Vincent Cerpentier: 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 Cerpentier
Largest movements
- Tangible fixed assets +€581,803
up €581,803 (+735%), from €79,108 to €660,911
of which Land and buildings: +€574,125
- Cash -€211,642
down €211,642 (-57.4%), from €368,738 to €157,096
mainly Investment in fixed assets (net) (-€616,266) and Tax, wage and social debts (-€68,523)
- Receivables within one year -€26,846
down €26,846 (-12.6%), from €213,197 to €186,351
of which Trade receivables: -€22,243
- Stocks and contracts -€14,137
down €14,137 (-18.8%), from €75,066 to €60,929
- Debts after one year +€369,074
up €369,074 (+826%), from €44,665 to €413,739
- Tax, wage and social debts -€68,523
down €68,523 (-50.0%), from €137,176 to €68,653
of which Taxes: -€67,036
- Current portion of long-term debt +€24,131
up €24,131 (+162%), from €14,920 to €39,051
- Gross operating margin -€148,264
down €148,264 (-59.8%), from €247,936 to €99,672
- Taxes -€55,819
down €55,819 (-96.0%), from €58,157 to €2,338
- Depreciation +€13,979
up €13,979 (+64.6%), from €21,644 to €35,622
- Financial charges +€11,272
up €11,272 (+238%), from €4,737 to €16,008
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 | €738,958 | €1,069,677 | +€330,719 | +44.8% |
| Fixed assets | 21/28 | €80,268 | €660,911 | +€580,643 | +723% |
| Tangible fixed assets | 22/27 | €79,108 | €660,911 | +€581,803 | +735% |
| Land and buildings | 22 | - | €574,125 | +€574,125 | |
| Plant, machinery and equipment | 23 | €17,944 | €17,056 | -€887 | -4.9% |
| Furniture and vehicles | 24 | €61,164 | €43,878 | -€17,286 | -28.3% |
| Other tangible fixed assets | 26 | - | €25,852 | +€25,852 | |
| Financial fixed assets | 28 | €1,160 | €0 | -€1,160 | -100% |
| Current assets | 29/58 | €658,690 | €408,766 | -€249,924 | -37.9% |
| Stocks and contracts in progress | 3 | €75,066 | €60,929 | -€14,137 | -18.8% |
| Stocks | 30/36 | €75,066 | €60,929 | -€14,137 | -18.8% |
| Amounts receivable within one year | 40/41 | €213,197 | €186,351 | -€26,846 | -12.6% |
| Trade receivables | 40 | €208,098 | €185,855 | -€22,243 | -10.7% |
| Other amounts receivable | 41 | €5,099 | €496 | -€4,603 | -90.3% |
| Cash at bank and in hand | 54/58 | €368,738 | €157,096 | -€211,642 | -57.4% |
| Deferred charges and accrued income | 490/1 | €1,689 | €4,390 | +€2,701 | +160% |
| Total equity and liabilities | 10/49 | €738,958 | €1,069,677 | +€330,719 | +44.8% |
| Equity | 10/15 | €488,379 | €498,394 | +€10,015 | +2.1% |
| Contributions | 10/11 | €96,000 | €96,000 | = | 0.0% |
| Reserves | 13 | €392,379 | €402,394 | +€10,015 | +2.6% |
| Distributable reserves | 133 | €392,379 | €402,394 | +€10,015 | +2.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €250,578 | €571,283 | +€320,704 | +128% |
| Amounts payable after more than one year | 17 | €44,665 | €413,739 | +€369,074 | +826% |
| Financial debts | 170/4 | €44,665 | €413,739 | +€369,074 | +826% |
| Amounts payable within one year | 42/48 | €205,913 | €157,544 | -€48,369 | -23.5% |
| Current portion of amounts payable after more than one year | 42 | €14,920 | €39,051 | +€24,131 | +162% |
| Trade debts | 44 | €44,541 | €38,417 | -€6,124 | -13.7% |
| Suppliers | 440/4 | €44,541 | €38,417 | -€6,124 | -13.7% |
| Taxes, remuneration and social security | 45 | €137,176 | €68,653 | -€68,523 | -50.0% |
| Taxes | 450/3 | €128,975 | €61,938 | -€67,036 | -52.0% |
| Remuneration and social security | 454/9 | €8,202 | €6,715 | -€1,487 | -18.1% |
| Other amounts payable | 47/48 | €9,277 | €11,423 | +€2,146 | +23.1% |
| Remuneration, social security and pensions | 62 | €26,160 | €26,581 | +€421 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,644 | €35,622 | +€13,979 | +64.6% |
| Other operating charges | 640/8 | €1,007 | €1,002 | -€5 | -0.5% |
| Gross operating margin | 9900 | €247,936 | €99,672 | -€148,264 | -59.8% |
| Operating profit (loss) | 9901 | €199,125 | €36,467 | -€162,658 | -81.7% |
| Financial income | 75/76B | €434 | €1,191 | +€757 | +175% |
| Recurring financial income | 75 | €434 | €1,191 | +€757 | +175% |
| Financial charges | 65/66B | €4,737 | €16,008 | +€11,272 | +238% |
| Recurring financial charges | 65 | €4,737 | €16,008 | +€11,272 | +238% |
| Profit (loss) for the period before taxes | 9903 | €194,822 | €21,649 | -€173,173 | -88.9% |
| Income taxes | 67/77 | €58,157 | €2,338 | -€55,819 | -96.0% |
| Profit (loss) for the period | 9904 | €136,665 | €19,311 | -€117,353 | -85.9% |
| Profit (loss) for the period to be appropriated | 9905 | €136,665 | €19,311 | -€117,353 | -85.9% |
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 19 October 2026 via checked.be.