VANMULLEM/VINKE: what changed
VANMULLEM/VINKE
Largest movements
- Cash -€56,968
down €56,968 (-22.3%), from €255,805 to €198,837
mainly Contributions, distributions and other (-€100,000) and Investment in fixed assets (net) (-€36,510)
- Tangible fixed assets -€16,482
down €16,482 (-10.2%), from €161,827 to €145,345
of which Plant, machinery and equipment: -€15,129
- Receivables within one year +€5,718
up €5,718 (+124%), from €4,614 to €10,332
of which Other amounts receivable: +€6,294
- Stocks and contracts -€4,904
down €4,904 (-16.9%), from €28,938 to €24,034
- Trade debts -€25,898
down €25,898 (-50.1%), from €51,739 to €25,842
- Debts after one year -€16,904
down €16,904 (-26.2%), from €64,408 to €47,504
- Reserves -€16,534
down €16,534 (-14.5%), from €113,655 to €97,121
- Other debts -€14,668
down €14,668 (-18.3%), from €80,000 to €65,332
- Advances received -€8,631
down €8,631 (-86.8%), from €9,948 to €1,317
- Gross operating margin -€17,540
down €17,540 (-3.7%), from €471,227 to €453,687
- Depreciation +€10,468
up €10,468 (+24.5%), from €42,804 to €53,272
- Staff costs +€8,060
up €8,060 (+2.9%), from €279,996 to €288,056
- Taxes -€7,876
down €7,876 (-25.8%), from €30,543 to €22,667
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €461,486 | €385,045 | -€76,440 | -16.6% |
| Fixed assets | 21/28 | €162,618 | €145,855 | -€16,762 | -10.3% |
| Intangible fixed assets | 21 | €631 | €351 | -€280 | -44.4% |
| Tangible fixed assets | 22/27 | €161,827 | €145,345 | -€16,482 | -10.2% |
| Plant, machinery and equipment | 23 | €88,314 | €73,185 | -€15,129 | -17.1% |
| Furniture and vehicles | 24 | €20,908 | €17,620 | -€3,289 | -15.7% |
| Other tangible fixed assets | 26 | €52,605 | €54,540 | +€1,936 | +3.7% |
| Financial fixed assets | 28 | €160 | €160 | = | 0.0% |
| Current assets | 29/58 | €298,868 | €239,190 | -€59,678 | -20.0% |
| Stocks and contracts in progress | 3 | €28,938 | €24,034 | -€4,904 | -16.9% |
| Stocks | 30/36 | €28,938 | €24,034 | -€4,904 | -16.9% |
| Amounts receivable within one year | 40/41 | €4,614 | €10,332 | +€5,718 | +124% |
| Trade receivables | 40 | €2,824 | €2,249 | -€575 | -20.4% |
| Other amounts receivable | 41 | €1,789 | €8,083 | +€6,294 | +352% |
| Cash at bank and in hand | 54/58 | €255,805 | €198,837 | -€56,968 | -22.3% |
| Deferred charges and accrued income | 490/1 | €9,511 | €5,987 | -€3,525 | -37.1% |
| Total equity and liabilities | 10/49 | €461,486 | €385,045 | -€76,440 | -16.6% |
| Equity | 10/15 | €153,655 | €137,121 | -€16,534 | -10.8% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €113,655 | €97,121 | -€16,534 | -14.5% |
| Distributable reserves | 133 | €113,655 | €97,121 | -€16,534 | -14.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €307,831 | €247,925 | -€59,906 | -19.5% |
| Amounts payable after more than one year | 17 | €64,408 | €47,504 | -€16,904 | -26.2% |
| Financial debts | 170/4 | €64,408 | €47,504 | -€16,904 | -26.2% |
| Amounts payable within one year | 42/48 | €242,417 | €198,432 | -€43,985 | -18.1% |
| Current portion of amounts payable after more than one year | 42 | €31,464 | €34,245 | +€2,781 | +8.8% |
| Trade debts | 44 | €51,739 | €25,842 | -€25,898 | -50.1% |
| Suppliers | 440/4 | €51,739 | €25,842 | -€25,898 | -50.1% |
| Advances received on contracts in progress | 46 | €9,948 | €1,317 | -€8,631 | -86.8% |
| Taxes, remuneration and social security | 45 | €69,265 | €71,696 | +€2,431 | +3.5% |
| Taxes | 450/3 | €30,117 | €23,787 | -€6,331 | -21.0% |
| Remuneration and social security | 454/9 | €39,147 | €47,909 | +€8,762 | +22.4% |
| Other amounts payable | 47/48 | €80,000 | €65,332 | -€14,668 | -18.3% |
| Accrued charges and deferred income | 492/3 | €1,006 | €1,989 | +€983 | +97.7% |
| Remuneration, social security and pensions | 62 | €279,996 | €288,056 | +€8,060 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,804 | €53,272 | +€10,468 | +24.5% |
| Other operating charges | 640/8 | €2,632 | €2,499 | -€134 | -5.1% |
| Gross operating margin | 9900 | €471,227 | €453,687 | -€17,540 | -3.7% |
| Operating profit (loss) | 9901 | €145,795 | €109,861 | -€35,934 | -24.6% |
| Financial income | 75/76B | €768 | €30 | -€739 | -96.1% |
| Recurring financial income | 75 | €768 | €30 | -€739 | -96.1% |
| Financial charges | 65/66B | €3,090 | €3,757 | +€667 | +21.6% |
| Recurring financial charges | 65 | €3,090 | €3,757 | +€667 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | €143,473 | €106,133 | -€37,340 | -26.0% |
| Income taxes | 67/77 | €30,543 | €22,667 | -€7,876 | -25.8% |
| Profit (loss) for the period | 9904 | €112,930 | €83,466 | -€29,464 | -26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €112,930 | €83,466 | -€29,464 | -26.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.