VINCENT: 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.
VINCENT
Largest movements
- Current investments +€64,615
up €64,615 (+36.0%), from €179,374 to €243,989
- Cash -€49,773
down €49,773 (-49.1%), from €101,297 to €51,524
mainly Current investments (-€64,615) and Debts after one year (-€35,275)
- Receivables within one year +€35,232
up €35,232 (+2123.8%), from €1,659 to €36,891
of which Other amounts receivable: +€35,232
- Receivables after one year +€25,000
up €25,000 (+6.3%), from €400,000 to €425,000
- Reserves +€97,460
up €97,460 (+16.6%), from €587,638 to €685,097
of which Distributable reserves: +€97,460
- Debts after one year -€35,275
no longer reported in 2025 (was €35,275)
- Tax, wage and social debts +€9,746
up €9,746 (+49.0%), from €19,904 to €29,650
- Gross operating margin -€41,218
down €41,218 (-23.9%), from €172,172 to €130,954
- Taxes -€21,831
down €21,831 (-35.6%), from €61,333 to €39,502
- Financial income -€19,235
down €19,235 (-59.5%), from €32,312 to €13,077
of which Non-recurring financial income: -€19,519
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 | €714,135 | €781,118 | +€66,983 | +9.4% |
| Fixed assets | 21/28 | €8,634 | €7,233 | -€1,401 | -16.2% |
| Tangible fixed assets | 22/27 | €8,634 | €7,233 | -€1,401 | -16.2% |
| Plant, machinery and equipment | 23 | €315 | €204 | -€111 | -35.2% |
| Furniture and vehicles | 24 | €1,196 | €1,674 | +€477 | +39.9% |
| Other tangible fixed assets | 26 | €7,123 | €5,356 | -€1,767 | -24.8% |
| Current assets | 29/58 | €705,501 | €773,885 | +€68,384 | +9.7% |
| Amounts receivable after more than one year | 29 | €400,000 | €425,000 | +€25,000 | +6.3% |
| Other amounts receivable | 291 | €400,000 | €425,000 | +€25,000 | +6.3% |
| Amounts receivable within one year | 40/41 | €1,659 | €36,891 | +€35,232 | +2123.8% |
| Trade receivables | 40 | €32 | €32 | = | 0.0% |
| Other amounts receivable | 41 | €1,627 | €36,859 | +€35,232 | +2165.2% |
| Current investments | 50/53 | €179,374 | €243,989 | +€64,615 | +36.0% |
| Cash at bank and in hand | 54/58 | €101,297 | €51,524 | -€49,773 | -49.1% |
| Deferred charges and accrued income | 490/1 | €23,171 | €16,481 | -€6,690 | -28.9% |
| Total equity and liabilities | 10/49 | €714,135 | €781,118 | +€66,983 | +9.4% |
| Equity | 10/15 | €600,034 | €697,493 | +€97,460 | +16.2% |
| Contributions | 10/11 | €12,396 | €12,396 | = | 0.0% |
| Reserves | 13 | €587,638 | €685,097 | +€97,460 | +16.6% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €585,778 | €683,238 | +€97,460 | +16.6% |
| Amounts payable | 17/49 | €114,101 | €83,625 | -€30,476 | -26.7% |
| Amounts payable after more than one year | 17 | €35,275 | - | -€35,275 | |
| Financial debts | 170/4 | €35,275 | - | -€35,275 | |
| Amounts payable within one year | 42/48 | €75,278 | €80,077 | +€4,799 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €55,375 | €50,428 | -€4,947 | -8.9% |
| Taxes, remuneration and social security | 45 | €19,904 | €29,650 | +€9,746 | +49.0% |
| Taxes | 450/3 | €19,904 | €29,650 | +€9,746 | +49.0% |
| Accrued charges and deferred income | 492/3 | €3,548 | €3,548 | = | 0.0% |
| Non-recurring operating income | 76A | €2,414 | - | -€2,414 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,259 | €2,978 | +€719 | +31.8% |
| Non-recurring operating charges | 66A | - | €651 | +€651 | |
| Gross operating margin | 9900 | €172,172 | €130,954 | -€41,218 | -23.9% |
| Operating profit (loss) | 9901 | €169,913 | €127,325 | -€42,588 | -25.1% |
| Financial income | 75/76B | €32,312 | €13,077 | -€19,235 | -59.5% |
| Recurring financial income | 75 | €12,793 | €13,077 | +€284 | +2.2% |
| Non-recurring financial income | 76B | €19,519 | - | -€19,519 | |
| Financial charges | 65/66B | €2,440 | €3,441 | +€1,000 | +41.0% |
| Recurring financial charges | 65 | €2,440 | €3,434 | +€994 | +40.7% |
| Non-recurring financial charges | 66B | - | €6 | +€6 | |
| Profit (loss) for the period before taxes | 9903 | €199,784 | €136,962 | -€62,823 | -31.4% |
| Income taxes | 67/77 | €61,333 | €39,502 | -€21,831 | -35.6% |
| Profit (loss) for the period | 9904 | €138,452 | €97,460 | -€40,992 | -29.6% |
| Transfer from tax-exempt reserves | 789 | €5,000 | - | -€5,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €143,452 | €97,460 | -€45,992 | -32.1% |
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 6 October 2026 via checked.be.