Vertuoza: 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.
What changed
Vertuoza
NACE 47.400, Retail sale of information and communication equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€4.8m
2024 · -€4.1m-€616,707
Equity
-€3.4m
2024 · €1.4m-€4.8m
Cash
€320,938
2024 · €1.5m-€1.2m
Balance sheet total
€6.6m
2024 · €6.7m-€78,156
Largest movements
Assets
- Cash -€1.2m
down €1.2m (-79.1%), from €1.5m to €320,938
mainly Net result for the year (-€4.8m) and Investment in fixed assets (net) (-€2.9m)
- Intangible fixed assets +€710,095
up €710,095 (+18.2%), from €3.9m to €4.6m
- Receivables within one year +€322,307
up €322,307 (+42.7%), from €754,374 to €1.1m
of which Trade receivables: +€329,579
- Deferred charges and accrued income +€119,637
up €119,637 (+39.5%), from €302,862 to €422,499
Equity and liabilities
- Profit (loss) carried forward -€4.8m
new in 2025: -€4.8m
- Debts after one year +€2.6m
new in 2025: €2.6m
- Accrued charges and deferred income +€1.5m
up €1.5m (+45.7%), from €3.3m to €4.7m
- Current portion of long-term debt +€335,548
new in 2025: €335,548
- Trade debts +€214,639
up €214,639 (+20.1%), from €1.1m to €1.3m
Income statement
- Gross operating margin +€3.0m
up €3.0m (+140.4%), from €2.1m to €5.1m
- Staff costs +€2.5m
up €2.5m (+51.0%), from €5.0m to €7.5m
- Depreciation +€942,103
up €942,103 (+74.1%), from €1.3m to €2.2m
- Financial charges +€168,520
up €168,520 (+155.2%), from €108,574 to €277,094
- Taxes +€96,770
up €96,770 (+56.1%), from -€172,378 to -€75,608
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.
Result 2024
-€4.1m
Gross operating margin
+€3.0m
Staff costs
-€2.5m
Depreciation
-€942,103
Write-downs
+€9,869
Other operating charges
+€45,465
Other operating items
+€80,776
Financial income
-€2,114
Financial charges
-€168,520
Taxes
-€96,770
Result 2025
-€4.8m
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.
From operations
-€1.2m
Investment
-€2.9m
Financing
+€2.9m
Cash 2024
€1.5m
From operations (derived)
-€1.2m
Net result for the year
-€4.8m
Depreciation
+€2.2m
Receivables within one year
-€322,307
Deferred charges and accrued income
-€119,637
Provisions
-€80,000
Trade debts
+€214,639
Tax, wage and social debts
+€131,002
Advances received
+€19,815
Other debts
+€1,695
Accrued charges and deferred income
+€1.5m
Investment (derived)
-€2.9m
Investment in fixed assets (net)
-€2.9m
Financing
+€2.9m
Debts after one year
+€2.6m
Current portion of long-term debt
+€335,548
Short-term financial debts
+€16,206
Cash 2025
€320,938
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,657,672 | €6,579,516 | -€78,156 | -1.2% |
| Fixed assets | 21/28 | €4,067,172 | €4,759,398 | +€692,225 | +17.0% |
| Intangible fixed assets | 21 | €3,898,329 | €4,608,424 | +€710,095 | +18.2% |
| Tangible fixed assets | 22/27 | €164,758 | €146,888 | -€17,870 | -10.8% |
| Furniture and vehicles | 24 | €97,864 | €66,490 | -€31,374 | -32.1% |
| Other tangible fixed assets | 26 | €66,894 | €80,398 | +€13,504 | +20.2% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €4,085 | €4,085 | = | 0.0% |
| Current assets | 29/58 | €2,590,500 | €1,820,119 | -€770,381 | -29.7% |
| Amounts receivable within one year | 40/41 | €754,374 | €1,076,681 | +€322,307 | +42.7% |
| Trade receivables | 40 | €741,002 | €1,070,580 | +€329,579 | +44.5% |
| Other amounts receivable | 41 | €13,373 | €6,101 | -€7,272 | -54.4% |
| Cash at bank and in hand | 54/58 | €1,533,263 | €320,938 | -€1.2m | -79.1% |
| Deferred charges and accrued income | 490/1 | €302,862 | €422,499 | +€119,637 | +39.5% |
| Total equity and liabilities | 10/49 | €6,657,672 | €6,579,516 | -€78,156 | -1.2% |
| Equity | 10/15 | €1,385,098 | -€3,369,016 | -€4.8m | |
| Contributions | 10/11 | €1,385,098 | €1,385,098 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€4,754,114 | -€4.8m | |
| Provisions and deferred taxes | 16 | €80,000 | - | -€80,000 | |
| Provisions for liabilities and charges | 160/5 | €80,000 | - | -€80,000 | |
| Other liabilities and charges | 164/5 | €80,000 | - | -€80,000 | |
| Amounts payable | 17/49 | €5,192,574 | €9,948,532 | +€4.8m | +91.6% |
| Amounts payable after more than one year | 17 | - | €2,550,000 | +€2.6m | |
| Financial debts | 170/4 | - | €2,550,000 | +€2.6m | |
| Amounts payable within one year | 42/48 | €1,935,460 | €2,654,366 | +€718,906 | +37.1% |
| Current portion of amounts payable after more than one year | 42 | - | €335,548 | +€335,548 | |
| Financial debts | 43 | - | €16,206 | +€16,206 | |
| Credit institutions | 430/8 | - | €16,206 | +€16,206 | |
| Trade debts | 44 | €1,068,949 | €1,283,588 | +€214,639 | +20.1% |
| Suppliers | 440/4 | €1,068,949 | €1,283,588 | +€214,639 | +20.1% |
| Advances received on contracts in progress | 46 | €391 | €20,206 | +€19,815 | +5070.3% |
| Taxes, remuneration and social security | 45 | €866,121 | €997,122 | +€131,002 | +15.1% |
| Taxes | 450/3 | €91,965 | €186,249 | +€94,284 | +102.5% |
| Remuneration and social security | 454/9 | €774,155 | €810,873 | +€36,718 | +4.7% |
| Other amounts payable | 47/48 | - | €1,695 | +€1,695 | |
| Accrued charges and deferred income | 492/3 | €3,257,114 | €4,744,166 | +€1.5m | +45.7% |
| Remuneration, social security and pensions | 62 | €4,955,050 | €7,482,678 | +€2.5m | +51.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,270,919 | €2,213,022 | +€942,103 | +74.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,869 | - | -€9,869 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €101,679 | €56,214 | -€45,465 | -44.7% |
| Non-recurring operating charges | 66A | €776 | -€80,000 | -€80,776 | |
| Gross operating margin | 9900 | €2,125,720 | €5,110,037 | +€3.0m | +140.4% |
| Operating profit (loss) | 9901 | -€4,212,574 | -€4,561,877 | -€349,303 | -8.3% |
| Financial income | 75/76B | €11,364 | €9,250 | -€2,114 | -18.6% |
| Recurring financial income | 75 | €11,364 | €9,250 | -€2,114 | -18.6% |
| Financial charges | 65/66B | €108,574 | €277,094 | +€168,520 | +155.2% |
| Recurring financial charges | 65 | €108,574 | €277,094 | +€168,520 | +155.2% |
| Profit (loss) for the period before taxes | 9903 | -€4,309,785 | -€4,829,722 | -€519,937 | -12.1% |
| Income taxes | 67/77 | -€172,378 | -€75,608 | +€96,770 | +56.1% |
| Profit (loss) for the period | 9904 | -€4,137,407 | -€4,754,114 | -€616,707 | -14.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,137,407 | -€4,754,114 | -€616,707 | -14.9% |
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 6 October 2026 via checked.be.