VIC MNG: 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.
VIC MNG
Largest movements
- Receivables within one year -€912,732
down €912,732 (-66.4%), from €1.4m to €461,353
of which Other amounts receivable: -€600,317
- Receivables after one year +€658,589
new in 2025: €658,589
- Stocks and contracts +€335,016
up €335,016 (+46.1%), from €726,693 to €1.1m
- Tangible fixed assets +€182,035
up €182,035 (+150%), from €121,578 to €303,613
of which Other tangible fixed assets: +€181,962
- Cash +€121,200
up €121,200 (+365%), from €33,242 to €154,441
mainly Receivables within one year (+€912,732) and Current portion of long-term debt (+€298,472)
- Current portion of long-term debt +€298,472
new in 2025: €298,472
- Advances received -€250,926
no longer reported in 2025 (was €250,926)
- Reserves +€230,247
up €230,247 (+59.1%), from €389,427 to €619,673
of which Distributable reserves: +€230,247
- Trade debts -€193,762
down €193,762 (-27.4%), from €706,781 to €513,019
- Short-term financial debts +€191,578
new in 2025: €191,578
- Gross operating margin +€309,823
up €309,823 (+35.8%), from €865,761 to €1.2m
- Staff costs +€171,184
up €171,184 (+31.2%), from €547,957 to €719,142
- Taxes +€29,227
up €29,227 (+30.8%), from €95,028 to €124,255
- Other operating charges +€21,258
up €21,258 (+9,442%), from €225 to €21,483
- Financial charges +€17,540
up €17,540 (+62.9%), from €27,886 to €45,426
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 | €2,304,852 | €2,690,355 | +€385,503 | +16.7% |
| Fixed assets | 21/28 | €134,657 | €323,140 | +€188,483 | +140% |
| Tangible fixed assets | 22/27 | €121,578 | €303,613 | +€182,035 | +150% |
| Land and buildings | 22 | €16,703 | €24,683 | +€7,980 | +47.8% |
| Furniture and vehicles | 24 | €54,477 | €46,570 | -€7,907 | -14.5% |
| Other tangible fixed assets | 26 | €50,398 | €232,359 | +€181,962 | +361% |
| Financial fixed assets | 28 | €13,079 | €19,527 | +€6,448 | +49.3% |
| Current assets | 29/58 | €2,170,195 | €2,367,215 | +€197,020 | +9.1% |
| Amounts receivable after more than one year | 29 | - | €658,589 | +€658,589 | |
| Other amounts receivable | 291 | - | €658,589 | +€658,589 | |
| Stocks and contracts in progress | 3 | €726,693 | €1,061,709 | +€335,016 | +46.1% |
| Stocks | 30/36 | €726,693 | €1,061,709 | +€335,016 | +46.1% |
| Amounts receivable within one year | 40/41 | €1,374,085 | €461,353 | -€912,732 | -66.4% |
| Trade receivables | 40 | €337,204 | €24,789 | -€312,415 | -92.6% |
| Other amounts receivable | 41 | €1,036,881 | €436,565 | -€600,317 | -57.9% |
| Current investments | 50/53 | €30,240 | €30,240 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €33,242 | €154,441 | +€121,200 | +365% |
| Deferred charges and accrued income | 490/1 | €5,935 | €882 | -€5,053 | -85.1% |
| Total equity and liabilities | 10/49 | €2,304,852 | €2,690,355 | +€385,503 | +16.7% |
| Equity | 10/15 | €684,561 | €914,807 | +€230,247 | +33.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €389,427 | €619,673 | +€230,247 | +59.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €387,567 | €617,813 | +€230,247 | +59.4% |
| Profit (loss) carried forward | 14 | €276,534 | €276,534 | = | 0.0% |
| Amounts payable | 17/49 | €1,620,291 | €1,775,548 | +€155,256 | +9.6% |
| Amounts payable after more than one year | 17 | €162,622 | €189,220 | +€26,598 | +16.4% |
| Financial debts | 170/4 | €162,622 | €189,220 | +€26,598 | +16.4% |
| Amounts payable within one year | 42/48 | €1,457,669 | €1,586,327 | +€128,658 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | - | €298,472 | +€298,472 | |
| Financial debts | 43 | - | €191,578 | +€191,578 | |
| Credit institutions | 430/8 | - | €191,578 | +€191,578 | |
| Trade debts | 44 | €706,781 | €513,019 | -€193,762 | -27.4% |
| Suppliers | 440/4 | €706,781 | €513,019 | -€193,762 | -27.4% |
| Advances received on contracts in progress | 46 | €250,926 | - | -€250,926 | |
| Taxes, remuneration and social security | 45 | €478,770 | €527,124 | +€48,355 | +10.1% |
| Taxes | 450/3 | €386,067 | €374,706 | -€11,360 | -2.9% |
| Remuneration and social security | 454/9 | €92,703 | €152,418 | +€59,715 | +64.4% |
| Other amounts payable | 47/48 | €21,193 | €56,135 | +€34,942 | +165% |
| Remuneration, social security and pensions | 62 | €547,957 | €719,142 | +€171,184 | +31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,152 | €36,290 | +€8,138 | +28.9% |
| Other operating charges | 640/8 | €225 | €21,483 | +€21,258 | +9,442% |
| Gross operating margin | 9900 | €865,761 | €1,175,584 | +€309,823 | +35.8% |
| Operating profit (loss) | 9901 | €289,426 | €398,669 | +€109,243 | +37.7% |
| Financial income | 75/76B | €1,443 | €1,259 | -€184 | -12.8% |
| Recurring financial income | 75 | €1,443 | €1,259 | -€184 | -12.8% |
| Financial charges | 65/66B | €27,886 | €45,426 | +€17,540 | +62.9% |
| Recurring financial charges | 65 | €27,886 | €45,426 | +€17,540 | +62.9% |
| Profit (loss) for the period before taxes | 9903 | €262,983 | €354,501 | +€91,518 | +34.8% |
| Income taxes | 67/77 | €95,028 | €124,255 | +€29,227 | +30.8% |
| Profit (loss) for the period | 9904 | €167,955 | €230,247 | +€62,292 | +37.1% |
| Profit (loss) for the period to be appropriated | 9905 | €167,955 | €230,247 | +€62,292 | +37.1% |
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 28 October 2026 via checked.be.