VINDEX: 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.
VINDEX
Largest movements
- Receivables after one year +€20,569
up €20,569 (+16.9%), from €121,476 to €142,045
- Tangible fixed assets -€14,062
down €14,062 (-20.9%), from €67,176 to €53,113
of which Land and buildings: -€10,744
- Cash +€9,316
up €9,316 (+13.6%), from €68,573 to €77,889
mainly Net result for the year (+€39,853) and Depreciation (+€15,012)
- Reserves +€39,853
up €39,853 (+18.4%), from €217,165 to €257,018
of which Distributable reserves: +€41,713
- Accrued charges and deferred income -€20,000
no longer reported in 2025 (was €20,000)
- Trade debts -€5,501
down €5,501 (-30.4%), from €18,068 to €12,567
- Gross operating margin +€40,203
up €40,203 (+58.5%), from €68,744 to €108,947
- Depreciation -€4,095
down €4,095 (-21.4%), from €19,107 to €15,012
- Staff costs -€4,019
down €4,019 (-7.4%), from €54,266 to €50,247
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 | €275,145 | €290,131 | +€14,987 | +5.4% |
| Fixed assets | 21/28 | €67,176 | €53,113 | -€14,062 | -20.9% |
| Tangible fixed assets | 22/27 | €67,176 | €53,113 | -€14,062 | -20.9% |
| Land and buildings | 22 | €60,245 | €49,501 | -€10,744 | -17.8% |
| Plant, machinery and equipment | 23 | €3,727 | €3,575 | -€151 | -4.1% |
| Furniture and vehicles | 24 | €3,204 | €37 | -€3,167 | -98.9% |
| Current assets | 29/58 | €207,969 | €237,018 | +€29,049 | +14.0% |
| Amounts receivable after more than one year | 29 | €121,476 | €142,045 | +€20,569 | +16.9% |
| Other amounts receivable | 291 | €121,476 | €142,045 | +€20,569 | +16.9% |
| Stocks and contracts in progress | 3 | €5,222 | €3,281 | -€1,941 | -37.2% |
| Stocks | 30/36 | €5,222 | €3,281 | -€1,941 | -37.2% |
| Amounts receivable within one year | 40/41 | €11,355 | €13,119 | +€1,764 | +15.5% |
| Trade receivables | 40 | - | €1,764 | +€1,764 | |
| Other amounts receivable | 41 | €11,355 | €11,355 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €68,573 | €77,889 | +€9,316 | +13.6% |
| Deferred charges and accrued income | 490/1 | €1,344 | €685 | -€659 | -49.0% |
| Total equity and liabilities | 10/49 | €275,145 | €290,131 | +€14,987 | +5.4% |
| Equity | 10/15 | €232,165 | €272,018 | +€39,853 | +17.2% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €217,165 | €257,018 | +€39,853 | +18.4% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €215,305 | €257,018 | +€41,713 | +19.4% |
| Amounts payable | 17/49 | €42,980 | €18,114 | -€24,866 | -57.9% |
| Amounts payable within one year | 42/48 | €22,980 | €18,114 | -€4,866 | -21.2% |
| Trade debts | 44 | €18,068 | €12,567 | -€5,501 | -30.4% |
| Suppliers | 440/4 | €18,068 | €12,567 | -€5,501 | -30.4% |
| Taxes, remuneration and social security | 45 | €4,912 | €5,547 | +€635 | +12.9% |
| Taxes | 450/3 | €1,959 | €2,822 | +€864 | +44.1% |
| Remuneration and social security | 454/9 | €2,953 | €2,725 | -€228 | -7.7% |
| Accrued charges and deferred income | 492/3 | €20,000 | - | -€20,000 | |
| Remuneration, social security and pensions | 62 | €54,266 | €50,247 | -€4,019 | -7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,107 | €15,012 | -€4,095 | -21.4% |
| Other operating charges | 640/8 | €3,415 | €3,572 | +€157 | +4.6% |
| Gross operating margin | 9900 | €68,744 | €108,947 | +€40,203 | +58.5% |
| Operating profit (loss) | 9901 | -€8,043 | €40,117 | +€48,160 | |
| Financial income | 75/76B | - | €12 | +€12 | |
| Recurring financial income | 75 | - | €12 | +€12 | |
| Financial charges | 65/66B | €219 | €141 | -€78 | -35.5% |
| Recurring financial charges | 65 | €219 | €141 | -€78 | -35.5% |
| Profit (loss) for the period before taxes | 9903 | -€8,262 | €39,988 | +€48,250 | |
| Income taxes | 67/77 | €126 | €135 | +€8 | +6.7% |
| Profit (loss) for the period | 9904 | -€8,389 | €39,853 | +€48,241 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,389 | €39,853 | +€48,241 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.