VERTRAL: what changed
Two fiscal 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.
VERTRAL
Largest movements
- Receivables within one year +€40,968
up €40,968 (+555.2%), from €7,379 to €48,347
of which Trade receivables: +€40,962
- Stocks and contracts -€29,686
down €29,686 (-61.9%), from €47,930 to €18,244
- Cash +€22,732
up €22,732 (+49.2%), from €46,203 to €68,935
mainly Stocks and contracts (+€29,686) and Net result for the year (+€27,274)
- Tangible fixed assets -€14,111
down €14,111 (-51.5%), from €27,408 to €13,297
of which Furniture and vehicles: -€10,441
- Reserves +€26,441
up €26,441 (+31.3%), from €84,514 to €110,955
- Trade debts -€11,971
down €11,971 (-92.9%), from €12,891 to €920
- Other debts +€3,584
up €3,584 (+248.0%), from €1,445 to €5,029
- Gross operating margin -€7,149
down €7,149 (-11.8%), from €60,543 to €53,394
- Taxes -€1,830
down €1,830 (-14.1%), from €12,959 to €11,130
- Depreciation -€1,097
down €1,097 (-7.2%), from €15,208 to €14,111
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 | €129,999 | €149,284 | +€19,285 | +14.8% |
| Fixed assets | 21/28 | €27,408 | €13,297 | -€14,111 | -51.5% |
| Tangible fixed assets | 22/27 | €27,408 | €13,297 | -€14,111 | -51.5% |
| Plant, machinery and equipment | 23 | €4,394 | €723 | -€3,671 | -83.5% |
| Furniture and vehicles | 24 | €23,015 | €12,574 | -€10,441 | -45.4% |
| Current assets | 29/58 | €102,590 | €135,987 | +€33,396 | +32.6% |
| Stocks and contracts in progress | 3 | €47,930 | €18,244 | -€29,686 | -61.9% |
| Stocks | 30/36 | €47,930 | €18,244 | -€29,686 | -61.9% |
| Amounts receivable within one year | 40/41 | €7,379 | €48,347 | +€40,968 | +555.2% |
| Trade receivables | 40 | €7,379 | €48,341 | +€40,962 | +555.1% |
| Other amounts receivable | 41 | - | €6 | +€6 | |
| Cash at bank and in hand | 54/58 | €46,203 | €68,935 | +€22,732 | +49.2% |
| Deferred charges and accrued income | 490/1 | €1,079 | €462 | -€617 | -57.2% |
| Total equity and liabilities | 10/49 | €129,999 | €149,284 | +€19,285 | +14.8% |
| Equity | 10/15 | €104,714 | €131,155 | +€26,441 | +25.3% |
| Contributions | 10/11 | €20,200 | €20,200 | = | 0.0% |
| Reserves | 13 | €84,514 | €110,955 | +€26,441 | +31.3% |
| Distributable reserves | 133 | €84,514 | €110,955 | +€26,441 | +31.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €25,285 | €18,129 | -€7,156 | -28.3% |
| Amounts payable within one year | 42/48 | €25,285 | €18,129 | -€7,156 | -28.3% |
| Trade debts | 44 | €12,891 | €920 | -€11,971 | -92.9% |
| Suppliers | 440/4 | €12,891 | €920 | -€11,971 | -92.9% |
| Taxes, remuneration and social security | 45 | €10,948 | €12,180 | +€1,231 | +11.2% |
| Taxes | 450/3 | €8,452 | €12,180 | +€3,727 | +44.1% |
| Remuneration and social security | 454/9 | €2,496 | €0 | -€2,496 | -100.0% |
| Other amounts payable | 47/48 | €1,445 | €5,029 | +€3,584 | +248.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,208 | €14,111 | -€1,097 | -7.2% |
| Other operating charges | 640/8 | €692 | €714 | +€23 | +3.3% |
| Gross operating margin | 9900 | €60,543 | €53,394 | -€7,149 | -11.8% |
| Operating profit (loss) | 9901 | €44,643 | €38,569 | -€6,074 | -13.6% |
| Financial income | 75/76B | €38 | €0 | -€38 | -100.0% |
| Recurring financial income | 75 | €38 | €0 | -€38 | -100.0% |
| Financial charges | 65/66B | €112 | €165 | +€53 | +47.4% |
| Recurring financial charges | 65 | €112 | €165 | +€53 | +47.4% |
| Profit (loss) for the period before taxes | 9903 | €44,569 | €38,403 | -€6,165 | -13.8% |
| Income taxes | 67/77 | €12,959 | €11,130 | -€1,830 | -14.1% |
| Profit (loss) for the period | 9904 | €31,609 | €27,274 | -€4,335 | -13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €31,609 | €27,274 | -€4,335 | -13.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.