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.
VICARO
Largest movements
- Receivables within one year -€288,805
down €288,805 (-31.5%), from €916,811 to €628,006
of which Trade receivables: -€296,518
- Cash +€162,333
up €162,333 (+33.8%), from €480,381 to €642,713
mainly Receivables within one year (+€288,805) and Trade debts (+€28,587)
- Deferred charges and accrued income +€57,352
up €57,352 (+34.0%), from €168,436 to €225,788
- Advances received -€165,343
down €165,343 (-13.9%), from €1.2m to €1.0m
- Trade debts +€28,587
up €28,587 (+52.5%), from €54,404 to €82,991
- Reserves +€28,000
up €28,000 (+19.5%), from €143,800 to €171,800
- Other debts +€20,773
new in 2025: €20,773
- Staff costs +€23,641
up €23,641 (+24.4%), from €96,836 to €120,478
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 | €1,584,340 | €1,510,878 | -€73,462 | -4.6% |
| Fixed assets | 21/28 | €18,712 | €14,371 | -€4,341 | -23.2% |
| Tangible fixed assets | 22/27 | €18,439 | €14,098 | -€4,341 | -23.5% |
| Plant, machinery and equipment | 23 | €1,325 | €701 | -€624 | -47.1% |
| Furniture and vehicles | 24 | €6,116 | €3,632 | -€2,484 | -40.6% |
| Other tangible fixed assets | 26 | €10,998 | €9,765 | -€1,233 | -11.2% |
| Financial fixed assets | 28 | €273 | €273 | = | 0.0% |
| Current assets | 29/58 | €1,565,628 | €1,496,507 | -€69,121 | -4.4% |
| Amounts receivable within one year | 40/41 | €916,811 | €628,006 | -€288,805 | -31.5% |
| Trade receivables | 40 | €908,972 | €612,454 | -€296,518 | -32.6% |
| Other amounts receivable | 41 | €7,839 | €15,552 | +€7,713 | +98.4% |
| Cash at bank and in hand | 54/58 | €480,381 | €642,713 | +€162,333 | +33.8% |
| Deferred charges and accrued income | 490/1 | €168,436 | €225,788 | +€57,352 | +34.0% |
| Total equity and liabilities | 10/49 | €1,584,340 | €1,510,878 | -€73,462 | -4.6% |
| Equity | 10/15 | €162,921 | €191,005 | +€28,084 | +17.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €143,800 | €171,800 | +€28,000 | +19.5% |
| Distributable reserves | 133 | €143,800 | €171,800 | +€28,000 | +19.5% |
| Profit (loss) carried forward | 14 | €571 | €655 | +€84 | +14.6% |
| Amounts payable | 17/49 | €1,421,419 | €1,319,873 | -€101,546 | -7.1% |
| Amounts payable within one year | 42/48 | €1,257,391 | €1,152,561 | -€104,830 | -8.3% |
| Trade debts | 44 | €54,404 | €82,991 | +€28,587 | +52.5% |
| Suppliers | 440/4 | €54,404 | €82,991 | +€28,587 | +52.5% |
| Advances received on contracts in progress | 46 | €1,187,358 | €1,022,015 | -€165,343 | -13.9% |
| Taxes, remuneration and social security | 45 | €15,629 | €26,783 | +€11,154 | +71.4% |
| Taxes | 450/3 | - | €8,401 | +€8,401 | |
| Remuneration and social security | 454/9 | €15,629 | €18,382 | +€2,753 | +17.6% |
| Other amounts payable | 47/48 | - | €20,773 | +€20,773 | |
| Accrued charges and deferred income | 492/3 | €164,028 | €167,311 | +€3,284 | +2.0% |
| Non-recurring operating income | 76A | €16,492 | €45,265 | +€28,773 | +174% |
| Remuneration, social security and pensions | 62 | €96,836 | €120,478 | +€23,641 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,210 | €4,341 | +€1,131 | +35.2% |
| Other operating charges | 640/8 | €651 | €2,405 | +€1,754 | +270% |
| Non-recurring operating charges | 66A | €2,075 | - | -€2,075 | |
| Gross operating margin | 9900 | €195,869 | €194,387 | -€1,482 | -0.8% |
| Operating profit (loss) | 9901 | €93,097 | €67,163 | -€25,934 | -27.9% |
| Financial income | 75/76B | €753 | €1,078 | +€325 | +43.1% |
| Recurring financial income | 75 | €753 | €1,078 | +€325 | +43.1% |
| Financial charges | 65/66B | €15,484 | €17,256 | +€1,772 | +11.4% |
| Recurring financial charges | 65 | €15,484 | €17,256 | +€1,772 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | €78,366 | €50,985 | -€27,381 | -34.9% |
| Income taxes | 67/77 | €24,271 | €22,901 | -€1,370 | -5.6% |
| Profit (loss) for the period | 9904 | €54,095 | €28,084 | -€26,011 | -48.1% |
| Profit (loss) for the period to be appropriated | 9905 | €54,095 | €28,084 | -€26,011 | -48.1% |
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 15 October 2026 via checked.be.