VICTORIA MSC: what changed
VICTORIA MSC
Largest movements
- Cash +€7,215
up €7,215 (+1,084%), from €666 to €7,881
mainly Net result for the year (+€7,448) and Trade debts (+€5,072)
- Intangible fixed assets -€3,800
down €3,800 (-63.3%), from €6,000 to €2,200
- Receivables within one year -€696
down €696 (-60.5%), from €1,152 to €455
- Stocks and contracts +€696
new in 2025: €696
- Deferred charges and accrued income -€153
no longer reported in 2025 (was €153)
- Other debts -€8,439
down €8,439 (-74.5%), from €11,334 to €2,896
- Profit (loss) carried forward +€7,448
up €7,448 (+38.4%), from -€19,372 to -€11,924
- Trade debts +€5,072
up €5,072 (+73.9%), from €6,864 to €11,936
- Current portion of long-term debt -€1,408
no longer reported in 2025 (was €1,408)
- Tax, wage and social debts +€588
new in 2025: €588
- Taxes +€6,930
up €6,930, from -€5,400 to €1,530
- Gross operating margin -€3,879
down €3,879 (-7.7%), from €50,383 to €46,505
- Staff costs +€1,169
up €1,169 (+4.1%), from €28,287 to €29,456
- Other operating charges +€1,127
up €1,127 (+71.1%), from €1,586 to €2,713
- Financial income -€821
no longer reported in 2025 (was €821)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,294 | €11,556 | +€3,262 | +39.3% |
| Fixed assets | 21/28 | €6,324 | €2,524 | -€3,800 | -60.1% |
| Intangible fixed assets | 21 | €6,000 | €2,200 | -€3,800 | -63.3% |
| Financial fixed assets | 28 | €324 | €324 | = | 0.0% |
| Current assets | 29/58 | €1,970 | €9,032 | +€7,062 | +358% |
| Stocks and contracts in progress | 3 | - | €696 | +€696 | |
| Stocks | 30/36 | - | €696 | +€696 | |
| Amounts receivable within one year | 40/41 | €1,152 | €455 | -€696 | -60.5% |
| Other amounts receivable | 41 | €1,152 | €455 | -€696 | -60.5% |
| Cash at bank and in hand | 54/58 | €666 | €7,881 | +€7,215 | +1,084% |
| Deferred charges and accrued income | 490/1 | €153 | - | -€153 | |
| Total equity and liabilities | 10/49 | €8,294 | €11,556 | +€3,262 | +39.3% |
| Equity | 10/15 | -€11,312 | -€3,864 | +€7,448 | +65.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,372 | -€11,924 | +€7,448 | +38.4% |
| Amounts payable | 17/49 | €19,606 | €15,420 | -€4,186 | -21.4% |
| Amounts payable within one year | 42/48 | €19,606 | €15,420 | -€4,186 | -21.4% |
| Current portion of amounts payable after more than one year | 42 | €1,408 | - | -€1,408 | |
| Trade debts | 44 | €6,864 | €11,936 | +€5,072 | +73.9% |
| Suppliers | 440/4 | €6,864 | €11,936 | +€5,072 | +73.9% |
| Taxes, remuneration and social security | 45 | - | €588 | +€588 | |
| Taxes | 450/3 | - | €588 | +€588 | |
| Other amounts payable | 47/48 | €11,334 | €2,896 | -€8,439 | -74.5% |
| Remuneration, social security and pensions | 62 | €28,287 | €29,456 | +€1,169 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,360 | €3,800 | -€560 | -12.8% |
| Other operating charges | 640/8 | €1,586 | €2,713 | +€1,127 | +71.1% |
| Gross operating margin | 9900 | €50,383 | €46,505 | -€3,879 | -7.7% |
| Operating profit (loss) | 9901 | €16,151 | €10,536 | -€5,615 | -34.8% |
| Financial income | 75/76B | €821 | - | -€821 | |
| Recurring financial income | 75 | €821 | - | -€821 | |
| Financial charges | 65/66B | €1,373 | €1,558 | +€185 | +13.5% |
| Recurring financial charges | 65 | €1,373 | €1,558 | +€185 | +13.5% |
| Profit (loss) for the period before taxes | 9903 | €15,599 | €8,978 | -€6,621 | -42.4% |
| Income taxes | 67/77 | -€5,400 | €1,530 | +€6,930 | |
| Profit (loss) for the period | 9904 | €20,999 | €7,448 | -€13,551 | -64.5% |
| Profit (loss) for the period to be appropriated | 9905 | €20,999 | €7,448 | -€13,551 | -64.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.