VINCAP: 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.
VINCAP
Largest movements
- Receivables within one year +€127,071
up €127,071 (+95.2%), from €133,446 to €260,516
of which Trade receivables: +€116,429
- Deferred charges and accrued income -€119,260
down €119,260 (-73.3%), from €162,654 to €43,394
- Tangible fixed assets -€68,278
down €68,278 (-17.3%), from €394,041 to €325,763
- Other debts +€88,788
up €88,788 (+162%), from €54,789 to €143,577
- Profit (loss) carried forward -€83,702
down €83,702, from €22,238 to -€61,464
- Debts after one year -€76,009
down €76,009 (-29.5%), from €257,866 to €181,857
- Current portion of long-term debt -€32,190
down €32,190 (-29.5%), from €109,221 to €77,031
- Short-term financial debts +€24,443
up €24,443 (+134%), from €18,277 to €42,720
- Gross operating margin -€179,781
down €179,781 (-92.5%), from €194,419 to €14,638
- Financial charges -€23,907
down €23,907 (-99.3%), from €24,080 to €173
- Taxes -€5,909
down €5,909 (-97.7%), from €6,050 to €141
- Depreciation +€2,240
up €2,240 (+2.3%), from €96,908 to €99,148
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 | €754,395 | €689,703 | -€64,692 | -8.6% |
| Fixed assets | 21/28 | €451,780 | €380,552 | -€71,228 | -15.8% |
| Intangible fixed assets | 21 | €3,350 | €400 | -€2,950 | -88.1% |
| Tangible fixed assets | 22/27 | €394,041 | €325,763 | -€68,278 | -17.3% |
| Plant, machinery and equipment | 23 | €394,041 | €325,763 | -€68,278 | -17.3% |
| Financial fixed assets | 28 | €54,389 | €54,389 | = | 0.0% |
| Current assets | 29/58 | €302,615 | €309,151 | +€6,536 | +2.2% |
| Amounts receivable within one year | 40/41 | €133,446 | €260,516 | +€127,071 | +95.2% |
| Trade receivables | 40 | €118,915 | €235,345 | +€116,429 | +97.9% |
| Other amounts receivable | 41 | €14,530 | €25,172 | +€10,641 | +73.2% |
| Cash at bank and in hand | 54/58 | €6,515 | €5,241 | -€1,275 | -19.6% |
| Deferred charges and accrued income | 490/1 | €162,654 | €43,394 | -€119,260 | -73.3% |
| Total equity and liabilities | 10/49 | €754,395 | €689,703 | -€64,692 | -8.6% |
| Equity | 10/15 | €269,129 | €185,427 | -€83,702 | -31.1% |
| Contributions | 10/11 | €180,121 | €180,121 | = | 0.0% |
| Reserves | 13 | €66,770 | €66,770 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,268 | €3,268 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,268 | €3,268 | = | 0.0% |
| Distributable reserves | 133 | €63,503 | €63,503 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,238 | -€61,464 | -€83,702 | |
| Amounts payable | 17/49 | €485,266 | €504,276 | +€19,010 | +3.9% |
| Amounts payable after more than one year | 17 | €257,866 | €181,857 | -€76,009 | -29.5% |
| Financial debts | 170/4 | €257,866 | €181,857 | -€76,009 | -29.5% |
| Amounts payable within one year | 42/48 | €227,400 | €322,419 | +€95,019 | +41.8% |
| Current portion of amounts payable after more than one year | 42 | €109,221 | €77,031 | -€32,190 | -29.5% |
| Financial debts | 43 | €18,277 | €42,720 | +€24,443 | +134% |
| Credit institutions | 430/8 | €18,277 | €42,720 | +€24,443 | +134% |
| Trade debts | 44 | €24,223 | €44,401 | +€20,178 | +83.3% |
| Suppliers | 440/4 | €24,223 | €44,401 | +€20,178 | +83.3% |
| Taxes, remuneration and social security | 45 | €20,890 | €14,690 | -€6,200 | -29.7% |
| Taxes | 450/3 | €20,890 | €14,690 | -€6,200 | -29.7% |
| Other amounts payable | 47/48 | €54,789 | €143,577 | +€88,788 | +162% |
| Non-recurring operating income | 76A | €316 | - | -€316 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,908 | €99,148 | +€2,240 | +2.3% |
| Other operating charges | 640/8 | €788 | - | -€788 | |
| Non-recurring operating charges | 66A | €3,090 | -€737 | -€3,827 | |
| Gross operating margin | 9900 | €194,419 | €14,638 | -€179,781 | -92.5% |
| Operating profit (loss) | 9901 | €93,632 | -€83,774 | -€177,406 | |
| Financial income | 75/76B | €0 | €386 | +€385 | +128,427% |
| Recurring financial income | 75 | €0 | €386 | +€385 | +128,427% |
| Financial charges | 65/66B | €24,080 | €173 | -€23,907 | -99.3% |
| Recurring financial charges | 65 | €24,080 | €173 | -€23,907 | -99.3% |
| Profit (loss) for the period before taxes | 9903 | €69,552 | -€83,561 | -€153,114 | |
| Income taxes | 67/77 | €6,050 | €141 | -€5,909 | -97.7% |
| Profit (loss) for the period | 9904 | €63,503 | -€83,702 | -€147,205 | |
| Profit (loss) for the period to be appropriated | 9905 | €63,503 | -€83,702 | -€147,205 |
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 17 October 2026 via checked.be.