The Vine: 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.
The Vine
Largest movements
- Stocks and contracts +€37,995
up €37,995 (+26.0%), from €145,980 to €183,975
- Receivables within one year -€14,083
down €14,083 (-33.9%), from €41,513 to €27,430
of which Trade receivables: -€14,456
- Tangible fixed assets -€10,571
down €10,571 (-5.9%), from €180,244 to €169,673
of which Land and buildings: -€5,691
- Short-term financial debts +€37,885
up €37,885 (+1,791%), from €2,115 to €40,000
- Trade debts +€21,778
up €21,778 (+17.9%), from €121,419 to €143,197
- Current portion of long-term debt -€14,002
down €14,002 (-54.0%), from €25,912 to €11,910
- Tax, wage and social debts -€12,590
down €12,590 (-33.2%), from €37,915 to €25,325
of which Taxes: -€9,662
- Debts after one year -€10,797
down €10,797 (-7.0%), from €154,997 to €144,200
- Gross operating margin -€36,113
down €36,113 (-71.1%), from €50,760 to €14,647
- Staff costs -€24,927
no longer reported in 2025 (was €24,927)
- Financial charges -€3,305
down €3,305 (-34.8%), from €9,510 to €6,205
- Other operating charges -€2,976
down €2,976 (-62.9%), from €4,728 to €1,752
- Taxes -€1,937
down €1,937 (-58.4%), from €3,316 to €1,379
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 | €383,925 | €399,175 | +€15,250 | +4.0% |
| Fixed assets | 21/28 | €180,874 | €170,303 | -€10,571 | -5.8% |
| Tangible fixed assets | 22/27 | €180,244 | €169,673 | -€10,571 | -5.9% |
| Land and buildings | 22 | €84,852 | €79,161 | -€5,691 | -6.7% |
| Plant, machinery and equipment | 23 | €5,630 | €4,568 | -€1,062 | -18.9% |
| Furniture and vehicles | 24 | €554 | €309 | -€245 | -44.2% |
| Other tangible fixed assets | 26 | €89,208 | €85,635 | -€3,573 | -4.0% |
| Financial fixed assets | 28 | €630 | €630 | = | 0.0% |
| Current assets | 29/58 | €203,052 | €228,872 | +€25,820 | +12.7% |
| Amounts receivable after more than one year | 29 | €15,000 | €15,000 | = | 0.0% |
| Other amounts receivable | 291 | €15,000 | €15,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €145,980 | €183,975 | +€37,995 | +26.0% |
| Stocks | 30/36 | €145,980 | €183,975 | +€37,995 | +26.0% |
| Amounts receivable within one year | 40/41 | €41,513 | €27,430 | -€14,083 | -33.9% |
| Trade receivables | 40 | €35,662 | €21,206 | -€14,456 | -40.5% |
| Other amounts receivable | 41 | €5,851 | €6,224 | +€373 | +6.4% |
| Cash at bank and in hand | 54/58 | - | €338 | +€338 | |
| Deferred charges and accrued income | 490/1 | €558 | €2,129 | +€1,571 | +281% |
| Total equity and liabilities | 10/49 | €383,925 | €399,175 | +€15,250 | +4.0% |
| Equity | 10/15 | €41,239 | €33,289 | -€7,950 | -19.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €17,000 | €17,000 | = | 0.0% |
| Distributable reserves | 133 | €17,000 | €17,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,239 | -€3,711 | -€7,950 | |
| Amounts payable | 17/49 | €342,686 | €365,886 | +€23,200 | +6.8% |
| Amounts payable after more than one year | 17 | €154,997 | €144,200 | -€10,797 | -7.0% |
| Financial debts | 170/4 | €154,997 | €144,200 | -€10,797 | -7.0% |
| Amounts payable within one year | 42/48 | €187,614 | €220,707 | +€33,093 | +17.6% |
| Current portion of amounts payable after more than one year | 42 | €25,912 | €11,910 | -€14,002 | -54.0% |
| Financial debts | 43 | €2,115 | €40,000 | +€37,885 | +1,791% |
| Credit institutions | 430/8 | €2,115 | €40,000 | +€37,885 | +1,791% |
| Trade debts | 44 | €121,419 | €143,197 | +€21,778 | +17.9% |
| Suppliers | 440/4 | €121,419 | €143,197 | +€21,778 | +17.9% |
| Taxes, remuneration and social security | 45 | €37,915 | €25,325 | -€12,590 | -33.2% |
| Taxes | 450/3 | €33,337 | €23,675 | -€9,662 | -29.0% |
| Remuneration and social security | 454/9 | €4,578 | €1,650 | -€2,928 | -64.0% |
| Other amounts payable | 47/48 | €252 | €275 | +€23 | +9.2% |
| Accrued charges and deferred income | 492/3 | €75 | €979 | +€904 | +1,205% |
| Remuneration, social security and pensions | 62 | €24,927 | - | -€24,927 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,801 | €13,687 | -€114 | -0.8% |
| Other operating charges | 640/8 | €4,728 | €1,752 | -€2,976 | -62.9% |
| Gross operating margin | 9900 | €50,760 | €14,647 | -€36,113 | -71.1% |
| Operating profit (loss) | 9901 | €7,304 | -€792 | -€8,096 | |
| Financial income | 75/76B | €539 | €426 | -€113 | -20.9% |
| Recurring financial income | 75 | €539 | €426 | -€113 | -20.9% |
| Financial charges | 65/66B | €9,510 | €6,205 | -€3,305 | -34.8% |
| Recurring financial charges | 65 | €9,510 | €6,205 | -€3,305 | -34.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,667 | -€6,571 | -€4,904 | -294% |
| Income taxes | 67/77 | €3,316 | €1,379 | -€1,937 | -58.4% |
| Profit (loss) for the period | 9904 | -€4,983 | -€7,950 | -€2,967 | -59.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,983 | -€7,950 | -€2,967 | -59.5% |
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 15 October 2026 via checked.be.