QIN 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.
QIN VINCENT
Largest movements
- Financial fixed assets +€2.8m
up €2.8m (+108%), from €2.6m to €5.3m
- Cash -€726,816
down €726,816 (-76.0%), from €956,411 to €229,595
mainly Investment in fixed assets (net) (-€2.8m) and Tax, wage and social debts (-€79,937)
- Profit (loss) carried forward +€1.2m
up €1.2m (+43.4%), from €2.7m to €3.9m
- Debts after one year +€758,822
up €758,822 (+38.7%), from €2.0m to €2.7m
- Other debts +€106,028
up €106,028 (+449%), from €23,637 to €129,665
- Tax, wage and social debts -€79,937
down €79,937 (-29.6%), from €270,046 to €190,109
- Current portion of long-term debt +€74,101
up €74,101 (+47.6%), from €155,729 to €229,830
- Financial income +€499,790
up €499,790 (+80,851%), from €618 to €500,408
- Gross operating margin -€123,791
down €123,791 (-9.1%), from €1.4m to €1.2m
- Staff costs +€76,072
new in 2025: €76,072
- Taxes -€71,443
down €71,443 (-23.0%), from €310,046 to €238,603
- Financial charges +€31,359
up €31,359 (+29.2%), from €107,492 to €138,850
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 | €5,142,122 | €7,212,532 | +€2.1m | +40.3% |
| Fixed assets | 21/28 | €3,886,156 | €6,586,395 | +€2.7m | +69.5% |
| Tangible fixed assets | 22/27 | €1,315,156 | €1,243,788 | -€71,368 | -5.4% |
| Land and buildings | 22 | €284,096 | €275,479 | -€8,617 | -3.0% |
| Plant, machinery and equipment | 23 | €230,608 | €206,525 | -€24,083 | -10.4% |
| Furniture and vehicles | 24 | €68,085 | €73,847 | +€5,761 | +8.5% |
| Leasing and similar rights | 25 | €732,367 | €687,937 | -€44,429 | -6.1% |
| Financial fixed assets | 28 | €2,571,000 | €5,342,607 | +€2.8m | +108% |
| Current assets | 29/58 | €1,255,966 | €626,137 | -€629,829 | -50.1% |
| Amounts receivable within one year | 40/41 | - | €40,040 | +€40,040 | |
| Trade receivables | 40 | - | €30,534 | +€30,534 | |
| Other amounts receivable | 41 | - | €9,507 | +€9,507 | |
| Cash at bank and in hand | 54/58 | €956,411 | €229,595 | -€726,816 | -76.0% |
| Deferred charges and accrued income | 490/1 | €299,555 | €356,502 | +€56,947 | +19.0% |
| Total equity and liabilities | 10/49 | €5,142,122 | €7,212,532 | +€2.1m | +40.3% |
| Equity | 10/15 | €2,722,319 | €3,894,511 | +€1.2m | +43.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,703,719 | €3,875,911 | +€1.2m | +43.4% |
| Amounts payable | 17/49 | €2,419,803 | €3,318,021 | +€898,218 | +37.1% |
| Amounts payable after more than one year | 17 | €1,959,756 | €2,718,578 | +€758,822 | +38.7% |
| Financial debts | 170/4 | €1,959,756 | €2,718,578 | +€758,822 | +38.7% |
| Amounts payable within one year | 42/48 | €460,047 | €599,443 | +€139,397 | +30.3% |
| Current portion of amounts payable after more than one year | 42 | €155,729 | €229,830 | +€74,101 | +47.6% |
| Trade debts | 44 | €10,634 | €49,839 | +€39,205 | +369% |
| Suppliers | 440/4 | €10,634 | €49,839 | +€39,205 | +369% |
| Taxes, remuneration and social security | 45 | €270,046 | €190,109 | -€79,937 | -29.6% |
| Taxes | 450/3 | €270,046 | €190,109 | -€79,937 | -29.6% |
| Other amounts payable | 47/48 | €23,637 | €129,665 | +€106,028 | +449% |
| Remuneration, social security and pensions | 62 | - | €76,072 | +€76,072 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,698 | €105,195 | +€27,497 | +35.4% |
| Other operating charges | 640/8 | €5,001 | €4,978 | -€23 | -0.5% |
| Gross operating margin | 9900 | €1,359,274 | €1,235,483 | -€123,791 | -9.1% |
| Operating profit (loss) | 9901 | €1,276,575 | €1,049,237 | -€227,338 | -17.8% |
| Financial income | 75/76B | €618 | €500,408 | +€499,790 | +80,851% |
| Recurring financial income | 75 | €618 | €500,408 | +€499,790 | +80,851% |
| Financial charges | 65/66B | €107,492 | €138,850 | +€31,359 | +29.2% |
| Recurring financial charges | 65 | €107,492 | €138,850 | +€31,359 | +29.2% |
| Profit (loss) for the period before taxes | 9903 | €1,169,701 | €1,410,795 | +€241,093 | +20.6% |
| Income taxes | 67/77 | €310,046 | €238,603 | -€71,443 | -23.0% |
| Profit (loss) for the period | 9904 | €859,656 | €1,172,192 | +€312,536 | +36.4% |
| Profit (loss) for the period to be appropriated | 9905 | €859,656 | €1,172,192 | +€312,536 | +36.4% |
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 27 October 2026 via checked.be.