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
- Receivables within one year +€73,609
up €73,609 (+198.0%), from €37,171 to €110,780
of which Other amounts receivable: +€71,166
- Tangible fixed assets -€54,312
down €54,312 (-3.7%), from €1.5m to €1.4m
of which Land and buildings: -€43,811
- Current investments +€50,000
up €50,000 (+11.1%), from €450,000 to €500,000
- Cash +€31,497
up €31,497 (+4.0%), from €793,035 to €824,532
mainly Net result for the year (+€85,784) and Depreciation (+€72,798)
- Debts after one year -€49,749
down €49,749 (-9.7%), from €513,312 to €463,563
- Profit (loss) carried forward +€42,892
up €42,892 (+7.6%), from €567,267 to €610,159
- Debts within one year +€39,768
up €39,768 (+8.8%), from €453,832 to €493,600
of which Current portion of long-term debt: +€49,749
- Reserves +€39,138
up €39,138 (+3.4%), from €1.1m to €1.2m
- Gross operating margin +€106,118
up €106,118 (+4.1%), from €2.6m to €2.7m
- Staff costs +€101,739
up €101,739 (+4.3%), from €2.4m to €2.5m
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 | €2,764,149 | €2,867,434 | +€103,285 | +3.7% |
| Fixed assets | 21/28 | €1,478,681 | €1,428,451 | -€50,230 | -3.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €1,460,599 | €1,406,287 | -€54,312 | -3.7% |
| Land and buildings | 22 | €1,432,073 | €1,388,262 | -€43,811 | -3.1% |
| Plant, machinery and equipment | 23 | €20,762 | €13,372 | -€7,390 | -35.6% |
| Furniture and vehicles | 24 | €7,764 | €4,653 | -€3,111 | -40.1% |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Assets under construction and advance payments | 27 | €0 | €0 | = | |
| Financial fixed assets | 28 | €18,082 | €22,164 | +€4,082 | +22.6% |
| Current assets | 29/58 | €1,285,468 | €1,438,983 | +€153,515 | +11.9% |
| Amounts receivable within one year | 40/41 | €37,171 | €110,780 | +€73,609 | +198.0% |
| Trade receivables | 40 | €13,261 | €15,704 | +€2,443 | +18.4% |
| Other amounts receivable | 41 | €23,910 | €95,076 | +€71,166 | +297.6% |
| Current investments | 50/53 | €450,000 | €500,000 | +€50,000 | +11.1% |
| Cash at bank and in hand | 54/58 | €793,035 | €824,532 | +€31,497 | +4.0% |
| Deferred charges and accrued income | 490/1 | €5,262 | €3,671 | -€1,591 | -30.2% |
| Total equity and liabilities | 10/49 | €2,764,149 | €2,867,434 | +€103,285 | +3.7% |
| Equity | 10/15 | €1,764,201 | €1,846,231 | +€82,030 | +4.6% |
| Contributions | 10/11 | €56,257 | €56,257 | = | 0.0% |
| Capital | 10 | €56,257 | €56,257 | = | 0.0% |
| Reserves | 13 | €1,140,677 | €1,179,815 | +€39,138 | +3.4% |
| Profit (loss) carried forward | 14 | €567,267 | €610,159 | +€42,892 | +7.6% |
| Provisions and deferred taxes | 16 | €32,804 | €50,000 | +€17,196 | +52.4% |
| Provisions for liabilities and charges | 160/5 | €32,804 | €50,000 | +€17,196 | +52.4% |
| Other liabilities and charges | 164/5 | €32,804 | €50,000 | +€17,196 | +52.4% |
| Amounts payable | 17/49 | €967,144 | €971,203 | +€4,059 | +0.4% |
| Amounts payable after more than one year | 17 | €513,312 | €463,563 | -€49,749 | -9.7% |
| Financial debts | 170/4 | €513,312 | €463,563 | -€49,749 | -9.7% |
| Amounts payable within one year | 42/48 | €453,832 | €493,600 | +€39,768 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | - | €49,749 | +€49,749 | |
| Financial debts | 43 | €49,312 | - | -€49,312 | |
| Other loans | 439 | €49,312 | - | -€49,312 | |
| Trade debts | 44 | €14,412 | €7,518 | -€6,894 | -47.8% |
| Suppliers | 440/4 | €14,412 | €7,518 | -€6,894 | -47.8% |
| Taxes, remuneration and social security | 45 | €390,108 | €432,579 | +€42,471 | +10.9% |
| Taxes | 450/3 | €81,210 | €87,103 | +€5,893 | +7.3% |
| Remuneration and social security | 454/9 | €308,898 | €345,476 | +€36,578 | +11.8% |
| Accrued charges and deferred income | 492/3 | - | €14,040 | +€14,040 | |
| Turnover | 70 | €68,630 | €74,209 | +€5,579 | +8.1% |
| Membership fees, donations, legacies and grants | 73 | €2,508,575 | €2,595,574 | +€86,999 | +3.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €158,950 | €168,509 | +€9,559 | +6.0% |
| Remuneration, social security and pensions | 62 | €2,358,702 | €2,460,441 | +€101,739 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,343 | €72,798 | +€3,455 | +5.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €508 | +€508 | |
| Other operating charges | 640/8 | €24,563 | €42,725 | +€18,162 | +73.9% |
| Gross operating margin | 9900 | €2,578,706 | €2,684,824 | +€106,118 | +4.1% |
| Operating profit (loss) | 9901 | €93,294 | €91,156 | -€2,138 | -2.3% |
| Financial income | 75/76B | €17,902 | €13,954 | -€3,948 | -22.1% |
| Recurring financial income | 75 | €17,902 | €13,954 | -€3,948 | -22.1% |
| Financial charges | 65/66B | €5,882 | €5,304 | -€578 | -9.8% |
| Recurring financial charges | 65 | €5,882 | €5,304 | -€578 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €105,314 | €99,806 | -€5,508 | -5.2% |
| Income taxes | 67/77 | €13,897 | €14,022 | +€125 | +0.9% |
| Profit (loss) for the period | 9904 | €91,417 | €85,784 | -€5,633 | -6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €91,417 | €85,784 | -€5,633 | -6.2% |
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 12 October 2026 via checked.be.