VINDEVOGEL MANAGEMENT: 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.
VINDEVOGEL MANAGEMENT
Largest movements
- Receivables within one year -€234,316
down €234,316 (-46.1%), from €508,748 to €274,432
of which Trade receivables: -€234,188
- Cash -€159,890
down €159,890 (-97.1%), from €164,590 to €4,700
mainly Trade debts (-€302,492) and Debts after one year (-€67,159)
- Tangible fixed assets -€53,272
down €53,272 (-4.5%), from €1.2m to €1.1m
- Trade debts -€302,492
down €302,492 (-83.3%), from €363,301 to €60,809
- Debts after one year -€67,159
down €67,159 (-5.7%), from €1.2m to €1.1m
- Tax, wage and social debts -€40,937
down €40,937 (-42.3%), from €96,861 to €55,924
of which Remuneration and social security: -€25,000
- Gross operating margin -€112,917
down €112,917 (-65.3%), from €172,847 to €59,929
- Financial charges -€72,656
down €72,656 (-77.0%), from €94,308 to €21,652
- Depreciation +€12,555
up €12,555 (+30.8%), from €40,716 to €53,272
- Other operating charges -€6,302
down €6,302 (-42.4%), from €14,852 to €8,550
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 | €3,764,676 | €3,316,409 | -€448,267 | -11.9% |
| Fixed assets | 21/28 | €3,089,505 | €3,036,234 | -€53,272 | -1.7% |
| Tangible fixed assets | 22/27 | €1,189,505 | €1,136,234 | -€53,272 | -4.5% |
| Land and buildings | 22 | €1,189,505 | €1,136,234 | -€53,272 | -4.5% |
| Financial fixed assets | 28 | €1,900,000 | €1,900,000 | = | 0.0% |
| Current assets | 29/58 | €675,171 | €280,176 | -€394,995 | -58.5% |
| Amounts receivable within one year | 40/41 | €508,748 | €274,432 | -€234,316 | -46.1% |
| Trade receivables | 40 | €508,610 | €274,422 | -€234,188 | -46.0% |
| Other amounts receivable | 41 | €138 | €10 | -€128 | -92.7% |
| Cash at bank and in hand | 54/58 | €164,590 | €4,700 | -€159,890 | -97.1% |
| Deferred charges and accrued income | 490/1 | €1,833 | €1,043 | -€790 | -43.1% |
| Total equity and liabilities | 10/49 | €3,764,676 | €3,316,409 | -€448,267 | -11.9% |
| Equity | 10/15 | €1,508,093 | €1,484,549 | -€23,544 | -1.6% |
| Contributions | 10/11 | €1,325,000 | €1,325,000 | = | 0.0% |
| Reserves | 13 | €11,310 | €11,310 | = | 0.0% |
| Distributable reserves | 133 | €11,310 | €11,310 | = | 0.0% |
| Profit (loss) carried forward | 14 | €171,783 | €148,239 | -€23,544 | -13.7% |
| Amounts payable | 17/49 | €2,256,583 | €1,831,860 | -€424,723 | -18.8% |
| Amounts payable after more than one year | 17 | €1,175,916 | €1,108,757 | -€67,159 | -5.7% |
| Financial debts | 170/4 | €1,175,916 | €1,108,757 | -€67,159 | -5.7% |
| Amounts payable within one year | 42/48 | €1,080,667 | €723,104 | -€357,563 | -33.1% |
| Current portion of amounts payable after more than one year | 42 | €84,175 | €68,927 | -€15,248 | -18.1% |
| Trade debts | 44 | €363,301 | €60,809 | -€302,492 | -83.3% |
| Suppliers | 440/4 | €363,301 | €60,809 | -€302,492 | -83.3% |
| Taxes, remuneration and social security | 45 | €96,861 | €55,924 | -€40,937 | -42.3% |
| Taxes | 450/3 | €71,861 | €55,924 | -€15,937 | -22.2% |
| Remuneration and social security | 454/9 | €25,000 | - | -€25,000 | |
| Other amounts payable | 47/48 | €536,330 | €537,444 | +€1,114 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,716 | €53,272 | +€12,555 | +30.8% |
| Other operating charges | 640/8 | €14,852 | €8,550 | -€6,302 | -42.4% |
| Gross operating margin | 9900 | €172,847 | €59,929 | -€112,917 | -65.3% |
| Operating profit (loss) | 9901 | €117,279 | -€1,892 | -€119,171 | |
| Financial charges | 65/66B | €94,308 | €21,652 | -€72,656 | -77.0% |
| Recurring financial charges | 65 | €94,308 | €21,652 | -€72,656 | -77.0% |
| Profit (loss) for the period before taxes | 9903 | €22,970 | -€23,544 | -€46,515 | |
| Profit (loss) for the period | 9904 | €22,970 | -€23,544 | -€46,515 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,970 | -€23,544 | -€46,515 |
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 12 October 2026 via checked.be.