VINCENZO: 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.
VINCENZO
Largest movements
- Cash -€11,545
down €11,545 (-59.6%), from €19,370 to €7,825
mainly Contributions, distributions and other (-€12,650) and Debts after one year (-€9,494)
- Tangible fixed assets -€6,917
down €6,917 (-3.2%), from €218,898 to €211,981
of which Other tangible fixed assets: -€4,225
- Receivables within one year +€5,125
up €5,125 (+30.1%), from €17,039 to €22,163
of which Trade receivables: +€2,804
- Reserves -€12,252
down €12,252 (-11.2%), from €109,417 to €97,165
- Debts after one year -€9,494
down €9,494 (-8.4%), from €112,608 to €103,114
of which Financial debts: -€9,494
- Accrued charges and deferred income +€3,089
new in 2025: €3,089
- Tax, wage and social debts +€2,963
up €2,963 (+88.5%), from €3,349 to €6,311
- Gross operating margin -€6,694
down €6,694 (-27.9%), from €23,984 to €17,291
- Taxes -€2,461
down €2,461 (-64.5%), from €3,813 to €1,352
- Financial charges +€1,672
up €1,672 (+37.4%), from €4,476 to €6,148
- Depreciation +€923
up €923 (+13.1%), from €7,064 to €7,987
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 | €257,032 | €243,727 | -€13,305 | -5.2% |
| Fixed assets | 21/28 | €218,898 | €211,981 | -€6,917 | -3.2% |
| Tangible fixed assets | 22/27 | €218,898 | €211,981 | -€6,917 | -3.2% |
| Land and buildings | 22 | €79,689 | €77,362 | -€2,328 | -2.9% |
| Plant, machinery and equipment | 23 | €3,062 | €3,618 | +€556 | +18.1% |
| Furniture and vehicles | 24 | €3,155 | €2,234 | -€921 | -29.2% |
| Other tangible fixed assets | 26 | €132,992 | €128,768 | -€4,225 | -3.2% |
| Current assets | 29/58 | €38,134 | €31,746 | -€6,388 | -16.8% |
| Amounts receivable within one year | 40/41 | €17,039 | €22,163 | +€5,125 | +30.1% |
| Trade receivables | 40 | €14,844 | €17,648 | +€2,804 | +18.9% |
| Other amounts receivable | 41 | €2,195 | €4,516 | +€2,321 | +106% |
| Cash at bank and in hand | 54/58 | €19,370 | €7,825 | -€11,545 | -59.6% |
| Deferred charges and accrued income | 490/1 | €1,726 | €1,758 | +€32 | +1.9% |
| Total equity and liabilities | 10/49 | €257,032 | €243,727 | -€13,305 | -5.2% |
| Equity | 10/15 | €129,458 | €117,207 | -€12,251 | -9.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €109,417 | €97,165 | -€12,252 | -11.2% |
| Distributable reserves | 133 | €109,417 | €97,165 | -€12,252 | -11.2% |
| Profit (loss) carried forward | 14 | €1,441 | €1,442 | +€1 | 0.0% |
| Amounts payable | 17/49 | €127,574 | €126,520 | -€1,054 | -0.8% |
| Amounts payable after more than one year | 17 | €112,608 | €103,114 | -€9,494 | -8.4% |
| Financial debts | 170/4 | €106,608 | €97,114 | -€9,494 | -8.9% |
| Other amounts payable | 178/9 | €6,000 | €6,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €14,965 | €20,316 | +€5,351 | +35.8% |
| Current portion of amounts payable after more than one year | 42 | €9,239 | €9,494 | +€255 | +2.8% |
| Trade debts | 44 | €1,704 | €2,007 | +€304 | +17.8% |
| Suppliers | 440/4 | €1,704 | €2,007 | +€304 | +17.8% |
| Taxes, remuneration and social security | 45 | €3,349 | €6,311 | +€2,963 | +88.5% |
| Taxes | 450/3 | €3,349 | €6,311 | +€2,963 | +88.5% |
| Other amounts payable | 47/48 | €674 | €2,504 | +€1,830 | +272% |
| Accrued charges and deferred income | 492/3 | - | €3,089 | +€3,089 | |
| Non-recurring operating income | 76A | - | €834 | +€834 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,064 | €7,987 | +€923 | +13.1% |
| Other operating charges | 640/8 | €1,433 | €1,499 | +€67 | +4.7% |
| Non-recurring operating charges | 66A | €346 | €0 | -€346 | -100% |
| Gross operating margin | 9900 | €23,984 | €17,291 | -€6,694 | -27.9% |
| Operating profit (loss) | 9901 | €15,141 | €7,804 | -€7,337 | -48.5% |
| Financial income | 75/76B | €126 | €95 | -€31 | -24.5% |
| Recurring financial income | 75 | €126 | €95 | -€31 | -24.5% |
| Financial charges | 65/66B | €4,476 | €6,148 | +€1,672 | +37.4% |
| Recurring financial charges | 65 | €4,476 | €6,148 | +€1,672 | +37.4% |
| Profit (loss) for the period before taxes | 9903 | €10,791 | €1,751 | -€9,040 | -83.8% |
| Income taxes | 67/77 | €3,813 | €1,352 | -€2,461 | -64.5% |
| Profit (loss) for the period | 9904 | €6,977 | €399 | -€6,579 | -94.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,977 | €399 | -€6,579 | -94.3% |
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.