Vinogradoff: 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.
Vinogradoff
Largest movements
- Stocks and contracts +€14,950
up €14,950 (+41.4%), from €36,072 to €51,022
- Cash -€12,593
down €12,593 (-24.2%), from €52,135 to €39,542
mainly Stocks and contracts (-€14,950) and Trade debts (-€5,997)
- Receivables within one year +€4,109
up €4,109 (+138.8%), from €2,961 to €7,069
of which Trade receivables: +€4,786
- Tangible fixed assets -€2,546
down €2,546 (-30.5%), from €8,346 to €5,801
of which Land and buildings: -€1,748
- Tax, wage and social debts +€6,327
up €6,327 (+123.5%), from €5,124 to €11,451
- Trade debts -€5,997
down €5,997 (-48.9%), from €12,260 to €6,263
- Reserves +€3,707
up €3,707 (+9.0%), from €41,143 to €44,850
- Gross operating margin -€6,303
down €6,303 (-38.1%), from €16,561 to €10,258
- Taxes -€941
down €941 (-39.5%), from €2,380 to €1,439
- Other operating charges -€657
down €657 (-27.5%), from €2,393 to €1,736
- Financial charges -€593
down €593 (-38.7%), from €1,533 to €939
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 | €100,514 | €104,208 | +€3,694 | +3.7% |
| Fixed assets | 21/28 | €9,121 | €6,576 | -€2,546 | -27.9% |
| Tangible fixed assets | 22/27 | €8,346 | €5,801 | -€2,546 | -30.5% |
| Land and buildings | 22 | €5,388 | €3,641 | -€1,748 | -32.4% |
| Other tangible fixed assets | 26 | €2,958 | €2,160 | -€798 | -27.0% |
| Financial fixed assets | 28 | €775 | €775 | = | 0.0% |
| Current assets | 29/58 | €91,393 | €97,633 | +€6,240 | +6.8% |
| Stocks and contracts in progress | 3 | €36,072 | €51,022 | +€14,950 | +41.4% |
| Stocks | 30/36 | €36,072 | €51,022 | +€14,950 | +41.4% |
| Amounts receivable within one year | 40/41 | €2,961 | €7,069 | +€4,109 | +138.8% |
| Trade receivables | 40 | - | €4,786 | +€4,786 | |
| Other amounts receivable | 41 | €2,961 | €2,284 | -€677 | -22.9% |
| Cash at bank and in hand | 54/58 | €52,135 | €39,542 | -€12,593 | -24.2% |
| Deferred charges and accrued income | 490/1 | €225 | - | -€225 | |
| Total equity and liabilities | 10/49 | €100,514 | €104,208 | +€3,694 | +3.7% |
| Equity | 10/15 | €59,693 | €63,400 | +€3,707 | +6.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €41,143 | €44,850 | +€3,707 | +9.0% |
| Distributable reserves | 133 | €41,143 | €44,850 | +€3,707 | +9.0% |
| Amounts payable | 17/49 | €40,821 | €40,809 | -€12 | 0.0% |
| Amounts payable within one year | 42/48 | €38,730 | €38,718 | -€12 | 0.0% |
| Financial debts | 43 | €548 | €757 | +€209 | +38.1% |
| Credit institutions | 430/8 | €548 | €757 | +€209 | +38.1% |
| Trade debts | 44 | €12,260 | €6,263 | -€5,997 | -48.9% |
| Suppliers | 440/4 | €12,260 | €6,263 | -€5,997 | -48.9% |
| Taxes, remuneration and social security | 45 | €5,124 | €11,451 | +€6,327 | +123.5% |
| Taxes | 450/3 | €5,124 | €11,451 | +€6,327 | +123.5% |
| Other amounts payable | 47/48 | €20,798 | €20,247 | -€551 | -2.6% |
| Accrued charges and deferred income | 492/3 | €2,090 | €2,090 | = | 0.0% |
| Remuneration, social security and pensions | 62 | - | €27 | +€27 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,546 | €2,546 | +€0 | 0.0% |
| Other operating charges | 640/8 | €2,393 | €1,736 | -€657 | -27.5% |
| Gross operating margin | 9900 | €16,561 | €10,258 | -€6,303 | -38.1% |
| Operating profit (loss) | 9901 | €11,621 | €5,949 | -€5,672 | -48.8% |
| Financial income | 75/76B | €23 | €136 | +€113 | +493.1% |
| Recurring financial income | 75 | €23 | €136 | +€113 | +493.1% |
| Financial charges | 65/66B | €1,533 | €939 | -€593 | -38.7% |
| Recurring financial charges | 65 | €1,533 | €939 | -€593 | -38.7% |
| Profit (loss) for the period before taxes | 9903 | €10,112 | €5,146 | -€4,966 | -49.1% |
| Income taxes | 67/77 | €2,380 | €1,439 | -€941 | -39.5% |
| Profit (loss) for the period | 9904 | €7,732 | €3,707 | -€4,025 | -52.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,732 | €3,707 | -€4,025 | -52.1% |
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 10 October 2026 via checked.be.