VERTUS DEVELOPMENT: 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.
VERTUS DEVELOPMENT
Largest movements
- Current investments +€72,808
up €72,808 (+960.5%), from €7,581 to €80,389
- Tangible fixed assets +€59,970
up €59,970 (+11.2%), from €535,313 to €595,283
of which Furniture and vehicles: +€81,591
- Cash -€41,352
down €41,352 (-74.8%), from €55,273 to €13,920
mainly Contributions, distributions and other (-€102,011) and Investment in fixed assets (net) (-€89,784)
- Receivables within one year +€13,631
up €13,631 (+7.5%), from €180,971 to €194,602
of which Other amounts receivable: +€38,202
- Other debts +€77,011
up €77,011 (+126.4%), from €60,937 to €137,947
- Debts after one year +€31,137
up €31,137 (+15.4%), from €202,656 to €233,794
- Reserves -€29,780
down €29,780 (-12.1%), from €246,472 to €216,692
of which Distributable reserves: -€29,780
- Tax, wage and social debts +€28,115
up €28,115 (+399.6%), from €7,036 to €35,151
- Trade debts -€20,111
down €20,111 (-18.1%), from €111,251 to €91,140
- Gross operating margin +€64,526
up €64,526 (+72.0%), from €89,615 to €154,142
- Taxes +€15,810
up €15,810 (+104.3%), from €15,155 to €30,965
- Depreciation +€6,683
up €6,683 (+28.9%), from €23,131 to €29,814
- Financial charges -€4,314
down €4,314 (-19.9%), from €21,695 to €17,381
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 | €1,169,133 | €1,265,240 | +€96,107 | +8.2% |
| Fixed assets | 21/28 | €882,313 | €942,283 | +€59,970 | +6.8% |
| Tangible fixed assets | 22/27 | €535,313 | €595,283 | +€59,970 | +11.2% |
| Land and buildings | 22 | €530,061 | €508,609 | -€21,452 | -4.0% |
| Plant, machinery and equipment | 23 | €1,562 | €1,393 | -€169 | -10.8% |
| Furniture and vehicles | 24 | €3,690 | €85,281 | +€81,591 | +2211.3% |
| Financial fixed assets | 28 | €347,000 | €347,000 | = | 0.0% |
| Current assets | 29/58 | €286,820 | €322,957 | +€36,137 | +12.6% |
| Amounts receivable after more than one year | 29 | €41,667 | €33,333 | -€8,333 | -20.0% |
| Other amounts receivable | 291 | €41,667 | €33,333 | -€8,333 | -20.0% |
| Amounts receivable within one year | 40/41 | €180,971 | €194,602 | +€13,631 | +7.5% |
| Trade receivables | 40 | €72,655 | €48,084 | -€24,571 | -33.8% |
| Other amounts receivable | 41 | €108,316 | €146,518 | +€38,202 | +35.3% |
| Current investments | 50/53 | €7,581 | €80,389 | +€72,808 | +960.5% |
| Cash at bank and in hand | 54/58 | €55,273 | €13,920 | -€41,352 | -74.8% |
| Deferred charges and accrued income | 490/1 | €1,329 | €713 | -€616 | -46.3% |
| Total equity and liabilities | 10/49 | €1,169,133 | €1,265,240 | +€96,107 | +8.2% |
| Equity | 10/15 | €599,672 | €569,892 | -€29,780 | -5.0% |
| Contributions | 10/11 | €353,200 | €353,200 | = | 0.0% |
| Reserves | 13 | €246,472 | €216,692 | -€29,780 | -12.1% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €241,472 | €211,692 | -€29,780 | -12.3% |
| Amounts payable | 17/49 | €569,461 | €695,349 | +€125,888 | +22.1% |
| Amounts payable after more than one year | 17 | €202,656 | €233,794 | +€31,137 | +15.4% |
| Financial debts | 170/4 | €202,656 | €233,794 | +€31,137 | +15.4% |
| Amounts payable within one year | 42/48 | €366,805 | €451,407 | +€84,603 | +23.1% |
| Current portion of amounts payable after more than one year | 42 | €37,581 | €52,170 | +€14,588 | +38.8% |
| Financial debts | 43 | €150,000 | €135,000 | -€15,000 | -10.0% |
| Credit institutions | 430/8 | €150,000 | €135,000 | -€15,000 | -10.0% |
| Trade debts | 44 | €111,251 | €91,140 | -€20,111 | -18.1% |
| Suppliers | 440/4 | €111,251 | €91,140 | -€20,111 | -18.1% |
| Taxes, remuneration and social security | 45 | €7,036 | €35,151 | +€28,115 | +399.6% |
| Taxes | 450/3 | €7,036 | €35,151 | +€28,115 | +399.6% |
| Other amounts payable | 47/48 | €60,937 | €137,947 | +€77,011 | +126.4% |
| Accrued charges and deferred income | 492/3 | - | €10,148 | +€10,148 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,131 | €29,814 | +€6,683 | +28.9% |
| Other operating charges | 640/8 | €5,098 | €5,350 | +€251 | +4.9% |
| Gross operating margin | 9900 | €89,615 | €154,142 | +€64,526 | +72.0% |
| Operating profit (loss) | 9901 | €61,386 | €118,979 | +€57,592 | +93.8% |
| Financial income | 75/76B | €474 | €1,598 | +€1,124 | +236.8% |
| Recurring financial income | 75 | €474 | €1,598 | +€1,124 | +236.8% |
| Financial charges | 65/66B | €21,695 | €17,381 | -€4,314 | -19.9% |
| Recurring financial charges | 65 | €21,695 | €17,381 | -€4,314 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | €40,166 | €103,196 | +€63,030 | +156.9% |
| Income taxes | 67/77 | €15,155 | €30,965 | +€15,810 | +104.3% |
| Profit (loss) for the period | 9904 | €25,011 | €72,231 | +€47,220 | +188.8% |
| Profit (loss) for the period to be appropriated | 9905 | €25,011 | €72,231 | +€47,220 | +188.8% |
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.