VICTOR HVM: 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 HVM
Largest movements
- Current investments -€1.0m
down €1.0m (-29.4%), from €3.5m to €2.4m
- Cash +€57,561
up €57,561 (+130%), from €44,142 to €101,703
mainly Current investments (+€1.0m)
- Short-term financial debts -€897,500
down €897,500 (-50.0%), from €1.8m to €897,500
- Tax, wage and social debts -€39,335
down €39,335 (-40.3%), from €97,489 to €58,154
- Financial charges +€121,202
up €121,202 (+121%), from €99,849 to €221,051
- Financial income +€82,730
up €82,730 (+48.1%), from €171,982 to €254,712
- Taxes +€23,399
up €23,399 (+135%), from €17,378 to €40,777
- Other operating charges +€611
up €611 (+158%), from €387 to €998
- Gross operating margin -€273
down €273 (-5.5%), from -€4,924 to -€5,197
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 | €3,643,073 | €2,691,092 | -€951,981 | -26.1% |
| Current assets | 29/58 | €3,643,073 | €2,691,092 | -€951,981 | -26.1% |
| Amounts receivable within one year | 40/41 | €146,589 | €150,966 | +€4,378 | +3.0% |
| Other amounts receivable | 41 | €146,589 | €150,966 | +€4,378 | +3.0% |
| Current investments | 50/53 | €3,452,342 | €2,438,423 | -€1.0m | -29.4% |
| Cash at bank and in hand | 54/58 | €44,142 | €101,703 | +€57,561 | +130% |
| Total equity and liabilities | 10/49 | €3,643,073 | €2,691,092 | -€951,981 | -26.1% |
| Equity | 10/15 | €1,744,514 | €1,731,203 | -€13,311 | -0.8% |
| Contributions | 10/11 | €2,020,731 | €2,020,731 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€276,217 | -€289,528 | -€13,311 | -4.8% |
| Amounts payable | 17/49 | €1,898,559 | €959,889 | -€938,669 | -49.4% |
| Amounts payable within one year | 42/48 | €1,898,559 | €959,889 | -€938,669 | -49.4% |
| Financial debts | 43 | €1,795,000 | €897,500 | -€897,500 | -50.0% |
| Credit institutions | 430/8 | €1,795,000 | €897,500 | -€897,500 | -50.0% |
| Trade debts | 44 | €6,070 | €4,235 | -€1,835 | -30.2% |
| Suppliers | 440/4 | €6,070 | €4,235 | -€1,835 | -30.2% |
| Taxes, remuneration and social security | 45 | €97,489 | €58,154 | -€39,335 | -40.3% |
| Taxes | 450/3 | €97,489 | €58,154 | -€39,335 | -40.3% |
| Other operating charges | 640/8 | €387 | €998 | +€611 | +158% |
| Gross operating margin | 9900 | -€4,924 | -€5,197 | -€273 | -5.5% |
| Operating profit (loss) | 9901 | -€5,311 | -€6,195 | -€884 | -16.6% |
| Financial income | 75/76B | €171,982 | €254,712 | +€82,730 | +48.1% |
| Recurring financial income | 75 | €171,982 | €254,712 | +€82,730 | +48.1% |
| Financial charges | 65/66B | €99,849 | €221,051 | +€121,202 | +121% |
| Recurring financial charges | 65 | €99,849 | €221,051 | +€121,202 | +121% |
| Profit (loss) for the period before taxes | 9903 | €66,822 | €27,466 | -€39,356 | -58.9% |
| Income taxes | 67/77 | €17,378 | €40,777 | +€23,399 | +135% |
| Profit (loss) for the period | 9904 | €49,444 | -€13,311 | -€62,755 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,444 | -€13,311 | -€62,755 |
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 31 October 2026 via checked.be.