P.VYNCKE: what changed
Two fiscal 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.VYNCKE
Largest movements
- Tangible fixed assets +€460,438
up €460,438 (+27.8%), from €1.7m to €2.1m
of which Assets under construction and advance payments: +€391,380
- Receivables within one year +€105,982
up €105,982 (+18.9%), from €562,078 to €668,059
of which Other amounts receivable: +€100,982
- Cash -€101,466
down €101,466 (-32.1%), from €316,306 to €214,840
mainly Trade debts (-€761,107) and Investment in fixed assets (net) (-€522,193)
- Reserves +€959,236
up €959,236 (+58.5%), from €1.6m to €2.6m
- Trade debts -€761,107
down €761,107 (-89.4%), from €851,658 to €90,552
- Other debts +€200,000
up €200,000, from €0 to €200,000
- Tax, wage and social debts +€69,926
up €69,926 (+226.5%), from €30,868 to €100,794
of which Taxes: +€69,926
- Gross operating margin +€1.2m
up €1.2m (+262.8%), from €441,514 to €1.6m
- Taxes +€295,417
up €295,417 (+281.9%), from €104,790 to €400,207
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.
Cash bridge derived
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 | €2,542,341 | €3,007,781 | +€465,440 | +18.3% |
| Fixed assets | 21/28 | €1,658,712 | €2,119,150 | +€460,438 | +27.8% |
| Tangible fixed assets | 22/27 | €1,658,712 | €2,119,150 | +€460,438 | +27.8% |
| Furniture and vehicles | 24 | €203,512 | €272,570 | +€69,058 | +33.9% |
| Assets under construction and advance payments | 27 | €1,455,200 | €1,846,580 | +€391,380 | +26.9% |
| Current assets | 29/58 | €883,629 | €888,632 | +€5,003 | +0.6% |
| Amounts receivable within one year | 40/41 | €562,078 | €668,059 | +€105,982 | +18.9% |
| Trade receivables | 40 | - | €5,000 | +€5,000 | |
| Other amounts receivable | 41 | €562,078 | €663,059 | +€100,982 | +18.0% |
| Cash at bank and in hand | 54/58 | €316,306 | €214,840 | -€101,466 | -32.1% |
| Deferred charges and accrued income | 490/1 | €5,245 | €5,732 | +€487 | +9.3% |
| Total equity and liabilities | 10/49 | €2,542,341 | €3,007,781 | +€465,440 | +18.3% |
| Equity | 10/15 | €1,657,199 | €2,616,436 | +€959,236 | +57.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,638,599 | €2,597,836 | +€959,236 | +58.5% |
| Distributable reserves | 133 | €1,638,599 | €2,597,836 | +€959,236 | +58.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €885,142 | €391,346 | -€493,796 | -55.8% |
| Amounts payable within one year | 42/48 | €882,526 | €391,346 | -€491,181 | -55.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €851,658 | €90,552 | -€761,107 | -89.4% |
| Suppliers | 440/4 | €851,658 | €90,552 | -€761,107 | -89.4% |
| Taxes, remuneration and social security | 45 | €30,868 | €100,794 | +€69,926 | +226.5% |
| Taxes | 450/3 | €30,868 | €100,794 | +€69,926 | +226.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | €200,000 | +€200,000 | |
| Accrued charges and deferred income | 492/3 | €2,615 | €0 | -€2,615 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,643 | €61,755 | +€8,113 | +15.1% |
| Other operating charges | 640/8 | €15,478 | €4,320 | -€11,157 | -72.1% |
| Gross operating margin | 9900 | €441,514 | €1,601,732 | +€1.2m | +262.8% |
| Operating profit (loss) | 9901 | €372,393 | €1,535,656 | +€1.2m | +312.4% |
| Financial income | 75/76B | €3,393 | €3,946 | +€553 | +16.3% |
| Recurring financial income | 75 | €3,393 | €3,946 | +€553 | +16.3% |
| Financial charges | 65/66B | €1,638 | €895 | -€743 | -45.3% |
| Recurring financial charges | 65 | €1,638 | €895 | -€743 | -45.3% |
| Profit (loss) for the period before taxes | 9903 | €374,148 | €1,538,707 | +€1.2m | +311.3% |
| Income taxes | 67/77 | €104,790 | €400,207 | +€295,417 | +281.9% |
| Profit (loss) for the period | 9904 | €269,358 | €1,138,500 | +€869,142 | +322.7% |
| Profit (loss) for the period to be appropriated | 9905 | €269,358 | €1,138,500 | +€869,142 | +322.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.