VINCERE ALPHA: 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.
VINCERE ALPHA
Largest movements
- Cash +€107,229
up €107,229 (+420%), from €25,559 to €132,788
mainly Net result for the year (+€337,212) and Tax, wage and social debts (+€68,285)
- Deferred charges and accrued income +€75,450
up €75,450 (+2,364%), from €3,191 to €78,641
- Receivables within one year -€58,504
down €58,504 (-45.2%), from €129,473 to €70,968
of which Other amounts receivable: -€34,401
- Reserves +€484,561
up €484,561 (+950%), from €51,000 to €535,561
- Profit (loss) carried forward -€467,349
down €467,349 (-100%), from €467,349 to €0
- Tax, wage and social debts +€68,285
up €68,285 (+222%), from €30,694 to €98,979
- Other debts +€49,274
up €49,274, from €0 to €49,274
- Financial income +€195,666
up €195,666 (+4,515%), from €4,334 to €200,000
- Gross operating margin +€176,577
up €176,577 (+122%), from €145,121 to €321,698
- Taxes +€68,701
up €68,701 (+358%), from €19,200 to €87,900
- Financial charges +€22,890
up €22,890 (+135%), from €16,949 to €39,839
- Other operating charges +€14,541
up €14,541 (+401%), from €3,627 to €18,168
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 | €2,151,729 | €2,290,107 | +€138,378 | +6.4% |
| Fixed assets | 21/28 | €1,993,506 | €2,007,709 | +€14,203 | +0.7% |
| Tangible fixed assets | 22/27 | €873,136 | €887,339 | +€14,203 | +1.6% |
| Land and buildings | 22 | €810,195 | €831,785 | +€21,590 | +2.7% |
| Plant, machinery and equipment | 23 | €34,684 | €31,853 | -€2,831 | -8.2% |
| Furniture and vehicles | 24 | €28,257 | €23,702 | -€4,555 | -16.1% |
| Financial fixed assets | 28 | €1,120,370 | €1,120,370 | = | 0.0% |
| Current assets | 29/58 | €158,223 | €282,398 | +€124,175 | +78.5% |
| Amounts receivable within one year | 40/41 | €129,473 | €70,968 | -€58,504 | -45.2% |
| Trade receivables | 40 | €95,071 | €70,968 | -€24,103 | -25.4% |
| Other amounts receivable | 41 | €34,401 | €0 | -€34,401 | -100% |
| Cash at bank and in hand | 54/58 | €25,559 | €132,788 | +€107,229 | +420% |
| Deferred charges and accrued income | 490/1 | €3,191 | €78,641 | +€75,450 | +2,364% |
| Total equity and liabilities | 10/49 | €2,151,729 | €2,290,107 | +€138,378 | +6.4% |
| Equity | 10/15 | €536,949 | €554,161 | +€17,212 | +3.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €51,000 | €535,561 | +€484,561 | +950% |
| Distributable reserves | 133 | €51,000 | €535,561 | +€484,561 | +950% |
| Profit (loss) carried forward | 14 | €467,349 | €0 | -€467,349 | -100% |
| Amounts payable | 17/49 | €1,614,780 | €1,735,946 | +€121,166 | +7.5% |
| Amounts payable after more than one year | 17 | €1,374,733 | €1,356,801 | -€17,932 | -1.3% |
| Financial debts | 170/4 | €1,299,733 | €1,356,801 | +€57,068 | +4.4% |
| Other amounts payable | 178/9 | €75,000 | - | -€75,000 | |
| Amounts payable within one year | 42/48 | €238,975 | €378,709 | +€139,733 | +58.5% |
| Current portion of amounts payable after more than one year | 42 | €173,048 | €187,932 | +€14,883 | +8.6% |
| Trade debts | 44 | €35,233 | €42,523 | +€7,291 | +20.7% |
| Suppliers | 440/4 | €35,233 | €42,523 | +€7,291 | +20.7% |
| Taxes, remuneration and social security | 45 | €30,694 | €98,979 | +€68,285 | +222% |
| Taxes | 450/3 | €30,694 | €98,979 | +€68,285 | +222% |
| Other amounts payable | 47/48 | €0 | €49,274 | +€49,274 | |
| Accrued charges and deferred income | 492/3 | €1,072 | €436 | -€636 | -59.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,486 | €38,578 | +€2,092 | +5.7% |
| Other operating charges | 640/8 | €3,627 | €18,168 | +€14,541 | +401% |
| Gross operating margin | 9900 | €145,121 | €321,698 | +€176,577 | +122% |
| Operating profit (loss) | 9901 | €105,008 | €264,952 | +€159,944 | +152% |
| Financial income | 75/76B | €4,334 | €200,000 | +€195,666 | +4,515% |
| Recurring financial income | 75 | €4,334 | €200,000 | +€195,666 | +4,515% |
| Financial charges | 65/66B | €16,949 | €39,839 | +€22,890 | +135% |
| Recurring financial charges | 65 | €16,949 | €39,839 | +€22,890 | +135% |
| Profit (loss) for the period before taxes | 9903 | €92,393 | €425,113 | +€332,720 | +360% |
| Income taxes | 67/77 | €19,200 | €87,900 | +€68,701 | +358% |
| Profit (loss) for the period | 9904 | €73,193 | €337,212 | +€264,019 | +361% |
| Profit (loss) for the period to be appropriated | 9905 | €73,193 | €337,212 | +€264,019 | +361% |
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 17 October 2026 via checked.be.