Victoire 98: 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.
Victoire 98
Largest movements
- Receivables within one year -€10,678
down €10,678 (-38.5%), from €27,701 to €17,023
of which Other amounts receivable: -€9,580
- Cash +€5,741
up €5,741 (+2,144%), from €268 to €6,009
mainly Depreciation (+€11,188) and Receivables within one year (+€10,678)
- Tangible fixed assets -€5,228
down €5,228 (-7.2%), from €72,281 to €67,053
of which Land and buildings: -€5,949
- Financial fixed assets +€4,631
up €4,631 (+96.2%), from €4,812 to €9,443
- Trade debts -€6,276
down €6,276 (-55.5%), from €11,301 to €5,025
- Investment grants +€4,945
up €4,945 (+149%), from €3,323 to €8,267
- Profit (loss) carried forward -€4,854
down €4,854 (-22.1%), from €22,011 to €17,158
- Tax, wage and social debts +€2,050
up €2,050 (+37.9%), from €5,413 to €7,463
of which Remuneration and social security: +€1,468
- Current portion of long-term debt -€1,377
no longer reported in 2025 (was €1,377)
- Gross operating margin -€2,694
down €2,694 (-5.6%), from €47,996 to €45,302
- Purchases and services +€1,499
up €1,499 (+9.0%), from €16,670 to €18,169
- Depreciation +€1,360
up €1,360 (+13.8%), from €9,828 to €11,188
- Staff costs +€817
up €817 (+2.2%), from €37,754 to €38,571
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 | €105,503 | €99,987 | -€5,515 | -5.2% |
| Fixed assets | 21/28 | €77,094 | €76,496 | -€598 | -0.8% |
| Tangible fixed assets | 22/27 | €72,281 | €67,053 | -€5,228 | -7.2% |
| Land and buildings | 22 | €37,680 | €31,730 | -€5,949 | -15.8% |
| Plant, machinery and equipment | 23 | €34,602 | €35,323 | +€721 | +2.1% |
| Financial fixed assets | 28 | €4,812 | €9,443 | +€4,631 | +96.2% |
| Current assets | 29/58 | €28,409 | €23,491 | -€4,918 | -17.3% |
| Amounts receivable within one year | 40/41 | €27,701 | €17,023 | -€10,678 | -38.5% |
| Trade receivables | 40 | €8,788 | €7,690 | -€1,098 | -12.5% |
| Other amounts receivable | 41 | €18,912 | €9,333 | -€9,580 | -50.7% |
| Cash at bank and in hand | 54/58 | €268 | €6,009 | +€5,741 | +2,144% |
| Deferred charges and accrued income | 490/1 | €440 | €459 | +€19 | +4.3% |
| Total equity and liabilities | 10/49 | €105,503 | €99,987 | -€5,515 | -5.2% |
| Equity | 10/15 | €78,484 | €78,575 | +€91 | +0.1% |
| Contributions | 10/11 | €9,916 | €9,916 | = | 0.0% |
| Capital | 10 | €9,916 | €9,916 | = | 0.0% |
| Reserves | 13 | €43,235 | €43,235 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,011 | €17,158 | -€4,854 | -22.1% |
| Investment grants | 15 | €3,323 | €8,267 | +€4,945 | +149% |
| Amounts payable | 17/49 | €27,018 | €21,412 | -€5,606 | -20.7% |
| Amounts payable after more than one year | 17 | €8,924 | €8,924 | = | 0.0% |
| Other amounts payable | 178/9 | €8,924 | €8,924 | = | 0.0% |
| Amounts payable within one year | 42/48 | €18,091 | €12,488 | -€5,603 | -31.0% |
| Current portion of amounts payable after more than one year | 42 | €1,377 | - | -€1,377 | |
| Trade debts | 44 | €11,301 | €5,025 | -€6,276 | -55.5% |
| Suppliers | 440/4 | €11,301 | €5,025 | -€6,276 | -55.5% |
| Taxes, remuneration and social security | 45 | €5,413 | €7,463 | +€2,050 | +37.9% |
| Taxes | 450/3 | €184 | €766 | +€582 | +316% |
| Remuneration and social security | 454/9 | €5,229 | €6,697 | +€1,468 | +28.1% |
| Accrued charges and deferred income | 492/3 | €3 | - | -€3 | |
| Goods, raw materials, services and sundry goods | 60/61 | €16,670 | €18,169 | +€1,499 | +9.0% |
| Remuneration, social security and pensions | 62 | €37,754 | €38,571 | +€817 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,828 | €11,188 | +€1,360 | +13.8% |
| Other operating charges | 640/8 | €330 | €333 | +€3 | +0.8% |
| Gross operating margin | 9900 | €47,996 | €45,302 | -€2,694 | -5.6% |
| Operating profit (loss) | 9901 | €84 | -€4,790 | -€4,874 | |
| Financial income | 75/76B | €33 | - | -€33 | |
| Recurring financial income | 75 | €33 | - | -€33 | |
| Financial charges | 65/66B | €150 | €64 | -€87 | -57.6% |
| Recurring financial charges | 65 | €150 | €64 | -€87 | -57.6% |
| Profit (loss) for the period before taxes | 9903 | -€34 | -€4,854 | -€4,820 | -14,389% |
| Profit (loss) for the period | 9904 | -€34 | -€4,854 | -€4,820 | -14,389% |
| Profit (loss) for the period to be appropriated | 9905 | -€34 | -€4,854 | -€4,820 | -14,389% |
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 23 October 2026 via checked.be.