VINCKIER: 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.
VINCKIER
Largest movements
- Tangible fixed assets -€37,497
down €37,497 (-44.6%), from €84,101 to €46,604
of which Plant, machinery and equipment: -€25,795
- Current investments +€24,240
up €24,240 (+27.6%), from €87,748 to €111,988
- Receivables within one year -€16,728
down €16,728 (-22.7%), from €73,849 to €57,121
of which Trade receivables: -€11,249
- Cash -€9,351
down €9,351 (-5.9%), from €158,601 to €149,249
mainly Contributions, distributions and other (-€67,481) and Current investments (-€24,240)
- Other debts +€43,194
up €43,194 (+280%), from €15,445 to €58,639
- Reserves -€40,637
down €40,637 (-13.5%), from €301,428 to €260,792
- Current portion of long-term debt -€20,000
down €20,000 (-66.7%), from €30,000 to €10,000
- Debts after one year -€10,000
no longer reported in 2025 (was €10,000)
- Investment grants -€9,600
down €9,600 (-50.0%), from €19,200 to €9,600
- Gross operating margin -€40,114
down €40,114 (-39.5%), from €101,586 to €61,472
- Taxes -€11,410
down €11,410 (-69.8%), from €16,343 to €4,933
- Other operating charges -€3,720
down €3,720 (-35.2%), from €10,558 to €6,838
- Depreciation -€2,381
down €2,381 (-5.4%), from €43,878 to €41,497
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 | €408,292 | €374,080 | -€34,212 | -8.4% |
| Fixed assets | 21/28 | €84,101 | €46,604 | -€37,497 | -44.6% |
| Tangible fixed assets | 22/27 | €84,101 | €46,604 | -€37,497 | -44.6% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €60,055 | €34,260 | -€25,795 | -43.0% |
| Furniture and vehicles | 24 | €24,046 | €12,345 | -€11,702 | -48.7% |
| Current assets | 29/58 | €324,191 | €327,476 | +€3,285 | +1.0% |
| Stocks and contracts in progress | 3 | €2,339 | €3,676 | +€1,337 | +57.2% |
| Stocks | 30/36 | €2,339 | €3,676 | +€1,337 | +57.2% |
| Amounts receivable within one year | 40/41 | €73,849 | €57,121 | -€16,728 | -22.7% |
| Trade receivables | 40 | €62,948 | €51,699 | -€11,249 | -17.9% |
| Other amounts receivable | 41 | €10,902 | €5,422 | -€5,479 | -50.3% |
| Current investments | 50/53 | €87,748 | €111,988 | +€24,240 | +27.6% |
| Cash at bank and in hand | 54/58 | €158,601 | €149,249 | -€9,351 | -5.9% |
| Deferred charges and accrued income | 490/1 | €1,654 | €5,441 | +€3,787 | +229% |
| Total equity and liabilities | 10/49 | €408,292 | €374,080 | -€34,212 | -8.4% |
| Equity | 10/15 | €339,178 | €288,942 | -€50,237 | -14.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €301,428 | €260,792 | -€40,637 | -13.5% |
| Distributable reserves | 133 | €301,428 | €260,792 | -€40,637 | -13.5% |
| Investment grants | 15 | €19,200 | €9,600 | -€9,600 | -50.0% |
| Amounts payable | 17/49 | €69,114 | €85,139 | +€16,025 | +23.2% |
| Amounts payable after more than one year | 17 | €10,000 | - | -€10,000 | |
| Financial debts | 170/4 | €10,000 | - | -€10,000 | |
| Amounts payable within one year | 42/48 | €59,114 | €85,139 | +€26,025 | +44.0% |
| Current portion of amounts payable after more than one year | 42 | €30,000 | €10,000 | -€20,000 | -66.7% |
| Trade debts | 44 | €11,911 | €15,776 | +€3,865 | +32.5% |
| Suppliers | 440/4 | €11,911 | €15,776 | +€3,865 | +32.5% |
| Taxes, remuneration and social security | 45 | €1,758 | €723 | -€1,034 | -58.8% |
| Taxes | 450/3 | €1,758 | €723 | -€1,034 | -58.8% |
| Other amounts payable | 47/48 | €15,445 | €58,639 | +€43,194 | +280% |
| Non-recurring operating income | 76A | €4,000 | - | -€4,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,878 | €41,497 | -€2,381 | -5.4% |
| Other operating charges | 640/8 | €10,558 | €6,838 | -€3,720 | -35.2% |
| Non-recurring operating charges | 66A | - | €1,043 | +€1,043 | |
| Gross operating margin | 9900 | €101,586 | €61,472 | -€40,114 | -39.5% |
| Operating profit (loss) | 9901 | €47,150 | €12,094 | -€35,056 | -74.3% |
| Financial income | 75/76B | €10,671 | €10,784 | +€113 | +1.1% |
| Recurring financial income | 75 | €10,671 | €10,784 | +€113 | +1.1% |
| Financial charges | 65/66B | €1,683 | €701 | -€982 | -58.4% |
| Recurring financial charges | 65 | €1,683 | €701 | -€982 | -58.4% |
| Profit (loss) for the period before taxes | 9903 | €56,138 | €22,177 | -€33,961 | -60.5% |
| Income taxes | 67/77 | €16,343 | €4,933 | -€11,410 | -69.8% |
| Profit (loss) for the period | 9904 | €39,795 | €17,244 | -€22,551 | -56.7% |
| Profit (loss) for the period to be appropriated | 9905 | €39,795 | €17,244 | -€22,551 | -56.7% |
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.