Den Vynck: 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.
Den Vynck
Largest movements
- Stocks and contracts +€350,533
up €350,533 (+205%), from €170,798 to €521,331
- Receivables within one year +€227,126
up €227,126 (+355%), from €63,899 to €291,025
of which Trade receivables: +€168,569
- Cash +€137,397
up €137,397 (+224%), from €61,267 to €198,665
mainly Trade debts (+€642,355) and Debts after one year (+€42,387)
- Tangible fixed assets -€13,198
down €13,198 (-22.2%), from €59,552 to €46,353
of which Leasing and similar rights: -€8,251
- Trade debts +€642,355
up €642,355 (+826%), from €77,729 to €720,084
- Debts after one year +€42,387
up €42,387 (+15.5%), from €274,284 to €316,671
of which Other amounts payable: +€50,510
- Profit (loss) carried forward +€19,759
up €19,759 (+21.4%), from -€92,431 to -€72,671
- Gross operating margin +€27,073
up €27,073 (+230%), from €11,772 to €38,845
- Depreciation +€8,785
up €8,785 (+107%), from €8,194 to €16,980
- Financial income +€507
up €507, from €0 to €507
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 | €368,918 | €1,072,684 | +€703,766 | +191% |
| Formation expenses | 20 | €1,741 | €1,033 | -€709 | -40.7% |
| Fixed assets | 21/28 | €62,147 | €52,020 | -€10,127 | -16.3% |
| Intangible fixed assets | 21 | €2,596 | €5,667 | +€3,071 | +118% |
| Tangible fixed assets | 22/27 | €59,552 | €46,353 | -€13,198 | -22.2% |
| Plant, machinery and equipment | 23 | €23,336 | €18,389 | -€4,947 | -21.2% |
| Leasing and similar rights | 25 | €36,216 | €27,965 | -€8,251 | -22.8% |
| Current assets | 29/58 | €305,029 | €1,019,631 | +€714,602 | +234% |
| Stocks and contracts in progress | 3 | €170,798 | €521,331 | +€350,533 | +205% |
| Stocks | 30/36 | €170,798 | €521,331 | +€350,533 | +205% |
| Amounts receivable within one year | 40/41 | €63,899 | €291,025 | +€227,126 | +355% |
| Trade receivables | 40 | €61,783 | €230,352 | +€168,569 | +273% |
| Other amounts receivable | 41 | €2,116 | €60,673 | +€58,557 | +2,767% |
| Cash at bank and in hand | 54/58 | €61,267 | €198,665 | +€137,397 | +224% |
| Deferred charges and accrued income | 490/1 | €9,065 | €8,611 | -€454 | -5.0% |
| Total equity and liabilities | 10/49 | €368,918 | €1,072,684 | +€703,766 | +191% |
| Equity | 10/15 | €7,569 | €27,329 | +€19,759 | +261% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€92,431 | -€72,671 | +€19,759 | +21.4% |
| Amounts payable | 17/49 | €361,348 | €1,045,355 | +€684,007 | +189% |
| Amounts payable after more than one year | 17 | €274,284 | €316,671 | +€42,387 | +15.5% |
| Financial debts | 170/4 | €28,494 | €20,371 | -€8,123 | -28.5% |
| Other amounts payable | 178/9 | €245,790 | €296,300 | +€50,510 | +20.6% |
| Amounts payable within one year | 42/48 | €85,510 | €728,207 | +€642,697 | +752% |
| Current portion of amounts payable after more than one year | 42 | €7,781 | €8,123 | +€342 | +4.4% |
| Trade debts | 44 | €77,729 | €720,084 | +€642,355 | +826% |
| Suppliers | 440/4 | €77,729 | €720,084 | +€642,355 | +826% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €1,554 | €477 | -€1,077 | -69.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,194 | €16,980 | +€8,785 | +107% |
| Other operating charges | 640/8 | €1,264 | €1,094 | -€170 | -13.5% |
| Gross operating margin | 9900 | €11,772 | €38,845 | +€27,073 | +230% |
| Operating profit (loss) | 9901 | €2,314 | €20,771 | +€18,458 | +798% |
| Financial income | 75/76B | €0 | €507 | +€507 | |
| Recurring financial income | 75 | €0 | €507 | +€507 | |
| Financial charges | 65/66B | €1,460 | €1,519 | +€58 | +4.0% |
| Recurring financial charges | 65 | €1,460 | €1,519 | +€58 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | €853 | €19,759 | +€18,906 | +2,215% |
| Profit (loss) for the period | 9904 | €853 | €19,759 | +€18,906 | +2,215% |
| Profit (loss) for the period to be appropriated | 9905 | €853 | €19,759 | +€18,906 | +2,215% |
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 20 October 2026 via checked.be.