VICTAR: 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.
VICTAR
Largest movements
- Tangible fixed assets -€227,125
down €227,125 (-5.1%), from €4.4m to €4.2m
of which Land and buildings: -€240,805
- Current investments +€158,426
up €158,426 (+5.8%), from €2.7m to €2.9m
No liability line moved by more than 1% of the balance sheet total.
- Depreciation -€107,502
down €107,502 (-30.5%), from €352,901 to €245,399
- Financial income -€38,612
down €38,612 (-38.0%), from €101,571 to €62,959
- Financial charges -€2,416
down €2,416 (-7.8%), from €30,800 to €28,384
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 | €7,280,812 | €7,269,862 | -€10,950 | -0.2% |
| Fixed assets | 21/28 | €4,440,958 | €4,213,833 | -€227,125 | -5.1% |
| Tangible fixed assets | 22/27 | €4,440,958 | €4,213,833 | -€227,125 | -5.1% |
| Land and buildings | 22 | €4,436,721 | €4,195,915 | -€240,805 | -5.4% |
| Plant, machinery and equipment | 23 | €4,237 | €17,918 | +€13,681 | +322.9% |
| Current assets | 29/58 | €2,839,854 | €3,056,030 | +€216,175 | +7.6% |
| Amounts receivable within one year | 40/41 | €49,028 | €82,540 | +€33,512 | +68.4% |
| Trade receivables | 40 | €7,907 | €15,496 | +€7,590 | +96.0% |
| Other amounts receivable | 41 | €41,121 | €67,043 | +€25,922 | +63.0% |
| Current investments | 50/53 | €2,745,000 | €2,903,426 | +€158,426 | +5.8% |
| Cash at bank and in hand | 54/58 | €33,509 | €63,494 | +€29,985 | +89.5% |
| Deferred charges and accrued income | 490/1 | €12,317 | €6,570 | -€5,747 | -46.7% |
| Total equity and liabilities | 10/49 | €7,280,812 | €7,269,862 | -€10,950 | -0.2% |
| Equity | 10/15 | €6,849,465 | €6,848,261 | -€1,204 | 0.0% |
| Contributions | 10/11 | €8,000,000 | €8,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,150,535 | -€1,151,739 | -€1,204 | -0.1% |
| Amounts payable | 17/49 | €431,347 | €421,601 | -€9,746 | -2.3% |
| Amounts payable within one year | 42/48 | €431,347 | €419,684 | -€11,663 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €19,685 | €13,710 | -€5,975 | -30.4% |
| Trade debts | 44 | €10,952 | €4,334 | -€6,618 | -60.4% |
| Suppliers | 440/4 | €10,952 | €4,334 | -€6,618 | -60.4% |
| Taxes, remuneration and social security | 45 | €710 | €1,641 | +€930 | +131.0% |
| Taxes | 450/3 | €710 | €1,641 | +€930 | +131.0% |
| Other amounts payable | 47/48 | €400,000 | €400,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €1,917 | +€1,917 | |
| Non-recurring operating income | 76A | €432 | €3,957 | +€3,526 | +816.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €352,901 | €245,399 | -€107,502 | -30.5% |
| Other operating charges | 640/8 | €26,233 | €24,064 | -€2,168 | -8.3% |
| Gross operating margin | 9900 | €232,076 | €233,655 | +€1,579 | +0.7% |
| Operating profit (loss) | 9901 | -€147,058 | -€35,808 | +€111,250 | +75.7% |
| Financial income | 75/76B | €101,571 | €62,959 | -€38,612 | -38.0% |
| Recurring financial income | 75 | €101,571 | €62,959 | -€38,612 | -38.0% |
| Financial charges | 65/66B | €30,800 | €28,384 | -€2,416 | -7.8% |
| Recurring financial charges | 65 | €30,800 | €28,384 | -€2,416 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | -€76,287 | -€1,233 | +€75,054 | +98.4% |
| Income taxes | 67/77 | €192 | -€29 | -€221 | |
| Profit (loss) for the period | 9904 | -€76,479 | -€1,204 | +€75,275 | +98.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€76,479 | -€1,204 | +€75,275 | +98.4% |
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.