VICTOR: 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.
VICTOR
Largest movements
- Cash +€45,539
up €45,539 (+53.2%), from €85,625 to €131,165
mainly Net result for the year (+€206,636) and Other debts (+€73,750)
- Current investments +€36,000
up €36,000 (+240.0%), from €15,000 to €51,000
- Tangible fixed assets -€2,738
down €2,738 (-27.6%), from €9,920 to €7,182
of which Furniture and vehicles: -€2,336
- Receivables within one year -€2,672
down €2,672 (-54.2%), from €4,933 to €2,261
of which Other amounts receivable: -€3,072
- Other debts +€73,750
up €73,750 (+87.9%), from €83,900 to €157,650
- Reserves +€21,636
up €21,636 (+4800.4%), from €451 to €22,087
- Tax, wage and social debts -€15,401
down €15,401 (-70.7%), from €21,775 to €6,374
of which Taxes: -€13,901
- Current portion of long-term debt -€3,055
no longer reported in 2025 (was €3,055)
- Gross operating margin +€10,961
up €10,961 (+4.1%), from €266,017 to €276,978
- Financial income -€5,440
down €5,440 (-99.6%), from €5,460 to €20
- Depreciation -€4,840
down €4,840 (-49.4%), from €9,800 to €4,960
- Taxes +€3,746
up €3,746 (+6.3%), from €59,324 to €63,070
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 | €115,478 | €191,608 | +€76,130 | +65.9% |
| Fixed assets | 21/28 | €9,920 | €7,182 | -€2,738 | -27.6% |
| Tangible fixed assets | 22/27 | €9,920 | €7,182 | -€2,738 | -27.6% |
| Plant, machinery and equipment | 23 | €1,957 | €1,555 | -€402 | -20.5% |
| Furniture and vehicles | 24 | €7,963 | €5,627 | -€2,336 | -29.3% |
| Current assets | 29/58 | €105,558 | €184,426 | +€78,868 | +74.7% |
| Amounts receivable within one year | 40/41 | €4,933 | €2,261 | -€2,672 | -54.2% |
| Trade receivables | 40 | - | €400 | +€400 | |
| Other amounts receivable | 41 | €4,933 | €1,861 | -€3,072 | -62.3% |
| Current investments | 50/53 | €15,000 | €51,000 | +€36,000 | +240.0% |
| Cash at bank and in hand | 54/58 | €85,625 | €131,165 | +€45,539 | +53.2% |
| Total equity and liabilities | 10/49 | €115,478 | €191,608 | +€76,130 | +65.9% |
| Equity | 10/15 | €5,451 | €27,087 | +€21,636 | +396.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €451 | €22,087 | +€21,636 | +4800.4% |
| Distributable reserves | 133 | €451 | €22,087 | +€21,636 | +4800.4% |
| Amounts payable | 17/49 | €110,027 | €164,521 | +€54,494 | +49.5% |
| Amounts payable within one year | 42/48 | €110,027 | €164,521 | +€54,494 | +49.5% |
| Current portion of amounts payable after more than one year | 42 | €3,055 | - | -€3,055 | |
| Trade debts | 44 | €1,297 | €497 | -€800 | -61.7% |
| Suppliers | 440/4 | €1,297 | €497 | -€800 | -61.7% |
| Taxes, remuneration and social security | 45 | €21,775 | €6,374 | -€15,401 | -70.7% |
| Taxes | 450/3 | €20,275 | €6,374 | -€13,901 | -68.6% |
| Remuneration and social security | 454/9 | €1,500 | - | -€1,500 | |
| Other amounts payable | 47/48 | €83,900 | €157,650 | +€73,750 | +87.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,800 | €4,960 | -€4,840 | -49.4% |
| Other operating charges | 640/8 | €687 | €705 | +€18 | +2.7% |
| Gross operating margin | 9900 | €266,017 | €276,978 | +€10,961 | +4.1% |
| Operating profit (loss) | 9901 | €255,530 | €271,313 | +€15,783 | +6.2% |
| Financial income | 75/76B | €5,460 | €20 | -€5,440 | -99.6% |
| Recurring financial income | 75 | €5,460 | €20 | -€5,440 | -99.6% |
| Financial charges | 65/66B | €2,362 | €1,627 | -€736 | -31.1% |
| Recurring financial charges | 65 | €2,362 | €1,627 | -€736 | -31.1% |
| Profit (loss) for the period before taxes | 9903 | €258,627 | €269,706 | +€11,079 | +4.3% |
| Income taxes | 67/77 | €59,324 | €63,070 | +€3,746 | +6.3% |
| Profit (loss) for the period | 9904 | €199,303 | €206,636 | +€7,333 | +3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €199,303 | €206,636 | +€7,333 | +3.7% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.