Jochen Vincke: 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.
Jochen Vincke
Largest movements
- Receivables within one year +€119,915
up €119,915 (+108%), from €110,591 to €230,507
of which Trade receivables: +€119,941
- Cash -€116,022
down €116,022 (-95.0%), from €122,074 to €6,052
mainly Contributions, distributions and other (-€593,099) and Receivables within one year (-€119,915)
- Current investments -€25,976
down €25,976 (-26.0%), from €99,911 to €73,935
- Reserves -€192,405
down €192,405 (-99.6%), from €193,099 to €693
- Other debts +€149,524
up €149,524 (+64.8%), from €230,777 to €380,302
- Tax, wage and social debts +€35,583
up €35,583 (+48.9%), from €72,823 to €108,406
- Debts after one year -€8,773
down €8,773 (-100%), from €8,773 to €0
- Current portion of long-term debt -€6,076
down €6,076 (-40.9%), from €14,849 to €8,773
- Gross operating margin +€151,047
up €151,047 (+39.4%), from €383,185 to €534,232
- Taxes +€43,124
up €43,124 (+46.0%), from €93,761 to €136,885
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 | €529,620 | €507,408 | -€22,212 | -4.2% |
| Fixed assets | 21/28 | €1,682 | €1,445 | -€237 | -14.1% |
| Tangible fixed assets | 22/27 | €1,682 | €1,445 | -€237 | -14.1% |
| Plant, machinery and equipment | 23 | €1,682 | €1,445 | -€237 | -14.1% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €527,938 | €505,963 | -€21,975 | -4.2% |
| Amounts receivable after more than one year | 29 | €190,000 | €190,000 | = | 0.0% |
| Other amounts receivable | 291 | €190,000 | €190,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €110,591 | €230,507 | +€119,915 | +108% |
| Trade receivables | 40 | €110,566 | €230,507 | +€119,941 | +108% |
| Other amounts receivable | 41 | €25 | €0 | -€25 | -100% |
| Current investments | 50/53 | €99,911 | €73,935 | -€25,976 | -26.0% |
| Cash at bank and in hand | 54/58 | €122,074 | €6,052 | -€116,022 | -95.0% |
| Deferred charges and accrued income | 490/1 | €5,361 | €5,469 | +€108 | +2.0% |
| Total equity and liabilities | 10/49 | €529,620 | €507,408 | -€22,212 | -4.2% |
| Equity | 10/15 | €200,599 | €8,193 | -€192,405 | -95.9% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €193,099 | €693 | -€192,405 | -99.6% |
| Distributable reserves | 133 | €193,099 | €693 | -€192,405 | -99.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €329,021 | €499,215 | +€170,194 | +51.7% |
| Amounts payable after more than one year | 17 | €8,773 | €0 | -€8,773 | -100% |
| Financial debts | 170/4 | €8,773 | €0 | -€8,773 | -100% |
| Amounts payable within one year | 42/48 | €320,248 | €499,215 | +€178,967 | +55.9% |
| Current portion of amounts payable after more than one year | 42 | €14,849 | €8,773 | -€6,076 | -40.9% |
| Financial debts | 43 | €34 | €379 | +€344 | +1,002% |
| Other loans | 439 | €34 | €379 | +€344 | +1,002% |
| Trade debts | 44 | €1,764 | €1,355 | -€409 | -23.2% |
| Suppliers | 440/4 | €1,764 | €1,355 | -€409 | -23.2% |
| Taxes, remuneration and social security | 45 | €72,823 | €108,406 | +€35,583 | +48.9% |
| Taxes | 450/3 | €72,823 | €108,406 | +€35,583 | +48.9% |
| Other amounts payable | 47/48 | €230,777 | €380,302 | +€149,524 | +64.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €297 | €237 | -€61 | -20.4% |
| Other operating charges | 640/8 | €1,273 | €645 | -€627 | -49.3% |
| Gross operating margin | 9900 | €383,185 | €534,232 | +€151,047 | +39.4% |
| Operating profit (loss) | 9901 | €381,616 | €533,351 | +€151,735 | +39.8% |
| Financial income | 75/76B | €8,343 | €9,421 | +€1,078 | +12.9% |
| Recurring financial income | 75 | €8,343 | €9,421 | +€1,078 | +12.9% |
| Financial charges | 65/66B | €3,236 | €5,194 | +€1,958 | +60.5% |
| Recurring financial charges | 65 | €3,236 | €5,194 | +€1,958 | +60.5% |
| Profit (loss) for the period before taxes | 9903 | €386,723 | €537,578 | +€150,855 | +39.0% |
| Income taxes | 67/77 | €93,761 | €136,885 | +€43,124 | +46.0% |
| Profit (loss) for the period | 9904 | €292,963 | €400,693 | +€107,731 | +36.8% |
| Profit (loss) for the period to be appropriated | 9905 | €292,963 | €400,693 | +€107,731 | +36.8% |
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 14 October 2026 via checked.be.