VINVEST: 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.
VINVEST
Largest movements
- Tangible fixed assets +€370,988
up €370,988 (+20.3%), from €1.8m to €2.2m
of which Land and buildings: +€214,982
- Profit (loss) carried forward -€789,883
no longer reported in 2025 (was €789,883)
- Reserves +€775,608
up €775,608 (+287.3%), from €270,005 to €1.0m
- Debts after one year +€255,368
up €255,368 (+58.5%), from €436,619 to €691,988
- Other debts +€101,919
up €101,919 (+28.5%), from €357,881 to €459,800
- Gross operating margin +€29,399
up €29,399 (+8.3%), from €352,731 to €382,130
- Depreciation +€26,036
up €26,036 (+15.8%), from €164,685 to €190,721
- Financial charges +€12,726
up €12,726 (+34.5%), from €36,919 to €49,646
- Taxes -€7,811
down €7,811 (-18.2%), from €43,033 to €35,222
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 | €2,049,932 | €2,427,934 | +€378,002 | +18.4% |
| Fixed assets | 21/28 | €1,828,990 | €2,199,978 | +€370,988 | +20.3% |
| Tangible fixed assets | 22/27 | €1,828,990 | €2,199,978 | +€370,988 | +20.3% |
| Land and buildings | 22 | €1,711,004 | €1,925,986 | +€214,982 | +12.6% |
| Plant, machinery and equipment | 23 | €110,745 | €64,748 | -€45,996 | -41.5% |
| Furniture and vehicles | 24 | €161 | €48,295 | +€48,134 | +29947.3% |
| Other tangible fixed assets | 26 | €7,080 | €160,948 | +€153,868 | +2173.3% |
| Current assets | 29/58 | €220,943 | €227,957 | +€7,014 | +3.2% |
| Amounts receivable within one year | 40/41 | €14,264 | €16,561 | +€2,297 | +16.1% |
| Trade receivables | 40 | €13,915 | €13,603 | -€312 | -2.2% |
| Other amounts receivable | 41 | €349 | €2,958 | +€2,609 | +748.7% |
| Cash at bank and in hand | 54/58 | €196,731 | €207,566 | +€10,836 | +5.5% |
| Deferred charges and accrued income | 490/1 | €9,949 | €3,830 | -€6,119 | -61.5% |
| Total equity and liabilities | 10/49 | €2,049,932 | €2,427,934 | +€378,002 | +18.4% |
| Equity | 10/15 | €1,066,093 | €1,051,818 | -€14,275 | -1.3% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €270,005 | €1,045,613 | +€775,608 | +287.3% |
| Distributable reserves | 133 | €270,005 | €1,045,613 | +€775,608 | +287.3% |
| Profit (loss) carried forward | 14 | €789,883 | - | -€789,883 | |
| Amounts payable | 17/49 | €983,839 | €1,376,116 | +€392,277 | +39.9% |
| Amounts payable after more than one year | 17 | €436,619 | €691,988 | +€255,368 | +58.5% |
| Financial debts | 170/4 | €436,619 | €691,988 | +€255,368 | +58.5% |
| Amounts payable within one year | 42/48 | €527,201 | €655,641 | +€128,440 | +24.4% |
| Current portion of amounts payable after more than one year | 42 | €147,258 | €157,408 | +€10,150 | +6.9% |
| Trade debts | 44 | €6,698 | €17,151 | +€10,453 | +156.1% |
| Suppliers | 440/4 | €6,698 | €17,151 | +€10,453 | +156.1% |
| Taxes, remuneration and social security | 45 | €15,364 | €21,282 | +€5,918 | +38.5% |
| Taxes | 450/3 | €15,364 | €21,282 | +€5,918 | +38.5% |
| Other amounts payable | 47/48 | €357,881 | €459,800 | +€101,919 | +28.5% |
| Accrued charges and deferred income | 492/3 | €20,019 | €28,487 | +€8,468 | +42.3% |
| Non-recurring operating income | 76A | - | €7,676 | +€7,676 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164,685 | €190,721 | +€26,036 | +15.8% |
| Other operating charges | 640/8 | €18,225 | €19,285 | +€1,060 | +5.8% |
| Non-recurring operating charges | 66A | - | €10,923 | +€10,923 | |
| Gross operating margin | 9900 | €352,731 | €382,130 | +€29,399 | +8.3% |
| Operating profit (loss) | 9901 | €169,821 | €161,201 | -€8,620 | -5.1% |
| Financial income | 75/76B | - | €8 | +€8 | |
| Recurring financial income | 75 | - | €8 | +€8 | |
| Financial charges | 65/66B | €36,919 | €49,646 | +€12,726 | +34.5% |
| Recurring financial charges | 65 | €36,919 | €49,646 | +€12,726 | +34.5% |
| Profit (loss) for the period before taxes | 9903 | €132,901 | €111,563 | -€21,339 | -16.1% |
| Income taxes | 67/77 | €43,033 | €35,222 | -€7,811 | -18.2% |
| Profit (loss) for the period | 9904 | €89,868 | €76,341 | -€13,528 | -15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €89,868 | €76,341 | -€13,528 | -15.1% |
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 11 October 2026 via checked.be.