Vicaro: 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
Vicaro
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€2,324
2024 · €6,722-€9,046
Equity
€930,536
2024 · €932,860-€2,324
Cash
€116,685
2024 · €18,830+€97,855
Balance sheet total
€10.3m
2024 · €8.0m+€2.3m
Largest movements
Assets
- Tangible fixed assets +€2.5m
up €2.5m (+128%), from €2.0m to €4.5m
of which Land and buildings: +€2.6m
- Receivables within one year -€295,247
down €295,247 (-26.6%), from €1.1m to €815,089
of which Other amounts receivable: -€285,785
Equity and liabilities
- Trade debts +€2.3m
up €2.3m (+14,858%), from €15,229 to €2.3m
- Other debts +€263,138
up €263,138 (+119%), from €221,078 to €484,216
- Debts after one year -€160,345
down €160,345 (-5.2%), from €3.1m to €2.9m
of which Financial debts: -€160,345
- Current portion of long-term debt -€159,826
down €159,826 (-15.9%), from €1.0m to €842,837
Income statement
- Gross operating margin +€112,734
up €112,734 (+22.9%), from €492,624 to €605,357
- Depreciation +€91,851
up €91,851 (+74.5%), from €123,358 to €215,209
- Financial charges +€62,486
up €62,486 (+20.5%), from €304,234 to €366,719
- Other operating charges -€30,770
down €30,770 (-55.2%), from €55,772 to €25,002
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
€6,722
Gross operating margin
+€112,734
Depreciation
-€91,851
Other operating charges
+€30,770
Financial income
+€0
Financial charges
-€62,486
Taxes
+€1,787
Result 2025
-€2,324
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
+€3.1m
Investment
-€2.7m
Financing
-€222,111
Cash 2024
€18,830
From operations (derived)
+€3.1m
Net result for the year
-€2,324
Depreciation
+€215,209
Stocks and contracts
+€16,473
Receivables within one year
+€295,247
Smaller working-capital items
+€5,426
Trade debts
+€2.3m
Other debts
+€263,138
Investment (derived)
-€2.7m
Investment in fixed assets (net)
-€2.7m
Financing
-€222,111
Debts after one year
-€160,345
Current portion of long-term debt
-€159,826
Short-term financial debts
+€98,061
Cash 2025
€116,685
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,038,120 | €10,340,869 | +€2.3m | +28.6% |
| Fixed assets | 21/28 | €1,987,614 | €4,508,390 | +€2.5m | +127% |
| Tangible fixed assets | 22/27 | €1,975,400 | €4,496,176 | +€2.5m | +128% |
| Land and buildings | 22 | €1,274,208 | €3,879,438 | +€2.6m | +204% |
| Plant, machinery and equipment | 23 | €5,991 | €4,294 | -€1,697 | -28.3% |
| Furniture and vehicles | 24 | €45,824 | €32,125 | -€13,698 | -29.9% |
| Other tangible fixed assets | 26 | €649,377 | €580,318 | -€69,059 | -10.6% |
| Financial fixed assets | 28 | €12,214 | €12,214 | = | 0.0% |
| Current assets | 29/58 | €6,050,506 | €5,832,479 | -€218,027 | -3.6% |
| Stocks and contracts in progress | 3 | €4,909,519 | €4,893,046 | -€16,473 | -0.3% |
| Stocks | 30/36 | €4,419,501 | €4,191,880 | -€227,621 | -5.2% |
| Contracts in progress | 37 | €490,018 | €701,166 | +€211,147 | +43.1% |
| Amounts receivable within one year | 40/41 | €1,110,337 | €815,089 | -€295,247 | -26.6% |
| Trade receivables | 40 | €9,693 | €230 | -€9,462 | -97.6% |
| Other amounts receivable | 41 | €1,100,644 | €814,859 | -€285,785 | -26.0% |
| Cash at bank and in hand | 54/58 | €18,830 | €116,685 | +€97,855 | +520% |
| Deferred charges and accrued income | 490/1 | €11,821 | €7,659 | -€4,161 | -35.2% |
| Total equity and liabilities | 10/49 | €8,038,120 | €10,340,869 | +€2.3m | +28.6% |
| Equity | 10/15 | €932,860 | €930,536 | -€2,324 | -0.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €870,887 | €868,563 | -€2,324 | -0.3% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €47,728 | €43,858 | -€3,870 | -8.1% |
| Distributable reserves | 133 | €816,962 | €818,508 | +€1,546 | +0.2% |
| Provisions and deferred taxes | 16 | €15,911 | €14,621 | -€1,290 | -8.1% |
| Deferred taxes | 168 | €15,911 | €14,621 | -€1,290 | -8.1% |
| Amounts payable | 17/49 | €7,089,349 | €9,395,711 | +€2.3m | +32.5% |
| Amounts payable after more than one year | 17 | €3,103,523 | €2,943,178 | -€160,345 | -5.2% |
| Financial debts | 170/4 | €1,833,523 | €1,673,178 | -€160,345 | -8.7% |
| Other amounts payable | 178/9 | €1,270,000 | €1,270,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,985,827 | €6,452,534 | +€2.5m | +61.9% |
| Current portion of amounts payable after more than one year | 42 | €1,002,664 | €842,837 | -€159,826 | -15.9% |
| Financial debts | 43 | €2,737,536 | €2,835,597 | +€98,061 | +3.6% |
| Credit institutions | 430/8 | €2,737,536 | €2,660,597 | -€76,939 | -2.8% |
| Other loans | 439 | - | €175,000 | +€175,000 | |
| Trade debts | 44 | €15,229 | €2,278,010 | +€2.3m | +14,858% |
| Suppliers | 440/4 | €15,229 | €2,278,010 | +€2.3m | +14,858% |
| Taxes, remuneration and social security | 45 | €9,319 | €11,874 | +€2,555 | +27.4% |
| Taxes | 450/3 | €9,319 | €7,874 | -€1,445 | -15.5% |
| Remuneration and social security | 454/9 | €0 | €4,000 | +€4,000 | |
| Other amounts payable | 47/48 | €221,078 | €484,216 | +€263,138 | +119% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,358 | €215,209 | +€91,851 | +74.5% |
| Other operating charges | 640/8 | €55,772 | €25,002 | -€30,770 | -55.2% |
| Gross operating margin | 9900 | €492,624 | €605,357 | +€112,734 | +22.9% |
| Operating profit (loss) | 9901 | €313,494 | €365,146 | +€51,652 | +16.5% |
| Financial income | 75/76B | €0 | €0 | +€0 | +617% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +617% |
| Financial charges | 65/66B | €304,234 | €366,719 | +€62,486 | +20.5% |
| Recurring financial charges | 65 | €304,234 | €366,719 | +€62,486 | +20.5% |
| Profit (loss) for the period before taxes | 9903 | €9,260 | -€1,573 | -€10,833 | |
| Transfer from deferred taxes | 780 | €1,290 | €1,290 | = | 0.0% |
| Income taxes | 67/77 | €3,828 | €2,041 | -€1,787 | -46.7% |
| Profit (loss) for the period | 9904 | €6,722 | -€2,324 | -€9,046 | |
| Transfer from tax-exempt reserves | 789 | €3,870 | €3,870 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,592 | €1,546 | -€9,046 | -85.4% |
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 19 October 2026 via checked.be.