VICOVAL: 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.
VICOVAL
Largest movements
- Receivables after one year -€150,000
down €150,000 (-100.0%), from €150,000 to €0
- Cash +€96,226
up €96,226 (+27.6%), from €349,144 to €445,370
mainly Receivables after one year (+€150,000) and Depreciation (+€70,556)
- Tangible fixed assets -€48,673
down €48,673 (-4.7%), from €1.0m to €982,826
of which Land and buildings: -€46,541
- Reserves -€127,946
down €127,946 (-8.2%), from €1.6m to €1.4m
of which Distributable reserves: -€127,600
- Gross operating margin -€97,081
down €97,081 (-39.2%), from €247,651 to €150,570
- Depreciation -€46,317
down €46,317 (-39.6%), from €116,873 to €70,556
- Taxes -€20,172
down €20,172 (-44.3%), from €45,537 to €25,365
- Other operating charges +€11,829
up €11,829 (+707.5%), from €1,672 to €13,501
- Financial income -€6,203
down €6,203 (-58.7%), from €10,570 to €4,367
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 | €1,583,705 | €1,461,216 | -€122,489 | -7.7% |
| Fixed assets | 21/28 | €1,031,594 | €982,921 | -€48,673 | -4.7% |
| Tangible fixed assets | 22/27 | €1,031,499 | €982,826 | -€48,673 | -4.7% |
| Land and buildings | 22 | €1,016,353 | €969,812 | -€46,541 | -4.6% |
| Plant, machinery and equipment | 23 | €4,840 | €4,840 | = | 0.0% |
| Furniture and vehicles | 24 | €10,306 | €8,174 | -€2,132 | -20.7% |
| Financial fixed assets | 28 | €95 | €95 | -€0 | -0.1% |
| Current assets | 29/58 | €552,111 | €478,295 | -€73,816 | -13.4% |
| Amounts receivable after more than one year | 29 | €150,000 | €0 | -€150,000 | -100.0% |
| Other amounts receivable | 291 | €150,000 | €0 | -€150,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €35,929 | €20,790 | -€15,139 | -42.1% |
| Other amounts receivable | 41 | €35,929 | €20,790 | -€15,139 | -42.1% |
| Cash at bank and in hand | 54/58 | €349,144 | €445,370 | +€96,226 | +27.6% |
| Deferred charges and accrued income | 490/1 | €17,039 | €12,135 | -€4,904 | -28.8% |
| Total equity and liabilities | 10/49 | €1,583,705 | €1,461,216 | -€122,489 | -7.7% |
| Equity | 10/15 | €1,575,873 | €1,447,968 | -€127,905 | -8.1% |
| Contributions | 10/11 | €2,789 | €2,789 | -€0 | 0.0% |
| Reserves | 13 | €1,564,840 | €1,436,894 | -€127,946 | -8.2% |
| Non-distributable reserves | 130/1 | €73,984 | €73,984 | -€0 | 0.0% |
| Other | 1319 | €73,984 | €73,984 | -€0 | 0.0% |
| Tax-exempt reserves | 132 | €6,679 | €6,333 | -€346 | -5.2% |
| Distributable reserves | 133 | €1,484,177 | €1,356,577 | -€127,600 | -8.6% |
| Profit (loss) carried forward | 14 | €8,244 | €8,285 | +€41 | +0.5% |
| Provisions and deferred taxes | 16 | €2,196 | €2,082 | -€114 | -5.2% |
| Deferred taxes | 168 | €2,196 | €2,082 | -€114 | -5.2% |
| Amounts payable | 17/49 | €5,637 | €11,166 | +€5,529 | +98.1% |
| Amounts payable within one year | 42/48 | €4,942 | €7,497 | +€2,555 | +51.7% |
| Trade debts | 44 | €4,604 | €4,955 | +€351 | +7.6% |
| Suppliers | 440/4 | €4,604 | €4,955 | +€351 | +7.6% |
| Taxes, remuneration and social security | 45 | - | €2,204 | +€2,204 | |
| Taxes | 450/3 | - | €2,204 | +€2,204 | |
| Other amounts payable | 47/48 | €338 | €338 | -€0 | 0.0% |
| Accrued charges and deferred income | 492/3 | €695 | €3,669 | +€2,974 | +427.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,873 | €70,556 | -€46,317 | -39.6% |
| Other operating charges | 640/8 | €1,672 | €13,501 | +€11,829 | +707.5% |
| Gross operating margin | 9900 | €247,651 | €150,570 | -€97,081 | -39.2% |
| Operating profit (loss) | 9901 | €129,106 | €66,513 | -€62,593 | -48.5% |
| Financial income | 75/76B | €10,570 | €4,367 | -€6,203 | -58.7% |
| Recurring financial income | 75 | €10,570 | €4,367 | -€6,203 | -58.7% |
| Financial charges | 65/66B | €1,205 | €533 | -€672 | -55.8% |
| Recurring financial charges | 65 | €1,205 | €533 | -€672 | -55.8% |
| Profit (loss) for the period before taxes | 9903 | €138,472 | €70,347 | -€68,125 | -49.2% |
| Transfer from deferred taxes | 780 | €114 | €114 | -€0 | -0.4% |
| Income taxes | 67/77 | €45,537 | €25,365 | -€20,172 | -44.3% |
| Profit (loss) for the period | 9904 | €93,049 | €45,095 | -€47,954 | -51.5% |
| Transfer from tax-exempt reserves | 789 | €345 | €345 | +€0 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €93,394 | €45,440 | -€47,954 | -51.3% |
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 6 October 2026 via checked.be.