VICTOR LAW: 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 LAW
Largest movements
- Intangible fixed assets -€85,729
down €85,729 (-36.0%), from €238,205 to €152,475
- Cash +€35,733
up €35,733 (+33.8%), from €105,719 to €141,452
mainly Depreciation (+€97,839) and Trade debts (+€53,840)
- Receivables within one year +€33,593
up €33,593 (+13.9%), from €241,438 to €275,032
of which Trade receivables: +€36,116
- Deferred charges and accrued income +€27,579
up €27,579 (+633%), from €4,354 to €31,933
- Financial fixed assets +€7,110
up €7,110 (+4,740%), from €150 to €7,260
- Debts after one year -€58,176
down €58,176 (-13.1%), from €444,601 to €386,425
- Trade debts +€53,840
up €53,840 (+33.6%), from €160,028 to €213,868
- Tax, wage and social debts +€11,170
up €11,170 (+119%), from €9,362 to €20,532
of which Taxes: +€12,427
- Profit (loss) carried forward +€8,120
up €8,120 (+11.7%), from -€69,175 to -€61,055
- Gross operating margin -€44,127
down €44,127 (-21.2%), from €208,009 to €163,881
- Staff costs -€33,773
down €33,773 (-47.5%), from €71,152 to €37,379
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 | €624,883 | €637,544 | +€12,661 | +2.0% |
| Fixed assets | 21/28 | €273,372 | €189,127 | -€84,245 | -30.8% |
| Intangible fixed assets | 21 | €238,205 | €152,475 | -€85,729 | -36.0% |
| Tangible fixed assets | 22/27 | €35,017 | €29,392 | -€5,625 | -16.1% |
| Furniture and vehicles | 24 | €10,920 | €12,564 | +€1,644 | +15.1% |
| Other tangible fixed assets | 26 | €24,097 | €16,828 | -€7,270 | -30.2% |
| Financial fixed assets | 28 | €150 | €7,260 | +€7,110 | +4,740% |
| Current assets | 29/58 | €351,511 | €448,417 | +€96,906 | +27.6% |
| Amounts receivable within one year | 40/41 | €241,438 | €275,032 | +€33,593 | +13.9% |
| Trade receivables | 40 | €238,479 | €274,595 | +€36,116 | +15.1% |
| Other amounts receivable | 41 | €2,959 | €437 | -€2,523 | -85.2% |
| Cash at bank and in hand | 54/58 | €105,719 | €141,452 | +€35,733 | +33.8% |
| Deferred charges and accrued income | 490/1 | €4,354 | €31,933 | +€27,579 | +633% |
| Total equity and liabilities | 10/49 | €624,883 | €637,544 | +€12,661 | +2.0% |
| Equity | 10/15 | -€50,575 | -€42,455 | +€8,120 | +16.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€69,175 | -€61,055 | +€8,120 | +11.7% |
| Amounts payable | 17/49 | €675,458 | €679,999 | +€4,541 | +0.7% |
| Amounts payable after more than one year | 17 | €444,601 | €386,425 | -€58,176 | -13.1% |
| Financial debts | 170/4 | €444,601 | €386,425 | -€58,176 | -13.1% |
| Amounts payable within one year | 42/48 | €230,857 | €293,574 | +€62,717 | +27.2% |
| Current portion of amounts payable after more than one year | 42 | €60,469 | €58,176 | -€2,293 | -3.8% |
| Trade debts | 44 | €160,028 | €213,868 | +€53,840 | +33.6% |
| Suppliers | 440/4 | €160,028 | €213,868 | +€53,840 | +33.6% |
| Taxes, remuneration and social security | 45 | €9,362 | €20,532 | +€11,170 | +119% |
| Taxes | 450/3 | - | €12,427 | +€12,427 | |
| Remuneration and social security | 454/9 | €9,362 | €8,105 | -€1,257 | -13.4% |
| Other amounts payable | 47/48 | €998 | €998 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €71,152 | €37,379 | -€33,773 | -47.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,835 | €97,839 | +€2,004 | +2.1% |
| Other operating charges | 640/8 | €1,937 | €1,255 | -€682 | -35.2% |
| Gross operating margin | 9900 | €208,009 | €163,881 | -€44,127 | -21.2% |
| Operating profit (loss) | 9901 | €39,085 | €27,408 | -€11,677 | -29.9% |
| Financial charges | 65/66B | €20,241 | €19,288 | -€952 | -4.7% |
| Recurring financial charges | 65 | €20,241 | €19,288 | -€952 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €18,844 | €8,120 | -€10,724 | -56.9% |
| Profit (loss) for the period | 9904 | €18,844 | €8,120 | -€10,724 | -56.9% |
| Profit (loss) for the period to be appropriated | 9905 | €18,844 | €8,120 | -€10,724 | -56.9% |
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 24 October 2026 via checked.be.