VINCO: 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.
VINCO
Largest movements
- Tangible fixed assets -€102,090
down €102,090 (-10.1%), from €1.0m to €909,803
of which Land and buildings: -€94,856
- Cash -€19,933
down €19,933 (-70.9%), from €28,122 to €8,189
mainly Debts after one year (-€105,864) and Investment in fixed assets (net) (-€85,244)
- Debts after one year -€105,864
down €105,864 (-24.6%), from €429,494 to €323,630
- Current portion of long-term debt -€71,251
down €71,251 (-40.2%), from €177,115 to €105,864
- Profit (loss) carried forward +€45,254
up €45,254 (+13.5%), from €335,211 to €380,465
- Gross operating margin -€178,537
down €178,537 (-18.3%), from €974,330 to €795,793
- Taxes -€159,138
down €159,138, from €111,778 to -€47,360
- Staff costs +€46,504
up €46,504 (+9.4%), from €496,839 to €543,343
- Other operating charges -€13,516
down €13,516 (-23.0%), from €58,699 to €45,183
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 | €1,888,110 | €1,748,863 | -€139,247 | -7.4% |
| Fixed assets | 21/28 | €1,012,117 | €910,027 | -€102,090 | -10.1% |
| Tangible fixed assets | 22/27 | €1,011,893 | €909,803 | -€102,090 | -10.1% |
| Land and buildings | 22 | €943,571 | €848,715 | -€94,856 | -10.1% |
| Plant, machinery and equipment | 23 | €63,116 | €52,254 | -€10,862 | -17.2% |
| Furniture and vehicles | 24 | €5,206 | €8,834 | +€3,628 | +69.7% |
| Financial fixed assets | 28 | €224 | €224 | = | 0.0% |
| Current assets | 29/58 | €875,993 | €838,836 | -€37,157 | -4.2% |
| Stocks and contracts in progress | 3 | €114 | €60 | -€54 | -47.4% |
| Stocks | 30/36 | €114 | €60 | -€54 | -47.4% |
| Amounts receivable within one year | 40/41 | €847,755 | €830,574 | -€17,181 | -2.0% |
| Trade receivables | 40 | €24,616 | - | -€24,616 | |
| Other amounts receivable | 41 | €823,139 | €830,574 | +€7,435 | +0.9% |
| Cash at bank and in hand | 54/58 | €28,122 | €8,189 | -€19,933 | -70.9% |
| Deferred charges and accrued income | 490/1 | €2 | €13 | +€11 | +550.0% |
| Total equity and liabilities | 10/49 | €1,888,110 | €1,748,863 | -€139,247 | -7.4% |
| Equity | 10/15 | €1,274,007 | €1,319,261 | +€45,254 | +3.6% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Capital | 10 | €6,197 | €6,197 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Uncalled capital | 101 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €932,599 | €932,599 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €930,740 | €930,740 | = | 0.0% |
| Profit (loss) carried forward | 14 | €335,211 | €380,465 | +€45,254 | +13.5% |
| Amounts payable | 17/49 | €614,103 | €429,602 | -€184,501 | -30.0% |
| Amounts payable after more than one year | 17 | €429,494 | €323,630 | -€105,864 | -24.6% |
| Financial debts | 170/4 | €429,494 | €323,630 | -€105,864 | -24.6% |
| Amounts payable within one year | 42/48 | €184,609 | €105,972 | -€78,637 | -42.6% |
| Current portion of amounts payable after more than one year | 42 | €177,115 | €105,864 | -€71,251 | -40.2% |
| Trade debts | 44 | €0 | €0 | = | |
| Suppliers | 440/4 | €0 | €0 | = | |
| Taxes, remuneration and social security | 45 | €7,494 | €108 | -€7,386 | -98.6% |
| Taxes | 450/3 | €7,494 | €108 | -€7,386 | -98.6% |
| Remuneration, social security and pensions | 62 | €496,839 | €543,343 | +€46,504 | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185,074 | €187,334 | +€2,260 | +1.2% |
| Other operating charges | 640/8 | €58,699 | €45,183 | -€13,516 | -23.0% |
| Gross operating margin | 9900 | €974,330 | €795,793 | -€178,537 | -18.3% |
| Operating profit (loss) | 9901 | €233,718 | €19,933 | -€213,785 | -91.5% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €24,547 | €22,039 | -€2,508 | -10.2% |
| Recurring financial charges | 65 | €24,547 | €22,039 | -€2,508 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €209,172 | -€2,106 | -€211,278 | |
| Income taxes | 67/77 | €111,778 | -€47,360 | -€159,138 | |
| Profit (loss) for the period | 9904 | €97,394 | €45,254 | -€52,140 | -53.5% |
| Profit (loss) for the period to be appropriated | 9905 | €97,394 | €45,254 | -€52,140 | -53.5% |
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 4 October 2026 via checked.be.