VORTAL: 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.
VORTAL
Largest movements
- Tangible fixed assets +€194,005
up €194,005 (+24.1%), from €806,115 to €1.0m
of which Land and buildings: +€167,445
- Receivables within one year +€157,906
up €157,906 (+126%), from €125,334 to €283,240
of which Trade receivables: +€179,075
- Current investments -€153,618
down €153,618 (-78.1%), from €196,757 to €43,139
- Cash +€24,608
up €24,608 (+30.2%), from €81,460 to €106,068
mainly Trade debts (+€156,761) and Current investments (+€153,618)
- Trade debts +€156,761
up €156,761 (+365%), from €42,894 to €199,655
- Reserves +€76,444
up €76,444 (+11.6%), from €659,236 to €735,680
of which Distributable reserves: +€76,444
- Debts after one year -€65,415
down €65,415 (-31.7%), from €206,596 to €141,181
- Tax, wage and social debts -€59,452
down €59,452 (-63.2%), from €94,110 to €34,658
of which Taxes: -€65,802
- Other debts +€57,895
new in 2025: €57,895
- Gross operating margin -€55,780
down €55,780 (-12.9%), from €433,433 to €377,652
- Taxes -€44,888
down €44,888 (-41.9%), from €107,089 to €62,201
- Staff costs +€41,244
up €41,244 (+70.6%), from €58,414 to €99,658
- Depreciation +€15,788
up €15,788 (+28.5%), from €55,319 to €71,107
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 | €1,319,975 | €1,516,556 | +€196,581 | +14.9% |
| Fixed assets | 21/28 | €845,331 | €1,033,318 | +€187,986 | +22.2% |
| Intangible fixed assets | 21 | €39,217 | €33,199 | -€6,018 | -15.3% |
| Tangible fixed assets | 22/27 | €806,115 | €1,000,119 | +€194,005 | +24.1% |
| Land and buildings | 22 | €705,988 | €873,433 | +€167,445 | +23.7% |
| Plant, machinery and equipment | 23 | €99,063 | €97,506 | -€1,557 | -1.6% |
| Furniture and vehicles | 24 | €1,064 | €29,181 | +€28,117 | +2,643% |
| Current assets | 29/58 | €474,644 | €483,238 | +€8,595 | +1.8% |
| Stocks and contracts in progress | 3 | €64,189 | €49,596 | -€14,592 | -22.7% |
| Stocks | 30/36 | €64,189 | €49,596 | -€14,592 | -22.7% |
| Amounts receivable within one year | 40/41 | €125,334 | €283,240 | +€157,906 | +126% |
| Trade receivables | 40 | €69,908 | €248,983 | +€179,075 | +256% |
| Other amounts receivable | 41 | €55,426 | €34,258 | -€21,168 | -38.2% |
| Current investments | 50/53 | €196,757 | €43,139 | -€153,618 | -78.1% |
| Cash at bank and in hand | 54/58 | €81,460 | €106,068 | +€24,608 | +30.2% |
| Deferred charges and accrued income | 490/1 | €6,905 | €1,195 | -€5,710 | -82.7% |
| Total equity and liabilities | 10/49 | €1,319,975 | €1,516,556 | +€196,581 | +14.9% |
| Equity | 10/15 | €911,083 | €1,012,878 | +€101,795 | +11.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €659,236 | €735,680 | +€76,444 | +11.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €657,376 | €733,820 | +€76,444 | +11.6% |
| Profit (loss) carried forward | 14 | €231,988 | €231,988 | = | 0.0% |
| Investment grants | 15 | €7,459 | €32,811 | +€25,352 | +340% |
| Amounts payable | 17/49 | €408,892 | €503,678 | +€94,785 | +23.2% |
| Amounts payable after more than one year | 17 | €206,596 | €141,181 | -€65,415 | -31.7% |
| Financial debts | 170/4 | €206,596 | €141,181 | -€65,415 | -31.7% |
| Amounts payable within one year | 42/48 | €202,297 | €362,497 | +€160,200 | +79.2% |
| Current portion of amounts payable after more than one year | 42 | €64,052 | €65,415 | +€1,363 | +2.1% |
| Trade debts | 44 | €42,894 | €199,655 | +€156,761 | +365% |
| Suppliers | 440/4 | €42,894 | €199,655 | +€156,761 | +365% |
| Advances received on contracts in progress | 46 | €1,241 | €4,875 | +€3,634 | +293% |
| Taxes, remuneration and social security | 45 | €94,110 | €34,658 | -€59,452 | -63.2% |
| Taxes | 450/3 | €87,624 | €21,823 | -€65,802 | -75.1% |
| Remuneration and social security | 454/9 | €6,486 | €12,835 | +€6,349 | +97.9% |
| Other amounts payable | 47/48 | - | €57,895 | +€57,895 | |
| Remuneration, social security and pensions | 62 | €58,414 | €99,658 | +€41,244 | +70.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,319 | €71,107 | +€15,788 | +28.5% |
| Other operating charges | 640/8 | €3,055 | €4,181 | +€1,126 | +36.8% |
| Gross operating margin | 9900 | €433,433 | €377,652 | -€55,780 | -12.9% |
| Operating profit (loss) | 9901 | €316,644 | €202,706 | -€113,938 | -36.0% |
| Financial income | 75/76B | €723 | €2,135 | +€1,412 | +195% |
| Recurring financial income | 75 | €723 | €2,135 | +€1,412 | +195% |
| Financial charges | 65/66B | €5,225 | €8,302 | +€3,077 | +58.9% |
| Recurring financial charges | 65 | €5,225 | €8,302 | +€3,077 | +58.9% |
| Profit (loss) for the period before taxes | 9903 | €312,142 | €196,539 | -€115,603 | -37.0% |
| Income taxes | 67/77 | €107,089 | €62,201 | -€44,888 | -41.9% |
| Profit (loss) for the period | 9904 | €205,053 | €134,338 | -€70,715 | -34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €205,053 | €134,338 | -€70,715 | -34.5% |
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 22 October 2026 via checked.be.