Thierry 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.
Thierry VINCENT
Largest movements
- Cash +€189,814
up €189,814 (+75.4%), from €251,579 to €441,393
mainly Net result for the year (+€183,625) and Depreciation (+€120,248)
- Tangible fixed assets -€105,752
down €105,752 (-6.3%), from €1.7m to €1.6m
of which Land and buildings: -€90,226
- Profit (loss) carried forward +€183,626
up €183,626 (+35.0%), from €524,510 to €708,136
- Debts after one year -€84,644
down €84,644 (-19.4%), from €436,677 to €352,033
of which Financial debts: -€73,494
- Current portion of long-term debt -€22,581
down €22,581 (-23.5%), from €96,075 to €73,494
- Depreciation -€47,623
down €47,623 (-28.4%), from €167,871 to €120,248
- Gross operating margin +€46,658
up €46,658 (+13.2%), from €352,220 to €398,878
- Taxes +€25,940
up €25,940 (+72.3%), from €35,860 to €61,800
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 | €2,088,939 | €2,177,737 | +€88,798 | +4.3% |
| Fixed assets | 21/28 | €1,673,906 | €1,568,154 | -€105,752 | -6.3% |
| Tangible fixed assets | 22/27 | €1,673,906 | €1,568,154 | -€105,752 | -6.3% |
| Land and buildings | 22 | €1,613,272 | €1,523,046 | -€90,226 | -5.6% |
| Plant, machinery and equipment | 23 | €60,634 | €45,108 | -€15,526 | -25.6% |
| Current assets | 29/58 | €415,033 | €609,583 | +€194,550 | +46.9% |
| Stocks and contracts in progress | 3 | €86,356 | €75,470 | -€10,886 | -12.6% |
| Stocks | 30/36 | €86,356 | €75,470 | -€10,886 | -12.6% |
| Amounts receivable within one year | 40/41 | €71,635 | €86,269 | +€14,634 | +20.4% |
| Trade receivables | 40 | €71,321 | €86,269 | +€14,948 | +21.0% |
| Other amounts receivable | 41 | €314 | - | -€314 | |
| Cash at bank and in hand | 54/58 | €251,579 | €441,393 | +€189,814 | +75.4% |
| Deferred charges and accrued income | 490/1 | €5,463 | €6,451 | +€988 | +18.1% |
| Total equity and liabilities | 10/49 | €2,088,939 | €2,177,737 | +€88,798 | +4.3% |
| Equity | 10/15 | €1,502,984 | €1,679,358 | +€176,374 | +11.7% |
| Contributions | 10/11 | €73,600 | €73,600 | = | 0.0% |
| Reserves | 13 | €867,794 | €867,794 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,360 | €7,360 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,360 | €7,360 | = | 0.0% |
| Distributable reserves | 133 | €860,434 | €860,434 | = | 0.0% |
| Profit (loss) carried forward | 14 | €524,510 | €708,136 | +€183,626 | +35.0% |
| Investment grants | 15 | €37,080 | €29,828 | -€7,252 | -19.6% |
| Amounts payable | 17/49 | €585,955 | €498,379 | -€87,576 | -14.9% |
| Amounts payable after more than one year | 17 | €436,677 | €352,033 | -€84,644 | -19.4% |
| Financial debts | 170/4 | €400,332 | €326,838 | -€73,494 | -18.4% |
| Other amounts payable | 178/9 | €36,345 | €25,195 | -€11,150 | -30.7% |
| Amounts payable within one year | 42/48 | €132,155 | €129,018 | -€3,137 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €96,075 | €73,494 | -€22,581 | -23.5% |
| Trade debts | 44 | €20,369 | €25,001 | +€4,632 | +22.7% |
| Suppliers | 440/4 | €20,369 | €25,001 | +€4,632 | +22.7% |
| Taxes, remuneration and social security | 45 | €15,339 | €30,465 | +€15,126 | +98.6% |
| Taxes | 450/3 | €12,416 | €27,765 | +€15,349 | +124% |
| Remuneration and social security | 454/9 | €2,923 | €2,700 | -€223 | -7.6% |
| Other amounts payable | 47/48 | €372 | €58 | -€314 | -84.4% |
| Accrued charges and deferred income | 492/3 | €17,123 | €17,328 | +€205 | +1.2% |
| Remuneration, social security and pensions | 62 | €5,544 | €1,923 | -€3,621 | -65.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €167,871 | €120,248 | -€47,623 | -28.4% |
| Other operating charges | 640/8 | €27,465 | €27,343 | -€122 | -0.4% |
| Gross operating margin | 9900 | €352,220 | €398,878 | +€46,658 | +13.2% |
| Operating profit (loss) | 9901 | €151,340 | €249,364 | +€98,024 | +64.8% |
| Financial income | 75/76B | €7,697 | €7,594 | -€103 | -1.3% |
| Recurring financial income | 75 | €7,697 | €7,594 | -€103 | -1.3% |
| Financial charges | 65/66B | €12,131 | €11,533 | -€598 | -4.9% |
| Recurring financial charges | 65 | €12,131 | €11,533 | -€598 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €146,906 | €245,425 | +€98,519 | +67.1% |
| Income taxes | 67/77 | €35,860 | €61,800 | +€25,940 | +72.3% |
| Profit (loss) for the period | 9904 | €111,046 | €183,625 | +€72,579 | +65.4% |
| Profit (loss) for the period to be appropriated | 9905 | €111,046 | €183,625 | +€72,579 | +65.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.