MAXIME VINCENT: 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.
MAXIME VINCENT
Largest movements
- Stocks and contracts +€15,040
up €15,040 (+32.3%), from €46,593 to €61,633
- Receivables within one year -€12,819
down €12,819 (-50.2%), from €25,524 to €12,705
of which Trade receivables: -€12,848
- Tangible fixed assets +€5,258
up €5,258 (+116%), from €4,531 to €9,789
of which Other tangible fixed assets: +€9,291
- Cash +€1,431
up €1,431 (+8.6%), from €16,693 to €18,123
mainly Net result for the year (+€13,185) and Receivables within one year (+€12,819)
- Profit (loss) carried forward +€13,185
up €13,185 (+29.5%), from €44,711 to €57,896
- Advances received -€7,165
down €7,165 (-42.6%), from €16,821 to €9,656
- Other debts -€5,927
down €5,927 (-55.5%), from €10,685 to €4,758
- Trade debts +€4,204
up €4,204 (+78.1%), from €5,383 to €9,587
- Current portion of long-term debt +€2,950
up €2,950 (+113%), from €2,611 to €5,561
- Depreciation -€6,069
down €6,069 (-94.8%), from €6,402 to €333
- Gross operating margin -€5,094
down €5,094 (-21.9%), from €23,276 to €18,183
- Taxes -€774
down €774 (-17.8%), from €4,358 to €3,584
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 | €113,838 | €122,510 | +€8,672 | +7.6% |
| Fixed assets | 21/28 | €4,531 | €9,789 | +€5,258 | +116% |
| Tangible fixed assets | 22/27 | €4,531 | €9,789 | +€5,258 | +116% |
| Furniture and vehicles | 24 | €4,033 | - | -€4,033 | |
| Other tangible fixed assets | 26 | €498 | €9,789 | +€9,291 | +1,867% |
| Current assets | 29/58 | €109,307 | €112,721 | +€3,414 | +3.1% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €46,593 | €61,633 | +€15,040 | +32.3% |
| Stocks | 30/36 | €46,593 | €61,633 | +€15,040 | +32.3% |
| Amounts receivable within one year | 40/41 | €25,524 | €12,705 | -€12,819 | -50.2% |
| Trade receivables | 40 | €25,524 | €12,675 | -€12,848 | -50.3% |
| Other amounts receivable | 41 | - | €29 | +€29 | |
| Cash at bank and in hand | 54/58 | €16,693 | €18,123 | +€1,431 | +8.6% |
| Deferred charges and accrued income | 490/1 | €498 | €260 | -€238 | -47.8% |
| Total equity and liabilities | 10/49 | €113,838 | €122,510 | +€8,672 | +7.6% |
| Equity | 10/15 | €73,570 | €86,755 | +€13,185 | +17.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €10,309 | €10,309 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,768 | €4,768 | = | 0.0% |
| Distributable reserves | 133 | €3,686 | €3,686 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,711 | €57,896 | +€13,185 | +29.5% |
| Amounts payable | 17/49 | €40,268 | €35,755 | -€4,513 | -11.2% |
| Amounts payable within one year | 42/48 | €40,268 | €34,755 | -€5,513 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €2,611 | €5,561 | +€2,950 | +113% |
| Trade debts | 44 | €5,383 | €9,587 | +€4,204 | +78.1% |
| Suppliers | 440/4 | €5,383 | €9,587 | +€4,204 | +78.1% |
| Advances received on contracts in progress | 46 | €16,821 | €9,656 | -€7,165 | -42.6% |
| Taxes, remuneration and social security | 45 | €4,768 | €5,193 | +€425 | +8.9% |
| Taxes | 450/3 | €4,768 | €5,193 | +€425 | +8.9% |
| Other amounts payable | 47/48 | €10,685 | €4,758 | -€5,927 | -55.5% |
| Accrued charges and deferred income | 492/3 | - | €1,000 | +€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,402 | €333 | -€6,069 | -94.8% |
| Other operating charges | 640/8 | €1,024 | €801 | -€223 | -21.8% |
| Gross operating margin | 9900 | €23,276 | €18,183 | -€5,094 | -21.9% |
| Operating profit (loss) | 9901 | €15,851 | €17,049 | +€1,198 | +7.6% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €156 | €279 | +€123 | +79.1% |
| Recurring financial charges | 65 | €156 | €279 | +€123 | +79.1% |
| Profit (loss) for the period before taxes | 9903 | €15,696 | €16,769 | +€1,074 | +6.8% |
| Income taxes | 67/77 | €4,358 | €3,584 | -€774 | -17.8% |
| Profit (loss) for the period | 9904 | €11,337 | €13,185 | +€1,848 | +16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €11,337 | €13,185 | +€1,848 | +16.3% |
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.