VICTORIA'S: what changed
VICTORIA'S
Largest movements
- Tangible fixed assets -€28,026
down €28,026 (-35.6%), from €78,776 to €50,750
of which Land and buildings: -€19,037
- Cash -€4,513
down €4,513 (-5.7%), from €79,833 to €75,320
mainly Debts after one year (-€35,780) and Net result for the year (-€8,825)
- Receivables within one year -€2,582
down €2,582 (-4.0%), from €64,841 to €62,259
of which Other amounts receivable: -€2,779
- Debts after one year -€35,780
down €35,780 (-38.5%), from €92,887 to €57,107
- Current portion of long-term debt +€12,149
up €12,149 (+33.2%), from €36,557 to €48,706
- Profit (loss) carried forward -€8,825
down €8,825, from €247 to -€8,578
- Gross operating margin -€46,359
down €46,359 (-28.2%), from €164,434 to €118,074
- Taxes -€9,174
down €9,174 (-97.1%), from €9,451 to €277
- Depreciation -€4,731
down €4,731 (-12.7%), from €37,400 to €32,669
- Staff costs -€2,531
down €2,531 (-3.1%), from €82,362 to €79,831
- Financial charges -€2,050
down €2,050 (-21.3%), from €9,646 to €7,596
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 | €235,334 | €202,005 | -€33,329 | -14.2% |
| Fixed assets | 21/28 | €79,676 | €51,650 | -€28,026 | -35.2% |
| Tangible fixed assets | 22/27 | €78,776 | €50,750 | -€28,026 | -35.6% |
| Land and buildings | 22 | €57,220 | €38,183 | -€19,037 | -33.3% |
| Plant, machinery and equipment | 23 | €549 | €4,762 | +€4,213 | +767% |
| Furniture and vehicles | 24 | €21,007 | €7,805 | -€13,202 | -62.8% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €155,658 | €150,355 | -€5,303 | -3.4% |
| Stocks and contracts in progress | 3 | €9,058 | €10,653 | +€1,595 | +17.6% |
| Stocks | 30/36 | €9,058 | €10,653 | +€1,595 | +17.6% |
| Amounts receivable within one year | 40/41 | €64,841 | €62,259 | -€2,582 | -4.0% |
| Trade receivables | 40 | €3,515 | €3,712 | +€197 | +5.6% |
| Other amounts receivable | 41 | €61,326 | €58,546 | -€2,779 | -4.5% |
| Cash at bank and in hand | 54/58 | €79,833 | €75,320 | -€4,513 | -5.7% |
| Deferred charges and accrued income | 490/1 | €1,926 | €2,123 | +€197 | +10.2% |
| Total equity and liabilities | 10/49 | €235,334 | €202,005 | -€33,329 | -14.2% |
| Equity | 10/15 | €62,067 | €53,242 | -€8,825 | -14.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €43,228 | €43,228 | = | 0.0% |
| Distributable reserves | 133 | €43,228 | €43,228 | = | 0.0% |
| Profit (loss) carried forward | 14 | €247 | -€8,578 | -€8,825 | |
| Amounts payable | 17/49 | €173,268 | €148,763 | -€24,505 | -14.1% |
| Amounts payable after more than one year | 17 | €92,887 | €57,107 | -€35,780 | -38.5% |
| Financial debts | 170/4 | €92,887 | €57,107 | -€35,780 | -38.5% |
| Amounts payable within one year | 42/48 | €79,731 | €91,656 | +€11,925 | +15.0% |
| Current portion of amounts payable after more than one year | 42 | €36,557 | €48,706 | +€12,149 | +33.2% |
| Trade debts | 44 | €23,568 | €25,163 | +€1,595 | +6.8% |
| Suppliers | 440/4 | €23,568 | €25,163 | +€1,595 | +6.8% |
| Taxes, remuneration and social security | 45 | €19,606 | €17,786 | -€1,819 | -9.3% |
| Taxes | 450/3 | €3,196 | €3,487 | +€291 | +9.1% |
| Remuneration and social security | 454/9 | €16,410 | €14,299 | -€2,110 | -12.9% |
| Accrued charges and deferred income | 492/3 | €650 | - | -€650 | |
| Remuneration, social security and pensions | 62 | €82,362 | €79,831 | -€2,531 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,400 | €32,669 | -€4,731 | -12.7% |
| Other operating charges | 640/8 | €6,032 | €6,831 | +€799 | +13.2% |
| Gross operating margin | 9900 | €164,434 | €118,074 | -€46,359 | -28.2% |
| Operating profit (loss) | 9901 | €38,638 | -€1,257 | -€39,895 | |
| Financial income | 75/76B | €84 | €306 | +€221 | +263% |
| Recurring financial income | 75 | €84 | €306 | +€221 | +263% |
| Financial charges | 65/66B | €9,646 | €7,596 | -€2,050 | -21.3% |
| Recurring financial charges | 65 | €9,646 | €7,596 | -€2,050 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €29,077 | -€8,547 | -€37,624 | |
| Income taxes | 67/77 | €9,451 | €277 | -€9,174 | -97.1% |
| Profit (loss) for the period | 9904 | €19,625 | -€8,825 | -€28,450 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,625 | -€8,825 | -€28,450 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.