VECINO: 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.
VECINO
Largest movements
- Tangible fixed assets +€118,251
up €118,251 (+16.4%), from €719,801 to €838,052
of which Land and buildings: +€126,574
- Cash -€20,956
down €20,956 (-14.9%), from €141,069 to €120,113
mainly Investment in fixed assets (net) (-€194,063) and Contributions, distributions and other (-€175,000)
- Other debts +€94,078
up €94,078 (+116%), from €81,142 to €175,220
- Trade debts -€85,434
down €85,434 (-27.4%), from €311,676 to €226,242
- Debts after one year +€74,507
up €74,507 (+24.0%), from €310,433 to €384,939
- Reserves +€34,649
up €34,649 (+13.8%), from €251,415 to €286,064
of which Distributable reserves: +€34,649
- Accrued charges and deferred income -€19,298
down €19,298 (-65.7%), from €29,383 to €10,085
- Gross operating margin +€234,800
up €234,800 (+40.0%), from €586,891 to €821,691
- Staff costs +€119,387
up €119,387 (+30.6%), from €389,729 to €509,116
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 | €1,255,609 | €1,363,725 | +€108,116 | +8.6% |
| Fixed assets | 21/28 | €721,451 | €839,702 | +€118,251 | +16.4% |
| Tangible fixed assets | 22/27 | €719,801 | €838,052 | +€118,251 | +16.4% |
| Land and buildings | 22 | €612,575 | €739,149 | +€126,574 | +20.7% |
| Plant, machinery and equipment | 23 | €26,305 | €27,218 | +€914 | +3.5% |
| Furniture and vehicles | 24 | €80,922 | €71,685 | -€9,237 | -11.4% |
| Financial fixed assets | 28 | €1,650 | €1,650 | = | 0.0% |
| Current assets | 29/58 | €534,157 | €524,022 | -€10,135 | -1.9% |
| Stocks and contracts in progress | 3 | €45,235 | €50,699 | +€5,464 | +12.1% |
| Stocks | 30/36 | €45,235 | €50,699 | +€5,464 | +12.1% |
| Amounts receivable within one year | 40/41 | €329,609 | €334,021 | +€4,412 | +1.3% |
| Trade receivables | 40 | €50,823 | €148,238 | +€97,415 | +192% |
| Other amounts receivable | 41 | €278,786 | €185,782 | -€93,004 | -33.4% |
| Cash at bank and in hand | 54/58 | €141,069 | €120,113 | -€20,956 | -14.9% |
| Deferred charges and accrued income | 490/1 | €18,244 | €19,190 | +€946 | +5.2% |
| Total equity and liabilities | 10/49 | €1,255,609 | €1,363,725 | +€108,116 | +8.6% |
| Equity | 10/15 | €401,415 | €436,064 | +€34,649 | +8.6% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €251,415 | €286,064 | +€34,649 | +13.8% |
| Tax-exempt reserves | 132 | €62 | €62 | = | 0.0% |
| Distributable reserves | 133 | €251,353 | €286,002 | +€34,649 | +13.8% |
| Amounts payable | 17/49 | €854,194 | €927,661 | +€73,467 | +8.6% |
| Amounts payable after more than one year | 17 | €310,433 | €384,939 | +€74,507 | +24.0% |
| Financial debts | 170/4 | €310,433 | €384,939 | +€74,507 | +24.0% |
| Amounts payable within one year | 42/48 | €514,379 | €532,637 | +€18,258 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €75,035 | €91,493 | +€16,458 | +21.9% |
| Trade debts | 44 | €311,676 | €226,242 | -€85,434 | -27.4% |
| Suppliers | 440/4 | €311,676 | €226,242 | -€85,434 | -27.4% |
| Taxes, remuneration and social security | 45 | €46,526 | €39,681 | -€6,845 | -14.7% |
| Taxes | 450/3 | €9,161 | €15,211 | +€6,050 | +66.0% |
| Remuneration and social security | 454/9 | €37,364 | €24,470 | -€12,895 | -34.5% |
| Other amounts payable | 47/48 | €81,142 | €175,220 | +€94,078 | +116% |
| Accrued charges and deferred income | 492/3 | €29,383 | €10,085 | -€19,298 | -65.7% |
| Non-recurring operating income | 76A | €16,529 | - | -€16,529 | |
| Remuneration, social security and pensions | 62 | €389,729 | €509,116 | +€119,387 | +30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,371 | €75,812 | -€1,559 | -2.0% |
| Other operating charges | 640/8 | €4,192 | €4,088 | -€103 | -2.5% |
| Gross operating margin | 9900 | €586,891 | €821,691 | +€234,800 | +40.0% |
| Operating profit (loss) | 9901 | €115,600 | €232,675 | +€117,075 | +101% |
| Financial income | 75/76B | €6,346 | €5,929 | -€417 | -6.6% |
| Recurring financial income | 75 | €6,346 | €5,929 | -€417 | -6.6% |
| Financial charges | 65/66B | €17,343 | €21,767 | +€4,424 | +25.5% |
| Recurring financial charges | 65 | €17,343 | €21,767 | +€4,424 | +25.5% |
| Profit (loss) for the period before taxes | 9903 | €104,603 | €216,837 | +€112,234 | +107% |
| Income taxes | 67/77 | €5,830 | €7,188 | +€1,358 | +23.3% |
| Profit (loss) for the period | 9904 | €98,773 | €209,649 | +€110,876 | +112% |
| Profit (loss) for the period to be appropriated | 9905 | €98,773 | €209,649 | +€110,876 | +112% |
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 14 October 2026 via checked.be.