VINWAC: 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.
VINWAC
Largest movements
- Tangible fixed assets +€374,947
up €374,947 (+112%), from €334,060 to €709,007
of which Plant, machinery and equipment: +€385,342
- Receivables within one year +€322,756
up €322,756 (+540%), from €59,820 to €382,576
of which Trade receivables: +€308,566
- Cash +€15,996
up €15,996 (+304%), from €5,269 to €21,265
mainly Debts after one year (+€265,339) and Trade debts (+€219,065)
- Debts after one year +€265,339
up €265,339 (+103%), from €256,528 to €521,867
- Trade debts +€219,065
up €219,065 (+5,097%), from €4,298 to €223,363
- Reserves +€141,147
up €141,147 (+38,988%), from €362 to €141,509
of which Tax-exempt reserves: +€92,499
- Provisions +€30,833
new in 2025: €30,833
- Profit (loss) carried forward +€29,175
no longer reported in 2025 (was -€29,175)
- Gross operating margin +€222,961
up €222,961 (+484%), from €46,097 to €269,058
- Depreciation -€7,289
down €7,289 (-11.8%), from €61,662 to €54,373
- Financial charges +€3,155
up €3,155 (+30.4%), from €10,384 to €13,539
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 | €400,370 | €1,113,118 | +€712,748 | +178% |
| Fixed assets | 21/28 | €334,060 | €709,007 | +€374,947 | +112% |
| Tangible fixed assets | 22/27 | €334,060 | €709,007 | +€374,947 | +112% |
| Plant, machinery and equipment | 23 | €235,080 | €620,422 | +€385,342 | +164% |
| Leasing and similar rights | 25 | €98,980 | €88,585 | -€10,395 | -10.5% |
| Current assets | 29/58 | €66,310 | €404,111 | +€337,801 | +509% |
| Amounts receivable within one year | 40/41 | €59,820 | €382,576 | +€322,756 | +540% |
| Trade receivables | 40 | €58,910 | €367,476 | +€308,566 | +524% |
| Other amounts receivable | 41 | €909 | €15,099 | +€14,190 | +1,560% |
| Cash at bank and in hand | 54/58 | €5,269 | €21,265 | +€15,996 | +304% |
| Deferred charges and accrued income | 490/1 | €1,221 | €270 | -€952 | -77.9% |
| Total equity and liabilities | 10/49 | €400,370 | €1,113,118 | +€712,748 | +178% |
| Equity | 10/15 | -€22,488 | €147,834 | +€170,322 | |
| Contributions | 10/11 | €6,324 | €6,324 | = | 0.0% |
| Reserves | 13 | €362 | €141,509 | +€141,147 | +38,988% |
| Tax-exempt reserves | 132 | - | €92,499 | +€92,499 | |
| Distributable reserves | 133 | €362 | €49,010 | +€48,648 | +13,438% |
| Profit (loss) carried forward | 14 | -€29,175 | - | +€29,175 | |
| Provisions and deferred taxes | 16 | - | €30,833 | +€30,833 | |
| Deferred taxes | 168 | - | €30,833 | +€30,833 | |
| Amounts payable | 17/49 | €422,858 | €934,451 | +€511,592 | +121% |
| Amounts payable after more than one year | 17 | €256,528 | €521,867 | +€265,339 | +103% |
| Financial debts | 170/4 | €256,528 | €521,867 | +€265,339 | +103% |
| Amounts payable within one year | 42/48 | €166,331 | €412,584 | +€246,253 | +148% |
| Current portion of amounts payable after more than one year | 42 | €67,286 | €76,849 | +€9,563 | +14.2% |
| Trade debts | 44 | €4,298 | €223,363 | +€219,065 | +5,097% |
| Suppliers | 440/4 | €4,298 | €223,363 | +€219,065 | +5,097% |
| Other amounts payable | 47/48 | €94,746 | €112,372 | +€17,626 | +18.6% |
| Non-recurring operating income | 76A | - | €184,320 | +€184,320 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,662 | €54,373 | -€7,289 | -11.8% |
| Other operating charges | 640/8 | - | €256 | +€256 | |
| Gross operating margin | 9900 | €46,097 | €269,058 | +€222,961 | +484% |
| Operating profit (loss) | 9901 | -€15,565 | €214,429 | +€229,994 | |
| Financial income | 75/76B | - | €265 | +€265 | |
| Recurring financial income | 75 | - | €265 | +€265 | |
| Financial charges | 65/66B | €10,384 | €13,539 | +€3,155 | +30.4% |
| Recurring financial charges | 65 | €10,384 | €13,539 | +€3,155 | +30.4% |
| Profit (loss) for the period before taxes | 9903 | -€25,949 | €201,155 | +€227,104 | |
| Transfer from deferred taxes | 780 | - | €1,637 | +€1,637 | |
| Transfer to deferred taxes | 680 | - | €32,470 | +€32,470 | |
| Profit (loss) for the period | 9904 | -€25,949 | €170,322 | +€196,271 | |
| Transfer from tax-exempt reserves | 789 | - | €4,911 | +€4,911 | |
| Transfer to tax-exempt reserves | 689 | - | €97,410 | +€97,410 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,949 | €77,823 | +€103,772 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.