VINAR: 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.
VINAR
Largest movements
- Financial fixed assets -€1.5m
down €1.5m (-2.7%), from €55.7m to €54.2m
- Receivables within one year +€1.4m
up €1.4m (+487.7%), from €277,596 to €1.6m
of which Other amounts receivable: +€1.0m
- Deferred charges and accrued income +€689,655
new in 2025: €689,655
- Debts after one year +€27.5m
up €27.5m (+126.1%), from €21.8m to €49.3m
- Other debts -€26.2m
down €26.2m (-77.2%), from €33.9m to €7.7m
- Accrued charges and deferred income -€824,557
down €824,557 (-98.6%), from €836,065 to €11,507
- Financial income +€699,029
up €699,029 (+4532.6%), from €15,422 to €714,451
- Financial charges +€496,094
up €496,094 (+257.6%), from €192,575 to €688,669
- Gross operating margin +€83,670
up €83,670, from -€25,183 to €58,487
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 | €56,848,116 | €57,429,323 | +€581,208 | +1.0% |
| Fixed assets | 21/28 | €56,471,036 | €54,920,376 | -€1.6m | -2.7% |
| Tangible fixed assets | 22/27 | €772,461 | €737,776 | -€34,685 | -4.5% |
| Land and buildings | 22 | €772,461 | €737,776 | -€34,685 | -4.5% |
| Financial fixed assets | 28 | €55,698,575 | €54,182,600 | -€1.5m | -2.7% |
| Current assets | 29/58 | €377,080 | €2,508,947 | +€2.1m | +565.4% |
| Amounts receivable after more than one year | 29 | €80,189 | €144,108 | +€63,919 | +79.7% |
| Other amounts receivable | 291 | €80,189 | €144,108 | +€63,919 | +79.7% |
| Amounts receivable within one year | 40/41 | €277,596 | €1,631,476 | +€1.4m | +487.7% |
| Trade receivables | 40 | €273,117 | €607,565 | +€334,448 | +122.5% |
| Other amounts receivable | 41 | €4,479 | €1,023,911 | +€1.0m | +22760.1% |
| Cash at bank and in hand | 54/58 | €19,295 | €43,708 | +€24,412 | +126.5% |
| Deferred charges and accrued income | 490/1 | - | €689,655 | +€689,655 | |
| Total equity and liabilities | 10/49 | €56,848,116 | €57,429,323 | +€581,208 | +1.0% |
| Equity | 10/15 | €291,382 | €339,743 | +€48,361 | +16.6% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €29,589 | €29,589 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,241 | €4,241 | = | 0.0% |
| Legal reserve | 130 | €4,241 | €4,241 | = | 0.0% |
| Distributable reserves | 133 | €25,348 | €25,348 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€238,208 | -€189,847 | +€48,361 | +20.3% |
| Amounts payable | 17/49 | €56,556,734 | €57,089,581 | +€532,847 | +0.9% |
| Amounts payable after more than one year | 17 | €21,800,000 | €49,300,000 | +€27.5m | +126.1% |
| Financial debts | 170/4 | €21,800,000 | €49,300,000 | +€27.5m | +126.1% |
| Amounts payable within one year | 42/48 | €33,920,670 | €7,778,073 | -€26.1m | -77.1% |
| Trade debts | 44 | €2,595 | €53,745 | +€51,150 | +1971.3% |
| Suppliers | 440/4 | €2,595 | €53,745 | +€51,150 | +1971.3% |
| Taxes, remuneration and social security | 45 | €2,818 | - | -€2,818 | |
| Taxes | 450/3 | €2,818 | - | -€2,818 | |
| Other amounts payable | 47/48 | €33,915,256 | €7,724,329 | -€26.2m | -77.2% |
| Accrued charges and deferred income | 492/3 | €836,065 | €11,507 | -€824,557 | -98.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,685 | €34,685 | = | 0.0% |
| Other operating charges | 640/8 | €1,187 | €1,223 | +€36 | +3.1% |
| Gross operating margin | 9900 | -€25,183 | €58,487 | +€83,670 | |
| Operating profit (loss) | 9901 | -€61,055 | €22,579 | +€83,633 | |
| Financial income | 75/76B | €15,422 | €714,451 | +€699,029 | +4532.6% |
| Recurring financial income | 75 | €15,422 | €714,451 | +€699,029 | +4532.6% |
| Financial charges | 65/66B | €192,575 | €688,669 | +€496,094 | +257.6% |
| Recurring financial charges | 65 | €192,575 | €688,669 | +€496,094 | +257.6% |
| Profit (loss) for the period before taxes | 9903 | -€238,208 | €48,361 | +€286,568 | |
| Profit (loss) for the period | 9904 | -€238,208 | €48,361 | +€286,568 | |
| Profit (loss) for the period to be appropriated | 9905 | -€238,208 | €48,361 | +€286,568 |
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 10 October 2026 via checked.be.