P.M.N. VYNCKE: 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.
P.M.N. VYNCKE
Largest movements
- Tangible fixed assets +€249,369
up €249,369 (+22.4%), from €1.1m to €1.4m
of which Land and buildings: +€208,258
- Receivables within one year +€222,454
up €222,454 (+148%), from €150,399 to €372,854
of which Other amounts receivable: +€207,454
- Cash -€97,385
down €97,385 (-61.5%), from €158,293 to €60,907
mainly Investment in fixed assets (net) (-€370,091) and Receivables within one year (-€222,454)
- Other debts +€280,962
up €280,962 (+75.4%), from €372,713 to €653,675
- Trade debts +€138,300
up €138,300 (+1,400%), from €9,879 to €148,179
- Debts after one year -€43,886
down €43,886 (-6.4%), from €688,619 to €644,732
- Depreciation -€40,639
down €40,639 (-25.2%), from €161,362 to €120,722
- Taxes +€7,982
up €7,982 (+71.7%), from €11,138 to €19,120
- Financial income +€4,086
up €4,086 (+106%), from €3,842 to €7,928
- Gross operating margin -€2,210
down €2,210 (-1.4%), from €157,153 to €154,943
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 | €1,423,694 | €1,802,219 | +€378,525 | +26.6% |
| Fixed assets | 21/28 | €1,111,161 | €1,360,530 | +€249,369 | +22.4% |
| Tangible fixed assets | 22/27 | €1,111,161 | €1,360,530 | +€249,369 | +22.4% |
| Land and buildings | 22 | €1,083,580 | €1,291,838 | +€208,258 | +19.2% |
| Plant, machinery and equipment | 23 | €309 | €3 | -€307 | -99.2% |
| Furniture and vehicles | 24 | €27,272 | €68,690 | +€41,417 | +152% |
| Current assets | 29/58 | €312,533 | €441,689 | +€129,156 | +41.3% |
| Amounts receivable within one year | 40/41 | €150,399 | €372,854 | +€222,454 | +148% |
| Trade receivables | 40 | €30,000 | €45,000 | +€15,000 | +50.0% |
| Other amounts receivable | 41 | €120,399 | €327,854 | +€207,454 | +172% |
| Cash at bank and in hand | 54/58 | €158,293 | €60,907 | -€97,385 | -61.5% |
| Deferred charges and accrued income | 490/1 | €3,841 | €7,928 | +€4,087 | +106% |
| Total equity and liabilities | 10/49 | €1,423,694 | €1,802,219 | +€378,525 | +26.6% |
| Equity | 10/15 | €159,037 | €142,974 | -€16,063 | -10.1% |
| Contributions | 10/11 | €338,550 | €338,550 | = | 0.0% |
| Reserves | 13 | €157,969 | €157,969 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,850 | €22,850 | = | 0.0% |
| Distributable reserves | 133 | €135,119 | €135,119 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€337,482 | -€353,544 | -€16,063 | -4.8% |
| Provisions and deferred taxes | 16 | €143,585 | €143,585 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €143,585 | €143,585 | = | 0.0% |
| Pensions and similar obligations | 160 | €143,585 | €143,585 | = | 0.0% |
| Amounts payable | 17/49 | €1,121,073 | €1,515,660 | +€394,587 | +35.2% |
| Amounts payable after more than one year | 17 | €688,619 | €644,732 | -€43,886 | -6.4% |
| Financial debts | 170/4 | €688,619 | €644,732 | -€43,886 | -6.4% |
| Amounts payable within one year | 42/48 | €429,080 | €867,081 | +€438,000 | +102% |
| Current portion of amounts payable after more than one year | 42 | €42,077 | €43,886 | +€1,809 | +4.3% |
| Trade debts | 44 | €9,879 | €148,179 | +€138,300 | +1,400% |
| Suppliers | 440/4 | €9,879 | €148,179 | +€138,300 | +1,400% |
| Taxes, remuneration and social security | 45 | €4,411 | €21,341 | +€16,929 | +384% |
| Taxes | 450/3 | €4,411 | €21,341 | +€16,929 | +384% |
| Other amounts payable | 47/48 | €372,713 | €653,675 | +€280,962 | +75.4% |
| Accrued charges and deferred income | 492/3 | €3,374 | €3,847 | +€473 | +14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €161,362 | €120,722 | -€40,639 | -25.2% |
| Other operating charges | 640/8 | €4,518 | €4,656 | +€138 | +3.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €157,153 | €154,943 | -€2,210 | -1.4% |
| Operating profit (loss) | 9901 | -€8,727 | €29,565 | +€38,291 | |
| Financial income | 75/76B | €3,842 | €7,928 | +€4,086 | +106% |
| Recurring financial income | 75 | €3,842 | €7,928 | +€4,086 | +106% |
| Financial charges | 65/66B | €35,751 | €34,436 | -€1,315 | -3.7% |
| Recurring financial charges | 65 | €35,751 | €34,436 | -€1,315 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | -€40,636 | €3,057 | +€43,693 | |
| Income taxes | 67/77 | €11,138 | €19,120 | +€7,982 | +71.7% |
| Profit (loss) for the period | 9904 | -€51,774 | -€16,063 | +€35,711 | +69.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,774 | -€16,063 | +€35,711 | +69.0% |
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 25 October 2026 via checked.be.