Vörtgang: 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.
Vörtgang
Largest movements
- Tangible fixed assets -€348,626
down €348,626 (-97.8%), from €356,414 to €7,788
of which Land and buildings: -€310,364
- Cash +€46,568
up €46,568 (+98.4%), from €47,332 to €93,901
mainly Investment in fixed assets (net) (+€344,992) and Receivables within one year (+€43,985)
- Receivables within one year -€43,985
down €43,985 (-27.3%), from €161,148 to €117,163
of which Trade receivables: -€31,739
- Deferred charges and accrued income -€8,146
down €8,146 (-61.1%), from €13,325 to €5,180
- Debts after one year -€191,160
down €191,160 (-100%), from €191,160 to €0
- Reserves -€146,059
down €146,059 (-48.5%), from €300,924 to €154,865
- Trade debts +€25,291
up €25,291 (+417%), from €6,068 to €31,359
- Current portion of long-term debt -€24,449
down €24,449 (-100%), from €24,449 to €0
- Other debts -€7,300
down €7,300 (-100%), from €7,300 to €0
- Staff costs +€93,125
up €93,125 (+76.1%), from €122,350 to €215,475
- Depreciation -€29,185
down €29,185 (-88.9%), from €32,819 to €3,634
- Taxes -€15,065
down €15,065 (-90.5%), from €16,643 to €1,578
- Gross operating margin -€5,521
down €5,521 (-2.3%), from €237,960 to €232,439
- Write-downs +€3,800
new in 2025: €3,800
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 | €578,469 | €224,281 | -€354,188 | -61.2% |
| Fixed assets | 21/28 | €356,664 | €8,038 | -€348,626 | -97.7% |
| Tangible fixed assets | 22/27 | €356,414 | €7,788 | -€348,626 | -97.8% |
| Land and buildings | 22 | €310,364 | €0 | -€310,364 | -100% |
| Plant, machinery and equipment | 23 | - | €3,254 | +€3,254 | |
| Furniture and vehicles | 24 | €46,050 | €4,534 | -€41,516 | -90.2% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €221,805 | €216,243 | -€5,562 | -2.5% |
| Amounts receivable within one year | 40/41 | €161,148 | €117,163 | -€43,985 | -27.3% |
| Trade receivables | 40 | €137,380 | €105,641 | -€31,739 | -23.1% |
| Other amounts receivable | 41 | €23,768 | €11,522 | -€12,246 | -51.5% |
| Cash at bank and in hand | 54/58 | €47,332 | €93,901 | +€46,568 | +98.4% |
| Deferred charges and accrued income | 490/1 | €13,325 | €5,180 | -€8,146 | -61.1% |
| Total equity and liabilities | 10/49 | €578,469 | €224,281 | -€354,188 | -61.2% |
| Equity | 10/15 | €319,524 | €166,732 | -€152,791 | -47.8% |
| Contributions | 10/11 | €18,600 | €11,867 | -€6,733 | -36.2% |
| Reserves | 13 | €300,924 | €154,865 | -€146,059 | -48.5% |
| Distributable reserves | 133 | €300,924 | €154,865 | -€146,059 | -48.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €258,945 | €57,549 | -€201,396 | -77.8% |
| Amounts payable after more than one year | 17 | €191,160 | €0 | -€191,160 | -100% |
| Financial debts | 170/4 | €191,160 | €0 | -€191,160 | -100% |
| Amounts payable within one year | 42/48 | €66,718 | €57,461 | -€9,257 | -13.9% |
| Current portion of amounts payable after more than one year | 42 | €24,449 | €0 | -€24,449 | -100% |
| Trade debts | 44 | €6,068 | €31,359 | +€25,291 | +417% |
| Suppliers | 440/4 | €6,068 | €31,359 | +€25,291 | +417% |
| Taxes, remuneration and social security | 45 | €28,901 | €26,102 | -€2,799 | -9.7% |
| Taxes | 450/3 | €28,901 | €1,578 | -€27,323 | -94.5% |
| Remuneration and social security | 454/9 | - | €24,524 | +€24,524 | |
| Other amounts payable | 47/48 | €7,300 | €0 | -€7,300 | -100% |
| Accrued charges and deferred income | 492/3 | €1,067 | €88 | -€979 | -91.8% |
| Non-recurring operating income | 76A | - | €29,785 | +€29,785 | |
| Remuneration, social security and pensions | 62 | €122,350 | €215,475 | +€93,125 | +76.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,819 | €3,634 | -€29,185 | -88.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,800 | +€3,800 | |
| Other operating charges | 640/8 | €3,399 | €1,292 | -€2,107 | -62.0% |
| Gross operating margin | 9900 | €237,960 | €232,439 | -€5,521 | -2.3% |
| Operating profit (loss) | 9901 | €79,392 | €8,238 | -€71,155 | -89.6% |
| Financial income | 75/76B | €1,229 | €14 | -€1,215 | -98.9% |
| Recurring financial income | 75 | €1,229 | €14 | -€1,215 | -98.9% |
| Financial charges | 65/66B | €4,867 | €6,131 | +€1,264 | +26.0% |
| Recurring financial charges | 65 | €4,867 | €6,131 | +€1,264 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €75,754 | €2,120 | -€73,634 | -97.2% |
| Income taxes | 67/77 | €16,643 | €1,578 | -€15,065 | -90.5% |
| Profit (loss) for the period | 9904 | €59,111 | €542 | -€58,569 | -99.1% |
| Profit (loss) for the period to be appropriated | 9905 | €59,111 | €542 | -€58,569 | -99.1% |
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 29 October 2026 via checked.be.