VERVEX CAPITAL: what changed
Two financial 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.
VERVEX CAPITAL
Largest movements
- Financial fixed assets +€15.2m
up €15.2m (+476%), from €3.2m to €18.4m
- Receivables after one year +€12.4m
up €12.4m (+75.1%), from €16.6m to €29.0m
- Deferred charges and accrued income +€2.2m
up €2.2m (+1,111%), from €198,993 to €2.4m
- Debts after one year +€27.6m
up €27.6m (+172%), from €16.1m to €43.8m
- Accrued charges and deferred income +€1.2m
up €1.2m (+640%), from €193,323 to €1.4m
- Profit (loss) carried forward +€625,892
up €625,892, from -€236,947 to €388,945
- Financial income +€2.0m
up €2.0m (+1,011%), from €199,010 to €2.2m
- Financial charges +€1.0m
up €1.0m (+399%), from €257,440 to €1.3m
- Taxes +€208,631
new in 2025: €208,631
- Gross operating margin +€31,567
up €31,567 (+26.2%), from -€120,661 to -€89,094
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.
Derived cash bridge
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 | €20,125,189 | €49,838,953 | +€29.7m | +148% |
| Fixed assets | 21/28 | €3,190,219 | €18,387,909 | +€15.2m | +476% |
| Financial fixed assets | 28 | €3,190,219 | €18,387,909 | +€15.2m | +476% |
| Current assets | 29/58 | €16,934,970 | €31,451,044 | +€14.5m | +85.7% |
| Amounts receivable after more than one year | 29 | €16,569,139 | €29,015,662 | +€12.4m | +75.1% |
| Other amounts receivable | 291 | €16,569,139 | €29,015,662 | +€12.4m | +75.1% |
| Cash at bank and in hand | 54/58 | €166,839 | €25,571 | -€141,268 | -84.7% |
| Deferred charges and accrued income | 490/1 | €198,993 | €2,409,812 | +€2.2m | +1,111% |
| Total equity and liabilities | 10/49 | €20,125,189 | €49,838,953 | +€29.7m | +148% |
| Equity | 10/15 | €3,818,053 | €4,443,945 | +€625,892 | +16.4% |
| Contributions | 10/11 | €4,055,000 | €4,055,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€236,947 | €388,945 | +€625,892 | |
| Amounts payable | 17/49 | €16,307,136 | €45,395,008 | +€29.1m | +178% |
| Amounts payable after more than one year | 17 | €16,113,813 | €43,756,459 | +€27.6m | +172% |
| Other amounts payable | 178/9 | €16,113,813 | €43,756,459 | +€27.6m | +172% |
| Amounts payable within one year | 42/48 | - | €208,631 | +€208,631 | |
| Taxes, remuneration and social security | 45 | - | €208,631 | +€208,631 | |
| Taxes | 450/3 | - | €208,631 | +€208,631 | |
| Accrued charges and deferred income | 492/3 | €193,323 | €1,429,918 | +€1.2m | +640% |
| Other operating charges | 640/8 | €1,094 | €1,571 | +€477 | +43.6% |
| Gross operating margin | 9900 | -€120,661 | -€89,094 | +€31,567 | +26.2% |
| Operating profit (loss) | 9901 | -€121,754 | -€90,665 | +€31,090 | +25.5% |
| Financial income | 75/76B | €199,010 | €2,210,819 | +€2.0m | +1,011% |
| Recurring financial income | 75 | €199,010 | €2,210,819 | +€2.0m | +1,011% |
| Financial charges | 65/66B | €257,440 | €1,285,631 | +€1.0m | +399% |
| Recurring financial charges | 65 | €257,440 | €1,285,631 | +€1.0m | +399% |
| Profit (loss) for the period before taxes | 9903 | -€180,184 | €834,523 | +€1.0m | |
| Income taxes | 67/77 | - | €208,631 | +€208,631 | |
| Profit (loss) for the period | 9904 | -€180,184 | €625,892 | +€806,077 | |
| Profit (loss) for the period to be appropriated | 9905 | -€180,184 | €625,892 | +€806,077 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.