VORTEX PANELS: 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
VORTEX PANELS
NACE 16.210, Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€3,617
2023 · €493,932-€490,315
Equity
€1.3m
2023 · €1.3m+€3,617
Cash
€263,985
2023 · €648,788-€384,803
Balance sheet total
€2.0m
2023 · €2.0m+€5,805
Largest movements
Assets
- Cash -€384,803
down €384,803 (-59.3%), from €648,788 to €263,985
mainly Investment in fixed assets (net) (-€222,655) and Stocks and contracts (-€174,277)
- Stocks and contracts +€174,277
up €174,277 (+37.6%), from €463,920 to €638,197
- Tangible fixed assets +€130,492
up €130,492 (+34.0%), from €384,332 to €514,823
- Receivables within one year +€127,015
up €127,015 (+39.0%), from €325,878 to €452,893
of which Other amounts receivable: +€202,490
- Deferred charges and accrued income -€43,276
down €43,276 (-74.3%), from €58,209 to €14,933
Equity and liabilities
- Debts after one year +€53,396
up €53,396 (+28.4%), from €188,076 to €241,472
- Trade debts -€45,774
down €45,774 (-26.7%), from €171,344 to €125,569
- Short-term financial debts +€30,000
up €30,000 (+16.7%), from €180,000 to €210,000
- Current portion of long-term debt -€29,485
down €29,485 (-29.1%), from €101,289 to €71,804
Income statement
- Goods and materials +€943,520
up €943,520 (+46.6%), from €2.0m to €3.0m
of which Purchases: +€859,431
- Turnover +€474,682
up €474,682 (+13.7%), from €3.5m to €3.9m
- Services and other goods +€246,921
up €246,921 (+79.6%), from €310,167 to €557,089
- Taxes -€137,031
down €137,031 (-88.1%), from €155,471 to €18,440
of which Taxes: -€152,993
- Depreciation +€59,189
up €59,189 (+179.5%), from €32,975 to €92,163
From the 2023 result to the 2024 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 2023
€493,932
Turnover
+€474,682
Other operating income
+€1,738
Goods and materials
-€943,520
Services and other goods
-€246,921
Staff costs
-€30,390
Depreciation
-€59,189
Write-downs
-€7,084
Other operating charges
+€1,157
Other operating items
+€164,890
Financial income
+€25,840
Financial charges
-€8,550
Taxes
+€137,031
Result 2024
€3,617
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€216,059
Investment
-€222,655
Financing
+€53,911
Cash 2023
€648,788
From operations (derived)
-€216,059
Net result for the year
+€3,617
Depreciation
+€92,163
Receivables after one year
-€2,100
Stocks and contracts
-€174,277
Receivables within one year
-€127,015
Deferred charges and accrued income
+€43,276
Trade debts
-€45,774
Tax, wage and social debts
-€13,031
Other debts
+€7,096
Accrued charges and deferred income
-€13
Investment (derived)
-€222,655
Investment in fixed assets (net)
-€222,655
Financing
+€53,911
Debts after one year
+€53,396
Current portion of long-term debt
-€29,485
Short-term financial debts
+€30,000
Cash 2024
€263,985
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,993,277 | €1,999,082 | +€5,805 | +0.3% |
| Fixed assets | 21/28 | €384,332 | €514,823 | +€130,492 | +34.0% |
| Tangible fixed assets | 22/27 | €384,332 | €514,823 | +€130,492 | +34.0% |
| Plant, machinery and equipment | 23 | €15,483 | €41,072 | +€25,589 | +165.3% |
| Furniture and vehicles | 24 | €265,832 | €316,446 | +€50,614 | +19.0% |
| Other tangible fixed assets | 26 | €103,016 | €157,306 | +€54,289 | +52.7% |
| Current assets | 29/58 | €1,608,945 | €1,484,259 | -€124,686 | -7.7% |
| Amounts receivable after more than one year | 29 | €112,151 | €114,251 | +€2,100 | +1.9% |
| Other amounts receivable | 291 | €112,151 | €114,251 | +€2,100 | +1.9% |
| Stocks and contracts in progress | 3 | €463,920 | €638,197 | +€174,277 | +37.6% |
| Stocks | 30/36 | €463,920 | €638,197 | +€174,277 | +37.6% |
| Finished goods | 33 | €65,616 | €44,159 | -€21,457 | -32.7% |
| Goods purchased for resale | 34 | €398,304 | €594,038 | +€195,734 | +49.1% |
| Amounts receivable within one year | 40/41 | €325,878 | €452,893 | +€127,015 | +39.0% |
| Trade receivables | 40 | €315,138 | €239,663 | -€75,475 | -23.9% |
| Other amounts receivable | 41 | €10,740 | €213,230 | +€202,490 | +1885.4% |
| Cash at bank and in hand | 54/58 | €648,788 | €263,985 | -€384,803 | -59.3% |
| Deferred charges and accrued income | 490/1 | €58,209 | €14,933 | -€43,276 | -74.3% |
| Total equity and liabilities | 10/49 | €1,993,277 | €1,999,082 | +€5,805 | +0.3% |
| Equity | 10/15 | €1,299,244 | €1,302,861 | +€3,617 | +0.3% |
| Contributions | 10/11 | €64,000 | €64,000 | = | 0.0% |
| Capital | 10 | €64,000 | €64,000 | = | 0.0% |
| Issued capital | 100 | €64,000 | €64,000 | = | 0.0% |
| Reserves | 13 | €329,900 | €329,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,400 | €6,400 | = | 0.0% |
| Legal reserve | 130 | €6,400 | €6,400 | = | 0.0% |
| Distributable reserves | 133 | €323,500 | €323,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €905,344 | €908,961 | +€3,617 | +0.4% |
| Amounts payable | 17/49 | €694,032 | €696,221 | +€2,188 | +0.3% |
| Amounts payable after more than one year | 17 | €188,076 | €241,472 | +€53,396 | +28.4% |
| Financial debts | 170/4 | €188,076 | €241,472 | +€53,396 | +28.4% |
| Credit institutions | 173 | €188,076 | €241,472 | +€53,396 | +28.4% |
| Amounts payable within one year | 42/48 | €502,265 | €451,070 | -€51,195 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €101,289 | €71,804 | -€29,485 | -29.1% |
| Financial debts | 43 | €180,000 | €210,000 | +€30,000 | +16.7% |
| Credit institutions | 430/8 | €180,000 | €210,000 | +€30,000 | +16.7% |
| Trade debts | 44 | €171,344 | €125,569 | -€45,774 | -26.7% |
| Suppliers | 440/4 | €171,344 | €125,569 | -€45,774 | -26.7% |
| Taxes, remuneration and social security | 45 | €49,632 | €36,601 | -€13,031 | -26.3% |
| Taxes | 450/3 | €18,752 | €984 | -€17,768 | -94.8% |
| Remuneration and social security | 454/9 | €30,881 | €35,617 | +€4,737 | +15.3% |
| Other amounts payable | 47/48 | - | €7,096 | +€7,096 | |
| Accrued charges and deferred income | 492/3 | €3,691 | €3,678 | -€13 | -0.4% |
| Operating income | 70/76A | €3,806,023 | €3,910,409 | +€104,386 | +2.7% |
| Turnover | 70 | €3,455,446 | €3,930,128 | +€474,682 | +13.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €43,861 | -€21,457 | -€65,318 | |
| Other operating income | 74 | €0 | €1,738 | +€1,738 | |
| Non-recurring operating income | 76A | €306,717 | €0 | -€306,717 | -100.0% |
| Operating charges | 60/66A | €3,166,150 | €3,915,173 | +€749,023 | +23.7% |
| Goods for resale, raw materials and consumables | 60 | €2,026,009 | €2,969,529 | +€943,520 | +46.6% |
| Purchases | 600/8 | €2,305,832 | €3,165,263 | +€859,431 | +37.3% |
| Change in stocks: decrease (increase) | 609 | -€279,823 | -€195,734 | +€84,089 | +30.1% |
| Services and other goods | 61 | €310,167 | €557,089 | +€246,921 | +79.6% |
| Remuneration, social security and pensions | 62 | €257,887 | €288,277 | +€30,390 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,975 | €92,163 | +€59,189 | +179.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,084 | +€7,084 | |
| Other operating charges | 640/8 | €2,188 | €1,031 | -€1,157 | -52.9% |
| Non-recurring operating charges | 66A | €536,925 | - | -€536,925 | |
| Operating profit (loss) | 9901 | €639,873 | -€4,764 | -€644,637 | |
| Financial income | 75/76B | €27,516 | €53,356 | +€25,840 | +93.9% |
| Recurring financial income | 75 | €27,516 | €53,356 | +€25,840 | +93.9% |
| Income from financial fixed assets | 750 | €2,100 | €2,100 | = | 0.0% |
| Other financial income | 752/9 | €25,416 | €51,256 | +€25,840 | +101.7% |
| Financial charges | 65/66B | €17,985 | €26,536 | +€8,550 | +47.5% |
| Recurring financial charges | 65 | €17,985 | €26,536 | +€8,550 | +47.5% |
| Debt charges | 650 | €60 | €315 | +€255 | +425.2% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €182 | €677 | +€494 | +270.9% |
| Other financial charges | 652/9 | €17,743 | €25,544 | +€7,801 | +44.0% |
| Profit (loss) for the period before taxes | 9903 | €649,403 | €22,057 | -€627,346 | -96.6% |
| Income taxes | 67/77 | €155,471 | €18,440 | -€137,031 | -88.1% |
| Taxes | 670/3 | €171,433 | €18,440 | -€152,993 | -89.2% |
| Tax adjustments and reversals of tax provisions | 77 | €15,962 | - | -€15,962 | |
| Profit (loss) for the period | 9904 | €493,932 | €3,617 | -€490,315 | -99.3% |
| Profit (loss) for the period to be appropriated | 9905 | €493,932 | €3,617 | -€490,315 | -99.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.