Vyncke: 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.
Vyncke
Largest movements
- Current investments -€1.5m
down €1.5m (-41.9%), from €3.6m to €2.1m
- Tangible fixed assets +€1.3m
up €1.3m (+87.7%), from €1.5m to €2.9m
of which Land and buildings: +€1.3m
- Financial fixed assets +€1.2m
up €1.2m (+54.3%), from €2.1m to €3.3m
- Cash -€167,916
down €167,916 (-18.9%), from €890,167 to €722,251
mainly Investment in fixed assets (net) (-€2.7m)
- Debts after one year +€391,447
up €391,447 (+82.3%), from €475,794 to €867,240
- Reserves +€292,554
up €292,554 (+4.0%), from €7.4m to €7.7m
of which Distributable reserves: +€292,554
- Financial income -€175,450
down €175,450 (-41.5%), from €423,217 to €247,766
- Depreciation +€89,614
up €89,614 (+93.7%), from €95,622 to €185,236
- Gross operating margin +€59,730
up €59,730 (+23.0%), from €259,495 to €319,225
- Financial charges +€25,772
up €25,772 (+106.0%), from €24,303 to €50,076
- Taxes -€24,452
down €24,452 (-44.8%), from €54,612 to €30,160
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,371,464 | €9,131,057 | +€759,593 | +9.1% |
| Fixed assets | 21/28 | €3,669,228 | €6,171,648 | +€2.5m | +68.2% |
| Tangible fixed assets | 22/27 | €1,530,119 | €2,871,539 | +€1.3m | +87.7% |
| Land and buildings | 22 | €1,527,355 | €2,857,983 | +€1.3m | +87.1% |
| Plant, machinery and equipment | 23 | €2,764 | €1,071 | -€1,693 | -61.2% |
| Furniture and vehicles | 24 | - | €12,484 | +€12,484 | |
| Financial fixed assets | 28 | €2,139,109 | €3,300,109 | +€1.2m | +54.3% |
| Current assets | 29/58 | €4,702,236 | €2,959,409 | -€1.7m | -37.1% |
| Amounts receivable after more than one year | 29 | €61,212 | €28,112 | -€33,100 | -54.1% |
| Other amounts receivable | 291 | €61,212 | €28,112 | -€33,100 | -54.1% |
| Amounts receivable within one year | 40/41 | €102,734 | €87,931 | -€14,802 | -14.4% |
| Trade receivables | 40 | €40,807 | €86,601 | +€45,794 | +112.2% |
| Other amounts receivable | 41 | €61,927 | €1,330 | -€60,597 | -97.9% |
| Current investments | 50/53 | €3,620,707 | €2,104,729 | -€1.5m | -41.9% |
| Cash at bank and in hand | 54/58 | €890,167 | €722,251 | -€167,916 | -18.9% |
| Deferred charges and accrued income | 490/1 | €27,417 | €16,386 | -€11,031 | -40.2% |
| Total equity and liabilities | 10/49 | €8,371,464 | €9,131,057 | +€759,593 | +9.1% |
| Equity | 10/15 | €7,503,955 | €7,796,508 | +€292,554 | +3.9% |
| Contributions | 10/11 | €143,800 | €143,800 | = | 0.0% |
| Reserves | 13 | €7,360,155 | €7,652,708 | +€292,554 | +4.0% |
| Tax-exempt reserves | 132 | €231,924 | €231,924 | = | 0.0% |
| Distributable reserves | 133 | €7,128,231 | €7,420,785 | +€292,554 | +4.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €867,509 | €1,334,549 | +€467,040 | +53.8% |
| Amounts payable after more than one year | 17 | €475,794 | €867,240 | +€391,447 | +82.3% |
| Financial debts | 170/4 | €475,794 | €867,240 | +€391,447 | +82.3% |
| Amounts payable within one year | 42/48 | €376,840 | €448,815 | +€71,975 | +19.1% |
| Current portion of amounts payable after more than one year | 42 | €116,671 | €169,792 | +€53,122 | +45.5% |
| Trade debts | 44 | €12,824 | €18,512 | +€5,688 | +44.4% |
| Suppliers | 440/4 | €12,824 | €18,512 | +€5,688 | +44.4% |
| Taxes, remuneration and social security | 45 | €7,657 | €7,600 | -€57 | -0.7% |
| Taxes | 450/3 | €3,957 | €3,900 | -€57 | -1.4% |
| Remuneration and social security | 454/9 | €3,700 | €3,700 | = | 0.0% |
| Other amounts payable | 47/48 | €239,688 | €252,911 | +€13,222 | +5.5% |
| Accrued charges and deferred income | 492/3 | €14,875 | €18,494 | +€3,618 | +24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,622 | €185,236 | +€89,614 | +93.7% |
| Other operating charges | 640/8 | €7,704 | €8,967 | +€1,263 | +16.4% |
| Gross operating margin | 9900 | €259,495 | €319,225 | +€59,730 | +23.0% |
| Operating profit (loss) | 9901 | €156,169 | €125,023 | -€31,146 | -19.9% |
| Financial income | 75/76B | €423,217 | €247,766 | -€175,450 | -41.5% |
| Recurring financial income | 75 | €423,217 | €247,766 | -€175,450 | -41.5% |
| Financial charges | 65/66B | €24,303 | €50,076 | +€25,772 | +106.0% |
| Recurring financial charges | 65 | €24,303 | €50,076 | +€25,772 | +106.0% |
| Profit (loss) for the period before taxes | 9903 | €555,082 | €322,713 | -€232,369 | -41.9% |
| Income taxes | 67/77 | €54,612 | €30,160 | -€24,452 | -44.8% |
| Profit (loss) for the period | 9904 | €500,471 | €292,554 | -€207,917 | -41.5% |
| Transfer to tax-exempt reserves | 689 | €84,200 | €0 | -€84,200 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €416,271 | €292,554 | -€123,717 | -29.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.