VINCENT RAES: 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 RAES
Largest movements
- Cash -€28,442
down €28,442 (-53.4%), from €53,231 to €24,789
mainly Other debts (-€30,626) and Investment in fixed assets (net) (-€23,506)
- Receivables within one year -€3,007
down €3,007 (-45.5%), from €6,607 to €3,600
- Tangible fixed assets +€1,407
up €1,407 (+2.4%), from €58,457 to €59,864
- Other debts -€30,626
down €30,626 (-20.2%), from €151,702 to €121,075
- Profit (loss) carried forward -€1,960
down €1,960 (-8.5%), from -€23,130 to -€25,091
- Gross operating margin -€12,049
down €12,049 (-35.4%), from €34,015 to €21,966
- Depreciation -€2,276
down €2,276 (-9.3%), from €24,375 to €22,099
- Other operating charges +€787
up €787 (+91.1%), from €864 to €1,651
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 | €132,781 | €101,459 | -€31,322 | -23.6% |
| Fixed assets | 21/28 | €68,957 | €70,364 | +€1,407 | +2.0% |
| Tangible fixed assets | 22/27 | €58,457 | €59,864 | +€1,407 | +2.4% |
| Furniture and vehicles | 24 | €58,457 | €59,864 | +€1,407 | +2.4% |
| Financial fixed assets | 28 | €10,500 | €10,500 | = | 0.0% |
| Current assets | 29/58 | €63,824 | €31,095 | -€32,729 | -51.3% |
| Stocks and contracts in progress | 3 | €2,500 | €1,195 | -€1,305 | -52.2% |
| Stocks | 30/36 | €2,500 | €1,195 | -€1,305 | -52.2% |
| Amounts receivable within one year | 40/41 | €6,607 | €3,600 | -€3,007 | -45.5% |
| Trade receivables | 40 | €6,607 | €3,600 | -€3,007 | -45.5% |
| Cash at bank and in hand | 54/58 | €53,231 | €24,789 | -€28,442 | -53.4% |
| Deferred charges and accrued income | 490/1 | €1,486 | €1,511 | +€25 | +1.7% |
| Total equity and liabilities | 10/49 | €132,781 | €101,459 | -€31,322 | -23.6% |
| Equity | 10/15 | -€20,130 | -€22,091 | -€1,960 | -9.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,130 | -€25,091 | -€1,960 | -8.5% |
| Amounts payable | 17/49 | €152,912 | €123,549 | -€29,362 | -19.2% |
| Amounts payable within one year | 42/48 | €152,912 | €123,549 | -€29,362 | -19.2% |
| Trade debts | 44 | €434 | €1,108 | +€674 | +155% |
| Suppliers | 440/4 | €434 | €1,108 | +€674 | +155% |
| Taxes, remuneration and social security | 45 | €776 | €1,366 | +€590 | +76.1% |
| Taxes | 450/3 | €776 | €1,366 | +€590 | +76.1% |
| Other amounts payable | 47/48 | €151,702 | €121,075 | -€30,626 | -20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,375 | €22,099 | -€2,276 | -9.3% |
| Other operating charges | 640/8 | €864 | €1,651 | +€787 | +91.1% |
| Gross operating margin | 9900 | €34,015 | €21,966 | -€12,049 | -35.4% |
| Operating profit (loss) | 9901 | €8,776 | -€1,784 | -€10,560 | |
| Financial charges | 65/66B | €79 | €74 | -€5 | -6.0% |
| Recurring financial charges | 65 | €79 | €74 | -€5 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €8,697 | -€1,858 | -€10,556 | |
| Income taxes | 67/77 | -€4 | €102 | +€106 | |
| Profit (loss) for the period | 9904 | €8,702 | -€1,960 | -€10,662 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,702 | -€1,960 | -€10,662 |
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 26 October 2026 via checked.be.