ANDREAS VINCKIER: 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.
ANDREAS VINCKIER
Largest movements
- Receivables within one year +€78,100
up €78,100 (+177%), from €44,103 to €122,203
- Tangible fixed assets -€47,075
down €47,075 (-4.9%), from €963,417 to €916,343
of which Land and buildings: -€43,682
- Reserves +€89,880
up €89,880 (+9.1%), from €992,921 to €1.1m
- Current portion of long-term debt -€64,204
down €64,204 (-44.9%), from €142,857 to €78,653
- Tax, wage and social debts -€14,752
down €14,752 (-54.9%), from €26,888 to €12,136
of which Taxes: -€18,282
- Gross operating margin +€18,025
up €18,025 (+5.3%), from €342,557 to €360,582
- Financial income +€16,809
up €16,809 (+100%), from €16,805 to €33,613
- Depreciation +€16,546
up €16,546 (+15.9%), from €104,326 to €120,872
- Taxes +€3,898
up €3,898 (+5.2%), from €74,671 to €78,568
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 | €1,238,312 | €1,253,782 | +€15,469 | +1.2% |
| Fixed assets | 21/28 | €963,417 | €916,343 | -€47,075 | -4.9% |
| Tangible fixed assets | 22/27 | €963,417 | €916,343 | -€47,075 | -4.9% |
| Land and buildings | 22 | €923,802 | €880,120 | -€43,682 | -4.7% |
| Plant, machinery and equipment | 23 | €3,100 | €12,431 | +€9,331 | +301% |
| Furniture and vehicles | 24 | €36,515 | €23,792 | -€12,723 | -34.8% |
| Current assets | 29/58 | €274,895 | €337,439 | +€62,544 | +22.8% |
| Amounts receivable within one year | 40/41 | €44,103 | €122,203 | +€78,100 | +177% |
| Other amounts receivable | 41 | €44,103 | €122,203 | +€78,100 | +177% |
| Current investments | 50/53 | €180,840 | €175,368 | -€5,472 | -3.0% |
| Cash at bank and in hand | 54/58 | €46,255 | €35,934 | -€10,321 | -22.3% |
| Deferred charges and accrued income | 490/1 | €3,696 | €3,934 | +€237 | +6.4% |
| Total equity and liabilities | 10/49 | €1,238,312 | €1,253,782 | +€15,469 | +1.2% |
| Equity | 10/15 | €1,005,321 | €1,095,201 | +€89,880 | +8.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €992,921 | €1,082,801 | +€89,880 | +9.1% |
| Distributable reserves | 133 | €992,921 | €1,082,801 | +€89,880 | +9.1% |
| Amounts payable | 17/49 | €232,991 | €158,581 | -€74,411 | -31.9% |
| Amounts payable after more than one year | 17 | €47,619 | €53,810 | +€6,191 | +13.0% |
| Financial debts | 170/4 | €47,619 | €53,810 | +€6,191 | +13.0% |
| Amounts payable within one year | 42/48 | €185,372 | €104,770 | -€80,602 | -43.5% |
| Current portion of amounts payable after more than one year | 42 | €142,857 | €78,653 | -€64,204 | -44.9% |
| Trade debts | 44 | €15,627 | €13,981 | -€1,646 | -10.5% |
| Suppliers | 440/4 | €15,627 | €13,981 | -€1,646 | -10.5% |
| Taxes, remuneration and social security | 45 | €26,888 | €12,136 | -€14,752 | -54.9% |
| Taxes | 450/3 | €23,407 | €5,126 | -€18,282 | -78.1% |
| Remuneration and social security | 454/9 | €3,481 | €7,011 | +€3,530 | +101% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,326 | €120,872 | +€16,546 | +15.9% |
| Other operating charges | 640/8 | €514 | €2,502 | +€1,987 | +386% |
| Gross operating margin | 9900 | €342,557 | €360,582 | +€18,025 | +5.3% |
| Operating profit (loss) | 9901 | €237,717 | €237,209 | -€508 | -0.2% |
| Financial income | 75/76B | €16,805 | €33,613 | +€16,809 | +100% |
| Recurring financial income | 75 | €16,805 | €33,613 | +€16,809 | +100% |
| Financial charges | 65/66B | €2,499 | €2,084 | -€415 | -16.6% |
| Recurring financial charges | 65 | €2,499 | €2,084 | -€415 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €252,023 | €268,738 | +€16,716 | +6.6% |
| Income taxes | 67/77 | €74,671 | €78,568 | +€3,898 | +5.2% |
| Profit (loss) for the period | 9904 | €177,352 | €190,170 | +€12,818 | +7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €177,352 | €190,170 | +€12,818 | +7.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.