VINOR: 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.
VINOR
Largest movements
- Current investments -€286,990
down €286,990 (-82.1%), from €349,412 to €62,422
- Cash -€51,210
down €51,210 (-30.6%), from €167,523 to €116,313
mainly Contributions, distributions and other (-€544,061) and Other debts (-€105,692)
- Receivables within one year -€11,573
down €11,573 (-8.9%), from €130,621 to €119,048
of which Other amounts receivable: -€9,908
- Tangible fixed assets -€11,028
down €11,028 (-4.0%), from €275,874 to €264,846
of which Land and buildings: -€10,200
- Reserves -€240,423
no longer reported in 2025 (was €240,423)
- Other debts -€105,692
down €105,692 (-23.7%), from €445,365 to €339,674
- Debts after one year -€11,791
down €11,791 (-5.8%), from €204,745 to €192,954
- Financial income +€46,914
up €46,914 (+636%), from €7,379 to €54,293
- Gross operating margin +€15,648
up €15,648 (+4.7%), from €330,806 to €346,454
- Depreciation +€5,422
up €5,422 (+96.7%), from €5,606 to €11,028
- Financial charges +€4,976
up €4,976 (+153%), from €3,247 to €8,223
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 | €928,911 | €568,059 | -€360,852 | -38.8% |
| Fixed assets | 21/28 | €276,674 | €265,646 | -€11,028 | -4.0% |
| Tangible fixed assets | 22/27 | €275,874 | €264,846 | -€11,028 | -4.0% |
| Land and buildings | 22 | €273,130 | €262,930 | -€10,200 | -3.7% |
| Plant, machinery and equipment | 23 | €1,962 | €1,490 | -€471 | -24.0% |
| Furniture and vehicles | 24 | €783 | €426 | -€357 | -45.6% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €652,237 | €302,413 | -€349,824 | -53.6% |
| Amounts receivable within one year | 40/41 | €130,621 | €119,048 | -€11,573 | -8.9% |
| Trade receivables | 40 | €106,665 | €105,000 | -€1,665 | -1.6% |
| Other amounts receivable | 41 | €23,956 | €14,048 | -€9,908 | -41.4% |
| Current investments | 50/53 | €349,412 | €62,422 | -€286,990 | -82.1% |
| Cash at bank and in hand | 54/58 | €167,523 | €116,313 | -€51,210 | -30.6% |
| Deferred charges and accrued income | 490/1 | €4,681 | €4,630 | -€51 | -1.1% |
| Total equity and liabilities | 10/49 | €928,911 | €568,059 | -€360,852 | -38.8% |
| Equity | 10/15 | €259,023 | €18,600 | -€240,423 | -92.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €240,423 | - | -€240,423 | |
| Distributable reserves | 133 | €240,423 | - | -€240,423 | |
| Amounts payable | 17/49 | €669,888 | €549,459 | -€120,429 | -18.0% |
| Amounts payable after more than one year | 17 | €204,745 | €192,954 | -€11,791 | -5.8% |
| Financial debts | 170/4 | €204,745 | €192,954 | -€11,791 | -5.8% |
| Amounts payable within one year | 42/48 | €465,143 | €356,505 | -€108,638 | -23.4% |
| Current portion of amounts payable after more than one year | 42 | €11,396 | €11,791 | +€395 | +3.5% |
| Trade debts | 44 | €5,039 | €1,747 | -€3,292 | -65.3% |
| Suppliers | 440/4 | €5,039 | €1,747 | -€3,292 | -65.3% |
| Taxes, remuneration and social security | 45 | €3,343 | €3,294 | -€49 | -1.5% |
| Taxes | 450/3 | €3,343 | €3,294 | -€49 | -1.5% |
| Other amounts payable | 47/48 | €445,365 | €339,674 | -€105,692 | -23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,606 | €11,028 | +€5,422 | +96.7% |
| Other operating charges | 640/8 | €3,742 | €623 | -€3,119 | -83.4% |
| Gross operating margin | 9900 | €330,806 | €346,454 | +€15,648 | +4.7% |
| Operating profit (loss) | 9901 | €321,457 | €334,803 | +€13,346 | +4.2% |
| Financial income | 75/76B | €7,379 | €54,293 | +€46,914 | +636% |
| Recurring financial income | 75 | €7,379 | €54,293 | +€46,914 | +636% |
| Financial charges | 65/66B | €3,247 | €8,223 | +€4,976 | +153% |
| Recurring financial charges | 65 | €3,247 | €8,223 | +€4,976 | +153% |
| Profit (loss) for the period before taxes | 9903 | €325,590 | €380,874 | +€55,284 | +17.0% |
| Income taxes | 67/77 | €76,578 | €77,236 | +€658 | +0.9% |
| Profit (loss) for the period | 9904 | €249,012 | €303,638 | +€54,626 | +21.9% |
| Profit (loss) for the period to be appropriated | 9905 | €249,012 | €303,638 | +€54,626 | +21.9% |
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 13 October 2026 via checked.be.