Vico: what changed
Two fiscal 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.
Vico
Largest movements
- Intangible fixed assets +€2.2m
new in 2025: €2.2m
- Receivables within one year +€2.1m
up €2.1m (+90.8%), from €2.4m to €4.5m
of which Trade receivables: +€1.9m
- Financial fixed assets +€1.8m
up €1.8m (+14.6%), from €12.2m to €14.0m
- Cash -€695,369
down €695,369 (-100.0%), from €695,369 to €0
mainly Investment in fixed assets (net) (-€4.2m) and Receivables within one year (-€2.1m)
- Debts after one year +€2.6m
up €2.6m (+14940.3%), from €17,643 to €2.7m
- Other debts +€1.5m
up €1.5m (+14.4%), from €10.6m to €12.1m
- Reserves +€633,103
up €633,103 (+653.1%), from €96,932 to €730,035
- Current portion of long-term debt +€457,587
up €457,587 (+5026.4%), from €9,104 to €466,690
- Gross operating margin +€930,211
up €930,211 (+82.9%), from €1.1m to €2.1m
- Financial charges -€278,452
down €278,452 (-48.7%), from €572,194 to €293,742
- Taxes +€238,784
up €238,784 (+1960.4%), from €12,180 to €250,965
- Staff costs +€221,880
up €221,880 (+35.8%), from €619,520 to €841,400
- Depreciation +€97,835
up €97,835 (+1065.3%), from €9,183 to €107,018
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.
Cash bridge derived
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 | €15,264,064 | €20,817,534 | +€5.6m | +36.4% |
| Fixed assets | 21/28 | €12,209,807 | €16,315,154 | +€4.1m | +33.6% |
| Intangible fixed assets | 21 | - | €2,196,464 | +€2.2m | |
| Tangible fixed assets | 22/27 | €26,011 | €150,887 | +€124,876 | +480.1% |
| Furniture and vehicles | 24 | - | €32,869 | +€32,869 | |
| Leasing and similar rights | 25 | €26,011 | €118,018 | +€92,006 | +353.7% |
| Financial fixed assets | 28 | €12,183,795 | €13,967,803 | +€1.8m | +14.6% |
| Current assets | 29/58 | €3,054,258 | €4,502,380 | +€1.4m | +47.4% |
| Amounts receivable within one year | 40/41 | €2,357,960 | €4,499,543 | +€2.1m | +90.8% |
| Trade receivables | 40 | €159,997 | €2,043,543 | +€1.9m | +1177.2% |
| Other amounts receivable | 41 | €2,197,963 | €2,456,000 | +€258,037 | +11.7% |
| Cash at bank and in hand | 54/58 | €695,369 | €0 | -€695,369 | -100.0% |
| Deferred charges and accrued income | 490/1 | €929 | €2,836 | +€1,908 | +205.4% |
| Total equity and liabilities | 10/49 | €15,264,064 | €20,817,534 | +€5.6m | +36.4% |
| Equity | 10/15 | €596,932 | €1,230,035 | +€633,103 | +106.1% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €96,932 | €730,035 | +€633,103 | +653.1% |
| Distributable reserves | 133 | €96,932 | €730,035 | +€633,103 | +653.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €14,667,132 | €19,587,499 | +€4.9m | +33.5% |
| Amounts payable after more than one year | 17 | €17,643 | €2,653,490 | +€2.6m | +14940.3% |
| Financial debts | 170/4 | €17,643 | €2,653,490 | +€2.6m | +14940.3% |
| Amounts payable within one year | 42/48 | €14,649,489 | €16,934,009 | +€2.3m | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €9,104 | €466,690 | +€457,587 | +5026.4% |
| Financial debts | 43 | €3,821,000 | €4,002,780 | +€181,780 | +4.8% |
| Credit institutions | 430/8 | €3,821,000 | €4,002,780 | +€181,780 | +4.8% |
| Trade debts | 44 | €181,482 | €171,900 | -€9,582 | -5.3% |
| Suppliers | 440/4 | €181,482 | €171,900 | -€9,582 | -5.3% |
| Taxes, remuneration and social security | 45 | €79,838 | €216,601 | +€136,763 | +171.3% |
| Taxes | 450/3 | €12,389 | €129,707 | +€117,317 | +946.9% |
| Remuneration and social security | 454/9 | €67,448 | €86,894 | +€19,446 | +28.8% |
| Other amounts payable | 47/48 | €10,558,065 | €12,076,037 | +€1.5m | +14.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €619,520 | €841,400 | +€221,880 | +35.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,183 | €107,018 | +€97,835 | +1065.3% |
| Other operating charges | 640/8 | €3,440 | €4,402 | +€962 | +28.0% |
| Gross operating margin | 9900 | €1,121,988 | €2,052,199 | +€930,211 | +82.9% |
| Operating profit (loss) | 9901 | €489,845 | €1,099,379 | +€609,534 | +124.4% |
| Financial income | 75/76B | €143,723 | €78,430 | -€65,294 | -45.4% |
| Recurring financial income | 75 | €143,723 | €78,430 | -€65,294 | -45.4% |
| Financial charges | 65/66B | €572,194 | €293,742 | -€278,452 | -48.7% |
| Recurring financial charges | 65 | €572,194 | €293,742 | -€278,452 | -48.7% |
| Profit (loss) for the period before taxes | 9903 | €61,374 | €884,067 | +€822,693 | +1340.4% |
| Income taxes | 67/77 | €12,180 | €250,965 | +€238,784 | +1960.4% |
| Profit (loss) for the period | 9904 | €49,194 | €633,103 | +€583,909 | +1187.0% |
| Profit (loss) for the period to be appropriated | 9905 | €49,194 | €633,103 | +€583,909 | +1187.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.