V.I.C.A.P.: 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.
What changed
V.I.C.A.P.
NACE 66.199, Other activities auxiliary to financial services, excluding insurance and pension funding
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€218,264
2024 · -€266,295+€48,031
Equity
€2.6m
2024 · €2.8m-€218,264
Cash
€402,289
2024 · €206,045+€196,244
Balance sheet total
€17.8m
2024 · €16.1m+€1.8m
Largest movements
Assets
- Stocks and contracts +€1.7m
up €1.7m (+18.0%), from €9.4m to €11.0m
- Cash +€196,244
up €196,244 (+95.2%), from €206,045 to €402,289
mainly Other debts (+€3.2m) and Depreciation (+€166,961)
Equity and liabilities
- Other debts +€3.2m
up €3.2m (+70.5%), from €4.6m to €7.8m
- Short-term financial debts -€1.2m
down €1.2m (-23.3%), from €5.1m to €3.9m
Income statement
- Gross operating margin +€121,265
up €121,265 (+51.6%), from €234,873 to €356,138
- Depreciation +€37,358
up €37,358 (+28.8%), from €129,604 to €166,961
- Financial charges +€24,145
up €24,145 (+7.2%), from €333,253 to €357,398
- Other operating charges +€9,158
up €9,158 (+17.9%), from €51,304 to €60,462
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
-€266,295
Gross operating margin
+€121,265
Depreciation
-€37,358
Other operating charges
-€9,158
Financial income
-€2,574
Financial charges
-€24,145
Result 2025
-€218,264
raises the resultlowers the result
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.
From operations
+€1.5m
Investment
-€62,488
Financing
-€1.3m
Cash 2024
€206,045
From operations (derived)
+€1.5m
Net result for the year
-€218,264
Depreciation
+€166,961
Stocks and contracts
-€1.7m
Receivables within one year
-€18,375
Deferred charges and accrued income
+€11,557
Smaller working-capital items
-€889
Trade debts
-€107,958
Other debts
+€3.2m
Accrued charges and deferred income
+€140,119
Investment (derived)
-€62,488
Investment in fixed assets (net)
-€62,488
Financing
-€1.3m
Debts after one year
-€88,716
Current portion of long-term debt
+€5,608
Short-term financial debts
-€1.2m
Contributions, distributions and other
-€0
Cash 2025
€402,289
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,058,776 | €17,845,255 | +€1.8m | +11.1% |
| Fixed assets | 21/28 | €6,472,609 | €6,368,136 | -€104,473 | -1.6% |
| Tangible fixed assets | 22/27 | €6,471,859 | €6,367,511 | -€104,348 | -1.6% |
| Land and buildings | 22 | €4,754,273 | €6,359,709 | +€1.6m | +33.8% |
| Plant, machinery and equipment | 23 | €2,300 | €7,802 | +€5,502 | +239% |
| Assets under construction and advance payments | 27 | €1,715,286 | - | -€1.7m | |
| Financial fixed assets | 28 | €750 | €625 | -€125 | -16.7% |
| Current assets | 29/58 | €9,586,167 | €11,477,119 | +€1.9m | +19.7% |
| Stocks and contracts in progress | 3 | €9,360,326 | €11,048,216 | +€1.7m | +18.0% |
| Stocks | 30/36 | €9,360,326 | €11,048,216 | +€1.7m | +18.0% |
| Amounts receivable within one year | 40/41 | €4,202 | €22,577 | +€18,375 | +437% |
| Trade receivables | 40 | €3,232 | €21,967 | +€18,734 | +580% |
| Other amounts receivable | 41 | €970 | €611 | -€359 | -37.0% |
| Cash at bank and in hand | 54/58 | €206,045 | €402,289 | +€196,244 | +95.2% |
| Deferred charges and accrued income | 490/1 | €15,594 | €4,037 | -€11,557 | -74.1% |
| Total equity and liabilities | 10/49 | €16,058,776 | €17,845,255 | +€1.8m | +11.1% |
| Equity | 10/15 | €2,827,226 | €2,608,961 | -€218,264 | -7.7% |
| Contributions | 10/11 | €3,250,000 | €3,250,000 | = | 0.0% |
| Capital | 10 | €3,250,000 | €3,250,000 | = | 0.0% |
| Issued capital | 100 | €3,250,000 | €3,250,000 | = | 0.0% |
| Revaluation surpluses | 12 | €33,097 | €33,097 | = | 0.0% |
| Reserves | 13 | €477,786 | €428,478 | -€49,308 | -10.3% |
| Non-distributable reserves | 130/1 | €17,232 | €17,232 | = | 0.0% |
| Legal reserve | 130 | €17,232 | €17,232 | = | 0.0% |
| Tax-exempt reserves | 132 | €460,553 | €411,245 | -€49,308 | -10.7% |
| Profit (loss) carried forward | 14 | -€933,657 | -€1,102,613 | -€168,956 | -18.1% |
| Provisions and deferred taxes | 16 | €51,173 | €45,694 | -€5,479 | -10.7% |
| Deferred taxes | 168 | €51,173 | €45,694 | -€5,479 | -10.7% |
| Amounts payable | 17/49 | €13,180,378 | €15,190,600 | +€2.0m | +15.3% |
| Amounts payable after more than one year | 17 | €2,962,944 | €2,874,227 | -€88,716 | -3.0% |
| Financial debts | 170/4 | €2,962,944 | €2,610,227 | -€352,716 | -11.9% |
| Other amounts payable | 178/9 | - | €264,000 | +€264,000 | |
| Amounts payable within one year | 42/48 | €10,175,394 | €12,134,213 | +€2.0m | +19.3% |
| Current portion of amounts payable after more than one year | 42 | €347,108 | €352,716 | +€5,608 | +1.6% |
| Financial debts | 43 | €5,085,000 | €3,900,000 | -€1.2m | -23.3% |
| Credit institutions | 430/8 | €5,085,000 | €3,900,000 | -€1.2m | -23.3% |
| Trade debts | 44 | €140,090 | €32,132 | -€107,958 | -77.1% |
| Suppliers | 440/4 | €140,090 | €32,132 | -€107,958 | -77.1% |
| Advances received on contracts in progress | 46 | €3,196 | €1,292 | -€1,904 | -59.6% |
| Taxes, remuneration and social security | 45 | - | €6,493 | +€6,493 | |
| Taxes | 450/3 | - | €6,493 | +€6,493 | |
| Other amounts payable | 47/48 | €4,600,000 | €7,841,579 | +€3.2m | +70.5% |
| Accrued charges and deferred income | 492/3 | €42,040 | €182,160 | +€140,119 | +333% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,604 | €166,961 | +€37,358 | +28.8% |
| Other operating charges | 640/8 | €51,304 | €60,462 | +€9,158 | +17.9% |
| Gross operating margin | 9900 | €234,873 | €356,138 | +€121,265 | +51.6% |
| Operating profit (loss) | 9901 | €53,965 | €128,715 | +€74,750 | +139% |
| Financial income | 75/76B | €7,514 | €4,940 | -€2,574 | -34.3% |
| Recurring financial income | 75 | €7,514 | €4,940 | -€2,574 | -34.3% |
| Financial charges | 65/66B | €333,253 | €357,398 | +€24,145 | +7.2% |
| Recurring financial charges | 65 | €333,253 | €357,398 | +€24,145 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | -€271,774 | -€223,743 | +€48,031 | +17.7% |
| Transfer from deferred taxes | 780 | €5,479 | €5,479 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€266,295 | -€218,264 | +€48,031 | +18.0% |
| Transfer from tax-exempt reserves | 789 | €49,308 | €49,308 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€216,987 | -€168,956 | +€48,031 | +22.1% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.