VINCOL: 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.
VINCOL
Largest movements
- Tangible fixed assets -€17,618
down €17,618 (-8.7%), from €201,975 to €184,357
of which Land and buildings: -€10,458
- Receivables within one year -€3,999
down €3,999 (-76.0%), from €5,264 to €1,264
of which Other amounts receivable: -€2,333
- Debts after one year -€27,650
down €27,650 (-30.4%), from €91,040 to €63,390
- Reserves +€11,194
up €11,194 (+14.2%), from €78,918 to €90,112
- Trade debts -€10,500
down €10,500 (-55.5%), from €18,916 to €8,416
- Other debts +€4,582
up €4,582 (+149%), from €3,079 to €7,661
- Gross operating margin +€5,066
up €5,066 (+8.4%), from €60,100 to €65,167
- Depreciation +€2,763
up €2,763 (+17.1%), from €16,188 to €18,951
- Staff costs +€2,607
up €2,607 (+14.0%), from €18,563 to €21,170
- Financial charges -€1,071
down €1,071 (-13.3%), from €8,029 to €6,958
- Taxes +€830
up €830 (+19.9%), from €4,160 to €4,990
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 | €233,372 | €209,498 | -€23,874 | -10.2% |
| Fixed assets | 21/28 | €203,308 | €184,357 | -€18,951 | -9.3% |
| Intangible fixed assets | 21 | €1,333 | €0 | -€1,333 | -100% |
| Tangible fixed assets | 22/27 | €201,975 | €184,357 | -€17,618 | -8.7% |
| Land and buildings | 22 | €182,481 | €172,022 | -€10,458 | -5.7% |
| Plant, machinery and equipment | 23 | €19,130 | €12,335 | -€6,795 | -35.5% |
| Furniture and vehicles | 24 | €364 | €0 | -€364 | -100% |
| Current assets | 29/58 | €30,063 | €25,140 | -€4,923 | -16.4% |
| Stocks and contracts in progress | 3 | €11,105 | €9,953 | -€1,152 | -10.4% |
| Stocks | 30/36 | €11,105 | €9,953 | -€1,152 | -10.4% |
| Amounts receivable within one year | 40/41 | €5,264 | €1,264 | -€3,999 | -76.0% |
| Trade receivables | 40 | €1,921 | €255 | -€1,667 | -86.8% |
| Other amounts receivable | 41 | €3,342 | €1,010 | -€2,333 | -69.8% |
| Cash at bank and in hand | 54/58 | €13,694 | €13,923 | +€228 | +1.7% |
| Total equity and liabilities | 10/49 | €233,372 | €209,498 | -€23,874 | -10.2% |
| Equity | 10/15 | €85,568 | €96,762 | +€11,194 | +13.1% |
| Contributions | 10/11 | €6,650 | €6,650 | = | 0.0% |
| Reserves | 13 | €78,918 | €90,112 | +€11,194 | +14.2% |
| Distributable reserves | 133 | €78,918 | €90,112 | +€11,194 | +14.2% |
| Amounts payable | 17/49 | €147,804 | €112,736 | -€35,068 | -23.7% |
| Amounts payable after more than one year | 17 | €91,040 | €63,390 | -€27,650 | -30.4% |
| Financial debts | 170/4 | €91,040 | €63,390 | -€27,650 | -30.4% |
| Amounts payable within one year | 42/48 | €56,764 | €49,346 | -€7,418 | -13.1% |
| Current portion of amounts payable after more than one year | 42 | €28,263 | €27,650 | -€613 | -2.2% |
| Trade debts | 44 | €18,916 | €8,416 | -€10,500 | -55.5% |
| Suppliers | 440/4 | €18,916 | €8,416 | -€10,500 | -55.5% |
| Advances received on contracts in progress | 46 | €1,888 | €0 | -€1,888 | -100% |
| Taxes, remuneration and social security | 45 | €4,618 | €5,619 | +€1,001 | +21.7% |
| Taxes | 450/3 | €0 | €492 | +€492 | |
| Remuneration and social security | 454/9 | €4,618 | €5,126 | +€509 | +11.0% |
| Other amounts payable | 47/48 | €3,079 | €7,661 | +€4,582 | +149% |
| Remuneration, social security and pensions | 62 | €18,563 | €21,170 | +€2,607 | +14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,188 | €18,951 | +€2,763 | +17.1% |
| Other operating charges | 640/8 | €2,391 | €2,202 | -€189 | -7.9% |
| Gross operating margin | 9900 | €60,100 | €65,167 | +€5,066 | +8.4% |
| Operating profit (loss) | 9901 | €22,958 | €22,844 | -€115 | -0.5% |
| Financial income | 75/76B | €30 | €299 | +€269 | +904% |
| Recurring financial income | 75 | €30 | €299 | +€269 | +904% |
| Financial charges | 65/66B | €8,029 | €6,958 | -€1,071 | -13.3% |
| Recurring financial charges | 65 | €8,029 | €6,958 | -€1,071 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €14,959 | €16,184 | +€1,225 | +8.2% |
| Income taxes | 67/77 | €4,160 | €4,990 | +€830 | +19.9% |
| Profit (loss) for the period | 9904 | €10,798 | €11,194 | +€396 | +3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,798 | €11,194 | +€396 | +3.7% |
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 15 October 2026 via checked.be.