VINGT-NEUF: 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-NEUF
Largest movements
- Cash +€165,874
up €165,874 (+179%), from €92,523 to €258,398
mainly Net result for the year (+€173,821) and Trade debts (+€106,083)
- Tangible fixed assets +€117,595
up €117,595 (+387%), from €30,388 to €147,982
of which Other tangible fixed assets: +€95,238
- Receivables within one year +€54,825
up €54,825 (+2,374%), from €2,309 to €57,135
of which Trade receivables: +€28,407
- Intangible fixed assets -€21,000
down €21,000 (-10.5%), from €199,500 to €178,500
- Reserves +€172,988
up €172,988 (+136%), from €127,244 to €300,232
- Trade debts +€106,083
up €106,083 (+241%), from €44,101 to €150,184
- Current portion of long-term debt +€15,316
up €15,316 (+61.5%), from €24,893 to €40,208
- Debts after one year +€8,994
up €8,994 (+8.8%), from €102,068 to €111,062
- Tax, wage and social debts +€8,378
up €8,378 (+17.1%), from €49,122 to €57,499
of which Remuneration and social security: +€4,660
- Gross operating margin +€126,331
up €126,331 (+56.1%), from €225,162 to €351,492
- Staff costs +€42,403
up €42,403 (+104%), from €40,625 to €83,028
- Depreciation +€21,805
up €21,805 (+173%), from €12,619 to €34,423
- Taxes +€13,353
up €13,353 (+35.8%), from €37,266 to €50,619
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 | €352,976 | €666,512 | +€313,536 | +88.8% |
| Fixed assets | 21/28 | €239,138 | €335,732 | +€96,595 | +40.4% |
| Intangible fixed assets | 21 | €199,500 | €178,500 | -€21,000 | -10.5% |
| Tangible fixed assets | 22/27 | €30,388 | €147,982 | +€117,595 | +387% |
| Land and buildings | 22 | €2,229 | €1,470 | -€759 | -34.1% |
| Plant, machinery and equipment | 23 | €24,288 | €43,257 | +€18,969 | +78.1% |
| Furniture and vehicles | 24 | €3,870 | €8,017 | +€4,147 | +107% |
| Other tangible fixed assets | 26 | - | €95,238 | +€95,238 | |
| Financial fixed assets | 28 | €9,250 | €9,250 | = | 0.0% |
| Current assets | 29/58 | €113,838 | €330,779 | +€216,941 | +191% |
| Stocks and contracts in progress | 3 | €19,005 | €15,247 | -€3,758 | -19.8% |
| Stocks | 30/36 | €19,005 | €15,247 | -€3,758 | -19.8% |
| Amounts receivable within one year | 40/41 | €2,309 | €57,135 | +€54,825 | +2,374% |
| Trade receivables | 40 | €20 | €28,427 | +€28,407 | +142,033% |
| Other amounts receivable | 41 | €2,289 | €28,708 | +€26,419 | +1,154% |
| Cash at bank and in hand | 54/58 | €92,523 | €258,398 | +€165,874 | +179% |
| Total equity and liabilities | 10/49 | €352,976 | €666,512 | +€313,536 | +88.8% |
| Equity | 10/15 | €131,244 | €304,232 | +€172,988 | +132% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €127,244 | €300,232 | +€172,988 | +136% |
| Distributable reserves | 133 | €127,244 | €300,232 | +€172,988 | +136% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €221,732 | €362,279 | +€140,548 | +63.4% |
| Amounts payable after more than one year | 17 | €102,068 | €111,062 | +€8,994 | +8.8% |
| Financial debts | 170/4 | €102,068 | €111,062 | +€8,994 | +8.8% |
| Amounts payable within one year | 42/48 | €119,663 | €249,790 | +€130,127 | +109% |
| Current portion of amounts payable after more than one year | 42 | €24,893 | €40,208 | +€15,316 | +61.5% |
| Trade debts | 44 | €44,101 | €150,184 | +€106,083 | +241% |
| Suppliers | 440/4 | €44,101 | €150,184 | +€106,083 | +241% |
| Advances received on contracts in progress | 46 | €715 | €1,066 | +€351 | +49.0% |
| Taxes, remuneration and social security | 45 | €49,122 | €57,499 | +€8,378 | +17.1% |
| Taxes | 450/3 | €46,747 | €50,465 | +€3,718 | +8.0% |
| Remuneration and social security | 454/9 | €2,375 | €7,034 | +€4,660 | +196% |
| Other amounts payable | 47/48 | €833 | €833 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €1,427 | +€1,427 | |
| Remuneration, social security and pensions | 62 | €40,625 | €83,028 | +€42,403 | +104% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,619 | €34,423 | +€21,805 | +173% |
| Other operating charges | 640/8 | €3,017 | €4,073 | +€1,056 | +35.0% |
| Gross operating margin | 9900 | €225,162 | €351,492 | +€126,331 | +56.1% |
| Operating profit (loss) | 9901 | €168,901 | €229,967 | +€61,066 | +36.2% |
| Financial income | 75/76B | €271 | €1,149 | +€877 | +323% |
| Recurring financial income | 75 | €271 | €1,149 | +€877 | +323% |
| Financial charges | 65/66B | €3,830 | €6,676 | +€2,846 | +74.3% |
| Recurring financial charges | 65 | €3,830 | €6,676 | +€2,846 | +74.3% |
| Profit (loss) for the period before taxes | 9903 | €165,343 | €224,440 | +€59,097 | +35.7% |
| Income taxes | 67/77 | €37,266 | €50,619 | +€13,353 | +35.8% |
| Profit (loss) for the period | 9904 | €128,077 | €173,821 | +€45,745 | +35.7% |
| Profit (loss) for the period to be appropriated | 9905 | €128,077 | €173,821 | +€45,745 | +35.7% |
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 25 October 2026 via checked.be.