VERTRACO: 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.
VERTRACO
Largest movements
- Receivables within one year -€50,911
down €50,911 (-64.5%), from €78,878 to €27,966
of which Other amounts receivable: -€47,970
- Tangible fixed assets -€27,873
down €27,873 (-20.3%), from €137,146 to €109,274
of which Leasing and similar rights: -€30,964
- Cash -€6,356
down €6,356 (-20.4%), from €31,117 to €24,761
mainly Other debts (-€54,523) and Debts after one year (-€29,369)
- Other debts -€54,523
down €54,523 (-90.9%), from €60,000 to €5,477
- Debts after one year -€29,369
down €29,369 (-31.1%), from €94,387 to €65,019
- Reserves -€12,165
down €12,165 (-45.2%), from €26,905 to €14,740
- Tax, wage and social debts +€10,031
up €10,031 (+129.0%), from €7,779 to €17,810
- Current portion of long-term debt -€4,727
down €4,727 (-11.0%), from €43,095 to €38,368
- Gross operating margin -€20,149
down €20,149 (-24.8%), from €81,178 to €61,029
- Depreciation +€5,705
up €5,705 (+20.5%), from €27,828 to €33,533
- Taxes -€3,343
down €3,343 (-41.2%), from €8,106 to €4,763
- Financial income -€2,377
down €2,377 (-99.3%), from €2,395 to €18
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 | €250,484 | €164,548 | -€85,936 | -34.3% |
| Fixed assets | 21/28 | €137,146 | €109,274 | -€27,873 | -20.3% |
| Tangible fixed assets | 22/27 | €137,146 | €109,274 | -€27,873 | -20.3% |
| Plant, machinery and equipment | 23 | €4,200 | €8,769 | +€4,569 | +108.8% |
| Furniture and vehicles | 24 | €4,859 | €3,382 | -€1,477 | -30.4% |
| Leasing and similar rights | 25 | €128,087 | €97,123 | -€30,964 | -24.2% |
| Current assets | 29/58 | €113,337 | €55,274 | -€58,063 | -51.2% |
| Amounts receivable within one year | 40/41 | €78,878 | €27,966 | -€50,911 | -64.5% |
| Trade receivables | 40 | €29,671 | €26,729 | -€2,941 | -9.9% |
| Other amounts receivable | 41 | €49,207 | €1,237 | -€47,970 | -97.5% |
| Cash at bank and in hand | 54/58 | €31,117 | €24,761 | -€6,356 | -20.4% |
| Deferred charges and accrued income | 490/1 | €3,342 | €2,547 | -€796 | -23.8% |
| Total equity and liabilities | 10/49 | €250,484 | €164,548 | -€85,936 | -34.3% |
| Equity | 10/15 | €31,905 | €19,740 | -€12,165 | -38.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €26,905 | €14,740 | -€12,165 | -45.2% |
| Distributable reserves | 133 | €26,905 | €14,740 | -€12,165 | -45.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €218,579 | €144,808 | -€73,771 | -33.8% |
| Amounts payable after more than one year | 17 | €94,387 | €65,019 | -€29,369 | -31.1% |
| Financial debts | 170/4 | €94,387 | €65,019 | -€29,369 | -31.1% |
| Amounts payable within one year | 42/48 | €122,776 | €77,564 | -€45,212 | -36.8% |
| Current portion of amounts payable after more than one year | 42 | €43,095 | €38,368 | -€4,727 | -11.0% |
| Trade debts | 44 | €11,902 | €15,910 | +€4,008 | +33.7% |
| Suppliers | 440/4 | €11,902 | €15,910 | +€4,008 | +33.7% |
| Taxes, remuneration and social security | 45 | €7,779 | €17,810 | +€10,031 | +129.0% |
| Taxes | 450/3 | €7,779 | €17,810 | +€10,031 | +129.0% |
| Other amounts payable | 47/48 | €60,000 | €5,477 | -€54,523 | -90.9% |
| Accrued charges and deferred income | 492/3 | €1,415 | €2,225 | +€810 | +57.2% |
| Non-recurring operating income | 76A | €6,000 | €0 | -€6,000 | -100.0% |
| Remuneration, social security and pensions | 62 | - | €250 | +€250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,828 | €33,533 | +€5,705 | +20.5% |
| Other operating charges | 640/8 | €1,489 | €1,718 | +€229 | +15.4% |
| Gross operating margin | 9900 | €81,178 | €61,029 | -€20,149 | -24.8% |
| Operating profit (loss) | 9901 | €51,861 | €25,529 | -€26,333 | -50.8% |
| Financial income | 75/76B | €2,395 | €18 | -€2,377 | -99.3% |
| Recurring financial income | 75 | €2,395 | €18 | -€2,377 | -99.3% |
| Financial charges | 65/66B | €6,000 | €6,043 | +€44 | +0.7% |
| Recurring financial charges | 65 | €6,000 | €6,043 | +€44 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €48,256 | €19,503 | -€28,753 | -59.6% |
| Income taxes | 67/77 | €8,106 | €4,763 | -€3,343 | -41.2% |
| Profit (loss) for the period | 9904 | €40,150 | €14,740 | -€25,410 | -63.3% |
| Profit (loss) for the period to be appropriated | 9905 | €40,150 | €14,740 | -€25,410 | -63.3% |
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 9 October 2026 via checked.be.