VICAJA: 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.
VICAJA
Largest movements
- Current investments -€433,308
down €433,308 (-10.4%), from €4.1m to €3.7m
- Tangible fixed assets -€183,687
down €183,687 (-3.4%), from €5.5m to €5.3m
of which Land and buildings: -€171,383
- Other debts +€2.3m
up €2.3m (+408%), from €552,018 to €2.8m
- Contributions -€2.0m
down €2.0m (-41.2%), from €4.9m to €2.9m
- Reserves -€827,098
down €827,098 (-32.9%), from €2.5m to €1.7m
of which Distributable reserves: -€729,124
- Profit (loss) carried forward -€162,326
down €162,326 (-5.4%), from €3.0m to €2.9m
- Financial charges +€116,173
up €116,173 (+3,609%), from €3,219 to €119,391
- Financial income -€91,692
down €91,692 (-40.7%), from €225,218 to €133,526
- Gross operating margin -€66,168
down €66,168 (-25.4%), from €260,557 to €194,389
- Depreciation -€60,942
down €60,942 (-13.9%), from €438,598 to €377,655
- Taxes -€24,849
down €24,849 (-100%), from €24,849 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 | €11,576,263 | €10,813,166 | -€763,097 | -6.6% |
| Fixed assets | 21/28 | €5,478,448 | €5,294,761 | -€183,687 | -3.4% |
| Tangible fixed assets | 22/27 | €5,478,448 | €5,294,761 | -€183,687 | -3.4% |
| Land and buildings | 22 | €5,425,418 | €5,254,035 | -€171,383 | -3.2% |
| Plant, machinery and equipment | 23 | €3,736 | €2,956 | -€781 | -20.9% |
| Furniture and vehicles | 24 | €49,294 | €37,771 | -€11,523 | -23.4% |
| Current assets | 29/58 | €6,097,815 | €5,518,406 | -€579,409 | -9.5% |
| Amounts receivable after more than one year | 29 | €1,700,000 | €1,700,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,700,000 | €1,700,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €144,310 | €36,921 | -€107,389 | -74.4% |
| Trade receivables | 40 | €14,355 | €0 | -€14,355 | -100% |
| Other amounts receivable | 41 | €129,955 | €36,921 | -€93,034 | -71.6% |
| Current investments | 50/53 | €4,148,584 | €3,715,275 | -€433,308 | -10.4% |
| Cash at bank and in hand | 54/58 | €74,830 | €43,568 | -€31,262 | -41.8% |
| Deferred charges and accrued income | 490/1 | €30,091 | €22,641 | -€7,450 | -24.8% |
| Total equity and liabilities | 10/49 | €11,576,263 | €10,813,166 | -€763,097 | -6.6% |
| Equity | 10/15 | €10,398,915 | €7,409,491 | -€3.0m | -28.7% |
| Contributions | 10/11 | €4,850,000 | €2,850,000 | -€2.0m | -41.2% |
| Reserves | 13 | €2,515,872 | €1,688,774 | -€827,098 | -32.9% |
| Tax-exempt reserves | 132 | €1,682,590 | €1,584,616 | -€97,974 | -5.8% |
| Distributable reserves | 133 | €833,282 | €104,158 | -€729,124 | -87.5% |
| Profit (loss) carried forward | 14 | €3,033,043 | €2,870,717 | -€162,326 | -5.4% |
| Provisions and deferred taxes | 16 | €560,863 | €528,205 | -€32,658 | -5.8% |
| Deferred taxes | 168 | €560,863 | €528,205 | -€32,658 | -5.8% |
| Amounts payable | 17/49 | €616,485 | €2,875,470 | +€2.3m | +366% |
| Amounts payable within one year | 42/48 | €596,492 | €2,857,436 | +€2.3m | +379% |
| Trade debts | 44 | €33,535 | €43,067 | +€9,532 | +28.4% |
| Suppliers | 440/4 | €33,535 | €43,067 | +€9,532 | +28.4% |
| Taxes, remuneration and social security | 45 | €10,939 | €8,151 | -€2,788 | -25.5% |
| Taxes | 450/3 | €6,819 | €4,111 | -€2,708 | -39.7% |
| Remuneration and social security | 454/9 | €4,120 | €4,041 | -€79 | -1.9% |
| Other amounts payable | 47/48 | €552,018 | €2,806,218 | +€2.3m | +408% |
| Accrued charges and deferred income | 492/3 | €19,993 | €18,034 | -€1,959 | -9.8% |
| Remuneration, social security and pensions | 62 | €51,777 | €51,052 | -€725 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €438,598 | €377,655 | -€60,942 | -13.9% |
| Other operating charges | 640/8 | €66,525 | €72,773 | +€6,248 | +9.4% |
| Gross operating margin | 9900 | €260,557 | €194,389 | -€66,168 | -25.4% |
| Operating profit (loss) | 9901 | -€296,343 | -€307,092 | -€10,749 | -3.6% |
| Financial income | 75/76B | €225,218 | €133,526 | -€91,692 | -40.7% |
| Recurring financial income | 75 | €225,218 | €133,526 | -€91,692 | -40.7% |
| Financial charges | 65/66B | €3,219 | €119,391 | +€116,173 | +3,609% |
| Recurring financial charges | 65 | €3,219 | €119,391 | +€116,173 | +3,609% |
| Profit (loss) for the period before taxes | 9903 | -€74,344 | -€292,957 | -€218,614 | -294% |
| Transfer from deferred taxes | 780 | €42,975 | €32,658 | -€10,317 | -24.0% |
| Transfer to deferred taxes | 680 | €13,986 | €0 | -€13,986 | -100% |
| Income taxes | 67/77 | €24,849 | €0 | -€24,849 | -100% |
| Profit (loss) for the period | 9904 | -€70,204 | -€260,299 | -€190,095 | -271% |
| Transfer from tax-exempt reserves | 789 | €128,926 | €97,974 | -€30,952 | -24.0% |
| Transfer to tax-exempt reserves | 689 | €41,958 | €0 | -€41,958 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €16,764 | -€162,326 | -€179,090 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.