VYNCKE: 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.
What changed
VYNCKE
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4.1m
2024 · €3.9m+€198,240
Equity
€15.3m
2024 · €15.2m+€64,256
Cash
€45.3m
2024 · €32.0m+€13.3m
Balance sheet total
€205.6m
2024 · €177.9m+€27.7m
Largest movements
Assets
- Cash +€13.3m
up €13.3m (+41.6%), from €32.0m to €45.3m
mainly Advances received (+€23.9m) and Net result for the year (+€4.1m)
- Current investments +€9.1m
up €9.1m (+13.1%), from €69.3m to €78.3m
- Stocks and contracts +€3.9m
up €3.9m (+50.9%), from €7.7m to €11.7m
of which Stocks: +€4.2m
Equity and liabilities
- Advances received +€23.9m
up €23.9m (+20.5%), from €116.6m to €140.5m
- Trade debts +€3.2m
up €3.2m (+12.7%), from €24.9m to €28.1m
Income statement
- Turnover -€18.5m
down €18.5m (-10.8%), from €171.1m to €152.6m
- Goods and materials -€15.8m
down €15.8m (-14.1%), from €111.9m to €96.1m
of which Purchases: -€8.4m
- Services and other goods +€4.0m
up €4.0m (+14.5%), from €27.3m to €31.2m
- Staff costs +€2.3m
up €2.3m (+13.7%), from €16.5m to €18.8m
- Provisions +€1.9m
up €1.9m, from -€1.7m to €264,099
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.
Result 2024
€3.9m
Turnover
-€18.5m
Other operating income
-€479,308
Goods and materials
+€15.8m
Services and other goods
-€4.0m
Staff costs
-€2.3m
Depreciation
-€87,915
Write-downs
-€669,714
Provisions
-€1.9m
Other operating charges
-€191,981
Other operating items
+€12.6m
Financial income
+€392,049
Financial charges
-€933,292
Taxes
+€398,767
Result 2025
€4.1m
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.
From operations
+€27.0m
Investment
-€9.7m
Financing
-€4.0m
Cash 2024
€32.0m
From operations (derived)
+€27.0m
Net result for the year
+€4.1m
Depreciation
+€434,462
Receivables after one year
+€200,000
Stocks and contracts
-€3.9m
Receivables within one year
-€1.7m
Deferred charges and accrued income
+€291,671
Provisions
+€264,099
Trade debts
+€3.2m
Tax, wage and social debts
-€1.3m
Advances received
+€23.9m
Other debts
-€3,693
Accrued charges and deferred income
+€1.6m
Investment (derived)
-€9.7m
Investment in fixed assets (net)
-€619,034
Current investments
-€9.1m
Financing
-€4.0m
Contributions, distributions and other
-€4.0m
Cash 2025
€45.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €177,924,538 | €205,632,952 | +€27.7m | +15.6% |
| Fixed assets | 21/28 | €2,072,282 | €2,256,854 | +€184,572 | +8.9% |
| Intangible fixed assets | 21 | €81,556 | €77,858 | -€3,698 | -4.5% |
| Tangible fixed assets | 22/27 | €1,887,243 | €2,075,514 | +€188,270 | +10.0% |
| Land and buildings | 22 | €1,654,529 | €1,766,884 | +€112,354 | +6.8% |
| Plant, machinery and equipment | 23 | €215,273 | €300,165 | +€84,892 | +39.4% |
| Furniture and vehicles | 24 | €17,441 | €8,465 | -€8,977 | -51.5% |
| Financial fixed assets | 28 | €103,482 | €103,482 | = | 0.0% |
| Other financial fixed assets | 284/8 | €103,482 | €103,482 | = | 0.0% |
| Shares | 284 | €99,864 | €99,864 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €3,618 | €3,618 | = | 0.0% |
| Current assets | 29/58 | €175,852,256 | €203,376,098 | +€27.5m | +15.7% |
| Amounts receivable after more than one year | 29 | €200,000 | €0 | -€200,000 | -100.0% |
| Other amounts receivable | 291 | €200,000 | €0 | -€200,000 | -100.0% |
| Stocks and contracts in progress | 3 | €7,737,243 | €11,676,132 | +€3.9m | +50.9% |
| Stocks | 30/36 | €7,440,736 | €11,627,394 | +€4.2m | +56.3% |
| Raw materials and consumables | 30/31 | €1,358,141 | €1,428,840 | +€70,699 | +5.2% |
| Work in progress | 32 | - | €170 | +€170 | |
| Goods purchased for resale | 34 | €6,082,594 | €10,198,383 | +€4.1m | +67.7% |
| Contracts in progress | 37 | €296,508 | €48,738 | -€247,769 | -83.6% |
| Amounts receivable within one year | 40/41 | €65,379,661 | €67,086,419 | +€1.7m | +2.6% |
| Trade receivables | 40 | €62,369,282 | €63,155,963 | +€786,681 | +1.3% |
| Other amounts receivable | 41 | €3,010,379 | €3,930,456 | +€920,077 | +30.6% |
| Current investments | 50/53 | €69,267,751 | €78,344,512 | +€9.1m | +13.1% |
| Other investments | 51/53 | €69,267,751 | €78,344,512 | +€9.1m | +13.1% |
| Cash at bank and in hand | 54/58 | €31,983,386 | €45,276,492 | +€13.3m | +41.6% |
| Deferred charges and accrued income | 490/1 | €1,284,215 | €992,544 | -€291,671 | -22.7% |
| Total equity and liabilities | 10/49 | €177,924,538 | €205,632,952 | +€27.7m | +15.6% |
| Equity | 10/15 | €15,213,862 | €15,278,118 | +€64,256 | +0.4% |
| Contributions | 10/11 | €495,787 | €495,787 | = | 0.0% |
| Capital | 10 | €495,787 | €495,787 | = | 0.0% |
| Issued capital | 100 | €495,787 | €495,787 | = | 0.0% |
| Reserves | 13 | €891,292 | €891,292 | = | 0.0% |
| Non-distributable reserves | 130/1 | €49,579 | €49,579 | = | 0.0% |
| Legal reserve | 130 | €49,579 | €49,579 | = | 0.0% |
| Distributable reserves | 133 | €841,714 | €841,714 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,826,783 | €13,891,039 | +€64,256 | +0.5% |
| Provisions and deferred taxes | 16 | €3,774,173 | €4,038,272 | +€264,099 | +7.0% |
| Provisions for liabilities and charges | 160/5 | €3,774,173 | €4,038,272 | +€264,099 | +7.0% |
| Other liabilities and charges | 164/5 | €3,774,173 | €4,038,272 | +€264,099 | +7.0% |
| Amounts payable | 17/49 | €158,936,504 | €186,316,562 | +€27.4m | +17.2% |
| Amounts payable within one year | 42/48 | €151,639,835 | €177,464,205 | +€25.8m | +17.0% |
| Trade debts | 44 | €24,909,745 | €28,078,516 | +€3.2m | +12.7% |
| Suppliers | 440/4 | €24,909,745 | €28,078,516 | +€3.2m | +12.7% |
| Advances received on contracts in progress | 46 | €116,621,586 | €140,534,902 | +€23.9m | +20.5% |
| Taxes, remuneration and social security | 45 | €6,077,910 | €4,823,886 | -€1.3m | -20.6% |
| Taxes | 450/3 | €3,723,331 | €1,900,239 | -€1.8m | -49.0% |
| Remuneration and social security | 454/9 | €2,354,579 | €2,923,648 | +€569,069 | +24.2% |
| Other amounts payable | 47/48 | €4,030,594 | €4,026,901 | -€3,693 | -0.1% |
| Accrued charges and deferred income | 492/3 | €7,296,669 | €8,852,357 | +€1.6m | +21.3% |
| Operating income | 70/76A | €158,078,175 | €151,725,108 | -€6.4m | -4.0% |
| Turnover | 70 | €171,056,476 | €152,558,673 | -€18.5m | -10.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€15,001,078 | -€2,375,829 | +€12.6m | +84.2% |
| Other operating income | 74 | €2,021,573 | €1,542,264 | -€479,308 | -23.7% |
| Non-recurring operating income | 76A | €1,203 | €0 | -€1,203 | -100.0% |
| Operating charges | 60/66A | €154,823,282 | €148,129,499 | -€6.7m | -4.3% |
| Goods for resale, raw materials and consumables | 60 | €111,893,814 | €96,099,303 | -€15.8m | -14.1% |
| Purchases | 600/8 | €108,627,249 | €100,218,583 | -€8.4m | -7.7% |
| Change in stocks: decrease (increase) | 609 | €3,266,565 | -€4,119,280 | -€7.4m | |
| Services and other goods | 61 | €27,258,890 | €31,211,775 | +€4.0m | +14.5% |
| Remuneration, social security and pensions | 62 | €16,545,008 | €18,813,491 | +€2.3m | +13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €346,547 | €434,462 | +€87,915 | +25.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €419,221 | €1,088,935 | +€669,714 | +159.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,665,651 | €264,099 | +€1.9m | |
| Other operating charges | 640/8 | €25,453 | €217,435 | +€191,981 | +754.3% |
| Operating profit (loss) | 9901 | €3,254,893 | €3,595,609 | +€340,716 | +10.5% |
| Financial income | 75/76B | €1,847,383 | €2,239,432 | +€392,049 | +21.2% |
| Recurring financial income | 75 | €1,847,383 | €2,239,432 | +€392,049 | +21.2% |
| Income from financial fixed assets | 750 | €1,895 | €0 | -€1,895 | -100.0% |
| Income from current assets | 751 | €1,456,019 | €1,664,619 | +€208,600 | +14.3% |
| Other financial income | 752/9 | €389,469 | €574,813 | +€185,344 | +47.6% |
| Financial charges | 65/66B | €799,974 | €1,733,266 | +€933,292 | +116.7% |
| Recurring financial charges | 65 | €799,974 | €1,733,266 | +€933,292 | +116.7% |
| Debt charges | 650 | €144,075 | €289,977 | +€145,902 | +101.3% |
| Other financial charges | 652/9 | €655,899 | €1,443,289 | +€787,389 | +120.0% |
| Profit (loss) for the period before taxes | 9903 | €4,302,302 | €4,101,775 | -€200,526 | -4.7% |
| Income taxes | 67/77 | €436,285 | €37,519 | -€398,767 | -91.4% |
| Taxes | 670/3 | €447,116 | €368,590 | -€78,526 | -17.6% |
| Tax adjustments and reversals of tax provisions | 77 | €10,831 | €331,072 | +€320,241 | +2956.7% |
| Profit (loss) for the period | 9904 | €3,866,016 | €4,064,256 | +€198,240 | +5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,866,016 | €4,064,256 | +€198,240 | +5.1% |
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 7 October 2026 via checked.be.