MICHAEL VINX: 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.
MICHAEL VINX
Largest movements
- Stocks and contracts +€35,000
new in 2025: €35,000
- Financial fixed assets +€10,180
up €10,180 (+3,091%), from €329 to €10,509
- Cash +€10,108
up €10,108 (+52.0%), from €19,421 to €29,529
mainly Advances received (+€28,049) and Other debts (+€24,449)
- Receivables within one year +€7,394
up €7,394 (+514%), from €1,439 to €8,833
of which Trade receivables: +€5,419
- Advances received +€28,049
new in 2025: €28,049
- Other debts +€24,449
up €24,449 (+83.2%), from €29,369 to €53,818
- Profit (loss) carried forward +€9,244
up €9,244 (+61.0%), from -€15,162 to -€5,918
- Trade debts +€1,971
up €1,971 (+1,991%), from €99 to €2,070
- Tax, wage and social debts -€868
down €868 (-96.3%), from €901 to €33
- Gross operating margin +€2,809
up €2,809 (+33.0%), from €8,513 to €11,321
- Financial charges -€2,364
down €2,364 (-59.1%), from €3,996 to €1,633
- Depreciation -€375
down €375 (-97.0%), from €386 to €12
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 | €21,208 | €84,052 | +€62,844 | +296% |
| Fixed assets | 21/28 | €341 | €10,509 | +€10,168 | +2,981% |
| Tangible fixed assets | 22/27 | €12 | - | -€12 | |
| Furniture and vehicles | 24 | €12 | - | -€12 | |
| Financial fixed assets | 28 | €329 | €10,509 | +€10,180 | +3,091% |
| Current assets | 29/58 | €20,867 | €73,542 | +€52,675 | +252% |
| Stocks and contracts in progress | 3 | - | €35,000 | +€35,000 | |
| Stocks | 30/36 | - | €35,000 | +€35,000 | |
| Amounts receivable within one year | 40/41 | €1,439 | €8,833 | +€7,394 | +514% |
| Trade receivables | 40 | €1,439 | €6,858 | +€5,419 | +377% |
| Other amounts receivable | 41 | - | €1,976 | +€1,976 | |
| Cash at bank and in hand | 54/58 | €19,421 | €29,529 | +€10,108 | +52.0% |
| Deferred charges and accrued income | 490/1 | €7 | €180 | +€173 | +2,575% |
| Total equity and liabilities | 10/49 | €21,208 | €84,052 | +€62,844 | +296% |
| Equity | 10/15 | -€9,162 | €82 | +€9,244 | |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,162 | -€5,918 | +€9,244 | +61.0% |
| Amounts payable | 17/49 | €30,370 | €83,970 | +€53,600 | +176% |
| Amounts payable within one year | 42/48 | €30,370 | €83,970 | +€53,600 | +176% |
| Trade debts | 44 | €99 | €2,070 | +€1,971 | +1,991% |
| Suppliers | 440/4 | €99 | €2,070 | +€1,971 | +1,991% |
| Advances received on contracts in progress | 46 | - | €28,049 | +€28,049 | |
| Taxes, remuneration and social security | 45 | €901 | €33 | -€868 | -96.3% |
| Taxes | 450/3 | €901 | €33 | -€868 | -96.3% |
| Other amounts payable | 47/48 | €29,369 | €53,818 | +€24,449 | +83.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €386 | €12 | -€375 | -97.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €8,513 | €11,321 | +€2,809 | +33.0% |
| Operating profit (loss) | 9901 | €7,739 | €10,910 | +€3,171 | +41.0% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €3,996 | €1,633 | -€2,364 | -59.1% |
| Recurring financial charges | 65 | €3,996 | €1,633 | -€2,364 | -59.1% |
| Profit (loss) for the period before taxes | 9903 | €3,743 | €9,278 | +€5,536 | +148% |
| Income taxes | 67/77 | €115 | €35 | -€80 | -69.8% |
| Profit (loss) for the period | 9904 | €3,628 | €9,244 | +€5,616 | +155% |
| Profit (loss) for the period to be appropriated | 9905 | €3,628 | €9,244 | +€5,616 | +155% |
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 17 October 2026 via checked.be.