VINHMM: 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.
VINHMM
Largest movements
- Current investments +€400,000
up €400,000, from €0 to €400,000
- Cash -€255,029
down €255,029 (-58.2%), from €437,936 to €182,908
mainly Current investments (-€400,000) and Contributions, distributions and other (-€82,032)
- Receivables within one year -€26,716
down €26,716 (-36.7%), from €72,879 to €46,163
of which Trade receivables: -€26,846
- Tangible fixed assets +€24,401
up €24,401 (+14.2%), from €171,909 to €196,310
of which Furniture and vehicles: +€15,207
- Stocks and contracts -€23,931
down €23,931 (-13.2%), from €181,759 to €157,828
- Reserves +€48,420
up €48,420 (+6.8%), from €709,063 to €757,483
- Other debts +€44,254
up €44,254 (+72.2%), from €61,286 to €105,541
- Tax, wage and social debts +€23,516
up €23,516 (+47.4%), from €49,579 to €73,094
of which Taxes: +€25,692
- Gross operating margin +€33,629
up €33,629 (+10.8%), from €312,439 to €346,068
- Taxes +€10,950
up €10,950 (+25.2%), from €43,498 to €54,448
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 | €888,938 | €987,396 | +€98,458 | +11.1% |
| Fixed assets | 21/28 | €171,909 | €196,310 | +€24,401 | +14.2% |
| Tangible fixed assets | 22/27 | €171,909 | €196,310 | +€24,401 | +14.2% |
| Land and buildings | 22 | €102,539 | €115,670 | +€13,132 | +12.8% |
| Plant, machinery and equipment | 23 | €17,949 | €14,011 | -€3,938 | -21.9% |
| Furniture and vehicles | 24 | €51,422 | €66,629 | +€15,207 | +29.6% |
| Current assets | 29/58 | €717,029 | €791,086 | +€74,057 | +10.3% |
| Amounts receivable after more than one year | 29 | €20,326 | €0 | -€20,326 | -100% |
| Other amounts receivable | 291 | €20,326 | €0 | -€20,326 | -100% |
| Stocks and contracts in progress | 3 | €181,759 | €157,828 | -€23,931 | -13.2% |
| Stocks | 30/36 | €181,759 | €157,828 | -€23,931 | -13.2% |
| Amounts receivable within one year | 40/41 | €72,879 | €46,163 | -€26,716 | -36.7% |
| Trade receivables | 40 | €72,709 | €45,863 | -€26,846 | -36.9% |
| Other amounts receivable | 41 | €170 | €300 | +€130 | +76.5% |
| Current investments | 50/53 | €0 | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €437,936 | €182,908 | -€255,029 | -58.2% |
| Deferred charges and accrued income | 490/1 | €4,129 | €4,187 | +€59 | +1.4% |
| Total equity and liabilities | 10/49 | €888,938 | €987,396 | +€98,458 | +11.1% |
| Equity | 10/15 | €715,263 | €763,683 | +€48,420 | +6.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €709,063 | €757,483 | +€48,420 | +6.8% |
| Distributable reserves | 133 | €709,063 | €757,483 | +€48,420 | +6.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €173,675 | €223,713 | +€50,038 | +28.8% |
| Amounts payable after more than one year | 17 | €29,943 | €22,610 | -€7,333 | -24.5% |
| Financial debts | 170/4 | €29,943 | €22,610 | -€7,333 | -24.5% |
| Amounts payable within one year | 42/48 | €143,732 | €201,103 | +€57,371 | +39.9% |
| Current portion of amounts payable after more than one year | 42 | €14,967 | €7,333 | -€7,634 | -51.0% |
| Trade debts | 44 | €17,900 | €15,135 | -€2,765 | -15.4% |
| Suppliers | 440/4 | €17,900 | €15,135 | -€2,765 | -15.4% |
| Taxes, remuneration and social security | 45 | €49,579 | €73,094 | +€23,516 | +47.4% |
| Taxes | 450/3 | €25,384 | €51,076 | +€25,692 | +101% |
| Remuneration and social security | 454/9 | €24,195 | €22,018 | -€2,176 | -9.0% |
| Other amounts payable | 47/48 | €61,286 | €105,541 | +€44,254 | +72.2% |
| Remuneration, social security and pensions | 62 | €125,443 | €123,271 | -€2,173 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,124 | €35,561 | +€3,437 | +10.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €354 | €265 | -€89 | -25.0% |
| Other operating charges | 640/8 | €5,041 | €2,904 | -€2,137 | -42.4% |
| Gross operating margin | 9900 | €312,439 | €346,068 | +€33,629 | +10.8% |
| Operating profit (loss) | 9901 | €149,476 | €184,066 | +€34,590 | +23.1% |
| Financial income | 75/76B | €6,578 | €5,937 | -€641 | -9.7% |
| Recurring financial income | 75 | €6,578 | €5,937 | -€641 | -9.7% |
| Financial charges | 65/66B | €6,525 | €5,102 | -€1,423 | -21.8% |
| Recurring financial charges | 65 | €6,525 | €5,102 | -€1,423 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | €149,529 | €184,900 | +€35,372 | +23.7% |
| Income taxes | 67/77 | €43,498 | €54,448 | +€10,950 | +25.2% |
| Profit (loss) for the period | 9904 | €106,031 | €130,452 | +€24,421 | +23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €106,031 | €130,452 | +€24,421 | +23.0% |
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 23 October 2026 via checked.be.