VINCENT MIL: 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 MIL
Largest movements
- Tangible fixed assets +€120,179
up €120,179 (+28.0%), from €428,599 to €548,778
of which Furniture and vehicles: +€126,121
- Cash -€38,415
down €38,415 (-13.9%), from €276,890 to €238,475
mainly Investment in fixed assets (net) (-€259,916) and Contributions, distributions and other (-€33,999)
- Financial fixed assets +€24,020
up €24,020 (+183%), from €13,152 to €37,172
- Receivables within one year +€13,692
up €13,692 (+20.3%), from €67,398 to €81,090
of which Trade receivables: +€7,281
- Profit (loss) carried forward +€53,849
up €53,849 (+42.8%), from €125,920 to €179,769
- Debts after one year +€40,607
up €40,607 (+24.0%), from €169,494 to €210,101
- Current portion of long-term debt +€30,710
up €30,710 (+54.1%), from €56,809 to €87,519
- Trade debts +€11,932
new in 2025: €11,932
- Tax, wage and social debts -€10,196
down €10,196 (-20.3%), from €50,320 to €40,124
of which Taxes: -€12,656
- Gross operating margin +€53,983
up €53,983 (+8.3%), from €652,693 to €706,676
- Depreciation +€34,971
up €34,971 (+46.1%), from €75,858 to €110,829
- Financial charges +€30,361
up €30,361 (+63.0%), from €48,188 to €78,549
- Staff costs +€22,931
up €22,931 (+6.6%), from €348,207 to €371,138
- Other operating charges +€7,525
up €7,525 (+22.0%), from €34,244 to €41,769
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 | €802,215 | €933,092 | +€130,877 | +16.3% |
| Fixed assets | 21/28 | €441,751 | €590,838 | +€149,087 | +33.7% |
| Intangible fixed assets | 21 | - | €4,888 | +€4,888 | |
| Tangible fixed assets | 22/27 | €428,599 | €548,778 | +€120,179 | +28.0% |
| Land and buildings | 22 | €182,100 | €156,531 | -€25,569 | -14.0% |
| Plant, machinery and equipment | 23 | €94,124 | €113,751 | +€19,627 | +20.9% |
| Furniture and vehicles | 24 | €152,375 | €278,496 | +€126,121 | +82.8% |
| Financial fixed assets | 28 | €13,152 | €37,172 | +€24,020 | +183% |
| Current assets | 29/58 | €360,464 | €342,254 | -€18,210 | -5.1% |
| Stocks and contracts in progress | 3 | €10,398 | €13,558 | +€3,160 | +30.4% |
| Stocks | 30/36 | €10,398 | €13,558 | +€3,160 | +30.4% |
| Amounts receivable within one year | 40/41 | €67,398 | €81,090 | +€13,692 | +20.3% |
| Trade receivables | 40 | €63,518 | €70,799 | +€7,281 | +11.5% |
| Other amounts receivable | 41 | €3,880 | €10,291 | +€6,411 | +165% |
| Cash at bank and in hand | 54/58 | €276,890 | €238,475 | -€38,415 | -13.9% |
| Deferred charges and accrued income | 490/1 | €5,778 | €9,131 | +€3,353 | +58.0% |
| Total equity and liabilities | 10/49 | €802,215 | €933,092 | +€130,877 | +16.3% |
| Equity | 10/15 | €349,272 | €397,693 | +€48,421 | +13.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €189,402 | €189,402 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,622 | €20,622 | = | 0.0% |
| Distributable reserves | 133 | €166,920 | €166,920 | = | 0.0% |
| Profit (loss) carried forward | 14 | €125,920 | €179,769 | +€53,849 | +42.8% |
| Investment grants | 15 | €15,350 | €9,922 | -€5,428 | -35.4% |
| Amounts payable | 17/49 | €452,943 | €535,399 | +€82,456 | +18.2% |
| Amounts payable after more than one year | 17 | €169,494 | €210,101 | +€40,607 | +24.0% |
| Financial debts | 170/4 | €169,494 | €210,101 | +€40,607 | +24.0% |
| Amounts payable within one year | 42/48 | €283,449 | €325,286 | +€41,837 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €56,809 | €87,519 | +€30,710 | +54.1% |
| Trade debts | 44 | - | €11,932 | +€11,932 | |
| Suppliers | 440/4 | - | €11,932 | +€11,932 | |
| Taxes, remuneration and social security | 45 | €50,320 | €40,124 | -€10,196 | -20.3% |
| Taxes | 450/3 | €31,516 | €18,860 | -€12,656 | -40.2% |
| Remuneration and social security | 454/9 | €18,804 | €21,264 | +€2,460 | +13.1% |
| Other amounts payable | 47/48 | €176,320 | €185,711 | +€9,391 | +5.3% |
| Accrued charges and deferred income | 492/3 | - | €12 | +€12 | |
| Remuneration, social security and pensions | 62 | €348,207 | €371,138 | +€22,931 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,858 | €110,829 | +€34,971 | +46.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€986 | -€986 | |
| Other operating charges | 640/8 | €34,244 | €41,769 | +€7,525 | +22.0% |
| Non-recurring operating charges | 66A | - | €250 | +€250 | |
| Gross operating margin | 9900 | €652,693 | €706,676 | +€53,983 | +8.3% |
| Operating profit (loss) | 9901 | €194,384 | €183,676 | -€10,708 | -5.5% |
| Financial income | 75/76B | €6,589 | €9,090 | +€2,501 | +38.0% |
| Recurring financial income | 75 | €6,589 | €9,090 | +€2,501 | +38.0% |
| Financial charges | 65/66B | €48,188 | €78,549 | +€30,361 | +63.0% |
| Recurring financial charges | 65 | €48,188 | €78,549 | +€30,361 | +63.0% |
| Profit (loss) for the period before taxes | 9903 | €152,785 | €114,217 | -€38,568 | -25.2% |
| Income taxes | 67/77 | €33,953 | €31,797 | -€2,156 | -6.3% |
| Profit (loss) for the period | 9904 | €118,832 | €82,420 | -€36,412 | -30.6% |
| Profit (loss) for the period to be appropriated | 9905 | €118,832 | €82,420 | -€36,412 | -30.6% |
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.