086 | +5.4% |
| Land and buildings | 22 | - | €46,388 | +€46,388 | |
| Furniture and vehicles | 24 | €102,492 | €151,959 | +€49,467 | +48.3% |
| Other tangible fixed assets | 26 | €527,503 | €465,734 | -€61,769 | -11.7% |
| Financial fixed assets | 28 | €5,000 | €18,206 | +€13,206 | +264% |
| Current assets | 29/58 | €2,501,480 | €2,829,364 | +€327,884 | +13.1% |
| Amounts receivable within one year | 40/41 | €698,121 | €2,652,479 | +€2.0m | +280% |
| Trade receivables | 40 | €467,080 | €2,320,742 | +€1.9m | +397% |
| Other amounts receivable | 41 | €231,042 | €331,737 | +€100,695 | +43.6% |
| Cash at bank and in hand | 54/58 | €103,173 | €144,584 | +€41,411 | +40.1% |
| Deferred charges and accrued income | 490/1 | €1,700,186 | €32,302 | -€1.7m | -98.1% |
| Total equity and liabilities | 10/49 | €3,136,475 | €3,511,651 | +€375,176 | +12.0% |
| Equity | 10/15 | €496,245 | €610,197 | +€113,952 | +23.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €428,595 | €542,547 | +€113,952 | +26.6% |
| Amounts payable | 17/49 | €2,640,230 | €2,901,454 | +€261,224 | +9.9% |
| Amounts payable after more than one year | 17 | - | €750,000 | +€750,000 | |
| Financial debts | 170/4 | - | €750,000 | +€750,000 | |
| Amounts payable within one year | 42/48 | €744,613 | €1,223,424 | +€478,812 | +64.3% |
| Trade debts | 44 | €522,260 | €537,435 | +€15,175 | +2.9% |
| Suppliers | 440/4 | €522,260 | €537,435 | +€15,175 | +2.9% |
| Taxes, remuneration and social security | 45 | €24,564 | €488,201 | +€463,637 | +1,887% |
| Remuneration and social security | 454/9 | €24,564 | €488,201 | +€463,637 | +1,887% |
| Other amounts payable | 47/48 | €197,788 | €197,788 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,895,617 | €928,030 | -€967,587 | -51.0% |
| Remuneration, social security and pensions | 62 | €2,287,013 | €3,127,222 | +€840,208 | +36.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,066 | €117,844 | +€88,779 | +305% |
| Other operating charges | 640/8 | €20,940 | €154,928 | +€133,988 | +640% |
| Gross operating margin | 9900 | €2,425,581 | €3,555,080 | +€1.1m | +46.6% |
| Operating profit (loss) | 9901 | €88,562 | €155,086 | +€66,524 | +75.1% |
| Financial income | 75/76B | - | €4,395 | +€4,395 | |
| Recurring financial income | 75 | - | €4,395 | +€4,395 | |
| Financial charges | 65/66B | €1,306 | €45,529 | +€44,223 | +3,385% |
| Recurring financial charges | 65 | €1,306 | €45,529 | +€44,223 | +3,385% |
| Profit (loss) for the period before taxes | 9903 | €87,256 | €113,952 | +€26,696 | +30.6% |
| Profit (loss) for the period | 9904 | €87,256 | €113,952 | +€26,696 | +30.6% |
| Profit (loss) for the period to be appropriated | 9905 | €87,256 | €113,952 | +€26,696 | +30.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.