Vincent Bruyneel: 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 Bruyneel
Largest movements
- Current investments -€300,000
down €300,000 (-88.9%), from €337,341 to €37,341
- Cash +€263,122
up €263,122 (+137%), from €192,280 to €455,402
mainly Current investments (+€300,000) and Net result for the year (+€99,337)
- Receivables within one year +€40,421
up €40,421 (+91.6%), from €44,109 to €84,530
of which Trade receivables: +€30,882
- Other debts +€24,395
up €24,395 (+11.5%), from €212,954 to €237,350
- Tax, wage and social debts -€20,226
down €20,226 (-32.8%), from €61,682 to €41,456
- Gross operating margin -€198,353
down €198,353 (-62.5%), from €317,351 to €118,999
- Taxes -€62,971
down €62,971 (-72.7%), from €86,673 to €23,702
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 | €580,033 | €582,065 | +€2,032 | +0.4% |
| Fixed assets | 21/28 | €3,347 | €2,010 | -€1,337 | -40.0% |
| Tangible fixed assets | 22/27 | €3,347 | €2,010 | -€1,337 | -40.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €833 | €0 | -€833 | -100% |
| Other tangible fixed assets | 26 | €2,514 | €2,010 | -€504 | -20.1% |
| Current assets | 29/58 | €576,685 | €580,055 | +€3,369 | +0.6% |
| Amounts receivable within one year | 40/41 | €44,109 | €84,530 | +€40,421 | +91.6% |
| Trade receivables | 40 | €42,350 | €73,232 | +€30,882 | +72.9% |
| Other amounts receivable | 41 | €1,759 | €11,298 | +€9,539 | +542% |
| Current investments | 50/53 | €337,341 | €37,341 | -€300,000 | -88.9% |
| Cash at bank and in hand | 54/58 | €192,280 | €455,402 | +€263,122 | +137% |
| Deferred charges and accrued income | 490/1 | €2,956 | €2,782 | -€174 | -5.9% |
| Total equity and liabilities | 10/49 | €580,033 | €582,065 | +€2,032 | +0.4% |
| Equity | 10/15 | €299,907 | €299,907 | = | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €281,357 | €281,357 | = | 0.0% |
| Distributable reserves | 133 | €281,357 | €281,357 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €280,125 | €282,157 | +€2,032 | +0.7% |
| Amounts payable within one year | 42/48 | €280,125 | €282,157 | +€2,032 | +0.7% |
| Trade debts | 44 | €5,489 | €3,352 | -€2,137 | -38.9% |
| Suppliers | 440/4 | €5,489 | €3,352 | -€2,137 | -38.9% |
| Taxes, remuneration and social security | 45 | €61,682 | €41,456 | -€20,226 | -32.8% |
| Taxes | 450/3 | €61,682 | €41,456 | -€20,226 | -32.8% |
| Other amounts payable | 47/48 | €212,954 | €237,350 | +€24,395 | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,552 | €1,337 | -€215 | -13.8% |
| Other operating charges | 640/8 | €2,390 | €3,024 | +€634 | +26.5% |
| Gross operating margin | 9900 | €317,351 | €118,999 | -€198,353 | -62.5% |
| Operating profit (loss) | 9901 | €313,409 | €114,638 | -€198,772 | -63.4% |
| Financial income | 75/76B | €5,607 | €8,583 | +€2,976 | +53.1% |
| Recurring financial income | 75 | €5,607 | €8,583 | +€2,976 | +53.1% |
| Financial charges | 65/66B | €2,452 | €182 | -€2,270 | -92.6% |
| Recurring financial charges | 65 | €2,452 | €182 | -€2,270 | -92.6% |
| Profit (loss) for the period before taxes | 9903 | €316,564 | €123,039 | -€193,525 | -61.1% |
| Income taxes | 67/77 | €86,673 | €23,702 | -€62,971 | -72.7% |
| Profit (loss) for the period | 9904 | €229,891 | €99,337 | -€130,554 | -56.8% |
| Profit (loss) for the period to be appropriated | 9905 | €229,891 | €99,337 | -€130,554 | -56.8% |
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 29 October 2026 via checked.be.