VINGT ET CENT: 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.
VINGT ET CENT
Largest movements
- Tangible fixed assets +€147,344
up €147,344 (+6.4%), from €2.3m to €2.5m
- Cash -€83,894
down €83,894 (-71.8%), from €116,832 to €32,938
mainly Investment in fixed assets (net) (-€241,903) and Debts after one year (-€37,494)
- Reserves +€73,846
up €73,846 (+33.7%), from €218,885 to €292,731
of which Distributable reserves: +€73,846
- Debts after one year -€37,494
down €37,494 (-2.8%), from €1.4m to €1.3m
- Current portion of long-term debt +€25,477
up €25,477 (+14.4%), from €176,931 to €202,408
- Depreciation +€15,037
up €15,037 (+18.9%), from €79,522 to €94,559
- Gross operating margin +€6,891
up €6,891 (+2.6%), from €260,160 to €267,051
- Taxes -€2,777
down €2,777 (-7.3%), from €37,809 to €35,032
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 | €2,442,393 | €2,502,931 | +€60,538 | +2.5% |
| Fixed assets | 21/28 | €2,304,713 | €2,452,057 | +€147,344 | +6.4% |
| Tangible fixed assets | 22/27 | €2,304,713 | €2,452,057 | +€147,344 | +6.4% |
| Land and buildings | 22 | €2,304,713 | €2,452,057 | +€147,344 | +6.4% |
| Current assets | 29/58 | €137,681 | €50,875 | -€86,806 | -63.0% |
| Amounts receivable within one year | 40/41 | €5,293 | €17,353 | +€12,060 | +227.9% |
| Other amounts receivable | 41 | €5,293 | €17,353 | +€12,060 | +227.9% |
| Cash at bank and in hand | 54/58 | €116,832 | €32,938 | -€83,894 | -71.8% |
| Deferred charges and accrued income | 490/1 | €15,556 | €584 | -€14,972 | -96.2% |
| Total equity and liabilities | 10/49 | €2,442,393 | €2,502,931 | +€60,538 | +2.5% |
| Equity | 10/15 | €528,885 | €602,731 | +€73,846 | +14.0% |
| Contributions | 10/11 | €310,000 | €310,000 | = | 0.0% |
| Reserves | 13 | €218,885 | €292,731 | +€73,846 | +33.7% |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Distributable reserves | 133 | €176,785 | €250,631 | +€73,846 | +41.8% |
| Amounts payable | 17/49 | €1,913,508 | €1,900,200 | -€13,308 | -0.7% |
| Amounts payable after more than one year | 17 | €1,356,305 | €1,318,811 | -€37,494 | -2.8% |
| Financial debts | 170/4 | €1,356,305 | €1,318,811 | -€37,494 | -2.8% |
| Amounts payable within one year | 42/48 | €530,951 | €556,369 | +€25,417 | +4.8% |
| Current portion of amounts payable after more than one year | 42 | €176,931 | €202,408 | +€25,477 | +14.4% |
| Taxes, remuneration and social security | 45 | €8,102 | €7,385 | -€717 | -8.9% |
| Taxes | 450/3 | €8,102 | €7,385 | -€717 | -8.9% |
| Other amounts payable | 47/48 | €345,918 | €346,576 | +€658 | +0.2% |
| Accrued charges and deferred income | 492/3 | €26,252 | €25,020 | -€1,232 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,522 | €94,559 | +€15,037 | +18.9% |
| Other operating charges | 640/8 | €16,621 | €18,854 | +€2,233 | +13.4% |
| Gross operating margin | 9900 | €260,160 | €267,051 | +€6,891 | +2.6% |
| Operating profit (loss) | 9901 | €164,016 | €153,637 | -€10,379 | -6.3% |
| Financial income | 75/76B | - | €1,245 | +€1,245 | |
| Recurring financial income | 75 | - | €1,245 | +€1,245 | |
| Financial charges | 65/66B | €45,187 | €46,003 | +€816 | +1.8% |
| Recurring financial charges | 65 | €45,187 | €46,003 | +€816 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | €118,829 | €108,878 | -€9,951 | -8.4% |
| Income taxes | 67/77 | €37,809 | €35,032 | -€2,777 | -7.3% |
| Profit (loss) for the period | 9904 | €81,020 | €73,846 | -€7,174 | -8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €81,020 | €73,846 | -€7,174 | -8.9% |
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.