VINCULUM: 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.
VINCULUM
Largest movements
- Cash -€119,196
down €119,196 (-54.8%), from €217,473 to €98,276
mainly Current portion of long-term debt (-€150,438) and Contributions, distributions and other (-€100,000)
- Tangible fixed assets +€92,955
up €92,955 (+4,183%), from €2,222 to €95,177
of which Assets under construction and advance payments: +€56,159
- Receivables within one year -€11,316
down €11,316 (-25.8%), from €43,823 to €32,507
of which Other amounts receivable: -€14,016
- Current portion of long-term debt -€150,438
no longer reported in 2025 (was €150,438)
- Debts after one year +€92,100
new in 2025: €92,100
- Profit (loss) carried forward +€9,103
up €9,103 (+1,501%), from €607 to €9,709
- Other debts +€8,000
up €8,000 (+10.4%), from €77,000 to €85,000
- Tax, wage and social debts +€5,294
up €5,294 (+54.9%), from €9,637 to €14,931
- Gross operating margin +€49,894
up €49,894 (+47.6%), from €104,779 to €154,674
- Taxes +€15,525
up €15,525 (+71.4%), from €21,739 to €37,263
- Depreciation +€3,718
up €3,718 (+328%), from €1,133 to €4,851
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 | €263,976 | €227,505 | -€36,471 | -13.8% |
| Fixed assets | 21/28 | €2,222 | €95,177 | +€92,955 | +4,183% |
| Tangible fixed assets | 22/27 | €2,222 | €95,177 | +€92,955 | +4,183% |
| Land and buildings | 22 | - | €36,350 | +€36,350 | |
| Plant, machinery and equipment | 23 | €2,222 | €2,669 | +€446 | +20.1% |
| Assets under construction and advance payments | 27 | - | €56,159 | +€56,159 | |
| Current assets | 29/58 | €261,754 | €132,328 | -€129,426 | -49.4% |
| Amounts receivable within one year | 40/41 | €43,823 | €32,507 | -€11,316 | -25.8% |
| Trade receivables | 40 | €21,603 | €24,302 | +€2,700 | +12.5% |
| Other amounts receivable | 41 | €22,221 | €8,205 | -€14,016 | -63.1% |
| Current investments | 50/53 | - | €977 | +€977 | |
| Cash at bank and in hand | 54/58 | €217,473 | €98,276 | -€119,196 | -54.8% |
| Deferred charges and accrued income | 490/1 | €457 | €568 | +€110 | +24.1% |
| Total equity and liabilities | 10/49 | €263,976 | €227,505 | -€36,471 | -13.8% |
| Equity | 10/15 | €21,067 | €30,169 | +€9,103 | +43.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €607 | €9,709 | +€9,103 | +1,501% |
| Amounts payable | 17/49 | €242,909 | €197,336 | -€45,574 | -18.8% |
| Amounts payable after more than one year | 17 | - | €92,100 | +€92,100 | |
| Financial debts | 170/4 | - | €92,100 | +€92,100 | |
| Amounts payable within one year | 42/48 | €239,561 | €101,887 | -€137,674 | -57.5% |
| Current portion of amounts payable after more than one year | 42 | €150,438 | - | -€150,438 | |
| Trade debts | 44 | €2,486 | €1,956 | -€530 | -21.3% |
| Suppliers | 440/4 | €2,486 | €1,956 | -€530 | -21.3% |
| Taxes, remuneration and social security | 45 | €9,637 | €14,931 | +€5,294 | +54.9% |
| Taxes | 450/3 | €9,637 | €14,931 | +€5,294 | +54.9% |
| Other amounts payable | 47/48 | €77,000 | €85,000 | +€8,000 | +10.4% |
| Accrued charges and deferred income | 492/3 | €3,348 | €3,348 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,133 | €4,851 | +€3,718 | +328% |
| Other operating charges | 640/8 | €1,454 | €400 | -€1,054 | -72.5% |
| Gross operating margin | 9900 | €104,779 | €154,674 | +€49,894 | +47.6% |
| Operating profit (loss) | 9901 | €102,193 | €149,423 | +€47,230 | +46.2% |
| Financial income | 75/76B | - | €432 | +€432 | |
| Recurring financial income | 75 | - | €432 | +€432 | |
| Financial charges | 65/66B | €3,916 | €3,489 | -€428 | -10.9% |
| Recurring financial charges | 65 | €3,916 | €3,489 | -€428 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €98,276 | €146,366 | +€48,090 | +48.9% |
| Income taxes | 67/77 | €21,739 | €37,263 | +€15,525 | +71.4% |
| Profit (loss) for the period | 9904 | €76,538 | €109,103 | +€32,565 | +42.5% |
| Profit (loss) for the period to be appropriated | 9905 | €76,538 | €109,103 | +€32,565 | +42.5% |
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 18 October 2026 via checked.be.