VICIOUS: 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.
VICIOUS
Largest movements
- Tangible fixed assets +€813,781
up €813,781 (+246%), from €330,579 to €1.1m
of which Land and buildings: +€870,199
- Receivables within one year +€169,740
up €169,740 (+69.2%), from €245,160 to €414,900
of which Trade receivables: +€184,831
- Cash -€78,957
down €78,957 (-95.9%), from €82,365 to €3,408
mainly Investment in fixed assets (net) (-€889,462) and Receivables within one year (-€169,740)
- Debts after one year +€737,669
up €737,669 (+567%), from €130,038 to €867,707
- Trade debts +€102,088
up €102,088 (+59.6%), from €171,363 to €273,451
- Current portion of long-term debt +€50,228
up €50,228 (+133%), from €37,795 to €88,023
- Reserves +€25,306
up €25,306 (+110%), from €22,914 to €48,220
of which Distributable reserves: +€25,306
- Gross operating margin +€143,065
up €143,065 (+38.4%), from €373,027 to €516,092
- Other operating charges +€104,579
up €104,579 (+1,351%), from €7,741 to €112,320
- Staff costs +€78,156
up €78,156 (+39.7%), from €196,936 to €275,092
- Taxes -€10,162
down €10,162 (-43.1%), from €23,577 to €13,415
- Depreciation +€6,154
up €6,154 (+8.9%), from €69,527 to €75,681
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 | €790,982 | €1,700,458 | +€909,476 | +115% |
| Fixed assets | 21/28 | €330,579 | €1,144,360 | +€813,781 | +246% |
| Tangible fixed assets | 22/27 | €330,579 | €1,144,360 | +€813,781 | +246% |
| Land and buildings | 22 | €1,647 | €871,846 | +€870,199 | +52,835% |
| Plant, machinery and equipment | 23 | €102,020 | €81,756 | -€20,264 | -19.9% |
| Furniture and vehicles | 24 | €35,027 | €18,341 | -€16,686 | -47.6% |
| Other tangible fixed assets | 26 | €191,885 | €172,417 | -€19,468 | -10.1% |
| Current assets | 29/58 | €460,403 | €556,098 | +€95,695 | +20.8% |
| Stocks and contracts in progress | 3 | €127,486 | €135,191 | +€7,705 | +6.0% |
| Stocks | 30/36 | €77,486 | €85,191 | +€7,705 | +9.9% |
| Contracts in progress | 37 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €245,160 | €414,900 | +€169,740 | +69.2% |
| Trade receivables | 40 | €230,069 | €414,900 | +€184,831 | +80.3% |
| Other amounts receivable | 41 | €15,091 | - | -€15,091 | |
| Cash at bank and in hand | 54/58 | €82,365 | €3,408 | -€78,957 | -95.9% |
| Deferred charges and accrued income | 490/1 | €5,392 | €2,599 | -€2,793 | -51.8% |
| Total equity and liabilities | 10/49 | €790,982 | €1,700,458 | +€909,476 | +115% |
| Equity | 10/15 | €217,179 | €243,253 | +€26,074 | +12.0% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €22,914 | €48,220 | +€25,306 | +110% |
| Tax-exempt reserves | 132 | €793 | €793 | = | 0.0% |
| Distributable reserves | 133 | €22,121 | €47,427 | +€25,306 | +114% |
| Profit (loss) carried forward | 14 | €193,765 | €194,533 | +€768 | +0.4% |
| Amounts payable | 17/49 | €573,803 | €1,457,205 | +€883,402 | +154% |
| Amounts payable after more than one year | 17 | €130,038 | €867,707 | +€737,669 | +567% |
| Financial debts | 170/4 | €130,038 | €867,707 | +€737,669 | +567% |
| Amounts payable within one year | 42/48 | €443,765 | €589,498 | +€145,733 | +32.8% |
| Current portion of amounts payable after more than one year | 42 | €37,795 | €88,023 | +€50,228 | +133% |
| Trade debts | 44 | €171,363 | €273,451 | +€102,088 | +59.6% |
| Suppliers | 440/4 | €171,363 | €273,451 | +€102,088 | +59.6% |
| Taxes, remuneration and social security | 45 | €123,804 | €124,823 | +€1,019 | +0.8% |
| Taxes | 450/3 | €123,804 | €109,252 | -€14,552 | -11.8% |
| Remuneration and social security | 454/9 | - | €15,571 | +€15,571 | |
| Other amounts payable | 47/48 | €110,803 | €103,201 | -€7,602 | -6.9% |
| Remuneration, social security and pensions | 62 | €196,936 | €275,092 | +€78,156 | +39.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,527 | €75,681 | +€6,154 | +8.9% |
| Other operating charges | 640/8 | €7,741 | €112,320 | +€104,579 | +1,351% |
| Gross operating margin | 9900 | €373,027 | €516,092 | +€143,065 | +38.4% |
| Operating profit (loss) | 9901 | €98,823 | €52,999 | -€45,824 | -46.4% |
| Financial income | 75/76B | €131 | €3,396 | +€3,265 | +2,492% |
| Recurring financial income | 75 | €131 | €3,396 | +€3,265 | +2,492% |
| Financial charges | 65/66B | €16,465 | €16,906 | +€441 | +2.7% |
| Recurring financial charges | 65 | €16,465 | €16,906 | +€441 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €82,489 | €39,489 | -€43,000 | -52.1% |
| Income taxes | 67/77 | €23,577 | €13,415 | -€10,162 | -43.1% |
| Profit (loss) for the period | 9904 | €58,912 | €26,074 | -€32,838 | -55.7% |
| Profit (loss) for the period to be appropriated | 9905 | €58,912 | €26,074 | -€32,838 | -55.7% |
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.