VICTOR JOSEPH: 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 JOSEPH
Largest movements
- Receivables within one year +€4.4m
up €4.4m (+657%), from €669,016 to €5.1m
of which Other amounts receivable: +€3.7m
- Cash -€1.6m
down €1.6m (-74.4%), from €2.1m to €541,081
- Stocks and contracts +€753,778
up €753,778 (+53.3%), from €1.4m to €2.2m
- Other debts +€3.0m
new in 2025: €3.0m
- Trade debts +€1.4m
up €1.4m (+352%), from €391,043 to €1.8m
- Reserves -€1.4m
down €1.4m (-24.2%), from €5.7m to €4.3m
of which Distributable reserves: -€1.4m
- Tax, wage and social debts +€595,231
up €595,231 (+303%), from €196,423 to €791,653
of which Taxes: +€517,266
- Gross operating margin +€1.4m
up €1.4m (+48.4%), from €3.0m to €4.4m
- Staff costs +€855,145
up €855,145 (+83.4%), from €1.0m to €1.9m
- Taxes +€190,215
up €190,215 (+40.0%), from €475,734 to €665,949
- Financial income +€133,230
up €133,230 (+1,785%), from €7,463 to €140,692
- Financial charges +€58,579
up €58,579 (+57.8%), from €101,431 to €160,010
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,330,053 | €9,904,110 | +€3.6m | +56.5% |
| Fixed assets | 21/28 | €131,485 | €102,618 | -€28,867 | -22.0% |
| Tangible fixed assets | 22/27 | €131,485 | €102,618 | -€28,867 | -22.0% |
| Plant, machinery and equipment | 23 | €24,442 | €28,151 | +€3,710 | +15.2% |
| Furniture and vehicles | 24 | €7,670 | €19,773 | +€12,103 | +158% |
| Leasing and similar rights | 25 | €26,909 | €1,147 | -€25,762 | -95.7% |
| Other tangible fixed assets | 26 | €72,465 | €53,547 | -€18,918 | -26.1% |
| Current assets | 29/58 | €6,198,568 | €9,801,492 | +€3.6m | +58.1% |
| Amounts receivable after more than one year | 29 | €1,994,323 | €1,982,317 | -€12,006 | -0.6% |
| Other amounts receivable | 291 | €1,994,323 | €1,982,317 | -€12,006 | -0.6% |
| Stocks and contracts in progress | 3 | €1,415,069 | €2,168,847 | +€753,778 | +53.3% |
| Stocks | 30/36 | €1,415,069 | €2,168,847 | +€753,778 | +53.3% |
| Amounts receivable within one year | 40/41 | €669,016 | €5,064,021 | +€4.4m | +657% |
| Trade receivables | 40 | €638,393 | €1,378,979 | +€740,586 | +116% |
| Other amounts receivable | 41 | €30,623 | €3,685,042 | +€3.7m | +11,933% |
| Cash at bank and in hand | 54/58 | €2,110,477 | €541,081 | -€1.6m | -74.4% |
| Deferred charges and accrued income | 490/1 | €9,683 | €45,226 | +€35,543 | +367% |
| Total equity and liabilities | 10/49 | €6,330,053 | €9,904,110 | +€3.6m | +56.5% |
| Equity | 10/15 | €5,686,862 | €4,313,222 | -€1.4m | -24.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,668,262 | €4,294,622 | -€1.4m | -24.2% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €5,666,402 | €4,294,622 | -€1.4m | -24.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €643,190 | €5,590,889 | +€4.9m | +769% |
| Amounts payable after more than one year | 17 | €18,233 | €0 | -€18,233 | -100% |
| Financial debts | 170/4 | €18,233 | €0 | -€18,233 | -100% |
| Amounts payable within one year | 42/48 | €624,958 | €5,566,838 | +€4.9m | +791% |
| Current portion of amounts payable after more than one year | 42 | €36,788 | €9,314 | -€27,474 | -74.7% |
| Trade debts | 44 | €391,043 | €1,765,871 | +€1.4m | +352% |
| Suppliers | 440/4 | €391,043 | €1,765,871 | +€1.4m | +352% |
| Advances received on contracts in progress | 46 | €705 | €0 | -€705 | -100% |
| Taxes, remuneration and social security | 45 | €196,423 | €791,653 | +€595,231 | +303% |
| Taxes | 450/3 | €117,867 | €635,133 | +€517,266 | +439% |
| Remuneration and social security | 454/9 | €78,556 | €156,521 | +€77,965 | +99.2% |
| Other amounts payable | 47/48 | - | €3,000,000 | +€3.0m | |
| Accrued charges and deferred income | 492/3 | - | €24,050 | +€24,050 | |
| Non-recurring operating income | 76A | €24,110 | €136,624 | +€112,514 | +467% |
| Remuneration, social security and pensions | 62 | €1,025,492 | €1,880,637 | +€855,145 | +83.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,784 | €37,918 | -€17,866 | -32.0% |
| Other operating charges | 640/8 | €7,912 | €33,424 | +€25,512 | +322% |
| Non-recurring operating charges | 66A | €2,023 | €700 | -€1,323 | -65.4% |
| Gross operating margin | 9900 | €2,979,960 | €4,423,212 | +€1.4m | +48.4% |
| Operating profit (loss) | 9901 | €1,888,749 | €2,470,533 | +€581,784 | +30.8% |
| Financial income | 75/76B | €7,463 | €140,692 | +€133,230 | +1,785% |
| Recurring financial income | 75 | €7,463 | €140,692 | +€133,230 | +1,785% |
| Financial charges | 65/66B | €101,431 | €160,010 | +€58,579 | +57.8% |
| Recurring financial charges | 65 | €101,431 | €160,010 | +€58,579 | +57.8% |
| Profit (loss) for the period before taxes | 9903 | €1,794,781 | €2,451,215 | +€656,434 | +36.6% |
| Income taxes | 67/77 | €475,734 | €665,949 | +€190,215 | +40.0% |
| Profit (loss) for the period | 9904 | €1,319,047 | €1,785,266 | +€466,219 | +35.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,319,047 | €1,785,266 | +€466,219 | +35.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.