VERTISAN: 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.
VERTISAN
Largest movements
- Tangible fixed assets +€10,113
up €10,113 (+618.6%), from €1,635 to €11,748
- Stocks and contracts +€4,010
new in 2025: €4,010
- Receivables within one year -€3,552
down €3,552 (-21.7%), from €16,334 to €12,782
of which Trade receivables: -€3,245
- Cash -€477
down €477 (-5.8%), from €8,260 to €7,783
mainly Investment in fixed assets (net) (-€11,501) and Net result for the year (-€4,787)
- Other debts +€7,997
up €7,997 (+270.7%), from €2,954 to €10,951
- Debts after one year +€5,228
new in 2025: €5,228
- Reserves -€4,787
down €4,787 (-38.1%), from €12,550 to €7,762
- Current portion of long-term debt +€1,578
new in 2025: €1,578
- Gross operating margin -€20,518
down €20,518, from €18,111 to -€2,406
- Taxes -€3,174
no longer reported in 2025 (was €3,174)
- Other operating charges -€277
down €277 (-27.0%), from €1,028 to €750
- Financial charges +€194
up €194 (+406.3%), from €48 to €242
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 | €26,228 | €36,323 | +€10,095 | +38.5% |
| Fixed assets | 21/28 | €1,635 | €11,748 | +€10,113 | +618.6% |
| Tangible fixed assets | 22/27 | €1,635 | €11,748 | +€10,113 | +618.6% |
| Furniture and vehicles | 24 | €1,635 | €11,748 | +€10,113 | +618.6% |
| Current assets | 29/58 | €24,593 | €24,575 | -€18 | -0.1% |
| Stocks and contracts in progress | 3 | - | €4,010 | +€4,010 | |
| Stocks | 30/36 | - | €4,010 | +€4,010 | |
| Amounts receivable within one year | 40/41 | €16,334 | €12,782 | -€3,552 | -21.7% |
| Trade receivables | 40 | €12,868 | €9,623 | -€3,245 | -25.2% |
| Other amounts receivable | 41 | €3,466 | €3,159 | -€307 | -8.8% |
| Cash at bank and in hand | 54/58 | €8,260 | €7,783 | -€477 | -5.8% |
| Total equity and liabilities | 10/49 | €26,228 | €36,323 | +€10,095 | +38.5% |
| Equity | 10/15 | €14,550 | €9,762 | -€4,787 | -32.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Capital | 10 | €2,000 | €2,000 | = | 0.0% |
| Issued capital | 100 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €12,550 | €7,762 | -€4,787 | -38.1% |
| Distributable reserves | 133 | €12,550 | €7,762 | -€4,787 | -38.1% |
| Amounts payable | 17/49 | €11,679 | €26,561 | +€14,882 | +127.4% |
| Amounts payable after more than one year | 17 | - | €5,228 | +€5,228 | |
| Financial debts | 170/4 | - | €5,228 | +€5,228 | |
| Amounts payable within one year | 42/48 | €11,679 | €21,332 | +€9,654 | +82.7% |
| Current portion of amounts payable after more than one year | 42 | - | €1,578 | +€1,578 | |
| Trade debts | 44 | €5,551 | €5,890 | +€340 | +6.1% |
| Suppliers | 440/4 | €5,551 | €5,890 | +€340 | +6.1% |
| Taxes, remuneration and social security | 45 | €3,174 | €2,913 | -€261 | -8.2% |
| Taxes | 450/3 | €3,174 | €2,913 | -€261 | -8.2% |
| Other amounts payable | 47/48 | €2,954 | €10,951 | +€7,997 | +270.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,312 | €1,388 | +€77 | +5.8% |
| Other operating charges | 640/8 | €1,028 | €750 | -€277 | -27.0% |
| Gross operating margin | 9900 | €18,111 | -€2,406 | -€20,518 | |
| Operating profit (loss) | 9901 | €15,772 | -€4,545 | -€20,317 | |
| Financial charges | 65/66B | €48 | €242 | +€194 | +406.3% |
| Recurring financial charges | 65 | €48 | €242 | +€194 | +406.3% |
| Profit (loss) for the period before taxes | 9903 | €15,724 | -€4,787 | -€20,511 | |
| Income taxes | 67/77 | €3,174 | - | -€3,174 | |
| Profit (loss) for the period | 9904 | €12,550 | -€4,787 | -€17,337 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,550 | -€4,787 | -€17,337 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.