VINCENT: 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.
VINCENT
Largest movements
- Cash -€23,942
down €23,942 (-34.6%), from €69,272 to €45,331
mainly Debts after one year (-€40,559) and Investment in fixed assets (net) (-€32,442)
- Tangible fixed assets -€15,854
down €15,854 (-4.0%), from €394,382 to €378,528
of which Other tangible fixed assets: -€24,887
- Receivables within one year +€13,779
up €13,779 (+108%), from €12,735 to €26,514
of which Other amounts receivable: +€16,629
- Deferred charges and accrued income -€11,713
down €11,713 (-35.9%), from €32,658 to €20,945
- Debts after one year -€40,559
down €40,559 (-15.6%), from €260,363 to €219,804
- Tax, wage and social debts -€13,466
down €13,466 (-23.1%), from €58,277 to €44,811
of which Taxes: -€14,744
- Trade debts +€7,927
up €7,927 (+51.0%), from €15,533 to €23,460
- Reserves +€6,426
up €6,426 (+4.0%), from €160,179 to €166,604
of which Distributable reserves: +€6,426
- Staff costs +€30,770
up €30,770 (+8.9%), from €346,310 to €377,080
- Gross operating margin +€21,676
up €21,676 (+5.2%), from €420,849 to €442,525
- Depreciation +€5,040
up €5,040 (+11.7%), from €43,256 to €48,296
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 | €561,236 | €522,304 | -€38,932 | -6.9% |
| Fixed assets | 21/28 | €394,382 | €378,528 | -€15,854 | -4.0% |
| Tangible fixed assets | 22/27 | €394,382 | €378,528 | -€15,854 | -4.0% |
| Land and buildings | 22 | €58,042 | €44,170 | -€13,872 | -23.9% |
| Plant, machinery and equipment | 23 | €11,819 | €20,016 | +€8,197 | +69.4% |
| Furniture and vehicles | 24 | - | €14,708 | +€14,708 | |
| Other tangible fixed assets | 26 | €324,520 | €299,633 | -€24,887 | -7.7% |
| Current assets | 29/58 | €166,854 | €143,776 | -€23,078 | -13.8% |
| Stocks and contracts in progress | 3 | €52,188 | €50,986 | -€1,202 | -2.3% |
| Stocks | 30/36 | €52,188 | €50,986 | -€1,202 | -2.3% |
| Amounts receivable within one year | 40/41 | €12,735 | €26,514 | +€13,779 | +108% |
| Trade receivables | 40 | €5,350 | €2,500 | -€2,850 | -53.3% |
| Other amounts receivable | 41 | €7,385 | €24,014 | +€16,629 | +225% |
| Cash at bank and in hand | 54/58 | €69,272 | €45,331 | -€23,942 | -34.6% |
| Deferred charges and accrued income | 490/1 | €32,658 | €20,945 | -€11,713 | -35.9% |
| Total equity and liabilities | 10/49 | €561,236 | €522,304 | -€38,932 | -6.9% |
| Equity | 10/15 | €180,630 | €187,056 | +€6,426 | +3.6% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €160,179 | €166,604 | +€6,426 | +4.0% |
| Tax-exempt reserves | 132 | €3,760 | €3,760 | = | 0.0% |
| Distributable reserves | 133 | €156,419 | €162,845 | +€6,426 | +4.1% |
| Amounts payable | 17/49 | €380,606 | €335,248 | -€45,358 | -11.9% |
| Amounts payable after more than one year | 17 | €260,363 | €219,804 | -€40,559 | -15.6% |
| Financial debts | 170/4 | €260,363 | €219,804 | -€40,559 | -15.6% |
| Amounts payable within one year | 42/48 | €120,243 | €115,444 | -€4,799 | -4.0% |
| Current portion of amounts payable after more than one year | 42 | €39,819 | €40,559 | +€740 | +1.9% |
| Trade debts | 44 | €15,533 | €23,460 | +€7,927 | +51.0% |
| Suppliers | 440/4 | €15,533 | €23,460 | +€7,927 | +51.0% |
| Taxes, remuneration and social security | 45 | €58,277 | €44,811 | -€13,466 | -23.1% |
| Taxes | 450/3 | €22,802 | €8,058 | -€14,744 | -64.7% |
| Remuneration and social security | 454/9 | €35,475 | €36,752 | +€1,278 | +3.6% |
| Other amounts payable | 47/48 | €6,615 | €6,615 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €346,310 | €377,080 | +€30,770 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,256 | €48,296 | +€5,040 | +11.7% |
| Other operating charges | 640/8 | €2,226 | €2,263 | +€37 | +1.7% |
| Gross operating margin | 9900 | €420,849 | €442,525 | +€21,676 | +5.2% |
| Operating profit (loss) | 9901 | €29,057 | €14,886 | -€14,171 | -48.8% |
| Financial income | 75/76B | €13 | €397 | +€383 | +2,883% |
| Recurring financial income | 75 | €13 | €397 | +€383 | +2,883% |
| Financial charges | 65/66B | €6,236 | €6,809 | +€574 | +9.2% |
| Recurring financial charges | 65 | €6,236 | €6,809 | +€574 | +9.2% |
| Profit (loss) for the period before taxes | 9903 | €22,834 | €8,473 | -€14,361 | -62.9% |
| Income taxes | 67/77 | €2,281 | €2,048 | -€234 | -10.2% |
| Profit (loss) for the period | 9904 | €20,553 | €6,426 | -€14,127 | -68.7% |
| Profit (loss) for the period to be appropriated | 9905 | €20,553 | €6,426 | -€14,127 | -68.7% |
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 26 October 2026 via checked.be.