J. VICTOIR: 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.
J. VICTOIR
Largest movements
- Cash +€53,191
up €53,191 (+53.1%), from €100,155 to €153,346
mainly Net result for the year (+€114,385) and Tax, wage and social debts (+€29,082)
- Receivables within one year +€23,287
up €23,287 (+54.1%), from €43,074 to €66,361
of which Trade receivables: +€24,958
- Reserves +€114,385
up €114,385 (+41.7%), from €274,263 to €388,649
- Other debts -€61,495
down €61,495 (-97.6%), from €63,004 to €1,509
- Tax, wage and social debts +€29,082
up €29,082 (+385%), from €7,548 to €36,630
- Gross operating margin +€94,854
up €94,854 (+128%), from €73,937 to €168,791
- Taxes +€31,408
up €31,408 (+170%), from €18,435 to €49,843
- Write-downs -€4,110
down €4,110 (-100%), from €4,110 to €0
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 | €410,427 | €489,740 | +€79,313 | +19.3% |
| Fixed assets | 21/28 | €6,091 | €6,278 | +€187 | +3.1% |
| Tangible fixed assets | 22/27 | €6,091 | €6,278 | +€187 | +3.1% |
| Plant, machinery and equipment | 23 | €2,443 | €1,183 | -€1,260 | -51.6% |
| Furniture and vehicles | 24 | €3,648 | €5,095 | +€1,447 | +39.7% |
| Current assets | 29/58 | €404,336 | €483,462 | +€79,126 | +19.6% |
| Amounts receivable within one year | 40/41 | €43,074 | €66,361 | +€23,287 | +54.1% |
| Trade receivables | 40 | €41,193 | €66,151 | +€24,958 | +60.6% |
| Other amounts receivable | 41 | €1,881 | €210 | -€1,671 | -88.8% |
| Current investments | 50/53 | €255,597 | €256,829 | +€1,233 | +0.5% |
| Cash at bank and in hand | 54/58 | €100,155 | €153,346 | +€53,191 | +53.1% |
| Deferred charges and accrued income | 490/1 | €5,510 | €6,926 | +€1,415 | +25.7% |
| Total equity and liabilities | 10/49 | €410,427 | €489,740 | +€79,313 | +19.3% |
| Equity | 10/15 | €329,443 | €443,828 | +€114,385 | +34.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €274,263 | €388,649 | +€114,385 | +41.7% |
| Distributable reserves | 133 | €274,263 | €388,649 | +€114,385 | +41.7% |
| Profit (loss) carried forward | 14 | €36,579 | €36,579 | = | 0.0% |
| Amounts payable | 17/49 | €80,984 | €45,912 | -€35,073 | -43.3% |
| Amounts payable within one year | 42/48 | €80,984 | €45,912 | -€35,073 | -43.3% |
| Trade debts | 44 | €10,432 | €7,773 | -€2,659 | -25.5% |
| Suppliers | 440/4 | €10,432 | €7,773 | -€2,659 | -25.5% |
| Taxes, remuneration and social security | 45 | €7,548 | €36,630 | +€29,082 | +385% |
| Taxes | 450/3 | €7,548 | €36,630 | +€29,082 | +385% |
| Other amounts payable | 47/48 | €63,004 | €1,509 | -€61,495 | -97.6% |
| Non-recurring operating income | 76A | €5,785 | €0 | -€5,785 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,691 | €3,591 | -€99 | -2.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,110 | €0 | -€4,110 | -100% |
| Other operating charges | 640/8 | €451 | €1,945 | +€1,494 | +331% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €73,937 | €168,791 | +€94,854 | +128% |
| Operating profit (loss) | 9901 | €65,685 | €163,255 | +€97,571 | +149% |
| Financial income | 75/76B | €2,036 | €3,470 | +€1,435 | +70.5% |
| Recurring financial income | 75 | €2,036 | €3,470 | +€1,435 | +70.5% |
| Financial charges | 65/66B | €3,248 | €2,497 | -€751 | -23.1% |
| Recurring financial charges | 65 | €3,248 | €2,497 | -€751 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €64,472 | €164,229 | +€99,757 | +155% |
| Income taxes | 67/77 | €18,435 | €49,843 | +€31,408 | +170% |
| Profit (loss) for the period | 9904 | €46,037 | €114,385 | +€68,348 | +148% |
| Profit (loss) for the period to be appropriated | 9905 | €46,037 | €114,385 | +€68,348 | +148% |
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 29 October 2026 via checked.be.