Vinamuse: what changed
Two fiscal 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.
Vinamuse
Largest movements
- Receivables within one year -€25,839
down €25,839 (-47.8%), from €54,088 to €28,249
of which Trade receivables: -€24,248
- Cash +€21,157
up €21,157 (+236.7%), from €8,940 to €30,097
mainly Receivables within one year (+€25,839) and Depreciation (+€11,443)
- Tangible fixed assets +€9,022
up €9,022 (+20.0%), from €45,140 to €54,162
of which Plant, machinery and equipment: +€6,941
- Stocks and contracts -€8,196
down €8,196 (-58.4%), from €14,039 to €5,843
- Trade debts -€12,121
down €12,121 (-35.0%), from €34,656 to €22,535
- Advances received +€6,766
new in 2025: €6,766
- Reserves +€2,246
up €2,246 (+9.9%), from €22,621 to €24,868
- Tax, wage and social debts -€1,859
down €1,859 (-22.7%), from €8,206 to €6,347
- Gross operating margin -€6,711
down €6,711 (-25.7%), from €26,096 to €19,384
- Depreciation +€2,871
up €2,871 (+33.5%), from €8,572 to €11,443
- Other operating charges -€2,821
down €2,821 (-56.9%), from €4,958 to €2,138
- Taxes -€497
down €497 (-12.8%), from €3,884 to €3,386
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.
Cash bridge derived
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 | €122,398 | €118,350 | -€4,048 | -3.3% |
| Fixed assets | 21/28 | €45,140 | €54,162 | +€9,022 | +20.0% |
| Tangible fixed assets | 22/27 | €45,140 | €54,162 | +€9,022 | +20.0% |
| Plant, machinery and equipment | 23 | €21,555 | €28,496 | +€6,941 | +32.2% |
| Furniture and vehicles | 24 | - | €2,871 | +€2,871 | |
| Other tangible fixed assets | 26 | €23,585 | €22,794 | -€791 | -3.4% |
| Current assets | 29/58 | €77,258 | €64,188 | -€13,070 | -16.9% |
| Stocks and contracts in progress | 3 | €14,039 | €5,843 | -€8,196 | -58.4% |
| Stocks | 30/36 | €14,039 | €5,843 | -€8,196 | -58.4% |
| Amounts receivable within one year | 40/41 | €54,088 | €28,249 | -€25,839 | -47.8% |
| Trade receivables | 40 | €50,760 | €26,512 | -€24,248 | -47.8% |
| Other amounts receivable | 41 | €3,328 | €1,737 | -€1,591 | -47.8% |
| Cash at bank and in hand | 54/58 | €8,940 | €30,097 | +€21,157 | +236.7% |
| Deferred charges and accrued income | 490/1 | €191 | - | -€191 | |
| Total equity and liabilities | 10/49 | €122,398 | €118,350 | -€4,048 | -3.3% |
| Equity | 10/15 | €22,721 | €24,968 | +€2,246 | +9.9% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €22,621 | €24,868 | +€2,246 | +9.9% |
| Distributable reserves | 133 | €22,621 | €24,868 | +€2,246 | +9.9% |
| Amounts payable | 17/49 | €99,677 | €93,383 | -€6,294 | -6.3% |
| Amounts payable within one year | 42/48 | €99,677 | €93,383 | -€6,294 | -6.3% |
| Trade debts | 44 | €34,656 | €22,535 | -€12,121 | -35.0% |
| Suppliers | 440/4 | €34,656 | €22,535 | -€12,121 | -35.0% |
| Advances received on contracts in progress | 46 | - | €6,766 | +€6,766 | |
| Taxes, remuneration and social security | 45 | €8,206 | €6,347 | -€1,859 | -22.7% |
| Taxes | 450/3 | €8,206 | €6,347 | -€1,859 | -22.7% |
| Other amounts payable | 47/48 | €56,816 | €57,735 | +€920 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,572 | €11,443 | +€2,871 | +33.5% |
| Other operating charges | 640/8 | €4,958 | €2,138 | -€2,821 | -56.9% |
| Gross operating margin | 9900 | €26,096 | €19,384 | -€6,711 | -25.7% |
| Operating profit (loss) | 9901 | €12,566 | €5,804 | -€6,762 | -53.8% |
| Financial income | 75/76B | €279 | €225 | -€54 | -19.4% |
| Recurring financial income | 75 | €279 | €225 | -€54 | -19.4% |
| Financial charges | 65/66B | €183 | €396 | +€214 | +116.9% |
| Recurring financial charges | 65 | €183 | €396 | +€214 | +116.9% |
| Profit (loss) for the period before taxes | 9903 | €12,662 | €5,632 | -€7,030 | -55.5% |
| Income taxes | 67/77 | €3,884 | €3,386 | -€497 | -12.8% |
| Profit (loss) for the period | 9904 | €8,778 | €2,246 | -€6,532 | -74.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,778 | €2,246 | -€6,532 | -74.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.