VINCIS: 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.
VINCIS
Largest movements
- Tangible fixed assets -€115,112
down €115,112 (-71.4%), from €161,242 to €46,130
of which Land and buildings: -€94,555
- Cash +€92,437
up €92,437 (+506.8%), from €18,238 to €110,675
mainly Investment in fixed assets (net) (+€91,939) and Net result for the year (+€83,955)
- Receivables within one year +€23,830
up €23,830 (+266.0%), from €8,960 to €32,790
of which Other amounts receivable: +€25,522
- Profit (loss) carried forward +€83,955
up €83,955 (+98.6%), from -€85,120 to -€1,165
- Debts after one year -€80,250
down €80,250 (-86.0%), from €93,347 to €13,098
- Reserves -€35,831
down €35,831 (-25.8%), from €138,998 to €103,167
- Other debts +€35,831
new in 2025: €35,831
- Current portion of long-term debt -€13,151
down €13,151 (-67.3%), from €19,540 to €6,389
- Gross operating margin +€66,599
up €66,599 (+120.2%), from €55,407 to €122,005
- Taxes +€11,974
up €11,974 (+4956.3%), from €242 to €12,215
- Depreciation -€8,830
down €8,830 (-27.6%), from €32,003 to €23,173
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €200,740 | €201,895 | +€1,155 | +0.6% |
| Fixed assets | 21/28 | €161,242 | €46,130 | -€115,112 | -71.4% |
| Tangible fixed assets | 22/27 | €161,242 | €46,130 | -€115,112 | -71.4% |
| Land and buildings | 22 | €94,555 | - | -€94,555 | |
| Plant, machinery and equipment | 23 | €3,559 | €4,004 | +€445 | +12.5% |
| Furniture and vehicles | 24 | €1,239 | €638 | -€601 | -48.5% |
| Other tangible fixed assets | 26 | €61,890 | €41,488 | -€20,402 | -33.0% |
| Current assets | 29/58 | €39,498 | €155,765 | +€116,267 | +294.4% |
| Amounts receivable within one year | 40/41 | €8,960 | €32,790 | +€23,830 | +266.0% |
| Trade receivables | 40 | €3,788 | €2,096 | -€1,692 | -44.7% |
| Other amounts receivable | 41 | €5,172 | €30,694 | +€25,522 | +493.4% |
| Current investments | 50/53 | €12,300 | €12,300 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €18,238 | €110,675 | +€92,437 | +506.8% |
| Total equity and liabilities | 10/49 | €200,740 | €201,895 | +€1,155 | +0.6% |
| Equity | 10/15 | €72,478 | €120,603 | +€48,124 | +66.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €138,998 | €103,167 | -€35,831 | -25.8% |
| Distributable reserves | 133 | €138,998 | €103,167 | -€35,831 | -25.8% |
| Profit (loss) carried forward | 14 | -€85,120 | -€1,165 | +€83,955 | +98.6% |
| Amounts payable | 17/49 | €128,262 | €81,292 | -€46,969 | -36.6% |
| Amounts payable after more than one year | 17 | €93,347 | €13,098 | -€80,250 | -86.0% |
| Financial debts | 170/4 | €93,347 | €13,098 | -€80,250 | -86.0% |
| Amounts payable within one year | 42/48 | €34,914 | €68,195 | +€33,280 | +95.3% |
| Current portion of amounts payable after more than one year | 42 | €19,540 | €6,389 | -€13,151 | -67.3% |
| Trade debts | 44 | €12,635 | €10,543 | -€2,092 | -16.6% |
| Suppliers | 440/4 | €12,635 | €10,543 | -€2,092 | -16.6% |
| Taxes, remuneration and social security | 45 | €2,739 | €15,432 | +€12,693 | +463.3% |
| Taxes | 450/3 | €2,739 | €15,432 | +€12,693 | +463.3% |
| Other amounts payable | 47/48 | - | €35,831 | +€35,831 | |
| Non-recurring operating income | 76A | - | €132,923 | +€132,923 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,003 | €23,173 | -€8,830 | -27.6% |
| Other operating charges | 640/8 | €319 | €727 | +€409 | +128.1% |
| Gross operating margin | 9900 | €55,407 | €122,005 | +€66,599 | +120.2% |
| Operating profit (loss) | 9901 | €23,085 | €98,105 | +€75,020 | +325.0% |
| Financial income | 75/76B | €157 | €974 | +€818 | +521.6% |
| Recurring financial income | 75 | €157 | €974 | +€818 | +521.6% |
| Financial charges | 65/66B | €3,573 | €2,909 | -€665 | -18.6% |
| Recurring financial charges | 65 | €3,573 | €2,909 | -€665 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €19,668 | €96,170 | +€76,502 | +389.0% |
| Income taxes | 67/77 | €242 | €12,215 | +€11,974 | +4956.3% |
| Profit (loss) for the period | 9904 | €19,427 | €83,955 | +€64,528 | +332.2% |
| Profit (loss) for the period to be appropriated | 9905 | €19,427 | €83,955 | +€64,528 | +332.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.