VICTORI: 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.
VICTORI
Largest movements
- Cash +€16,936
up €16,936 (+251%), from €6,734 to €23,670
mainly Net result for the year (+€46,101) and Trade debts (+€11,672)
- Receivables within one year +€11,677
up €11,677 (+17.3%), from €67,384 to €79,060
of which Other amounts receivable: +€33,558
- Stocks and contracts +€9,470
up €9,470 (+4.0%), from €237,267 to €246,737
- Tangible fixed assets -€4,325
down €4,325 (-42.0%), from €10,300 to €5,976
of which Furniture and vehicles: -€2,953
- Profit (loss) carried forward +€46,101
up €46,101 (+46.9%), from €98,242 to €144,343
- Other debts -€15,175
down €15,175 (-100%), from €15,175 to €0
- Trade debts +€11,672
up €11,672 (+28.6%), from €40,772 to €52,444
- Current portion of long-term debt -€4,980
down €4,980 (-48.8%), from €10,205 to €5,224
- Debts after one year -€4,360
down €4,360 (-8.0%), from €54,360 to €50,000
- Gross operating margin +€66,645
up €66,645 (+117%), from €56,808 to €123,452
- Other operating charges +€22,637
up €22,637 (+99.2%), from €22,810 to €45,447
- Taxes +€8,316
up €8,316 (+174%), from €4,767 to €13,083
- Financial income -€3,356
down €3,356 (-71.6%), from €4,684 to €1,328
- Financial charges +€1,735
up €1,735 (+13.4%), from €12,934 to €14,669
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 | €323,338 | €356,679 | +€33,341 | +10.3% |
| Fixed assets | 21/28 | €10,300 | €5,976 | -€4,325 | -42.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €10,300 | €5,976 | -€4,325 | -42.0% |
| Plant, machinery and equipment | 23 | €2,780 | €1,409 | -€1,371 | -49.3% |
| Furniture and vehicles | 24 | €7,521 | €4,567 | -€2,953 | -39.3% |
| Current assets | 29/58 | €313,038 | €350,703 | +€37,665 | +12.0% |
| Stocks and contracts in progress | 3 | €237,267 | €246,737 | +€9,470 | +4.0% |
| Stocks | 30/36 | €237,267 | €246,737 | +€9,470 | +4.0% |
| Amounts receivable within one year | 40/41 | €67,384 | €79,060 | +€11,677 | +17.3% |
| Trade receivables | 40 | €49,336 | €27,454 | -€21,881 | -44.4% |
| Other amounts receivable | 41 | €18,048 | €51,606 | +€33,558 | +186% |
| Cash at bank and in hand | 54/58 | €6,734 | €23,670 | +€16,936 | +251% |
| Deferred charges and accrued income | 490/1 | €1,653 | €1,236 | -€416 | -25.2% |
| Total equity and liabilities | 10/49 | €323,338 | €356,679 | +€33,341 | +10.3% |
| Equity | 10/15 | €148,693 | €194,794 | +€46,101 | +31.0% |
| Contributions | 10/11 | €48,592 | €48,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €98,242 | €144,343 | +€46,101 | +46.9% |
| Amounts payable | 17/49 | €174,646 | €161,885 | -€12,760 | -7.3% |
| Amounts payable after more than one year | 17 | €54,360 | €50,000 | -€4,360 | -8.0% |
| Financial debts | 170/4 | €54,360 | €50,000 | -€4,360 | -8.0% |
| Amounts payable within one year | 42/48 | €119,406 | €111,885 | -€7,521 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €10,205 | €5,224 | -€4,980 | -48.8% |
| Trade debts | 44 | €40,772 | €52,444 | +€11,672 | +28.6% |
| Suppliers | 440/4 | €40,772 | €52,444 | +€11,672 | +28.6% |
| Taxes, remuneration and social security | 45 | €53,254 | €54,217 | +€963 | +1.8% |
| Taxes | 450/3 | €46,954 | €54,217 | +€7,263 | +15.5% |
| Remuneration and social security | 454/9 | €6,300 | €0 | -€6,300 | -100% |
| Other amounts payable | 47/48 | €15,175 | €0 | -€15,175 | -100% |
| Accrued charges and deferred income | 492/3 | €880 | €0 | -€880 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,800 | €5,481 | -€320 | -5.5% |
| Other operating charges | 640/8 | €22,810 | €45,447 | +€22,637 | +99.2% |
| Gross operating margin | 9900 | €56,808 | €123,452 | +€66,645 | +117% |
| Operating profit (loss) | 9901 | €28,197 | €72,525 | +€44,328 | +157% |
| Financial income | 75/76B | €4,684 | €1,328 | -€3,356 | -71.6% |
| Recurring financial income | 75 | €4,684 | €1,328 | -€3,356 | -71.6% |
| Financial charges | 65/66B | €12,934 | €14,669 | +€1,735 | +13.4% |
| Recurring financial charges | 65 | €12,934 | €14,669 | +€1,735 | +13.4% |
| Profit (loss) for the period before taxes | 9903 | €19,947 | €59,184 | +€39,237 | +197% |
| Income taxes | 67/77 | €4,767 | €13,083 | +€8,316 | +174% |
| Profit (loss) for the period | 9904 | €15,180 | €46,101 | +€30,921 | +204% |
| Profit (loss) for the period to be appropriated | 9905 | €15,180 | €46,101 | +€30,921 | +204% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.