VINCENT CUIGNET: 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 CUIGNET
Largest movements
- Receivables within one year -€44,982
down €44,982 (-15.2%), from €295,834 to €250,851
of which Trade receivables: -€47,342
- Tangible fixed assets -€20,504
down €20,504 (-8.3%), from €247,752 to €227,248
of which Plant, machinery and equipment: -€18,300
- Cash +€16,749
new in 2025: €16,749
- Stocks and contracts +€10,668
up €10,668 (+5.7%), from €188,557 to €199,226
- Trade debts +€154,739
up €154,739 (+199.3%), from €77,658 to €232,397
- Other debts -€105,193
down €105,193 (-82.3%), from €127,879 to €22,686
- Short-term financial debts -€29,996
no longer reported in 2025 (was €29,996)
- Current portion of long-term debt -€28,273
down €28,273 (-52.3%), from €54,080 to €25,808
- Profit (loss) carried forward -€24,592
down €24,592 (-38.3%), from €64,281 to €39,688
- Staff costs +€36,343
up €36,343 (+51.0%), from €71,298 to €107,641
- Depreciation -€14,481
down €14,481 (-33.7%), from €42,956 to €28,475
- Gross operating margin -€5,334
down €5,334 (-3.9%), from €136,238 to €130,904
- Financial charges +€4,440
up €4,440 (+93.9%), from €4,729 to €9,169
- Financial income +€3,090
up €3,090 (+1790.8%), from €173 to €3,262
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €732,492 | €697,758 | -€34,734 | -4.7% |
| Fixed assets | 21/28 | €248,101 | €227,597 | -€20,504 | -8.3% |
| Tangible fixed assets | 22/27 | €247,752 | €227,248 | -€20,504 | -8.3% |
| Plant, machinery and equipment | 23 | €242,625 | €224,324 | -€18,300 | -7.5% |
| Furniture and vehicles | 24 | €5,127 | €2,923 | -€2,204 | -43.0% |
| Financial fixed assets | 28 | €349 | €349 | = | 0.0% |
| Current assets | 29/58 | €484,391 | €470,161 | -€14,230 | -2.9% |
| Stocks and contracts in progress | 3 | €188,557 | €199,226 | +€10,668 | +5.7% |
| Stocks | 30/36 | €188,557 | €199,226 | +€10,668 | +5.7% |
| Amounts receivable within one year | 40/41 | €295,834 | €250,851 | -€44,982 | -15.2% |
| Trade receivables | 40 | €294,674 | €247,332 | -€47,342 | -16.1% |
| Other amounts receivable | 41 | €1,160 | €3,520 | +€2,360 | +203.5% |
| Cash at bank and in hand | 54/58 | - | €16,749 | +€16,749 | |
| Deferred charges and accrued income | 490/1 | - | €3,335 | +€3,335 | |
| Total equity and liabilities | 10/49 | €732,492 | €697,758 | -€34,734 | -4.7% |
| Equity | 10/15 | €371,698 | €345,377 | -€26,320 | -7.1% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €238,532 | €238,532 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €232,334 | €232,334 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,281 | €39,688 | -€24,592 | -38.3% |
| Investment grants | 15 | €6,912 | €5,184 | -€1,728 | -25.0% |
| Provisions and deferred taxes | 16 | €2,302 | €1,725 | -€577 | -25.1% |
| Provisions for liabilities and charges | 160/5 | €2,302 | €1,725 | -€577 | -25.1% |
| Taxes | 161 | €2,302 | €1,725 | -€577 | -25.1% |
| Amounts payable | 17/49 | €358,492 | €350,655 | -€7,837 | -2.2% |
| Amounts payable after more than one year | 17 | €67,795 | €69,764 | +€1,969 | +2.9% |
| Financial debts | 170/4 | €67,795 | €69,764 | +€1,969 | +2.9% |
| Amounts payable within one year | 42/48 | €290,697 | €280,891 | -€9,806 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €54,080 | €25,808 | -€28,273 | -52.3% |
| Financial debts | 43 | €29,996 | - | -€29,996 | |
| Credit institutions | 430/8 | €29,996 | - | -€29,996 | |
| Trade debts | 44 | €77,658 | €232,397 | +€154,739 | +199.3% |
| Suppliers | 440/4 | €77,658 | €232,397 | +€154,739 | +199.3% |
| Taxes, remuneration and social security | 45 | €1,083 | - | -€1,083 | |
| Taxes | 450/3 | €1,083 | - | -€1,083 | |
| Other amounts payable | 47/48 | €127,879 | €22,686 | -€105,193 | -82.3% |
| Remuneration, social security and pensions | 62 | €71,298 | €107,641 | +€36,343 | +51.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,956 | €28,475 | -€14,481 | -33.7% |
| Other operating charges | 640/8 | €13,878 | €15,778 | +€1,900 | +13.7% |
| Gross operating margin | 9900 | €136,238 | €130,904 | -€5,334 | -3.9% |
| Operating profit (loss) | 9901 | €8,105 | -€20,990 | -€29,095 | |
| Financial income | 75/76B | €173 | €3,262 | +€3,090 | +1790.8% |
| Recurring financial income | 75 | €173 | €3,262 | +€3,090 | +1790.8% |
| Financial charges | 65/66B | €4,729 | €9,169 | +€4,440 | +93.9% |
| Recurring financial charges | 65 | €4,729 | €9,169 | +€4,440 | +93.9% |
| Profit (loss) for the period before taxes | 9903 | €3,548 | -€26,897 | -€30,446 | |
| Transfer from deferred taxes | 780 | €577 | €577 | = | 0.0% |
| Income taxes | 67/77 | €1,200 | - | -€1,200 | |
| Profit (loss) for the period | 9904 | €2,925 | -€26,320 | -€29,246 | |
| Transfer from tax-exempt reserves | 789 | €1,728 | €1,728 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,653 | -€24,592 | -€29,246 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.