VINCERE: 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.
What changed
VINCERE
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€240,289
2024 · -€18,906+€259,195
Equity
€6.7m
2024 · €6.4m+€240,289
Cash
€166,459
2024 · €171,505-€5,046
Balance sheet total
€12.5m
2024 · €13.0m-€542,347
Largest movements
Assets
- Tangible fixed assets -€310,921
down €310,921 (-3.1%), from €10.0m to €9.7m
of which Land and buildings: -€348,708
Equity and liabilities
- Other debts -€559,765
down €559,765 (-34.2%), from €1.6m to €1.1m
- Debts after one year -€359,460
down €359,460 (-8.7%), from €4.1m to €3.8m
of which Financial debts: -€359,357
- Profit (loss) carried forward +€253,636
up €253,636 (+14.2%), from €1.8m to €2.0m
- Tax, wage and social debts +€153,462
up €153,462 (+274.2%), from €55,972 to €209,434
of which Taxes: +€157,552
Income statement
- Gross operating margin +€224,629
up €224,629 (+32.1%), from €699,465 to €924,094
- Financial charges +€193,979
up €193,979 (+197.0%), from €98,449 to €292,428
- Financial income +€128,723
up €128,723 (+704.1%), from €18,283 to €147,006
- Depreciation -€124,351
down €124,351 (-25.1%), from €495,764 to €371,413
- Taxes +€41,442
up €41,442 (+538.4%), from €7,697 to €49,138
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
-€18,906
Gross operating margin
+€224,629
Staff costs
+€24,062
Depreciation
+€124,351
Other operating charges
-€4,684
Financial income
+€128,723
Financial charges
-€193,979
Taxes
-€41,442
Deferred taxes and other
-€2,464
Result 2025
€240,289
Cash bridge derived
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
+€326,035
Investment
+€17,204
Financing
-€348,285
Cash 2024
€171,505
From operations (derived)
+€326,035
Net result for the year
+€240,289
Depreciation
+€371,413
Stocks and contracts
+€65,109
Receivables within one year
+€83,575
Provisions
-€48,546
Trade debts
-€23,983
Tax, wage and social debts
+€153,462
Advances received
+€57,750
Other debts
-€559,765
Accrued charges and deferred income
-€13,269
Investment (derived)
+€17,204
Investment in fixed assets (net)
+€11,004
Current investments
+€6,200
Financing
-€348,285
Debts after one year
-€359,460
Current portion of long-term debt
+€11,175
Cash 2025
€166,459
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,046,372 | €12,504,025 | -€542,347 | -4.2% |
| Fixed assets | 21/28 | €11,323,943 | €10,941,526 | -€382,417 | -3.4% |
| Tangible fixed assets | 22/27 | €10,007,843 | €9,696,922 | -€310,921 | -3.1% |
| Land and buildings | 22 | €9,868,592 | €9,519,884 | -€348,708 | -3.5% |
| Plant, machinery and equipment | 23 | €103 | €93 | -€11 | -10.2% |
| Furniture and vehicles | 24 | €110,015 | €147,812 | +€37,797 | +34.4% |
| Other tangible fixed assets | 26 | €29,133 | €29,133 | = | 0.0% |
| Financial fixed assets | 28 | €1,316,100 | €1,244,604 | -€71,496 | -5.4% |
| Current assets | 29/58 | €1,722,429 | €1,562,500 | -€159,930 | -9.3% |
| Stocks and contracts in progress | 3 | €783,965 | €718,856 | -€65,109 | -8.3% |
| Stocks | 30/36 | €783,965 | €718,856 | -€65,109 | -8.3% |
| Amounts receivable within one year | 40/41 | €760,629 | €677,054 | -€83,575 | -11.0% |
| Trade receivables | 40 | €478,489 | €36,988 | -€441,501 | -92.3% |
| Other amounts receivable | 41 | €282,139 | €640,066 | +€357,927 | +126.9% |
| Current investments | 50/53 | €6,200 | €0 | -€6,200 | -100.0% |
| Cash at bank and in hand | 54/58 | €171,505 | €166,459 | -€5,046 | -2.9% |
| Deferred charges and accrued income | 490/1 | €131 | €131 | = | 0.0% |
| Total equity and liabilities | 10/49 | €13,046,372 | €12,504,025 | -€542,347 | -4.2% |
| Equity | 10/15 | €6,446,667 | €6,686,956 | +€240,289 | +3.7% |
| Contributions | 10/11 | €1,553,845 | €1,553,845 | = | 0.0% |
| Reserves | 13 | €3,102,079 | €3,088,733 | -€13,346 | -0.4% |
| Tax-exempt reserves | 132 | €271,363 | €258,017 | -€13,346 | -4.9% |
| Distributable reserves | 133 | €2,830,716 | €2,830,716 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,790,743 | €2,044,378 | +€253,636 | +14.2% |
| Provisions and deferred taxes | 16 | €300,437 | €251,891 | -€48,546 | -16.2% |
| Provisions for liabilities and charges | 160/5 | €37,551 | €0 | -€37,551 | -100.0% |
| Pensions and similar obligations | 160 | €37,551 | €0 | -€37,551 | -100.0% |
| Deferred taxes | 168 | €262,886 | €251,891 | -€10,995 | -4.2% |
| Amounts payable | 17/49 | €6,299,268 | €5,565,178 | -€734,090 | -11.7% |
| Amounts payable after more than one year | 17 | €4,118,012 | €3,758,552 | -€359,460 | -8.7% |
| Financial debts | 170/4 | €3,435,857 | €3,076,500 | -€359,357 | -10.5% |
| Other amounts payable | 178/9 | €682,155 | €682,052 | -€103 | 0.0% |
| Amounts payable within one year | 42/48 | €2,155,212 | €1,793,852 | -€361,361 | -16.8% |
| Current portion of amounts payable after more than one year | 42 | €386,714 | €397,890 | +€11,175 | +2.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €74,202 | €50,219 | -€23,983 | -32.3% |
| Suppliers | 440/4 | €74,202 | €50,219 | -€23,983 | -32.3% |
| Advances received on contracts in progress | 46 | - | €57,750 | +€57,750 | |
| Taxes, remuneration and social security | 45 | €55,972 | €209,434 | +€153,462 | +274.2% |
| Taxes | 450/3 | €38,002 | €195,554 | +€157,552 | +414.6% |
| Remuneration and social security | 454/9 | €17,970 | €13,880 | -€4,090 | -22.8% |
| Other amounts payable | 47/48 | €1,638,324 | €1,078,559 | -€559,765 | -34.2% |
| Accrued charges and deferred income | 492/3 | €26,044 | €12,775 | -€13,269 | -50.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €85,320 | €61,259 | -€24,062 | -28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €495,764 | €371,413 | -€124,351 | -25.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €62,883 | €67,568 | +€4,684 | +7.4% |
| Gross operating margin | 9900 | €699,465 | €924,094 | +€224,629 | +32.1% |
| Operating profit (loss) | 9901 | €55,498 | €423,855 | +€368,357 | +663.7% |
| Financial income | 75/76B | €18,283 | €147,006 | +€128,723 | +704.1% |
| Recurring financial income | 75 | €18,283 | €147,006 | +€128,723 | +704.1% |
| Financial charges | 65/66B | €98,449 | €292,428 | +€193,979 | +197.0% |
| Recurring financial charges | 65 | €98,449 | €292,428 | +€193,979 | +197.0% |
| Profit (loss) for the period before taxes | 9903 | -€24,669 | €278,432 | +€303,101 | |
| Transfer from deferred taxes | 780 | €13,460 | €10,995 | -€2,464 | -18.3% |
| Income taxes | 67/77 | €7,697 | €49,138 | +€41,442 | +538.4% |
| Profit (loss) for the period | 9904 | -€18,906 | €240,289 | +€259,195 | |
| Transfer from tax-exempt reserves | 789 | €20,739 | €13,346 | -€7,393 | -35.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,833 | €253,636 | +€251,802 | +13735.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.