VICRE: 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.
VICRE
Largest movements
- Receivables within one year -€277,136
down €277,136 (-50.4%), from €549,484 to €272,348
of which Trade receivables: -€247,335
- Intangible fixed assets -€32,148
down €32,148 (-14.7%), from €218,529 to €186,380
- Cash +€31,869
up €31,869 (+74.8%), from €42,603 to €74,472
mainly Receivables within one year (+€277,136) and Depreciation (+€87,234)
- Tangible fixed assets +€18,579
up €18,579 (+33.8%), from €55,004 to €73,583
of which Furniture and vehicles: +€18,769
- Other debts -€160,563
down €160,563 (-34.8%), from €461,110 to €300,547
- Trade debts -€114,273
down €114,273 (-42.6%), from €268,304 to €154,031
- Reserves +€11,554
up €11,554 (+10.7%), from €107,500 to €119,054
- Gross operating margin +€89,893
up €89,893 (+31.2%), from €288,155 to €378,049
- Staff costs +€78,906
up €78,906 (+42.3%), from €186,609 to €265,515
- Taxes +€6,888
up €6,888 (+161%), from €4,291 to €11,180
- Depreciation +€4,171
up €4,171 (+5.0%), from €83,063 to €87,234
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 | €876,727 | €615,923 | -€260,803 | -29.7% |
| Fixed assets | 21/28 | €282,673 | €269,103 | -€13,570 | -4.8% |
| Intangible fixed assets | 21 | €218,529 | €186,380 | -€32,148 | -14.7% |
| Tangible fixed assets | 22/27 | €55,004 | €73,583 | +€18,579 | +33.8% |
| Furniture and vehicles | 24 | €54,814 | €73,583 | +€18,769 | +34.2% |
| Other tangible fixed assets | 26 | €191 | €0 | -€191 | -100% |
| Financial fixed assets | 28 | €9,140 | €9,140 | = | 0.0% |
| Current assets | 29/58 | €594,054 | €346,820 | -€247,234 | -41.6% |
| Amounts receivable within one year | 40/41 | €549,484 | €272,348 | -€277,136 | -50.4% |
| Trade receivables | 40 | €494,820 | €247,485 | -€247,335 | -50.0% |
| Other amounts receivable | 41 | €54,664 | €24,863 | -€29,801 | -54.5% |
| Cash at bank and in hand | 54/58 | €42,603 | €74,472 | +€31,869 | +74.8% |
| Deferred charges and accrued income | 490/1 | €1,967 | €0 | -€1,967 | -100% |
| Total equity and liabilities | 10/49 | €876,727 | €615,923 | -€260,803 | -29.7% |
| Equity | 10/15 | €127,570 | €139,124 | +€11,554 | +9.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €107,500 | €119,054 | +€11,554 | +10.7% |
| Distributable reserves | 133 | €107,500 | €119,054 | +€11,554 | +10.7% |
| Profit (loss) carried forward | 14 | €1,470 | €1,470 | = | 0.0% |
| Amounts payable | 17/49 | €749,157 | €476,799 | -€272,358 | -36.4% |
| Amounts payable within one year | 42/48 | €749,157 | €476,770 | -€272,387 | -36.4% |
| Trade debts | 44 | €268,304 | €154,031 | -€114,273 | -42.6% |
| Suppliers | 440/4 | €268,304 | €154,031 | -€114,273 | -42.6% |
| Taxes, remuneration and social security | 45 | €19,743 | €22,192 | +€2,449 | +12.4% |
| Taxes | 450/3 | €42 | €0 | -€42 | -100% |
| Remuneration and social security | 454/9 | €19,701 | €22,192 | +€2,491 | +12.6% |
| Other amounts payable | 47/48 | €461,110 | €300,547 | -€160,563 | -34.8% |
| Accrued charges and deferred income | 492/3 | - | €29 | +€29 | |
| Non-recurring operating income | 76A | €0 | €17,609 | +€17,609 | |
| Remuneration, social security and pensions | 62 | €186,609 | €265,515 | +€78,906 | +42.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,063 | €87,234 | +€4,171 | +5.0% |
| Other operating charges | 640/8 | €2,768 | €1,757 | -€1,010 | -36.5% |
| Gross operating margin | 9900 | €288,155 | €378,049 | +€89,893 | +31.2% |
| Operating profit (loss) | 9901 | €15,715 | €23,542 | +€7,827 | +49.8% |
| Financial income | 75/76B | €94 | €230 | +€136 | +145% |
| Recurring financial income | 75 | €94 | €230 | +€136 | +145% |
| Financial charges | 65/66B | €927 | €1,038 | +€111 | +11.9% |
| Recurring financial charges | 65 | €927 | €1,038 | +€111 | +11.9% |
| Profit (loss) for the period before taxes | 9903 | €14,882 | €22,734 | +€7,852 | +52.8% |
| Income taxes | 67/77 | €4,291 | €11,180 | +€6,888 | +161% |
| Profit (loss) for the period | 9904 | €10,590 | €11,554 | +€964 | +9.1% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €10,590 | €11,554 | +€964 | +9.1% |
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 16 October 2026 via checked.be.