Vincerò: 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.
Vincerò
Largest movements
- Cash +€333,477
up €333,477 (+186%), from €179,750 to €513,228
mainly Net result for the year (+€470,219) and Tax, wage and social debts (+€89,315)
- Receivables after one year +€165,939
up €165,939 (+31.6%), from €525,581 to €691,520
- Tangible fixed assets -€86,516
down €86,516 (-19.0%), from €455,437 to €368,921
of which Land and buildings: -€87,938
- Receivables within one year -€45,339
down €45,339 (-34.2%), from €132,405 to €87,066
of which Other amounts receivable: -€71,754
- Current investments +€31,574
up €31,574 (+3.0%), from €1.1m to €1.1m
- Reserves +€470,219
up €470,219 (+107%), from €438,814 to €909,033
of which Distributable reserves: +€477,757
- Short-term financial debts -€150,000
down €150,000 (-100%), from €150,000 to €0
- Tax, wage and social debts +€89,315
up €89,315 (+356%), from €25,108 to €114,423
- Debts after one year -€39,318
down €39,318 (-4.4%), from €889,013 to €849,695
of which Financial debts: -€48,798
- Gross operating margin +€475,412
up €475,412 (+450%), from €105,667 to €581,079
- Financial charges -€146,860
down €146,860 (-74.3%), from €197,688 to €50,828
- Taxes +€104,616
up €104,616 (+15,019%), from €697 to €105,313
- Financial income -€59,307
down €59,307 (-40.3%), from €147,201 to €87,894
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 | €2,392,325 | €2,761,460 | +€369,135 | +15.4% |
| Fixed assets | 21/28 | €485,439 | €368,922 | -€116,517 | -24.0% |
| Tangible fixed assets | 22/27 | €455,437 | €368,921 | -€86,516 | -19.0% |
| Land and buildings | 22 | €445,901 | €357,962 | -€87,938 | -19.7% |
| Plant, machinery and equipment | 23 | €9,537 | €10,959 | +€1,422 | +14.9% |
| Financial fixed assets | 28 | €30,002 | €1 | -€30,001 | -100.0% |
| Current assets | 29/58 | €1,906,886 | €2,392,538 | +€485,652 | +25.5% |
| Amounts receivable after more than one year | 29 | €525,581 | €691,520 | +€165,939 | +31.6% |
| Other amounts receivable | 291 | €525,581 | €691,520 | +€165,939 | +31.6% |
| Amounts receivable within one year | 40/41 | €132,405 | €87,066 | -€45,339 | -34.2% |
| Trade receivables | 40 | €20,682 | €47,098 | +€26,415 | +128% |
| Other amounts receivable | 41 | €111,722 | €39,969 | -€71,754 | -64.2% |
| Current investments | 50/53 | €1,069,150 | €1,100,724 | +€31,574 | +3.0% |
| Cash at bank and in hand | 54/58 | €179,750 | €513,228 | +€333,477 | +186% |
| Total equity and liabilities | 10/49 | €2,392,325 | €2,761,460 | +€369,135 | +15.4% |
| Equity | 10/15 | €1,208,814 | €1,679,033 | +€470,219 | +38.9% |
| Contributions | 10/11 | €770,000 | €770,000 | = | 0.0% |
| Reserves | 13 | €438,814 | €909,033 | +€470,219 | +107% |
| Non-distributable reserves | 130/1 | €1,239 | €1,239 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Other | 1319 | €1,239 | €1,239 | = | 0.0% |
| Tax-exempt reserves | 132 | €152,194 | €144,656 | -€7,538 | -5.0% |
| Distributable reserves | 133 | €285,381 | €763,138 | +€477,757 | +167% |
| Provisions and deferred taxes | 16 | €22,742 | €20,229 | -€2,513 | -11.0% |
| Deferred taxes | 168 | €22,742 | €20,229 | -€2,513 | -11.0% |
| Amounts payable | 17/49 | €1,160,769 | €1,062,198 | -€98,571 | -8.5% |
| Amounts payable after more than one year | 17 | €889,013 | €849,695 | -€39,318 | -4.4% |
| Financial debts | 170/4 | €133,071 | €84,273 | -€48,798 | -36.7% |
| Other amounts payable | 178/9 | €755,942 | €765,422 | +€9,480 | +1.3% |
| Amounts payable within one year | 42/48 | €267,440 | €208,690 | -€58,751 | -22.0% |
| Current portion of amounts payable after more than one year | 42 | €48,708 | €49,638 | +€930 | +1.9% |
| Financial debts | 43 | €150,000 | €0 | -€150,000 | -100% |
| Credit institutions | 430/8 | €150,000 | €0 | -€150,000 | -100% |
| Trade debts | 44 | €1,781 | €3,810 | +€2,029 | +114% |
| Suppliers | 440/4 | €1,781 | €3,810 | +€2,029 | +114% |
| Taxes, remuneration and social security | 45 | €25,108 | €114,423 | +€89,315 | +356% |
| Taxes | 450/3 | €25,108 | €114,423 | +€89,315 | +356% |
| Other amounts payable | 47/48 | €41,843 | €40,819 | -€1,024 | -2.4% |
| Accrued charges and deferred income | 492/3 | €4,316 | €3,813 | -€503 | -11.7% |
| Non-recurring operating income | 76A | €17,195 | €500,933 | +€483,739 | +2,813% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,565 | €40,494 | -€4,071 | -9.1% |
| Other operating charges | 640/8 | €7,810 | €4,632 | -€3,179 | -40.7% |
| Non-recurring operating charges | 66A | €840 | €0 | -€840 | -100% |
| Gross operating margin | 9900 | €105,667 | €581,079 | +€475,412 | +450% |
| Operating profit (loss) | 9901 | €52,452 | €535,953 | +€483,501 | +922% |
| Financial income | 75/76B | €147,201 | €87,894 | -€59,307 | -40.3% |
| Recurring financial income | 75 | €147,201 | €87,894 | -€59,307 | -40.3% |
| Financial charges | 65/66B | €197,688 | €50,828 | -€146,860 | -74.3% |
| Recurring financial charges | 65 | €197,688 | €50,828 | -€146,860 | -74.3% |
| Profit (loss) for the period before taxes | 9903 | €1,965 | €573,019 | +€571,054 | +29,059% |
| Transfer from deferred taxes | 780 | €2,513 | €2,513 | -€0 | 0.0% |
| Income taxes | 67/77 | €697 | €105,313 | +€104,616 | +15,019% |
| Profit (loss) for the period | 9904 | €3,781 | €470,219 | +€466,437 | +12,335% |
| Transfer from tax-exempt reserves | 789 | €7,539 | €7,538 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,320 | €477,757 | +€466,437 | +4,120% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.