VICTOIRELEC: 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.
VICTOIRELEC
Largest movements
- Receivables within one year +€214,131
up €214,131 (+166%), from €129,095 to €343,226
of which Trade receivables: +€198,921
- Cash -€31,537
down €31,537 (-19.1%), from €165,527 to €133,989
mainly Receivables within one year (-€214,131) and Investment in fixed assets (net) (-€19,767)
- Tangible fixed assets +€14,255
up €14,255 (+50.5%), from €28,231 to €42,486
of which Furniture and vehicles: +€9,872
- Reserves +€195,985
up €195,985 (+88.4%), from €221,750 to €417,736
- Tax, wage and social debts +€17,951
up €17,951 (+20.2%), from €88,924 to €106,875
of which Taxes: +€19,029
- Other debts -€14,153
down €14,153 (-93.2%), from €15,187 to €1,034
- Trade debts -€6,549
down €6,549 (-38.4%), from €17,044 to €10,495
- Gross operating margin +€159,608
up €159,608 (+103%), from €154,574 to €314,182
- Taxes +€38,281
up €38,281 (+131%), from €29,165 to €67,446
- Depreciation -€8,387
down €8,387 (-60.3%), from €13,899 to €5,512
- Staff costs +€6,539
up €6,539 (+23.9%), from €27,366 to €33,905
- Write-downs +€5,553
new in 2025: €5,553
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 | €343,904 | €537,140 | +€193,235 | +56.2% |
| Fixed assets | 21/28 | €28,231 | €42,486 | +€14,255 | +50.5% |
| Tangible fixed assets | 22/27 | €28,231 | €42,486 | +€14,255 | +50.5% |
| Plant, machinery and equipment | 23 | €3,861 | €8,244 | +€4,382 | +113% |
| Furniture and vehicles | 24 | €24,370 | €34,242 | +€9,872 | +40.5% |
| Current assets | 29/58 | €315,673 | €494,654 | +€178,981 | +56.7% |
| Stocks and contracts in progress | 3 | €14,160 | €11,865 | -€2,294 | -16.2% |
| Stocks | 30/36 | €14,160 | €11,865 | -€2,294 | -16.2% |
| Amounts receivable within one year | 40/41 | €129,095 | €343,226 | +€214,131 | +166% |
| Trade receivables | 40 | €115,405 | €314,326 | +€198,921 | +172% |
| Other amounts receivable | 41 | €13,690 | €28,900 | +€15,210 | +111% |
| Cash at bank and in hand | 54/58 | €165,527 | €133,989 | -€31,537 | -19.1% |
| Deferred charges and accrued income | 490/1 | €6,892 | €5,574 | -€1,318 | -19.1% |
| Total equity and liabilities | 10/49 | €343,904 | €537,140 | +€193,235 | +56.2% |
| Equity | 10/15 | €222,750 | €418,736 | +€195,985 | +88.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €221,750 | €417,736 | +€195,985 | +88.4% |
| Distributable reserves | 133 | €221,750 | €417,736 | +€195,985 | +88.4% |
| Amounts payable | 17/49 | €121,154 | €118,404 | -€2,750 | -2.3% |
| Amounts payable within one year | 42/48 | €121,154 | €118,404 | -€2,750 | -2.3% |
| Trade debts | 44 | €17,044 | €10,495 | -€6,549 | -38.4% |
| Suppliers | 440/4 | €17,044 | €10,495 | -€6,549 | -38.4% |
| Taxes, remuneration and social security | 45 | €88,924 | €106,875 | +€17,951 | +20.2% |
| Taxes | 450/3 | €77,886 | €96,915 | +€19,029 | +24.4% |
| Remuneration and social security | 454/9 | €11,038 | €9,960 | -€1,078 | -9.8% |
| Other amounts payable | 47/48 | €15,187 | €1,034 | -€14,153 | -93.2% |
| Remuneration, social security and pensions | 62 | €27,366 | €33,905 | +€6,539 | +23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,899 | €5,512 | -€8,387 | -60.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,553 | +€5,553 | |
| Other operating charges | 640/8 | €1,634 | €3,977 | +€2,343 | +143% |
| Gross operating margin | 9900 | €154,574 | €314,182 | +€159,608 | +103% |
| Operating profit (loss) | 9901 | €111,674 | €265,234 | +€153,560 | +138% |
| Financial income | 75/76B | €298 | €104 | -€194 | -65.1% |
| Recurring financial income | 75 | €298 | €104 | -€194 | -65.1% |
| Financial charges | 65/66B | €1,430 | €1,907 | +€477 | +33.3% |
| Recurring financial charges | 65 | €1,430 | €1,907 | +€477 | +33.3% |
| Profit (loss) for the period before taxes | 9903 | €110,542 | €263,431 | +€152,889 | +138% |
| Income taxes | 67/77 | €29,165 | €67,446 | +€38,281 | +131% |
| Profit (loss) for the period | 9904 | €81,377 | €195,985 | +€114,609 | +141% |
| Profit (loss) for the period to be appropriated | 9905 | €81,377 | €195,985 | +€114,609 | +141% |
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 24 October 2026 via checked.be.