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.
What changed
VICTOR
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€188,888
2024 · €398,409-€209,521
Equity
€5.6m
2024 · €5.6m+€38,888
Cash
€935,451
2024 · €2.0m-€1.1m
Balance sheet total
€10.5m
2024 · €11.2m-€745,399
Largest movements
Assets
- Cash -€1.1m
down €1.1m (-53.2%), from €2.0m to €935,451
mainly Other debts (-€495,083) and Debts after one year (-€414,426)
- Receivables within one year +€313,864
up €313,864 (+25.3%), from €1.2m to €1.6m
of which Other amounts receivable: +€317,415
Equity and liabilities
- Other debts -€495,083
down €495,083 (-13.3%), from €3.7m to €3.2m
- Debts after one year -€414,426
down €414,426 (-32.8%), from €1.3m to €847,911
of which Other amounts payable: -€242,857
- Profit (loss) carried forward +€199,923
up €199,923 (+7.9%), from €2.5m to €2.7m
- Reserves -€161,036
down €161,036 (-7.2%), from €2.2m to €2.1m
of which Distributable reserves: -€150,000
- Current portion of long-term debt +€124,694
up €124,694 (+38.3%), from €325,984 to €450,677
Income statement
- Gross operating margin -€190,380
down €190,380 (-25.2%), from €755,966 to €565,586
- Financial charges +€80,633
up €80,633 (+60.3%), from €133,672 to €214,305
of which Financial charges: +€72,062
- Financial income -€73,731
down €73,731 (-31.9%), from €231,236 to €157,505
- Taxes -€66,289
down €66,289 (-58.3%), from €113,747 to €47,457
- Provisions -€37,500
new in 2025: -€37,500
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.
Result 2024
€398,409
Gross operating margin
-€190,380
Staff costs
+€33,432
Depreciation
-€4,734
Provisions
+€37,500
Other operating charges
+€604
Other operating items
+€1,860
Financial income
-€73,731
Financial charges
-€80,633
Taxes
+€66,289
Deferred taxes and other
+€272
Result 2025
€188,888
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€518,344
Investment
-€107,350
Financing
-€439,732
Cash 2024
€2.0m
From operations (derived)
-€518,344
Net result for the year
+€188,888
Depreciation
+€63,941
Receivables after one year
+€30,556
Receivables within one year
-€313,864
Deferred charges and accrued income
+€6,690
Provisions
-€40,259
Trade debts
+€20,833
Tax, wage and social debts
+€40,064
Other debts
-€495,083
Accrued charges and deferred income
-€20,110
Investment (derived)
-€107,350
Investment in fixed assets (net)
-€79,828
Current investments
-€27,522
Financing
-€439,732
Debts after one year
-€414,426
Current portion of long-term debt
+€124,694
Contributions, distributions and other
-€150,000
Cash 2025
€935,451
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,206,887 | €10,461,489 | -€745,399 | -6.7% |
| Fixed assets | 21/28 | €5,720,168 | €5,736,054 | +€15,887 | +0.3% |
| Tangible fixed assets | 22/27 | €299,718 | €323,364 | +€23,646 | +7.9% |
| Land and buildings | 22 | €177,442 | €162,241 | -€15,201 | -8.6% |
| Furniture and vehicles | 24 | €10,870 | €4,082 | -€6,788 | -62.4% |
| Leasing and similar rights | 25 | €111,405 | €147,040 | +€35,635 | +32.0% |
| Assets under construction and advance payments | 27 | - | €10,000 | +€10,000 | |
| Financial fixed assets | 28 | €5,420,450 | €5,412,690 | -€7,759 | -0.1% |
| Current assets | 29/58 | €5,486,720 | €4,725,434 | -€761,286 | -13.9% |
| Amounts receivable after more than one year | 29 | €1,133,691 | €1,103,135 | -€30,556 | -2.7% |
| Other amounts receivable | 291 | €1,133,691 | €1,103,135 | -€30,556 | -2.7% |
| Amounts receivable within one year | 40/41 | €1,238,927 | €1,552,791 | +€313,864 | +25.3% |
| Trade receivables | 40 | €7,452 | €3,901 | -€3,551 | -47.7% |
| Other amounts receivable | 41 | €1,231,475 | €1,548,890 | +€317,415 | +25.8% |
| Current investments | 50/53 | €1,102,337 | €1,129,860 | +€27,522 | +2.5% |
| Cash at bank and in hand | 54/58 | €2,000,877 | €935,451 | -€1.1m | -53.2% |
| Deferred charges and accrued income | 490/1 | €10,887 | €4,197 | -€6,690 | -61.4% |
| Total equity and liabilities | 10/49 | €11,206,887 | €10,461,489 | -€745,399 | -6.7% |
| Equity | 10/15 | €5,571,904 | €5,610,792 | +€38,888 | +0.7% |
| Contributions | 10/11 | €790,550 | €790,550 | = | 0.0% |
| Reserves | 13 | €2,249,928 | €2,088,892 | -€161,036 | -7.2% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,400 | €12,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €31,903 | €20,867 | -€11,036 | -34.6% |
| Distributable reserves | 133 | €2,205,625 | €2,055,625 | -€150,000 | -6.8% |
| Profit (loss) carried forward | 14 | €2,531,427 | €2,731,350 | +€199,923 | +7.9% |
| Provisions and deferred taxes | 16 | €45,485 | €5,226 | -€40,259 | -88.5% |
| Provisions for liabilities and charges | 160/5 | €37,500 | €0 | -€37,500 | -100% |
| Other liabilities and charges | 164/5 | €37,500 | €0 | -€37,500 | -100% |
| Deferred taxes | 168 | €7,985 | €5,226 | -€2,759 | -34.6% |
| Amounts payable | 17/49 | €5,589,498 | €4,845,471 | -€744,027 | -13.3% |
| Amounts payable after more than one year | 17 | €1,262,336 | €847,911 | -€414,426 | -32.8% |
| Financial debts | 170/4 | €990,908 | €819,339 | -€171,568 | -17.3% |
| Other amounts payable | 178/9 | €271,428 | €28,571 | -€242,857 | -89.5% |
| Amounts payable within one year | 42/48 | €4,146,760 | €3,837,269 | -€309,492 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €325,984 | €450,677 | +€124,694 | +38.3% |
| Trade debts | 44 | €4,454 | €25,287 | +€20,833 | +468% |
| Suppliers | 440/4 | €4,454 | €25,287 | +€20,833 | +468% |
| Taxes, remuneration and social security | 45 | €93,558 | €133,622 | +€40,064 | +42.8% |
| Taxes | 450/3 | €63,270 | €94,532 | +€31,262 | +49.4% |
| Remuneration and social security | 454/9 | €30,288 | €39,090 | +€8,802 | +29.1% |
| Other amounts payable | 47/48 | €3,722,764 | €3,227,682 | -€495,083 | -13.3% |
| Accrued charges and deferred income | 492/3 | €180,402 | €160,292 | -€20,110 | -11.1% |
| Non-recurring operating income | 76A | €932 | €0 | -€932 | -100% |
| Remuneration, social security and pensions | 62 | €264,389 | €230,957 | -€33,432 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,207 | €63,941 | +€4,734 | +8.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€37,500 | -€37,500 | |
| Other operating charges | 640/8 | €18,406 | €17,802 | -€604 | -3.3% |
| Non-recurring operating charges | 66A | €1,860 | €0 | -€1,860 | -100% |
| Gross operating margin | 9900 | €755,966 | €565,586 | -€190,380 | -25.2% |
| Operating profit (loss) | 9901 | €412,104 | €290,386 | -€121,718 | -29.5% |
| Financial income | 75/76B | €231,236 | €157,505 | -€73,731 | -31.9% |
| Recurring financial income | 75 | €231,236 | €157,505 | -€73,731 | -31.9% |
| Financial charges | 65/66B | €133,672 | €214,305 | +€80,633 | +60.3% |
| Recurring financial charges | 65 | €133,672 | €205,734 | +€72,062 | +53.9% |
| Non-recurring financial charges | 66B | €0 | €8,570 | +€8,570 | |
| Profit (loss) for the period before taxes | 9903 | €509,668 | €233,586 | -€276,082 | -54.2% |
| Transfer from deferred taxes | 780 | €2,487 | €2,759 | +€272 | +10.9% |
| Income taxes | 67/77 | €113,747 | €47,457 | -€66,289 | -58.3% |
| Profit (loss) for the period | 9904 | €398,409 | €188,888 | -€209,521 | -52.6% |
| Transfer from tax-exempt reserves | 789 | €9,949 | €11,036 | +€1,087 | +10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €408,358 | €199,923 | -€208,434 | -51.0% |
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 17 October 2026 via checked.be.