VinMat: 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.
VinMat
Largest movements
- Tangible fixed assets +€54,691
up €54,691 (+117.5%), from €46,552 to €101,244
- Cash -€32,590
down €32,590 (-38.9%), from €83,821 to €51,231
mainly Investment in fixed assets (net) (-€77,336) and Trade debts (-€5,011)
- Receivables within one year +€3,840
up €3,840 (+35.3%), from €10,884 to €14,724
of which Trade receivables: +€4,333
- Reserves +€25,484
up €25,484 (+54.3%), from €46,932 to €72,416
- Other debts +€10,580
up €10,580 (+15.9%), from €66,714 to €77,294
- Trade debts -€5,011
down €5,011 (-86.2%), from €5,815 to €805
- Tax, wage and social debts -€3,282
down €3,282 (-26.8%), from €12,261 to €8,979
- Depreciation +€12,313
up €12,313 (+125.2%), from €9,831 to €22,145
- Gross operating margin -€10,475
down €10,475 (-15.0%), from €69,635 to €59,160
- Taxes -€5,182
down €5,182 (-42.3%), from €12,261 to €7,079
- Financial charges +€3,265
up €3,265 (+714.3%), from €457 to €3,722
- Other operating charges +€1,433
up €1,433 (+936.7%), from €153 to €1,586
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 | €141,257 | €168,170 | +€26,913 | +19.1% |
| Fixed assets | 21/28 | €46,552 | €101,744 | +€55,191 | +118.6% |
| Tangible fixed assets | 22/27 | €46,552 | €101,244 | +€54,691 | +117.5% |
| Furniture and vehicles | 24 | €46,552 | €101,244 | +€54,691 | +117.5% |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €94,704 | €66,427 | -€28,278 | -29.9% |
| Amounts receivable within one year | 40/41 | €10,884 | €14,724 | +€3,840 | +35.3% |
| Trade receivables | 40 | €10,390 | €14,724 | +€4,333 | +41.7% |
| Other amounts receivable | 41 | €494 | €0 | -€494 | -100.0% |
| Cash at bank and in hand | 54/58 | €83,821 | €51,231 | -€32,590 | -38.9% |
| Deferred charges and accrued income | 490/1 | - | €472 | +€472 | |
| Total equity and liabilities | 10/49 | €141,257 | €168,170 | +€26,913 | +19.1% |
| Equity | 10/15 | €51,932 | €77,416 | +€25,484 | +49.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €46,932 | €72,416 | +€25,484 | +54.3% |
| Distributable reserves | 133 | €46,932 | €72,416 | +€25,484 | +54.3% |
| Amounts payable | 17/49 | €89,325 | €90,754 | +€1,430 | +1.6% |
| Amounts payable within one year | 42/48 | €84,790 | €87,078 | +€2,287 | +2.7% |
| Trade debts | 44 | €5,815 | €805 | -€5,011 | -86.2% |
| Suppliers | 440/4 | €5,815 | €805 | -€5,011 | -86.2% |
| Taxes, remuneration and social security | 45 | €12,261 | €8,979 | -€3,282 | -26.8% |
| Taxes | 450/3 | €12,261 | €8,979 | -€3,282 | -26.8% |
| Other amounts payable | 47/48 | €66,714 | €77,294 | +€10,580 | +15.9% |
| Accrued charges and deferred income | 492/3 | €4,534 | €3,677 | -€857 | -18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,831 | €22,145 | +€12,313 | +125.2% |
| Other operating charges | 640/8 | €153 | €1,586 | +€1,433 | +936.7% |
| Gross operating margin | 9900 | €69,635 | €59,160 | -€10,475 | -15.0% |
| Operating profit (loss) | 9901 | €59,650 | €35,429 | -€24,221 | -40.6% |
| Financial income | 75/76B | - | €855 | +€855 | |
| Recurring financial income | 75 | - | €855 | +€855 | |
| Financial charges | 65/66B | €457 | €3,722 | +€3,265 | +714.3% |
| Recurring financial charges | 65 | €457 | €3,722 | +€3,265 | +714.3% |
| Profit (loss) for the period before taxes | 9903 | €59,193 | €32,562 | -€26,631 | -45.0% |
| Income taxes | 67/77 | €12,261 | €7,079 | -€5,182 | -42.3% |
| Profit (loss) for the period | 9904 | €46,932 | €25,484 | -€21,448 | -45.7% |
| Profit (loss) for the period to be appropriated | 9905 | €46,932 | €25,484 | -€21,448 | -45.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.