VINCI: 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.
VINCI
Largest movements
- Cash +€9,100
up €9,100 (+169%), from €5,394 to €14,494
mainly Other debts (+€101,618) and Contributions, distributions and other (+€76,844)
- Formation expenses -€6,730
down €6,730 (-20.0%), from €33,648 to €26,918
- Receivables within one year +€3,777
up €3,777 (+3.1%), from €120,182 to €123,959
of which Trade receivables: +€3,792
- Tangible fixed assets -€3,617
down €3,617 (-82.9%), from €4,365 to €747
of which Furniture and vehicles: -€3,479
- Stocks and contracts +€3,205
up €3,205 (+3.1%), from €102,145 to €105,350
- Other debts +€101,618
up €101,618 (+127%), from €79,837 to €181,455
- Trade debts -€88,186
down €88,186 (-45.4%), from €194,101 to €105,914
- Tax, wage and social debts -€5,773
down €5,773 (-73.7%), from €7,838 to €2,065
of which Taxes: -€5,751
- Current portion of long-term debt -€3,657
no longer reported in 2025 (was €3,657)
- Gross operating margin -€39,528
down €39,528, from €15,529 to -€24,000
- Depreciation -€4,509
down €4,509 (-29.9%), from €15,056 to €10,547
- Financial charges -€1,697
down €1,697 (-19.8%), from €8,563 to €6,867
- Other operating charges -€1,469
down €1,469 (-4.1%), from €35,792 to €34,323
- Taxes +€818
new in 2025: €818
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 | €305,345 | €309,347 | +€4,002 | +1.3% |
| Formation expenses | 20 | €33,648 | €26,918 | -€6,730 | -20.0% |
| Fixed assets | 21/28 | €6,934 | €3,117 | -€3,817 | -55.0% |
| Intangible fixed assets | 21 | €382 | €182 | -€200 | -52.3% |
| Tangible fixed assets | 22/27 | €4,365 | €747 | -€3,617 | -82.9% |
| Plant, machinery and equipment | 23 | €885 | €747 | -€138 | -15.6% |
| Furniture and vehicles | 24 | €3,479 | - | -€3,479 | |
| Financial fixed assets | 28 | €2,187 | €2,187 | = | 0.0% |
| Current assets | 29/58 | €264,763 | €279,312 | +€14,549 | +5.5% |
| Stocks and contracts in progress | 3 | €102,145 | €105,350 | +€3,205 | +3.1% |
| Stocks | 30/36 | €102,145 | €105,350 | +€3,205 | +3.1% |
| Amounts receivable within one year | 40/41 | €120,182 | €123,959 | +€3,777 | +3.1% |
| Trade receivables | 40 | €117,159 | €120,951 | +€3,792 | +3.2% |
| Other amounts receivable | 41 | €3,022 | €3,008 | -€14 | -0.5% |
| Cash at bank and in hand | 54/58 | €5,394 | €14,494 | +€9,100 | +169% |
| Deferred charges and accrued income | 490/1 | €37,042 | €35,508 | -€1,534 | -4.1% |
| Total equity and liabilities | 10/49 | €305,345 | €309,347 | +€4,002 | +1.3% |
| Equity | 10/15 | -€65,654 | -€65,654 | = | 0.0% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Contributions outside capital | 11 | €20,451 | €20,451 | = | 0.0% |
| Other | 1109/19 | €20,451 | €20,451 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€86,105 | -€86,105 | = | 0.0% |
| Amounts payable | 17/49 | €370,999 | €375,001 | +€4,002 | +1.1% |
| Amounts payable within one year | 42/48 | €370,999 | €375,001 | +€4,002 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €3,657 | - | -€3,657 | |
| Financial debts | 43 | €85,566 | €85,566 | = | 0.0% |
| Credit institutions | 430/8 | €85,566 | €85,566 | = | 0.0% |
| Trade debts | 44 | €194,101 | €105,914 | -€88,186 | -45.4% |
| Suppliers | 440/4 | €194,101 | €105,914 | -€88,186 | -45.4% |
| Taxes, remuneration and social security | 45 | €7,838 | €2,065 | -€5,773 | -73.7% |
| Taxes | 450/3 | €7,816 | €2,065 | -€5,751 | -73.6% |
| Remuneration and social security | 454/9 | €22 | - | -€22 | |
| Other amounts payable | 47/48 | €79,837 | €181,455 | +€101,618 | +127% |
| Remuneration, social security and pensions | 62 | €1,051 | €846 | -€205 | -19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,056 | €10,547 | -€4,509 | -29.9% |
| Other operating charges | 640/8 | €35,792 | €34,323 | -€1,469 | -4.1% |
| Gross operating margin | 9900 | €15,529 | -€24,000 | -€39,528 | |
| Operating profit (loss) | 9901 | -€36,370 | -€69,715 | -€33,345 | -91.7% |
| Financial income | 75/76B | €1,356 | €556 | -€801 | -59.0% |
| Recurring financial income | 75 | €1,356 | €556 | -€801 | -59.0% |
| Financial charges | 65/66B | €8,563 | €6,867 | -€1,697 | -19.8% |
| Recurring financial charges | 65 | €8,563 | €6,867 | -€1,697 | -19.8% |
| Profit (loss) for the period before taxes | 9903 | -€43,577 | -€76,026 | -€32,449 | -74.5% |
| Income taxes | 67/77 | - | €818 | +€818 | |
| Profit (loss) for the period | 9904 | -€43,577 | -€76,844 | -€33,267 | -76.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,577 | -€76,844 | -€33,267 | -76.3% |
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 30 October 2026 via checked.be.