Dr. MARCO VINETTI: what changed
Dr. MARCO VINETTI
Largest movements
- Receivables within one year +€46,930
up €46,930 (+62.6%), from €75,004 to €121,933
of which Other amounts receivable: +€46,501
- Intangible fixed assets -€18,092
down €18,092 (-40.0%), from €45,231 to €27,138
- Tangible fixed assets -€13,353
down €13,353 (-16.1%), from €83,155 to €69,802
of which Furniture and vehicles: -€6,838
- Cash -€4,785
down €4,785 (-8.6%), from €55,355 to €50,570
mainly Contributions, distributions and other (-€127,818) and Receivables within one year (-€46,930)
- Other debts +€126,218
up €126,218 (+7,889%), from €1,600 to €127,818
- Reserves -€121,697
down €121,697 (-46.9%), from €259,443 to €137,745
- Trade debts +€7,246
up €7,246 (+246%), from €2,942 to €10,187
- Gross operating margin -€101,753
down €101,753 (-44.2%), from €229,956 to €128,203
- Financial charges -€53,958
down €53,958 (-38.5%), from €140,328 to €86,371
- Taxes -€11,172
down €11,172 (-65.3%), from €17,098 to €5,926
- Other operating charges -€3,987
down €3,987 (-94.5%), from €4,218 to €231
- Financial income +€2,845
up €2,845 (+96.3%), from €2,954 to €5,799
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €284,569 | €294,351 | +€9,781 | +3.4% |
| Fixed assets | 21/28 | €128,386 | €96,940 | -€31,446 | -24.5% |
| Intangible fixed assets | 21 | €45,231 | €27,138 | -€18,092 | -40.0% |
| Tangible fixed assets | 22/27 | €83,155 | €69,802 | -€13,353 | -16.1% |
| Furniture and vehicles | 24 | €27,359 | €20,520 | -€6,838 | -25.0% |
| Other tangible fixed assets | 26 | €55,796 | €49,281 | -€6,515 | -11.7% |
| Current assets | 29/58 | €156,184 | €197,411 | +€41,227 | +26.4% |
| Amounts receivable within one year | 40/41 | €75,004 | €121,933 | +€46,930 | +62.6% |
| Trade receivables | 40 | €171 | €600 | +€429 | +251% |
| Other amounts receivable | 41 | €74,832 | €121,333 | +€46,501 | +62.1% |
| Cash at bank and in hand | 54/58 | €55,355 | €50,570 | -€4,785 | -8.6% |
| Deferred charges and accrued income | 490/1 | €25,825 | €24,907 | -€918 | -3.6% |
| Total equity and liabilities | 10/49 | €284,569 | €294,351 | +€9,781 | +3.4% |
| Equity | 10/15 | €278,043 | €156,345 | -€121,697 | -43.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €259,443 | €137,745 | -€121,697 | -46.9% |
| Distributable reserves | 133 | €259,443 | €137,745 | -€121,697 | -46.9% |
| Amounts payable | 17/49 | €6,527 | €138,005 | +€131,479 | +2,014% |
| Amounts payable within one year | 42/48 | €6,527 | €138,005 | +€131,479 | +2,014% |
| Trade debts | 44 | €2,942 | €10,187 | +€7,246 | +246% |
| Suppliers | 440/4 | €2,942 | €10,187 | +€7,246 | +246% |
| Taxes, remuneration and social security | 45 | €1,985 | - | -€1,985 | |
| Taxes | 450/3 | €1,985 | - | -€1,985 | |
| Other amounts payable | 47/48 | €1,600 | €127,818 | +€126,218 | +7,889% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,094 | €35,354 | +€1,260 | +3.7% |
| Other operating charges | 640/8 | €4,218 | €231 | -€3,987 | -94.5% |
| Gross operating margin | 9900 | €229,956 | €128,203 | -€101,753 | -44.2% |
| Operating profit (loss) | 9901 | €191,644 | €92,618 | -€99,026 | -51.7% |
| Financial income | 75/76B | €2,954 | €5,799 | +€2,845 | +96.3% |
| Recurring financial income | 75 | €2,954 | €5,799 | +€2,845 | +96.3% |
| Financial charges | 65/66B | €140,328 | €86,371 | -€53,958 | -38.5% |
| Recurring financial charges | 65 | €140,328 | €86,371 | -€53,958 | -38.5% |
| Profit (loss) for the period before taxes | 9903 | €54,270 | €12,047 | -€42,224 | -77.8% |
| Income taxes | 67/77 | €17,098 | €5,926 | -€11,172 | -65.3% |
| Profit (loss) for the period | 9904 | €37,172 | €6,121 | -€31,052 | -83.5% |
| Profit (loss) for the period to be appropriated | 9905 | €37,172 | €6,121 | -€31,052 | -83.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.