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 -€30,060
down €30,060 (-70.9%), from €42,405 to €12,345
mainly Net result for the year (-€26,526) and Tax, wage and social debts (-€9,450)
- Deferred charges and accrued income -€8,091
down €8,091 (-91.0%), from €8,896 to €804
- Tangible fixed assets -€5,230
down €5,230 (-86.5%), from €6,050 to €820
of which Furniture and vehicles: -€4,397
- Receivables within one year +€4,864
up €4,864 (+129%), from €3,757 to €8,620
of which Trade receivables: +€3,213
- Reserves -€23,864
down €23,864 (-62.2%), from €38,359 to €14,495
- Tax, wage and social debts -€9,450
down €9,450 (-66.9%), from €14,128 to €4,678
- Advances received -€6,011
no longer reported in 2025 (was €6,011)
- Trade debts +€4,538
up €4,538 (+297%), from €1,527 to €6,065
- Profit (loss) carried forward -€2,662
new in 2025: -€2,662
- Gross operating margin -€48,095
down €48,095, from €28,213 to -€19,882
- Taxes -€5,820
down €5,820 (-99.5%), from €5,851 to €31
- Financial charges -€1,058
down €1,058 (-94.6%), from €1,119 to €60
- Other operating charges +€804
up €804 (+149%), from €538 to €1,342
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 | €63,107 | €24,589 | -€38,518 | -61.0% |
| Fixed assets | 21/28 | €8,050 | €2,820 | -€5,230 | -65.0% |
| Tangible fixed assets | 22/27 | €6,050 | €820 | -€5,230 | -86.5% |
| Plant, machinery and equipment | 23 | €1,653 | €820 | -€833 | -50.4% |
| Furniture and vehicles | 24 | €4,397 | - | -€4,397 | |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €55,057 | €21,770 | -€33,287 | -60.5% |
| Amounts receivable within one year | 40/41 | €3,757 | €8,620 | +€4,864 | +129% |
| Trade receivables | 40 | €1,757 | €4,970 | +€3,213 | +183% |
| Other amounts receivable | 41 | €2,000 | €3,651 | +€1,651 | +82.5% |
| Cash at bank and in hand | 54/58 | €42,405 | €12,345 | -€30,060 | -70.9% |
| Deferred charges and accrued income | 490/1 | €8,896 | €804 | -€8,091 | -91.0% |
| Total equity and liabilities | 10/49 | €63,107 | €24,589 | -€38,518 | -61.0% |
| Equity | 10/15 | €40,359 | €13,833 | -€26,526 | -65.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €38,359 | €14,495 | -€23,864 | -62.2% |
| Distributable reserves | 133 | €38,359 | €14,495 | -€23,864 | -62.2% |
| Profit (loss) carried forward | 14 | - | -€2,662 | -€2,662 | |
| Amounts payable | 17/49 | €22,748 | €10,756 | -€11,992 | -52.7% |
| Amounts payable within one year | 42/48 | €22,748 | €10,743 | -€12,005 | -52.8% |
| Trade debts | 44 | €1,527 | €6,065 | +€4,538 | +297% |
| Suppliers | 440/4 | €1,527 | €6,065 | +€4,538 | +297% |
| Advances received on contracts in progress | 46 | €6,011 | - | -€6,011 | |
| Taxes, remuneration and social security | 45 | €14,128 | €4,678 | -€9,450 | -66.9% |
| Taxes | 450/3 | €14,128 | €4,678 | -€9,450 | -66.9% |
| Other amounts payable | 47/48 | €1,082 | - | -€1,082 | |
| Accrued charges and deferred income | 492/3 | - | €13 | +€13 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,378 | €5,230 | -€148 | -2.8% |
| Other operating charges | 640/8 | €538 | €1,342 | +€804 | +149% |
| Gross operating margin | 9900 | €28,213 | -€19,882 | -€48,095 | |
| Operating profit (loss) | 9901 | €22,296 | -€26,455 | -€48,751 | |
| Financial income | 75/76B | €1 | €20 | +€19 | +1,592% |
| Recurring financial income | 75 | €1 | €20 | +€19 | +1,592% |
| Financial charges | 65/66B | €1,119 | €60 | -€1,058 | -94.6% |
| Recurring financial charges | 65 | €1,119 | €60 | -€1,058 | -94.6% |
| Profit (loss) for the period before taxes | 9903 | €21,179 | -€26,495 | -€47,674 | |
| Income taxes | 67/77 | €5,851 | €31 | -€5,820 | -99.5% |
| Profit (loss) for the period | 9904 | €15,328 | -€26,526 | -€41,854 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,328 | -€26,526 | -€41,854 |
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 13 October 2026 via checked.be.