VINCENT SQ: 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.
What changed
VINCENT SQ
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€619,636
2024 · -€322,247-€297,389
Equity
-€1.2m
2024 · -€621,892-€619,636
Cash
€209,007
2024 · €212,809-€3,802
Balance sheet total
€12.6m
2024 · €9.2m+€3.4m
Largest movements
Assets
- Tangible fixed assets +€3.4m
up €3.4m (+37.7%), from €9.0m to €12.4m
Equity and liabilities
- Other debts +€2.5m
up €2.5m (+69.3%), from €3.6m to €6.1m
- Debts after one year +€1.2m
up €1.2m (+20.9%), from €5.8m to €7.0m
- Profit (loss) carried forward -€619,636
down €619,636 (-45.7%), from -€1.4m to -€2.0m
- Current portion of long-term debt +€166,667
up €166,667 (+45.5%), from €366,667 to €533,333
- Trade debts +€148,949
up €148,949 (+1,129%), from €13,189 to €162,138
Income statement
- Depreciation +€182,888
up €182,888 (+55.6%), from €328,667 to €511,555
- Financial charges +€124,862
up €124,862 (+54.7%), from €228,377 to €353,239
- Other operating charges -€9,905
down €9,905 (-38.9%), from €25,473 to €15,568
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.
Result 2024
-€322,247
Gross operating margin
-€1,405
Depreciation
-€182,888
Other operating charges
+€9,905
Financial income
+€1,863
Financial charges
-€124,862
Taxes
-€1
Result 2025
-€619,636
raises the resultlowers the result
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.
From operations
+€2.5m
Investment
-€3.9m
Financing
+€1.4m
Cash 2024
€212,809
From operations (derived)
+€2.5m
Net result for the year
-€619,636
Depreciation
+€511,555
Smaller working-capital items
+€4,149
Trade debts
+€148,949
Other debts
+€2.5m
Accrued charges and deferred income
-€27,382
Investment (derived)
-€3.9m
Investment in fixed assets (net)
-€3.9m
Financing
+€1.4m
Debts after one year
+€1.2m
Current portion of long-term debt
+€166,667
Cash 2025
€209,007
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,202,967 | €12,581,605 | +€3.4m | +36.7% |
| Fixed assets | 21/28 | €8,983,591 | €12,368,796 | +€3.4m | +37.7% |
| Tangible fixed assets | 22/27 | €8,983,341 | €12,368,546 | +€3.4m | +37.7% |
| Land and buildings | 22 | €8,983,341 | €12,368,546 | +€3.4m | +37.7% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €219,375 | €212,809 | -€6,566 | -3.0% |
| Amounts receivable within one year | 40/41 | €6,567 | €3,803 | -€2,764 | -42.1% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €6,567 | €3,803 | -€2,764 | -42.1% |
| Cash at bank and in hand | 54/58 | €212,809 | €209,007 | -€3,802 | -1.8% |
| Total equity and liabilities | 10/49 | €9,202,967 | €12,581,605 | +€3.4m | +36.7% |
| Equity | 10/15 | -€621,892 | -€1,241,528 | -€619,636 | -99.6% |
| Contributions | 10/11 | €680,400 | €680,400 | = | 0.0% |
| Capital | 10 | €680,400 | €680,400 | = | 0.0% |
| Issued capital | 100 | €680,400 | €680,400 | = | 0.0% |
| Reserves | 13 | €52,269 | €52,269 | = | 0.0% |
| Non-distributable reserves | 130/1 | €46,413 | €46,413 | = | 0.0% |
| Legal reserve | 130 | €46,413 | €46,413 | = | 0.0% |
| Distributable reserves | 133 | €5,856 | €5,856 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,354,561 | -€1,974,197 | -€619,636 | -45.7% |
| Amounts payable | 17/49 | €9,824,858 | €13,823,133 | +€4.0m | +40.7% |
| Amounts payable after more than one year | 17 | €5,825,021 | €7,044,445 | +€1.2m | +20.9% |
| Financial debts | 170/4 | €5,825,021 | €7,044,445 | +€1.2m | +20.9% |
| Amounts payable within one year | 42/48 | €3,972,456 | €6,778,688 | +€2.8m | +70.6% |
| Current portion of amounts payable after more than one year | 42 | €366,667 | €533,333 | +€166,667 | +45.5% |
| Trade debts | 44 | €13,189 | €162,138 | +€148,949 | +1,129% |
| Suppliers | 440/4 | €13,189 | €162,138 | +€148,949 | +1,129% |
| Taxes, remuneration and social security | 45 | €300 | €1,685 | +€1,385 | +462% |
| Taxes | 450/3 | €300 | €300 | = | 0.0% |
| Remuneration and social security | 454/9 | - | €1,385 | +€1,385 | |
| Other amounts payable | 47/48 | €3,592,300 | €6,081,532 | +€2.5m | +69.3% |
| Accrued charges and deferred income | 492/3 | €27,382 | €0 | -€27,382 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €328,667 | €511,555 | +€182,888 | +55.6% |
| Other operating charges | 640/8 | €25,473 | €15,568 | -€9,905 | -38.9% |
| Gross operating margin | 9900 | €260,267 | €258,862 | -€1,405 | -0.5% |
| Operating profit (loss) | 9901 | -€93,873 | -€268,261 | -€174,388 | -186% |
| Financial income | 75/76B | €4 | €1,866 | +€1,863 | +50,067% |
| Recurring financial income | 75 | €4 | €1,866 | +€1,863 | +50,067% |
| Financial charges | 65/66B | €228,377 | €353,239 | +€124,862 | +54.7% |
| Recurring financial charges | 65 | €228,377 | €353,239 | +€124,862 | +54.7% |
| Profit (loss) for the period before taxes | 9903 | -€322,246 | -€619,633 | -€297,387 | -92.3% |
| Income taxes | 67/77 | €1 | €2 | +€1 | +121% |
| Profit (loss) for the period | 9904 | -€322,247 | -€619,636 | -€297,389 | -92.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€322,247 | -€619,636 | -€297,389 | -92.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.