VERTRIEST STEFAAN: what changed
VERTRIEST STEFAAN
Largest movements
- Tangible fixed assets +€136,335
up €136,335 (+102%), from €133,300 to €269,634
of which Land and buildings: +€83,415
- Cash -€104,864
down €104,864 (-83.5%), from €125,593 to €20,729
mainly Investment in fixed assets (net) (-€179,767) and Receivables within one year (-€22,754)
- Receivables within one year +€22,754
up €22,754 (+266%), from €8,550 to €31,304
of which Trade receivables: +€16,671
- Reserves +€36,840
up €36,840 (+407%), from €9,050 to €45,890
- Trade debts +€17,526
up €17,526 (+6,083%), from €288 to €17,814
- Other debts -€4,673
down €4,673 (-2.0%), from €232,388 to €227,715
- Tax, wage and social debts +€4,298
up €4,298 (+68.7%), from €6,258 to €10,556
- Gross operating margin +€68,926
up €68,926 (+304%), from €22,702 to €91,628
- Depreciation +€34,038
up €34,038 (+362%), from €9,395 to €43,432
- Taxes +€4,768
up €4,768 (+205%), from €2,322 to €7,089
- Financial charges +€1,913
up €1,913 (+341%), from €561 to €2,474
- Other operating charges +€1,292
up €1,292 (+251%), from €515 to €1,808
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €269,119 | €322,386 | +€53,266 | +19.8% |
| Fixed assets | 21/28 | €133,300 | €269,634 | +€136,335 | +102% |
| Tangible fixed assets | 22/27 | €133,300 | €269,634 | +€136,335 | +102% |
| Land and buildings | 22 | - | €83,415 | +€83,415 | |
| Plant, machinery and equipment | 23 | €110,186 | €168,097 | +€57,911 | +52.6% |
| Furniture and vehicles | 24 | €23,114 | €18,122 | -€4,992 | -21.6% |
| Current assets | 29/58 | €135,820 | €52,751 | -€83,069 | -61.2% |
| Amounts receivable within one year | 40/41 | €8,550 | €31,304 | +€22,754 | +266% |
| Trade receivables | 40 | €8,209 | €24,881 | +€16,671 | +203% |
| Other amounts receivable | 41 | €340 | €6,423 | +€6,083 | +1,787% |
| Cash at bank and in hand | 54/58 | €125,593 | €20,729 | -€104,864 | -83.5% |
| Deferred charges and accrued income | 490/1 | €1,677 | €718 | -€959 | -57.2% |
| Total equity and liabilities | 10/49 | €269,119 | €322,386 | +€53,266 | +19.8% |
| Equity | 10/15 | €29,050 | €65,890 | +€36,840 | +127% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €9,050 | €45,890 | +€36,840 | +407% |
| Distributable reserves | 133 | €9,050 | €45,890 | +€36,840 | +407% |
| Amounts payable | 17/49 | €240,069 | €256,496 | +€16,427 | +6.8% |
| Amounts payable within one year | 42/48 | €238,935 | €256,085 | +€17,150 | +7.2% |
| Trade debts | 44 | €288 | €17,814 | +€17,526 | +6,083% |
| Suppliers | 440/4 | €288 | €17,814 | +€17,526 | +6,083% |
| Taxes, remuneration and social security | 45 | €6,258 | €10,556 | +€4,298 | +68.7% |
| Taxes | 450/3 | €6,258 | €10,556 | +€4,298 | +68.7% |
| Other amounts payable | 47/48 | €232,388 | €227,715 | -€4,673 | -2.0% |
| Accrued charges and deferred income | 492/3 | €1,135 | €411 | -€724 | -63.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,395 | €43,432 | +€34,038 | +362% |
| Other operating charges | 640/8 | €515 | €1,808 | +€1,292 | +251% |
| Gross operating margin | 9900 | €22,702 | €91,628 | +€68,926 | +304% |
| Operating profit (loss) | 9901 | €12,792 | €46,388 | +€33,596 | +263% |
| Financial income | 75/76B | €0 | €15 | +€15 | +152,000% |
| Recurring financial income | 75 | €0 | €15 | +€15 | +152,000% |
| Financial charges | 65/66B | €561 | €2,474 | +€1,913 | +341% |
| Recurring financial charges | 65 | €561 | €2,474 | +€1,913 | +341% |
| Profit (loss) for the period before taxes | 9903 | €12,231 | €43,929 | +€31,698 | +259% |
| Income taxes | 67/77 | €2,322 | €7,089 | +€4,768 | +205% |
| Profit (loss) for the period | 9904 | €9,909 | €36,840 | +€26,930 | +272% |
| Profit (loss) for the period to be appropriated | 9905 | €9,909 | €36,840 | +€26,930 | +272% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.