VERTWATT: 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.
VERTWATT
Largest movements
- Cash +€8,725
up €8,725 (+27429.1%), from €32 to €8,757
mainly Depreciation (+€8,296) and Receivables within one year (+€4,263)
- Tangible fixed assets -€8,296
down €8,296 (-11.1%), from €74,817 to €66,521
of which Plant, machinery and equipment: -€7,996
- Receivables within one year -€4,263
down €4,263 (-34.3%), from €12,411 to €8,148
of which Trade receivables: -€5,129
- Trade debts +€3,421
up €3,421 (+55.9%), from €6,117 to €9,538
- Investment grants -€2,405
down €2,405 (-28.0%), from €8,585 to €6,180
- Profit (loss) carried forward -€2,399
down €2,399 (-13.3%), from €18,065 to €15,666
- Provisions -€1,238
down €1,238 (-28.0%), from €4,421 to €3,182
- Other debts -€1,211
down €1,211 (-6.8%), from €17,686 to €16,475
- Gross operating margin -€11,424
down €11,424 (-79.6%), from €14,360 to €2,935
- Taxes -€2,384
no longer reported in 2025 (was €2,384)
- Depreciation -€340
down €340 (-3.9%), from €8,636 to €8,296
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 | €87,259 | €83,426 | -€3,833 | -4.4% |
| Fixed assets | 21/28 | €74,817 | €66,521 | -€8,296 | -11.1% |
| Tangible fixed assets | 22/27 | €74,817 | €66,521 | -€8,296 | -11.1% |
| Land and buildings | 22 | €3,002 | €2,702 | -€300 | -10.0% |
| Plant, machinery and equipment | 23 | €71,815 | €63,819 | -€7,996 | -11.1% |
| Current assets | 29/58 | €12,442 | €16,905 | +€4,463 | +35.9% |
| Amounts receivable within one year | 40/41 | €12,411 | €8,148 | -€4,263 | -34.3% |
| Trade receivables | 40 | €11,722 | €6,594 | -€5,129 | -43.8% |
| Other amounts receivable | 41 | €688 | €1,554 | +€866 | +125.8% |
| Cash at bank and in hand | 54/58 | €32 | €8,757 | +€8,725 | +27429.1% |
| Total equity and liabilities | 10/49 | €87,259 | €83,426 | -€3,833 | -4.4% |
| Equity | 10/15 | €56,650 | €51,846 | -€4,804 | -8.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,065 | €15,666 | -€2,399 | -13.3% |
| Investment grants | 15 | €8,585 | €6,180 | -€2,405 | -28.0% |
| Provisions and deferred taxes | 16 | €4,421 | €3,182 | -€1,238 | -28.0% |
| Deferred taxes | 168 | €4,421 | €3,182 | -€1,238 | -28.0% |
| Amounts payable | 17/49 | €26,188 | €28,398 | +€2,210 | +8.4% |
| Amounts payable within one year | 42/48 | €26,188 | €28,398 | +€2,210 | +8.4% |
| Trade debts | 44 | €6,117 | €9,538 | +€3,421 | +55.9% |
| Suppliers | 440/4 | €6,117 | €9,538 | +€3,421 | +55.9% |
| Taxes, remuneration and social security | 45 | €2,384 | €2,384 | = | 0.0% |
| Taxes | 450/3 | €2,384 | €2,384 | = | 0.0% |
| Other amounts payable | 47/48 | €17,686 | €16,475 | -€1,211 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,636 | €8,296 | -€340 | -3.9% |
| Other operating charges | 640/8 | €574 | €592 | +€18 | +3.2% |
| Gross operating margin | 9900 | €14,360 | €2,935 | -€11,424 | -79.6% |
| Operating profit (loss) | 9901 | €5,150 | -€5,953 | -€11,103 | |
| Financial income | 75/76B | €2,405 | €2,405 | = | 0.0% |
| Recurring financial income | 75 | €2,405 | €2,405 | = | 0.0% |
| Financial charges | 65/66B | €45 | €90 | +€45 | +100.7% |
| Recurring financial charges | 65 | €45 | €90 | +€45 | +100.7% |
| Profit (loss) for the period before taxes | 9903 | €7,510 | -€3,638 | -€11,148 | |
| Transfer from deferred taxes | 780 | €1,238 | €1,238 | = | 0.0% |
| Income taxes | 67/77 | €2,384 | - | -€2,384 | |
| Profit (loss) for the period | 9904 | €6,365 | -€2,399 | -€8,764 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,365 | -€2,399 | -€8,764 |
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 4 October 2026 via checked.be.