Vertisimo: 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.
Vertisimo
Largest movements
- Receivables within one year -€13,792
down €13,792 (-34.1%), from €40,439 to €26,647
of which Trade receivables: -€15,575
- Stocks and contracts -€11,521
down €11,521 (-27.2%), from €42,372 to €30,851
- Cash -€5,823
down €5,823 (-39.3%), from €14,833 to €9,010
mainly Other debts (-€24,634) and Trade debts (-€15,483)
- Financial fixed assets -€3,450
down €3,450 (-100%), from €3,450 to €0
- Other debts -€24,634
down €24,634 (-71.0%), from €34,715 to €10,081
- Trade debts -€15,483
down €15,483 (-40.1%), from €38,593 to €23,110
- Reserves +€10,439
up €10,439 (+748%), from €1,395 to €11,834
- Debts after one year -€7,443
down €7,443 (-47.2%), from €15,758 to €8,315
- Short-term financial debts +€2,542
up €2,542 (+81.4%), from €3,124 to €5,666
- Gross operating margin -€16,403
down €16,403 (-43.8%), from €37,478 to €21,074
- Financial charges -€4,324
down €4,324 (-69.7%), from €6,202 to €1,878
of which Financial charges: -€4,574
- Taxes +€2,994
up €2,994 (+143%), from €2,089 to €5,083
- Other operating charges +€1,267
up €1,267 (+124%), from €1,019 to €2,286
- Financial income -€676
down €676 (-93.8%), from €721 to €45
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 | €104,462 | €70,182 | -€34,280 | -32.8% |
| Fixed assets | 21/28 | €6,819 | €3,281 | -€3,538 | -51.9% |
| Tangible fixed assets | 22/27 | €3,369 | €3,281 | -€88 | -2.6% |
| Plant, machinery and equipment | 23 | €2,153 | €2,748 | +€595 | +27.7% |
| Furniture and vehicles | 24 | €1,216 | €532 | -€683 | -56.2% |
| Financial fixed assets | 28 | €3,450 | €0 | -€3,450 | -100% |
| Current assets | 29/58 | €97,644 | €66,902 | -€30,742 | -31.5% |
| Stocks and contracts in progress | 3 | €42,372 | €30,851 | -€11,521 | -27.2% |
| Stocks | 30/36 | €42,372 | €30,851 | -€11,521 | -27.2% |
| Amounts receivable within one year | 40/41 | €40,439 | €26,647 | -€13,792 | -34.1% |
| Trade receivables | 40 | €19,566 | €3,991 | -€15,575 | -79.6% |
| Other amounts receivable | 41 | €20,873 | €22,656 | +€1,783 | +8.5% |
| Cash at bank and in hand | 54/58 | €14,833 | €9,010 | -€5,823 | -39.3% |
| Deferred charges and accrued income | 490/1 | - | €394 | +€394 | |
| Total equity and liabilities | 10/49 | €104,462 | €70,182 | -€34,280 | -32.8% |
| Equity | 10/15 | €3,895 | €14,334 | +€10,439 | +268% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €1,395 | €11,834 | +€10,439 | +748% |
| Distributable reserves | 133 | €1,395 | €11,834 | +€10,439 | +748% |
| Amounts payable | 17/49 | €100,567 | €55,848 | -€44,719 | -44.5% |
| Amounts payable after more than one year | 17 | €15,758 | €8,315 | -€7,443 | -47.2% |
| Financial debts | 170/4 | €15,758 | €8,315 | -€7,443 | -47.2% |
| Amounts payable within one year | 42/48 | €84,809 | €47,533 | -€37,276 | -44.0% |
| Current portion of amounts payable after more than one year | 42 | €7,226 | €7,443 | +€217 | +3.0% |
| Financial debts | 43 | €3,124 | €5,666 | +€2,542 | +81.4% |
| Credit institutions | 430/8 | €3,124 | €5,666 | +€2,542 | +81.4% |
| Trade debts | 44 | €38,593 | €23,110 | -€15,483 | -40.1% |
| Suppliers | 440/4 | €38,593 | €23,110 | -€15,483 | -40.1% |
| Taxes, remuneration and social security | 45 | €1,150 | €1,234 | +€83 | +7.2% |
| Taxes | 450/3 | €1,150 | €1,234 | +€83 | +7.2% |
| Other amounts payable | 47/48 | €34,715 | €10,081 | -€24,634 | -71.0% |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,360 | €1,433 | +€73 | +5.4% |
| Other operating charges | 640/8 | €1,019 | €2,286 | +€1,267 | +124% |
| Gross operating margin | 9900 | €37,478 | €21,074 | -€16,403 | -43.8% |
| Operating profit (loss) | 9901 | €35,099 | €17,355 | -€17,743 | -50.6% |
| Financial income | 75/76B | €721 | €45 | -€676 | -93.8% |
| Recurring financial income | 75 | €721 | €45 | -€676 | -93.8% |
| Financial charges | 65/66B | €6,202 | €1,878 | -€4,324 | -69.7% |
| Recurring financial charges | 65 | €6,202 | €1,628 | -€4,574 | -73.7% |
| Non-recurring financial charges | 66B | - | €250 | +€250 | |
| Profit (loss) for the period before taxes | 9903 | €29,617 | €15,522 | -€14,095 | -47.6% |
| Income taxes | 67/77 | €2,089 | €5,083 | +€2,994 | +143% |
| Profit (loss) for the period | 9904 | €27,528 | €10,439 | -€17,089 | -62.1% |
| Profit (loss) for the period to be appropriated | 9905 | €27,528 | €10,439 | -€17,089 | -62.1% |
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 16 October 2026 via checked.be.