VINCOEUR: 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.
VINCOEUR
Largest movements
- Receivables within one year -€30,105
down €30,105 (-84.6%), from €35,586 to €5,481
of which Trade receivables: -€26,325
- Stocks and contracts -€20,000
down €20,000 (-33.6%), from €59,533 to €39,533
- Profit (loss) carried forward -€38,486
down €38,486 (-105%), from -€36,665 to -€75,151
- Advances received -€17,010
no longer reported in 2025 (was €17,010)
- Trade debts +€4,209
up €4,209 (+291%), from €1,446 to €5,656
- Gross operating margin -€23,417
down €23,417 (-238%), from -€9,825 to -€33,241
- Financial charges +€1,307
up €1,307 (+31.9%), from €4,096 to €5,403
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 | €98,408 | €47,351 | -€51,057 | -51.9% |
| Current assets | 29/58 | €98,408 | €47,351 | -€51,057 | -51.9% |
| Stocks and contracts in progress | 3 | €59,533 | €39,533 | -€20,000 | -33.6% |
| Stocks | 30/36 | €59,533 | €39,533 | -€20,000 | -33.6% |
| Amounts receivable within one year | 40/41 | €35,586 | €5,481 | -€30,105 | -84.6% |
| Trade receivables | 40 | €29,532 | €3,206 | -€26,325 | -89.1% |
| Other amounts receivable | 41 | €6,054 | €2,275 | -€3,779 | -62.4% |
| Cash at bank and in hand | 54/58 | €3,289 | €2,337 | -€952 | -28.9% |
| Total equity and liabilities | 10/49 | €98,408 | €47,351 | -€51,057 | -51.9% |
| Equity | 10/15 | -€12,305 | -€50,791 | -€38,486 | -313% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €18,160 | €18,160 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €16,300 | €16,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,665 | -€75,151 | -€38,486 | -105% |
| Amounts payable | 17/49 | €110,713 | €98,143 | -€12,570 | -11.4% |
| Amounts payable within one year | 42/48 | €110,363 | €97,793 | -€12,570 | -11.4% |
| Current portion of amounts payable after more than one year | 42 | €80,000 | €80,000 | = | 0.0% |
| Financial debts | 43 | - | €16 | +€16 | |
| Credit institutions | 430/8 | - | €16 | +€16 | |
| Trade debts | 44 | €1,446 | €5,656 | +€4,209 | +291% |
| Suppliers | 440/4 | €1,446 | €5,656 | +€4,209 | +291% |
| Advances received on contracts in progress | 46 | €17,010 | - | -€17,010 | |
| Other amounts payable | 47/48 | €11,907 | €12,120 | +€214 | +1.8% |
| Accrued charges and deferred income | 492/3 | €350 | €350 | = | 0.0% |
| Gross operating margin | 9900 | -€9,825 | -€33,241 | -€23,417 | -238% |
| Operating profit (loss) | 9901 | -€9,825 | -€33,241 | -€23,417 | -238% |
| Financial income | 75/76B | - | €158 | +€158 | |
| Recurring financial income | 75 | - | €158 | +€158 | |
| Financial charges | 65/66B | €4,096 | €5,403 | +€1,307 | +31.9% |
| Recurring financial charges | 65 | €4,096 | €5,403 | +€1,307 | +31.9% |
| Profit (loss) for the period before taxes | 9903 | -€13,921 | -€38,486 | -€24,566 | -176% |
| Profit (loss) for the period | 9904 | -€13,921 | -€38,486 | -€24,566 | -176% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,921 | -€38,486 | -€24,566 | -176% |
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 20 October 2026 via checked.be.