VAE VICTIS: what changed
Two fiscal 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.
VAE VICTIS
Largest movements
- Tangible fixed assets -€837,944
down €837,944 (-82.6%), from €1.0m to €176,098
of which Assets under construction and advance payments: -€842,293
- Cash +€280,734
up €280,734 (+1770.0%), from €15,860 to €296,595
mainly Investment in fixed assets (net) (+€832,355) and Trade debts (+€153,773)
- Receivables within one year +€31,882
up €31,882 (+5.7%), from €559,849 to €591,730
of which Other amounts receivable: +€20,000
- Current investments -€28,600
no longer reported in 2025 (was €28,600)
- Other debts -€582,000
down €582,000 (-95.9%), from €607,000 to €25,000
- Debts after one year -€196,695
down €196,695 (-85.1%), from €231,166 to €34,471
- Trade debts +€153,773
up €153,773 (+58.1%), from €264,623 to €418,397
- Tax, wage and social debts +€91,183
up €91,183 (+61.8%), from €147,531 to €238,714
of which Taxes: +€110,401
- Short-term financial debts -€81,622
down €81,622 (-94.1%), from €86,766 to €5,144
of which Other loans: -€49,500
- Purchases and services +€1.2m
up €1.2m (+123.5%), from €966,119 to €2.2m
- Staff costs -€88,815
down €88,815 (-47.0%), from €188,777 to €99,963
- Gross operating margin +€19,172
up €19,172 (+8.5%), from €226,784 to €245,956
- Other operating charges +€7,557
up €7,557 (+655.8%), from €1,152 to €8,710
- Taxes +€5,127
new in 2025: €5,127
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
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 | €1,883,346 | €1,330,061 | -€553,284 | -29.4% |
| Fixed assets | 21/28 | €1,016,042 | €178,598 | -€837,444 | -82.4% |
| Tangible fixed assets | 22/27 | €1,014,042 | €176,098 | -€837,944 | -82.6% |
| Plant, machinery and equipment | 23 | - | €8,818 | +€8,818 | |
| Furniture and vehicles | 24 | €7,466 | €2,997 | -€4,469 | -59.9% |
| Assets under construction and advance payments | 27 | €1,006,577 | €164,284 | -€842,293 | -83.7% |
| Financial fixed assets | 28 | €2,000 | €2,500 | +€500 | +25.0% |
| Current assets | 29/58 | €867,303 | €1,151,463 | +€284,160 | +32.8% |
| Stocks and contracts in progress | 3 | €262,994 | €262,994 | = | 0.0% |
| Stocks | 30/36 | €52,094 | €52,094 | = | 0.0% |
| Contracts in progress | 37 | €210,900 | €210,900 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €559,849 | €591,730 | +€31,882 | +5.7% |
| Trade receivables | 40 | €559,849 | €571,730 | +€11,882 | +2.1% |
| Other amounts receivable | 41 | - | €20,000 | +€20,000 | |
| Current investments | 50/53 | €28,600 | - | -€28,600 | |
| Cash at bank and in hand | 54/58 | €15,860 | €296,595 | +€280,734 | +1770.0% |
| Deferred charges and accrued income | 490/1 | - | €144 | +€144 | |
| Total equity and liabilities | 10/49 | €1,883,346 | €1,330,061 | -€553,284 | -29.4% |
| Equity | 10/15 | €526,190 | €554,747 | +€28,557 | +5.4% |
| Contributions | 10/11 | €26,029 | €26,029 | +€0 | 0.0% |
| Capital | 10 | €26,029 | €26,029 | +€0 | 0.0% |
| Issued capital | 100 | €26,029 | €26,029 | +€0 | 0.0% |
| Reserves | 13 | €500,161 | €528,718 | +€28,557 | +5.7% |
| Non-distributable reserves | 130/1 | €2,603 | €2,603 | +€0 | 0.0% |
| Legal reserve | 130 | €2,603 | €2,603 | +€0 | 0.0% |
| Distributable reserves | 133 | €497,558 | €526,115 | +€28,557 | +5.7% |
| Amounts payable | 17/49 | €1,357,156 | €775,314 | -€581,842 | -42.9% |
| Amounts payable after more than one year | 17 | €231,166 | €34,471 | -€196,695 | -85.1% |
| Financial debts | 170/4 | €231,166 | €34,471 | -€196,695 | -85.1% |
| Amounts payable within one year | 42/48 | €1,112,492 | €731,200 | -€381,293 | -34.3% |
| Current portion of amounts payable after more than one year | 42 | €6,572 | €43,945 | +€37,373 | +568.7% |
| Financial debts | 43 | €86,766 | €5,144 | -€81,622 | -94.1% |
| Credit institutions | 430/8 | €37,266 | €5,144 | -€32,122 | -86.2% |
| Other loans | 439 | €49,500 | - | -€49,500 | |
| Trade debts | 44 | €264,623 | €418,397 | +€153,773 | +58.1% |
| Suppliers | 440/4 | €264,623 | €418,397 | +€153,773 | +58.1% |
| Taxes, remuneration and social security | 45 | €147,531 | €238,714 | +€91,183 | +61.8% |
| Taxes | 450/3 | €128,313 | €238,714 | +€110,401 | +86.0% |
| Remuneration and social security | 454/9 | €19,218 | - | -€19,218 | |
| Other amounts payable | 47/48 | €607,000 | €25,000 | -€582,000 | -95.9% |
| Accrued charges and deferred income | 492/3 | €13,497 | €9,643 | -€3,854 | -28.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €966,119 | €2,159,752 | +€1.2m | +123.5% |
| Remuneration, social security and pensions | 62 | €188,777 | €99,963 | -€88,815 | -47.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,469 | €5,089 | +€621 | +13.9% |
| Other operating charges | 640/8 | €1,152 | €8,710 | +€7,557 | +655.8% |
| Gross operating margin | 9900 | €226,784 | €245,956 | +€19,172 | +8.5% |
| Operating profit (loss) | 9901 | €32,386 | €132,195 | +€99,809 | +308.2% |
| Financial income | 75/76B | €10,666 | €5,838 | -€4,829 | -45.3% |
| Recurring financial income | 75 | €10,666 | €5,838 | -€4,829 | -45.3% |
| Non-recurring financial income | 76B | - | €5,838 | +€5,838 | |
| Financial charges | 65/66B | €20,985 | €24,348 | +€3,363 | +16.0% |
| Recurring financial charges | 65 | €20,985 | €16,780 | -€4,205 | -20.0% |
| Non-recurring financial charges | 66B | - | €7,568 | +€7,568 | |
| Profit (loss) for the period before taxes | 9903 | €22,067 | €113,684 | +€91,617 | +415.2% |
| Income taxes | 67/77 | - | €5,127 | +€5,127 | |
| Profit (loss) for the period | 9904 | €22,067 | €108,557 | +€86,490 | +391.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,067 | €108,557 | +€86,490 | +391.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.