ARISE & VICTOR-E: 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.
ARISE & VICTOR-E
Largest movements
- Receivables within one year +€29,764
up €29,764 (+24.7%), from €120,324 to €150,088
of which Trade receivables: +€31,977
- Tangible fixed assets -€2,352
down €2,352 (-63.1%), from €3,728 to €1,376
- Trade debts +€27,567
up €27,567 (+201.4%), from €13,686 to €41,253
- Profit (loss) carried forward +€4,830
up €4,830 (+13.5%), from €35,829 to €40,659
- Short-term financial debts -€4,023
down €4,023 (-16.9%), from €23,868 to €19,845
of which Other loans: -€5,096
- Debts after one year -€3,574
down €3,574 (-100.0%), from €3,574 to €0
- Current portion of long-term debt +€3,574
new in 2025: €3,574
- Gross operating margin -€25,042
down €25,042 (-59.6%), from €42,017 to €16,975
- Financial charges -€7,762
down €7,762 (-54.4%), from €14,263 to €6,500
- Financial income -€5,741
down €5,741 (-100.0%), from €5,741 to €0
- Taxes -€4,326
down €4,326 (-66.8%), from €6,474 to €2,148
- Other operating charges -€2,248
down €2,248 (-82.5%), from €2,726 to €478
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €141,484 | €168,641 | +€27,157 | +19.2% |
| Fixed assets | 21/28 | €6,159 | €3,141 | -€3,019 | -49.0% |
| Intangible fixed assets | 21 | €932 | €265 | -€667 | -71.6% |
| Tangible fixed assets | 22/27 | €3,728 | €1,376 | -€2,352 | -63.1% |
| Furniture and vehicles | 24 | €3,728 | €1,376 | -€2,352 | -63.1% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €135,324 | €165,500 | +€30,176 | +22.3% |
| Amounts receivable after more than one year | 29 | €15,000 | €15,000 | = | 0.0% |
| Other amounts receivable | 291 | €15,000 | €15,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €120,324 | €150,088 | +€29,764 | +24.7% |
| Trade receivables | 40 | €18,559 | €50,536 | +€31,977 | +172.3% |
| Other amounts receivable | 41 | €101,765 | €99,552 | -€2,213 | -2.2% |
| Deferred charges and accrued income | 490/1 | - | €413 | +€413 | |
| Total equity and liabilities | 10/49 | €141,484 | €168,641 | +€27,157 | +19.2% |
| Equity | 10/15 | €75,208 | €80,038 | +€4,830 | +6.4% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €32,379 | €32,379 | = | 0.0% |
| Distributable reserves | 133 | €32,379 | €32,379 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,829 | €40,659 | +€4,830 | +13.5% |
| Amounts payable | 17/49 | €66,276 | €88,603 | +€22,327 | +33.7% |
| Amounts payable after more than one year | 17 | €3,574 | €0 | -€3,574 | -100.0% |
| Financial debts | 170/4 | €3,574 | €0 | -€3,574 | -100.0% |
| Amounts payable within one year | 42/48 | €61,836 | €87,736 | +€25,900 | +41.9% |
| Current portion of amounts payable after more than one year | 42 | - | €3,574 | +€3,574 | |
| Financial debts | 43 | €23,868 | €19,845 | -€4,023 | -16.9% |
| Credit institutions | 430/8 | €18,772 | €19,845 | +€1,073 | +5.7% |
| Other loans | 439 | €5,096 | €0 | -€5,096 | -100.0% |
| Trade debts | 44 | €13,686 | €41,253 | +€27,567 | +201.4% |
| Suppliers | 440/4 | €13,686 | €41,253 | +€27,567 | +201.4% |
| Taxes, remuneration and social security | 45 | €24,283 | €23,065 | -€1,218 | -5.0% |
| Taxes | 450/3 | €24,283 | €23,065 | -€1,218 | -5.0% |
| Accrued charges and deferred income | 492/3 | €866 | €867 | +€1 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,111 | €3,019 | -€1,092 | -26.6% |
| Other operating charges | 640/8 | €2,726 | €478 | -€2,248 | -82.5% |
| Gross operating margin | 9900 | €42,017 | €16,975 | -€25,042 | -59.6% |
| Operating profit (loss) | 9901 | €35,180 | €13,478 | -€21,701 | -61.7% |
| Financial income | 75/76B | €5,741 | €0 | -€5,741 | -100.0% |
| Recurring financial income | 75 | €5,741 | €0 | -€5,741 | -100.0% |
| Financial charges | 65/66B | €14,263 | €6,500 | -€7,762 | -54.4% |
| Recurring financial charges | 65 | €14,263 | €6,500 | -€7,762 | -54.4% |
| Profit (loss) for the period before taxes | 9903 | €26,658 | €6,978 | -€19,680 | -73.8% |
| Income taxes | 67/77 | €6,474 | €2,148 | -€4,326 | -66.8% |
| Profit (loss) for the period | 9904 | €20,184 | €4,830 | -€15,354 | -76.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,184 | €4,830 | -€15,354 | -76.1% |
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 9 October 2026 via checked.be.