VERTITEC: 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.
VERTITEC
Largest movements
- Stocks and contracts +€600,498
up €600,498 (+208%), from €288,842 to €889,340
- Receivables within one year -€232,648
down €232,648 (-59.5%), from €390,834 to €158,187
of which Trade receivables: -€251,364
- Tangible fixed assets +€45,409
up €45,409 (+119%), from €38,067 to €83,476
of which Leasing and similar rights: +€40,227
- Cash -€23,781
down €23,781 (-29.5%), from €80,719 to €56,937
mainly Stocks and contracts (-€600,498) and Investment in fixed assets (net) (-€59,556)
- Current portion of long-term debt +€158,939
up €158,939 (+1,000%), from €15,900 to €174,839
- Reserves +€104,000
up €104,000 (+92.0%), from €113,000 to €217,000
- Trade debts +€92,006
up €92,006 (+29.1%), from €316,530 to €408,536
- Tax, wage and social debts +€16,467
up €16,467 (+29.0%), from €56,722 to €73,189
of which Taxes: +€14,273
- Debts after one year +€15,148
up €15,148 (+26.4%), from €57,351 to €72,499
- Gross operating margin +€46,595
up €46,595 (+22.8%), from €204,699 to €251,294
- Staff costs +€40,603
up €40,603 (+146%), from €27,808 to €68,410
- Other operating charges +€20,295
up €20,295 (+1,925%), from €1,054 to €21,349
- Depreciation +€7,831
up €7,831 (+124%), from €6,316 to €14,146
- Financial income +€5,347
up €5,347 (+321%), from €1,663 to €7,010
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 | €798,462 | €1,188,559 | +€390,098 | +48.9% |
| Fixed assets | 21/28 | €38,067 | €83,476 | +€45,409 | +119% |
| Tangible fixed assets | 22/27 | €38,067 | €83,476 | +€45,409 | +119% |
| Land and buildings | 22 | €8,778 | €15,680 | +€6,903 | +78.6% |
| Plant, machinery and equipment | 23 | €5,124 | €9,954 | +€4,830 | +94.3% |
| Furniture and vehicles | 24 | €24,165 | €17,615 | -€6,550 | -27.1% |
| Leasing and similar rights | 25 | - | €40,227 | +€40,227 | |
| Current assets | 29/58 | €760,395 | €1,105,083 | +€344,688 | +45.3% |
| Stocks and contracts in progress | 3 | €288,842 | €889,340 | +€600,498 | +208% |
| Stocks | 30/36 | €288,842 | €889,340 | +€600,498 | +208% |
| Amounts receivable within one year | 40/41 | €390,834 | €158,187 | -€232,648 | -59.5% |
| Trade receivables | 40 | €390,834 | €139,471 | -€251,364 | -64.3% |
| Other amounts receivable | 41 | - | €18,716 | +€18,716 | |
| Cash at bank and in hand | 54/58 | €80,719 | €56,937 | -€23,781 | -29.5% |
| Deferred charges and accrued income | 490/1 | - | €619 | +€619 | |
| Total equity and liabilities | 10/49 | €798,462 | €1,188,559 | +€390,098 | +48.9% |
| Equity | 10/15 | €118,622 | €222,464 | +€103,841 | +87.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €113,000 | €217,000 | +€104,000 | +92.0% |
| Distributable reserves | 133 | €113,000 | €217,000 | +€104,000 | +92.0% |
| Profit (loss) carried forward | 14 | €622 | €464 | -€159 | -25.5% |
| Amounts payable | 17/49 | €679,839 | €966,096 | +€286,256 | +42.1% |
| Amounts payable after more than one year | 17 | €57,351 | €72,499 | +€15,148 | +26.4% |
| Financial debts | 170/4 | €57,351 | €72,499 | +€15,148 | +26.4% |
| Amounts payable within one year | 42/48 | €622,155 | €893,292 | +€271,137 | +43.6% |
| Current portion of amounts payable after more than one year | 42 | €15,900 | €174,839 | +€158,939 | +1,000% |
| Financial debts | 43 | €205,309 | €205,309 | = | 0.0% |
| Credit institutions | 430/8 | €205,309 | €205,309 | = | 0.0% |
| Trade debts | 44 | €316,530 | €408,536 | +€92,006 | +29.1% |
| Suppliers | 440/4 | €316,530 | €408,536 | +€92,006 | +29.1% |
| Taxes, remuneration and social security | 45 | €56,722 | €73,189 | +€16,467 | +29.0% |
| Taxes | 450/3 | €47,755 | €62,028 | +€14,273 | +29.9% |
| Remuneration and social security | 454/9 | €8,967 | €11,161 | +€2,195 | +24.5% |
| Other amounts payable | 47/48 | €27,695 | €31,419 | +€3,725 | +13.4% |
| Accrued charges and deferred income | 492/3 | €333 | €304 | -€29 | -8.7% |
| Remuneration, social security and pensions | 62 | €27,808 | €68,410 | +€40,603 | +146% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,316 | €14,146 | +€7,831 | +124% |
| Other operating charges | 640/8 | €1,054 | €21,349 | +€20,295 | +1,925% |
| Gross operating margin | 9900 | €204,699 | €251,294 | +€46,595 | +22.8% |
| Operating profit (loss) | 9901 | €169,521 | €147,388 | -€22,133 | -13.1% |
| Financial income | 75/76B | €1,663 | €7,010 | +€5,347 | +321% |
| Recurring financial income | 75 | €1,663 | €7,010 | +€5,347 | +321% |
| Financial charges | 65/66B | €26,474 | €22,862 | -€3,612 | -13.6% |
| Recurring financial charges | 65 | €26,474 | €22,862 | -€3,612 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €144,710 | €131,536 | -€13,174 | -9.1% |
| Income taxes | 67/77 | €31,088 | €27,695 | -€3,393 | -10.9% |
| Profit (loss) for the period | 9904 | €113,622 | €103,841 | -€9,781 | -8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €113,622 | €103,841 | -€9,781 | -8.6% |
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 14 October 2026 via checked.be.