VICTOR: 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.
VICTOR
Largest movements
- Cash -€20,192
down €20,192 (-69.7%), from €28,981 to €8,789
mainly Net result for the year (-€16,758) and Trade debts (-€12,952)
- Receivables within one year -€9,544
down €9,544 (-52.2%), from €18,293 to €8,749
of which Other amounts receivable: -€8,268
- Tangible fixed assets -€3,583
down €3,583 (-13.5%), from €26,470 to €22,887
of which Furniture and vehicles: -€2,602
- Stocks and contracts +€988
up €988 (+61.3%), from €1,613 to €2,601
- Profit (loss) carried forward -€16,758
down €16,758 (-399.9%), from -€4,191 to -€20,949
- Trade debts -€12,952
down €12,952 (-81.3%), from €15,924 to €2,972
- Debts after one year -€2,201
down €2,201 (-15.7%), from €14,018 to €11,818
- Other debts -€1,171
down €1,171 (-25.6%), from €4,573 to €3,402
- Accrued charges and deferred income +€784
up €784 (+1045.2%), from €75 to €859
- Gross operating margin -€10,515
down €10,515 (-94.8%), from €11,097 to €582
- Depreciation +€2,193
up €2,193 (+50.1%), from €4,379 to €6,572
- Financial income -€603
down €603 (-98.2%), from €614 to €11
- Other operating charges +€498
up €498 (+37.6%), from €1,326 to €1,824
- Financial charges -€299
down €299 (-48.2%), from €620 to €321
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 | €78,145 | €45,566 | -€32,579 | -41.7% |
| Fixed assets | 21/28 | €27,872 | €24,289 | -€3,583 | -12.9% |
| Tangible fixed assets | 22/27 | €26,470 | €22,887 | -€3,583 | -13.5% |
| Land and buildings | 22 | €8,830 | €7,849 | -€981 | -11.1% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €17,640 | €15,038 | -€2,602 | -14.8% |
| Financial fixed assets | 28 | €1,402 | €1,402 | -€0 | 0.0% |
| Current assets | 29/58 | €50,273 | €21,278 | -€28,995 | -57.7% |
| Stocks and contracts in progress | 3 | €1,613 | €2,601 | +€988 | +61.3% |
| Stocks | 30/36 | €1,613 | €2,601 | +€988 | +61.3% |
| Amounts receivable within one year | 40/41 | €18,293 | €8,749 | -€9,544 | -52.2% |
| Trade receivables | 40 | €1,276 | - | -€1,276 | |
| Other amounts receivable | 41 | €17,017 | €8,749 | -€8,268 | -48.6% |
| Cash at bank and in hand | 54/58 | €28,981 | €8,789 | -€20,192 | -69.7% |
| Deferred charges and accrued income | 490/1 | €1,386 | €1,139 | -€247 | -17.9% |
| Total equity and liabilities | 10/49 | €78,145 | €45,566 | -€32,579 | -41.7% |
| Equity | 10/15 | €42,831 | €26,073 | -€16,758 | -39.1% |
| Contributions | 10/11 | €30,987 | €30,987 | -€0 | 0.0% |
| Capital | 10 | €30,987 | - | -€30,987 | |
| Issued capital | 100 | €30,987 | - | -€30,987 | |
| Reserves | 13 | €16,035 | €16,035 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | -€0 | 0.0% |
| Legal reserve | 130 | €3,099 | - | -€3,099 | |
| Reserves not available under the articles | 1311 | - | €3,099 | +€3,099 | |
| Distributable reserves | 133 | €12,936 | €12,936 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€4,191 | -€20,949 | -€16,758 | -399.9% |
| Amounts payable | 17/49 | €35,314 | €19,494 | -€15,820 | -44.8% |
| Amounts payable after more than one year | 17 | €14,018 | €11,818 | -€2,201 | -15.7% |
| Other amounts payable | 178/9 | €14,018 | €11,818 | -€2,201 | -15.7% |
| Amounts payable within one year | 42/48 | €21,221 | €6,817 | -€14,404 | -67.9% |
| Trade debts | 44 | €15,924 | €2,972 | -€12,952 | -81.3% |
| Suppliers | 440/4 | €15,924 | €2,972 | -€12,952 | -81.3% |
| Taxes, remuneration and social security | 45 | €724 | €443 | -€281 | -38.7% |
| Taxes | 450/3 | €724 | €443 | -€281 | -38.7% |
| Other amounts payable | 47/48 | €4,573 | €3,402 | -€1,171 | -25.6% |
| Accrued charges and deferred income | 492/3 | €75 | €859 | +€784 | +1045.2% |
| Non-recurring operating income | 76A | - | €2,763 | +€2,763 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,379 | €6,572 | +€2,193 | +50.1% |
| Other operating charges | 640/8 | €1,326 | €1,824 | +€498 | +37.6% |
| Non-recurring operating charges | 66A | €159 | €8,493 | +€8,334 | +5241.6% |
| Gross operating margin | 9900 | €11,097 | €582 | -€10,515 | -94.8% |
| Operating profit (loss) | 9901 | €5,233 | -€16,307 | -€21,540 | |
| Financial income | 75/76B | €614 | €11 | -€603 | -98.2% |
| Recurring financial income | 75 | €614 | €11 | -€603 | -98.2% |
| Financial charges | 65/66B | €620 | €321 | -€299 | -48.2% |
| Recurring financial charges | 65 | €620 | €321 | -€299 | -48.2% |
| Profit (loss) for the period before taxes | 9903 | €5,227 | -€16,617 | -€21,844 | |
| Income taxes | 67/77 | €438 | €141 | -€297 | -67.9% |
| Profit (loss) for the period | 9904 | €4,789 | -€16,758 | -€21,547 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,789 | -€16,758 | -€21,547 |
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 9 October 2026 via checked.be.