VINCULUM: what changed
VINCULUM
Largest movements
- Cash -€119,196
down €119,196 (-54.8%), from €217,473 to €98,276
mainly Current portion of long-term debt (-€150,438) and Contributions, distributions and other (-€100,000)
- Tangible fixed assets +€92,955
up €92,955 (+4,183%), from €2,222 to €95,177
of which Assets under construction and advance payments: +€56,159
- Receivables within one year -€11,316
down €11,316 (-25.8%), from €43,823 to €32,507
of which Other amounts receivable: -€14,016
- Current portion of long-term debt -€150,438
no longer reported in 2025 (was €150,438)
- Debts after one year +€92,100
new in 2025: €92,100
- Profit (loss) carried forward +€9,103
up €9,103 (+1,501%), from €607 to €9,709
- Other debts +€8,000
up €8,000 (+10.4%), from €77,000 to €85,000
- Tax, wage and social debts +€5,294
up €5,294 (+54.9%), from €9,637 to €14,931
- Gross operating margin +€49,894
up €49,894 (+47.6%), from €104,779 to €154,674
- Taxes +€15,525
up €15,525 (+71.4%), from €21,739 to €37,263
- Depreciation +€3,718
up €3,718 (+328%), from €1,133 to €4,851
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €263,976 | €227,505 | -€36,471 | -13.8% |
| Fixed assets | 21/28 | €2,222 | €95,177 | +€92,955 | +4,183% |
| Tangible fixed assets | 22/27 | €2,222 | €95,177 | +€92,955 | +4,183% |
| Land and buildings | 22 | - | €36,350 | +€36,350 | |
| Plant, machinery and equipment | 23 | €2,222 | €2,669 | +€446 | +20.1% |
| Assets under construction and advance payments | 27 | - | €56,159 | +€56,159 | |
| Current assets | 29/58 | €261,754 | €132,328 | -€129,426 | -49.4% |
| Amounts receivable within one year | 40/41 | €43,823 | €32,507 | -€11,316 | -25.8% |
| Trade receivables | 40 | €21,603 | €24,302 | +€2,700 | +12.5% |
| Other amounts receivable | 41 | €22,221 | €8,205 | -€14,016 | -63.1% |
| Current investments | 50/53 | - | €977 | +€977 | |
| Cash at bank and in hand | 54/58 | €217,473 | €98,276 | -€119,196 | -54.8% |
| Deferred charges and accrued income | 490/1 | €457 | €568 | +€110 | +24.1% |
| Total equity and liabilities | 10/49 | €263,976 | €227,505 | -€36,471 | -13.8% |
| Equity | 10/15 | €21,067 | €30,169 | +€9,103 | +43.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €607 | €9,709 | +€9,103 | +1,501% |
| Amounts payable | 17/49 | €242,909 | €197,336 | -€45,574 | -18.8% |
| Amounts payable after more than one year | 17 | - | €92,100 | +€92,100 | |
| Financial debts | 170/4 | - | €92,100 | +€92,100 | |
| Amounts payable within one year | 42/48 | €239,561 | €101,887 | -€137,674 | -57.5% |
| Current portion of amounts payable after more than one year | 42 | €150,438 | - | -€150,438 | |
| Trade debts | 44 | €2,486 | €1,956 | -€530 | -21.3% |
| Suppliers | 440/4 | €2,486 | €1,956 | -€530 | -21.3% |
| Taxes, remuneration and social security | 45 | €9,637 | €14,931 | +€5,294 | +54.9% |
| Taxes | 450/3 | €9,637 | €14,931 | +€5,294 | +54.9% |
| Other amounts payable | 47/48 | €77,000 | €85,000 | +€8,000 | +10.4% |
| Accrued charges and deferred income | 492/3 | €3,348 | €3,348 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,133 | €4,851 | +€3,718 | +328% |
| Other operating charges | 640/8 | €1,454 | €400 | -€1,054 | -72.5% |
| Gross operating margin | 9900 | €104,779 | €154,674 | +€49,894 | +47.6% |
| Operating profit (loss) | 9901 | €102,193 | €149,423 | +€47,230 | +46.2% |
| Financial income | 75/76B | - | €432 | +€432 | |
| Recurring financial income | 75 | - | €432 | +€432 | |
| Financial charges | 65/66B | €3,916 | €3,489 | -€428 | -10.9% |
| Recurring financial charges | 65 | €3,916 | €3,489 | -€428 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €98,276 | €146,366 | +€48,090 | +48.9% |
| Income taxes | 67/77 | €21,739 | €37,263 | +€15,525 | +71.4% |
| Profit (loss) for the period | 9904 | €76,538 | €109,103 | +€32,565 | +42.5% |
| Profit (loss) for the period to be appropriated | 9905 | €76,538 | €109,103 | +€32,565 | +42.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.