VORTHEX AEQUO: 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.
VORTHEX AEQUO
Largest movements
- Cash -€44,443
down €44,443 (-48.4%), from €91,911 to €47,468
mainly Contributions, distributions and other (-€45,392) and Tax, wage and social debts (-€4,927)
- Intangible fixed assets -€3,380
down €3,380 (-77.0%), from €4,391 to €1,011
- Receivables within one year +€2,243
up €2,243 (+8.3%), from €27,188 to €29,432
of which Other amounts receivable: +€5,651
- Reserves -€48,795
down €48,795 (-46.5%), from €104,959 to €56,164
of which Distributable reserves: -€46,935
- Contributions +€6,200
up €6,200 (+50.0%), from €12,400 to €18,600
- Tax, wage and social debts -€4,927
down €4,927 (-57.1%), from €8,626 to €3,699
- Trade debts +€2,400
up €2,400 (+66.2%), from €3,624 to €6,024
- Gross operating margin -€17,503
down €17,503 (-63.9%), from €27,411 to €9,908
- Taxes -€5,547
down €5,547 (-79.9%), from €6,944 to €1,398
- Other operating charges -€385
down €385 (-42.5%), from €904 to €520
- Financial charges +€381
up €381 (+41.8%), from €913 to €1,295
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 | €140,631 | €93,821 | -€46,810 | -33.3% |
| Fixed assets | 21/28 | €8,691 | €4,791 | -€3,900 | -44.9% |
| Intangible fixed assets | 21 | €4,391 | €1,011 | -€3,380 | -77.0% |
| Tangible fixed assets | 22/27 | €4,300 | €3,781 | -€520 | -12.1% |
| Other tangible fixed assets | 26 | €4,300 | €3,781 | -€520 | -12.1% |
| Current assets | 29/58 | €131,940 | €89,029 | -€42,911 | -32.5% |
| Stocks and contracts in progress | 3 | €12,841 | €12,130 | -€711 | -5.5% |
| Stocks | 30/36 | €12,841 | €12,130 | -€711 | -5.5% |
| Amounts receivable within one year | 40/41 | €27,188 | €29,432 | +€2,243 | +8.3% |
| Trade receivables | 40 | €18,929 | €15,521 | -€3,408 | -18.0% |
| Other amounts receivable | 41 | €8,259 | €13,911 | +€5,651 | +68.4% |
| Cash at bank and in hand | 54/58 | €91,911 | €47,468 | -€44,443 | -48.4% |
| Total equity and liabilities | 10/49 | €140,631 | €93,821 | -€46,810 | -33.3% |
| Equity | 10/15 | €117,359 | €74,764 | -€42,595 | -36.3% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €104,959 | €56,164 | -€48,795 | -46.5% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €103,099 | €56,164 | -€46,935 | -45.5% |
| Amounts payable | 17/49 | €23,272 | €19,057 | -€4,215 | -18.1% |
| Amounts payable within one year | 42/48 | €13,039 | €9,723 | -€3,316 | -25.4% |
| Trade debts | 44 | €3,624 | €6,024 | +€2,400 | +66.2% |
| Suppliers | 440/4 | €3,624 | €6,024 | +€2,400 | +66.2% |
| Taxes, remuneration and social security | 45 | €8,626 | €3,699 | -€4,927 | -57.1% |
| Taxes | 450/3 | €8,626 | €3,699 | -€4,927 | -57.1% |
| Other amounts payable | 47/48 | €788 | - | -€788 | |
| Accrued charges and deferred income | 492/3 | €10,233 | €9,334 | -€899 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,988 | €3,900 | -€88 | -2.2% |
| Other operating charges | 640/8 | €904 | €520 | -€385 | -42.5% |
| Gross operating margin | 9900 | €27,411 | €9,908 | -€17,503 | -63.9% |
| Operating profit (loss) | 9901 | €22,518 | €5,489 | -€17,030 | -75.6% |
| Financial charges | 65/66B | €913 | €1,295 | +€381 | +41.8% |
| Recurring financial charges | 65 | €913 | €1,295 | +€381 | +41.8% |
| Profit (loss) for the period before taxes | 9903 | €21,605 | €4,194 | -€17,411 | -80.6% |
| Income taxes | 67/77 | €6,944 | €1,398 | -€5,547 | -79.9% |
| Profit (loss) for the period | 9904 | €14,661 | €2,796 | -€11,865 | -80.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,661 | €2,796 | -€11,865 | -80.9% |
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 25 October 2026 via checked.be.