VICTOR COLLIN: 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 COLLIN
Largest movements
- Receivables within one year +€22,500
new in 2025: €22,500
- Cash -€18,357
down €18,357 (-26.1%), from €70,298 to €51,942
mainly Debts after one year (-€28,598) and Receivables within one year (-€22,500)
- Tangible fixed assets -€14,396
down €14,396 (-3.4%), from €423,290 to €408,894
of which Land and buildings: -€19,562
- Debts after one year -€28,598
down €28,598 (-16.2%), from €176,757 to €148,159
of which Financial debts: -€28,598
- Other debts +€12,786
new in 2025: €12,786
- Profit (loss) carried forward +€7,997
up €7,997 (+4.8%), from €165,011 to €173,008
- Other operating charges +€26,017
up €26,017 (+752.2%), from €3,459 to €29,476
- Gross operating margin +€17,028
up €17,028 (+36.0%), from €47,268 to €64,296
- Depreciation +€5,685
up €5,685 (+21.1%), from €26,994 to €32,679
- Taxes -€1,550
down €1,550 (-57.2%), from €2,711 to €1,161
- Financial charges -€905
down €905 (-20.4%), from €4,442 to €3,536
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 | €759,604 | €749,640 | -€9,965 | -1.3% |
| Fixed assets | 21/28 | €588,407 | €574,011 | -€14,396 | -2.4% |
| Tangible fixed assets | 22/27 | €423,290 | €408,894 | -€14,396 | -3.4% |
| Land and buildings | 22 | €376,135 | €356,574 | -€19,562 | -5.2% |
| Furniture and vehicles | 24 | €40,748 | €47,153 | +€6,404 | +15.7% |
| Other tangible fixed assets | 26 | €6,407 | €5,167 | -€1,239 | -19.3% |
| Financial fixed assets | 28 | €165,117 | €165,117 | = | 0.0% |
| Current assets | 29/58 | €171,197 | €175,629 | +€4,432 | +2.6% |
| Amounts receivable within one year | 40/41 | - | €22,500 | +€22,500 | |
| Trade receivables | 40 | - | €22,500 | +€22,500 | |
| Current investments | 50/53 | €98,282 | €98,282 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €70,298 | €51,942 | -€18,357 | -26.1% |
| Deferred charges and accrued income | 490/1 | €2,616 | €2,905 | +€288 | +11.0% |
| Total equity and liabilities | 10/49 | €759,604 | €749,640 | -€9,965 | -1.3% |
| Equity | 10/15 | €179,271 | €187,268 | +€7,997 | +4.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €165,011 | €173,008 | +€7,997 | +4.8% |
| Provisions and deferred taxes | 16 | €356,662 | €356,662 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €356,662 | €356,662 | = | 0.0% |
| Pensions and similar obligations | 160 | €356,662 | €356,662 | = | 0.0% |
| Amounts payable | 17/49 | €223,671 | €205,710 | -€17,961 | -8.0% |
| Amounts payable after more than one year | 17 | €176,757 | €148,159 | -€28,598 | -16.2% |
| Financial debts | 170/4 | €131,757 | €103,159 | -€28,598 | -21.7% |
| Other amounts payable | 178/9 | €45,000 | €45,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €46,914 | €57,550 | +€10,637 | +22.7% |
| Current portion of amounts payable after more than one year | 42 | €27,891 | €28,598 | +€707 | +2.5% |
| Trade debts | 44 | €1,213 | €554 | -€660 | -54.4% |
| Suppliers | 440/4 | €1,213 | €554 | -€660 | -54.4% |
| Taxes, remuneration and social security | 45 | €17,809 | €15,612 | -€2,197 | -12.3% |
| Taxes | 450/3 | €14,910 | €14,904 | -€6 | 0.0% |
| Remuneration and social security | 454/9 | €2,899 | €708 | -€2,191 | -75.6% |
| Other amounts payable | 47/48 | - | €12,786 | +€12,786 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,994 | €32,679 | +€5,685 | +21.1% |
| Other operating charges | 640/8 | €3,459 | €29,476 | +€26,017 | +752.2% |
| Gross operating margin | 9900 | €47,268 | €64,296 | +€17,028 | +36.0% |
| Operating profit (loss) | 9901 | €16,815 | €2,140 | -€14,675 | -87.3% |
| Financial income | 75/76B | €25,475 | €25,554 | +€79 | +0.3% |
| Recurring financial income | 75 | €25,475 | €25,554 | +€79 | +0.3% |
| Financial charges | 65/66B | €4,442 | €3,536 | -€905 | -20.4% |
| Recurring financial charges | 65 | €4,442 | €3,536 | -€905 | -20.4% |
| Profit (loss) for the period before taxes | 9903 | €37,848 | €24,158 | -€13,690 | -36.2% |
| Income taxes | 67/77 | €2,711 | €1,161 | -€1,550 | -57.2% |
| Profit (loss) for the period | 9904 | €35,137 | €22,997 | -€12,141 | -34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €35,137 | €22,997 | -€12,141 | -34.6% |
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 8 October 2026 via checked.be.