Nicolas 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.
Nicolas VINCENT
Largest movements
- Cash +€329,231
up €329,231 (+481%), from €68,450 to €397,681
mainly Net result for the year (+€164,180) and Tax, wage and social debts (+€89,047)
- Current investments -€44,221
down €44,221 (-7.8%), from €568,599 to €524,379
- Tangible fixed assets -€39,399
down €39,399 (-4.6%), from €864,826 to €825,427
of which Land and buildings: -€32,907
- Profit (loss) carried forward +€164,180
up €164,180 (+18.7%), from €878,946 to €1.0m
- Tax, wage and social debts +€89,047
up €89,047 (+478%), from €18,645 to €107,693
- Debts after one year -€28,068
down €28,068 (-6.2%), from €454,628 to €426,560
- Advances received +€24,625
new in 2025: €24,625
- Gross operating margin +€156,327
up €156,327 (+106%), from €147,516 to €303,843
- Taxes +€45,562
up €45,562 (+269%), from €16,945 to €62,507
- Depreciation +€12,587
up €12,587 (+18.9%), from €66,473 to €79,059
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 | €1,504,982 | €1,768,630 | +€263,648 | +17.5% |
| Fixed assets | 21/28 | €864,826 | €825,427 | -€39,399 | -4.6% |
| Tangible fixed assets | 22/27 | €864,826 | €825,427 | -€39,399 | -4.6% |
| Land and buildings | 22 | €827,567 | €794,660 | -€32,907 | -4.0% |
| Plant, machinery and equipment | 23 | €17,066 | €11,966 | -€5,100 | -29.9% |
| Furniture and vehicles | 24 | €20,193 | €18,801 | -€1,392 | -6.9% |
| Current assets | 29/58 | €640,156 | €943,203 | +€303,047 | +47.3% |
| Amounts receivable within one year | 40/41 | €2,900 | €20,351 | +€17,451 | +602% |
| Trade receivables | 40 | - | €20,351 | +€20,351 | |
| Other amounts receivable | 41 | €2,900 | - | -€2,900 | |
| Current investments | 50/53 | €568,599 | €524,379 | -€44,221 | -7.8% |
| Cash at bank and in hand | 54/58 | €68,450 | €397,681 | +€329,231 | +481% |
| Deferred charges and accrued income | 490/1 | €207 | €792 | +€585 | +282% |
| Total equity and liabilities | 10/49 | €1,504,982 | €1,768,630 | +€263,648 | +17.5% |
| Equity | 10/15 | €914,747 | €1,076,163 | +€161,415 | +17.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €15,342 | €12,577 | -€2,764 | -18.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €878,946 | €1,043,126 | +€164,180 | +18.7% |
| Amounts payable | 17/49 | €590,235 | €692,467 | +€102,232 | +17.3% |
| Amounts payable after more than one year | 17 | €454,628 | €426,560 | -€28,068 | -6.2% |
| Financial debts | 170/4 | €454,628 | €426,560 | -€28,068 | -6.2% |
| Amounts payable within one year | 42/48 | €130,743 | €265,908 | +€135,165 | +103% |
| Current portion of amounts payable after more than one year | 42 | €36,594 | €40,818 | +€4,224 | +11.5% |
| Trade debts | 44 | €4,522 | €9,599 | +€5,076 | +112% |
| Suppliers | 440/4 | €4,522 | €9,599 | +€5,076 | +112% |
| Advances received on contracts in progress | 46 | - | €24,625 | +€24,625 | |
| Taxes, remuneration and social security | 45 | €18,645 | €107,693 | +€89,047 | +478% |
| Taxes | 450/3 | €18,645 | €107,693 | +€89,047 | +478% |
| Other amounts payable | 47/48 | €70,981 | €83,173 | +€12,192 | +17.2% |
| Accrued charges and deferred income | 492/3 | €4,864 | - | -€4,864 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,473 | €79,059 | +€12,587 | +18.9% |
| Other operating charges | 640/8 | €5,946 | €4,601 | -€1,345 | -22.6% |
| Gross operating margin | 9900 | €147,516 | €303,843 | +€156,327 | +106% |
| Operating profit (loss) | 9901 | €75,097 | €220,182 | +€145,086 | +193% |
| Financial income | 75/76B | €12,742 | €13,940 | +€1,198 | +9.4% |
| Recurring financial income | 75 | €12,742 | €13,940 | +€1,198 | +9.4% |
| Financial charges | 65/66B | €7,353 | €7,436 | +€83 | +1.1% |
| Recurring financial charges | 65 | €7,353 | €7,436 | +€83 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €80,486 | €226,687 | +€146,201 | +182% |
| Income taxes | 67/77 | €16,945 | €62,507 | +€45,562 | +269% |
| Profit (loss) for the period | 9904 | €63,541 | €164,180 | +€100,639 | +158% |
| Profit (loss) for the period to be appropriated | 9905 | €63,541 | €164,180 | +€100,639 | +158% |
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 19 October 2026 via checked.be.