PHILIPPE 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.
PHILIPPE VYNCKE
Largest movements
- Current investments +€228,159
up €228,159 (+17.5%), from €1.3m to €1.5m
- Receivables after one year -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Cash -€81,989
down €81,989 (-41.7%), from €196,812 to €114,822
mainly Current investments (-€228,159) and Tax, wage and social debts (-€46,717)
- Tangible fixed assets -€19,127
down €19,127 (-36.5%), from €52,356 to €33,229
of which Furniture and vehicles: -€18,978
- Reserves +€89,801
up €89,801 (+7.6%), from €1.2m to €1.3m
- Tax, wage and social debts -€46,717
down €46,717 (-89.9%), from €51,943 to €5,226
- Other debts -€22,022
down €22,022 (-17.2%), from €127,881 to €105,859
- Gross operating margin -€186,721
down €186,721 (-62.1%), from €300,856 to €114,135
- Financial income +€32,125
up €32,125 (+211.4%), from €15,196 to €47,321
- Taxes -€32,024
down €32,024 (-42.0%), from €76,256 to €44,231
- Financial charges -€11,798
down €11,798 (-70.7%), from €16,685 to €4,887
- Depreciation -€5,569
down €5,569 (-21.7%), from €25,614 to €20,045
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 | €1,662,528 | €1,681,713 | +€19,185 | +1.2% |
| Fixed assets | 21/28 | €52,356 | €33,229 | -€19,127 | -36.5% |
| Tangible fixed assets | 22/27 | €52,356 | €33,229 | -€19,127 | -36.5% |
| Furniture and vehicles | 24 | €51,430 | €32,452 | -€18,978 | -36.9% |
| Other tangible fixed assets | 26 | €926 | €777 | -€149 | -16.1% |
| Current assets | 29/58 | €1,610,173 | €1,648,484 | +€38,312 | +2.4% |
| Amounts receivable after more than one year | 29 | €100,000 | €0 | -€100,000 | -100.0% |
| Other amounts receivable | 291 | €100,000 | €0 | -€100,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €7,980 | €0 | -€7,980 | -100.0% |
| Trade receivables | 40 | €1,000 | €0 | -€1,000 | -100.0% |
| Other amounts receivable | 41 | €6,980 | €0 | -€6,980 | -100.0% |
| Current investments | 50/53 | €1,302,987 | €1,531,145 | +€228,159 | +17.5% |
| Cash at bank and in hand | 54/58 | €196,812 | €114,822 | -€81,989 | -41.7% |
| Deferred charges and accrued income | 490/1 | €2,394 | €2,517 | +€122 | +5.1% |
| Total equity and liabilities | 10/49 | €1,662,528 | €1,681,713 | +€19,185 | +1.2% |
| Equity | 10/15 | €1,479,781 | €1,569,582 | +€89,801 | +6.1% |
| Contributions | 10/11 | €300,440 | €300,440 | = | 0.0% |
| Reserves | 13 | €1,179,341 | €1,269,142 | +€89,801 | +7.6% |
| Distributable reserves | 133 | €1,179,341 | €1,269,142 | +€89,801 | +7.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €182,747 | €112,131 | -€70,616 | -38.6% |
| Amounts payable within one year | 42/48 | €182,747 | €112,131 | -€70,616 | -38.6% |
| Financial debts | 43 | - | €17 | +€17 | |
| Credit institutions | 430/8 | - | €17 | +€17 | |
| Trade debts | 44 | €2,923 | €1,028 | -€1,895 | -64.8% |
| Suppliers | 440/4 | €2,923 | €1,028 | -€1,895 | -64.8% |
| Taxes, remuneration and social security | 45 | €51,943 | €5,226 | -€46,717 | -89.9% |
| Taxes | 450/3 | €51,943 | €5,226 | -€46,717 | -89.9% |
| Other amounts payable | 47/48 | €127,881 | €105,859 | -€22,022 | -17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,614 | €20,045 | -€5,569 | -21.7% |
| Other operating charges | 640/8 | €1,986 | €2,487 | +€500 | +25.2% |
| Non-recurring operating charges | 66A | - | €6 | +€6 | |
| Gross operating margin | 9900 | €300,856 | €114,135 | -€186,721 | -62.1% |
| Operating profit (loss) | 9901 | €273,256 | €91,597 | -€181,659 | -66.5% |
| Financial income | 75/76B | €15,196 | €47,321 | +€32,125 | +211.4% |
| Recurring financial income | 75 | €15,196 | €47,321 | +€32,125 | +211.4% |
| Financial charges | 65/66B | €16,685 | €4,887 | -€11,798 | -70.7% |
| Recurring financial charges | 65 | €16,685 | €4,887 | -€11,798 | -70.7% |
| Profit (loss) for the period before taxes | 9903 | €271,767 | €134,032 | -€137,735 | -50.7% |
| Income taxes | 67/77 | €76,256 | €44,231 | -€32,024 | -42.0% |
| Profit (loss) for the period | 9904 | €195,511 | €89,801 | -€105,711 | -54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €195,511 | €89,801 | -€105,711 | -54.1% |
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 11 October 2026 via checked.be.