VICTOR MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash +€24,475
up €24,475 (+96.4%), from €25,401 to €49,876
mainly Net result for the year (+€90,050) and Depreciation (+€31,543)
- Tangible fixed assets -€18,448
down €18,448 (-4.5%), from €407,442 to €388,994
of which Land and buildings: -€11,606
- Reserves +€90,050
up €90,050 (+59.7%), from €150,927 to €240,977
- Debts after one year -€56,651
down €56,651 (-31.3%), from €180,780 to €124,129
- Other debts -€17,574
down €17,574 (-41.5%), from €42,338 to €24,763
- Tax, wage and social debts -€10,995
down €10,995 (-54.9%), from €20,013 to €9,018
of which Taxes: -€11,536
- Gross operating margin +€18,225
up €18,225 (+9.6%), from €189,967 to €208,192
- Staff costs +€5,506
up €5,506 (+14.8%), from €37,269 to €42,774
- Taxes +€4,643
up €4,643 (+14.7%), from €31,551 to €36,195
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 | €522,703 | €528,705 | +€6,001 | +1.1% |
| Fixed assets | 21/28 | €408,204 | €389,757 | -€18,448 | -4.5% |
| Tangible fixed assets | 22/27 | €407,442 | €388,994 | -€18,448 | -4.5% |
| Land and buildings | 22 | €357,758 | €346,152 | -€11,606 | -3.2% |
| Plant, machinery and equipment | 23 | €8,880 | €7,678 | -€1,202 | -13.5% |
| Furniture and vehicles | 24 | €40,803 | €35,163 | -€5,639 | -13.8% |
| Financial fixed assets | 28 | €763 | €763 | = | 0.0% |
| Current assets | 29/58 | €114,499 | €138,948 | +€24,449 | +21.4% |
| Amounts receivable within one year | 40/41 | €88,568 | €88,568 | = | 0.0% |
| Other amounts receivable | 41 | €88,568 | €88,568 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €25,401 | €49,876 | +€24,475 | +96.4% |
| Deferred charges and accrued income | 490/1 | €531 | €505 | -€26 | -4.9% |
| Total equity and liabilities | 10/49 | €522,703 | €528,705 | +€6,001 | +1.1% |
| Equity | 10/15 | €217,925 | €307,975 | +€90,050 | +41.3% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €150,927 | €240,977 | +€90,050 | +59.7% |
| Distributable reserves | 133 | €150,927 | €240,977 | +€90,050 | +59.7% |
| Profit (loss) carried forward | 14 | €46,537 | €46,537 | = | 0.0% |
| Amounts payable | 17/49 | €304,778 | €220,730 | -€84,048 | -27.6% |
| Amounts payable after more than one year | 17 | €180,780 | €124,129 | -€56,651 | -31.3% |
| Financial debts | 170/4 | €180,780 | €124,129 | -€56,651 | -31.3% |
| Amounts payable within one year | 42/48 | €123,998 | €96,601 | -€27,398 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | €59,892 | €59,622 | -€270 | -0.5% |
| Financial debts | 43 | €518 | €1,258 | +€740 | +143.0% |
| Credit institutions | 430/8 | €518 | €1,258 | +€740 | +143.0% |
| Trade debts | 44 | €1,238 | €1,939 | +€701 | +56.6% |
| Suppliers | 440/4 | €1,238 | €1,939 | +€701 | +56.6% |
| Taxes, remuneration and social security | 45 | €20,013 | €9,018 | -€10,995 | -54.9% |
| Taxes | 450/3 | €12,430 | €895 | -€11,536 | -92.8% |
| Remuneration and social security | 454/9 | €7,583 | €8,124 | +€541 | +7.1% |
| Other amounts payable | 47/48 | €42,338 | €24,763 | -€17,574 | -41.5% |
| Non-recurring operating income | 76A | €172 | - | -€172 | |
| Remuneration, social security and pensions | 62 | €37,269 | €42,774 | +€5,506 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,017 | €31,543 | +€526 | +1.7% |
| Other operating charges | 640/8 | €2,828 | €2,879 | +€51 | +1.8% |
| Gross operating margin | 9900 | €189,967 | €208,192 | +€18,225 | +9.6% |
| Operating profit (loss) | 9901 | €118,854 | €130,996 | +€12,142 | +10.2% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €6,240 | €4,751 | -€1,489 | -23.9% |
| Recurring financial charges | 65 | €6,240 | €4,751 | -€1,489 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | €112,614 | €126,244 | +€13,630 | +12.1% |
| Income taxes | 67/77 | €31,551 | €36,195 | +€4,643 | +14.7% |
| Profit (loss) for the period | 9904 | €81,063 | €90,050 | +€8,987 | +11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €81,063 | €90,050 | +€8,987 | +11.1% |
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 5 October 2026 via checked.be.