VICTORIAS: 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.
VICTORIAS
Largest movements
- Cash -€10,257
down €10,257 (-95.2%), from €10,769 to €512
mainly Net result for the year (-€23,408) and Investment in fixed assets (net) (-€14,490)
- Tangible fixed assets -€4,396
down €4,396 (-1.7%), from €256,404 to €252,008
- Profit (loss) carried forward -€17,011
down €17,011 (-5.0%), from -€338,674 to -€355,685
- Reserves -€6,397
down €6,397 (-10.0%), from €64,215 to €57,818
- Other debts +€3,185
up €3,185 (+4.3%), from €74,763 to €77,948
- Tax, wage and social debts +€2,825
up €2,825 (+161%), from €1,755 to €4,580
- Taxes +€1,070
up €1,070 (+61.0%), from €1,755 to €2,825
- Gross operating margin -€502
down €502 (-17.2%), from €2,911 to €2,410
- Depreciation +€269
up €269 (+1.4%), from €18,617 to €18,886
- Other operating charges +€121
up €121 (+3.1%), from €3,873 to €3,994
- Financial charges +€74
up €74 (+193%), from €38 to €112
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 | €270,896 | €253,615 | -€17,281 | -6.4% |
| Fixed assets | 21/28 | €256,404 | €252,008 | -€4,396 | -1.7% |
| Tangible fixed assets | 22/27 | €256,404 | €252,008 | -€4,396 | -1.7% |
| Land and buildings | 22 | €256,404 | €252,008 | -€4,396 | -1.7% |
| Current assets | 29/58 | €14,492 | €1,607 | -€12,885 | -88.9% |
| Cash at bank and in hand | 54/58 | €10,769 | €512 | -€10,257 | -95.2% |
| Deferred charges and accrued income | 490/1 | €3,723 | €1,095 | -€2,628 | -70.6% |
| Total equity and liabilities | 10/49 | €270,896 | €253,615 | -€17,281 | -6.4% |
| Equity | 10/15 | €175,541 | €152,134 | -€23,408 | -13.3% |
| Contributions | 10/11 | €450,000 | €450,000 | = | 0.0% |
| Capital | 10 | €450,000 | €450,000 | = | 0.0% |
| Issued capital | 100 | €450,000 | €450,000 | = | 0.0% |
| Reserves | 13 | €64,215 | €57,818 | -€6,397 | -10.0% |
| Tax-exempt reserves | 132 | €64,215 | €57,818 | -€6,397 | -10.0% |
| Profit (loss) carried forward | 14 | -€338,674 | -€355,685 | -€17,011 | -5.0% |
| Amounts payable | 17/49 | €95,355 | €101,481 | +€6,126 | +6.4% |
| Amounts payable after more than one year | 17 | €1,560 | €1,560 | = | 0.0% |
| Other amounts payable | 178/9 | €1,560 | €1,560 | = | 0.0% |
| Amounts payable within one year | 42/48 | €93,795 | €99,921 | +€6,126 | +6.5% |
| Trade debts | 44 | €17,277 | €17,394 | +€117 | +0.7% |
| Suppliers | 440/4 | €17,277 | €17,394 | +€117 | +0.7% |
| Taxes, remuneration and social security | 45 | €1,755 | €4,580 | +€2,825 | +161% |
| Taxes | 450/3 | €1,755 | €4,580 | +€2,825 | +161% |
| Other amounts payable | 47/48 | €74,763 | €77,948 | +€3,185 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,617 | €18,886 | +€269 | +1.4% |
| Other operating charges | 640/8 | €3,873 | €3,994 | +€121 | +3.1% |
| Gross operating margin | 9900 | €2,911 | €2,410 | -€502 | -17.2% |
| Operating profit (loss) | 9901 | -€19,579 | -€20,471 | -€892 | -4.6% |
| Financial charges | 65/66B | €38 | €112 | +€74 | +193% |
| Recurring financial charges | 65 | €38 | €112 | +€74 | +193% |
| Profit (loss) for the period before taxes | 9903 | -€19,617 | -€20,583 | -€966 | -4.9% |
| Income taxes | 67/77 | €1,755 | €2,825 | +€1,070 | +61.0% |
| Profit (loss) for the period | 9904 | -€21,372 | -€23,408 | -€2,036 | -9.5% |
| Transfer from tax-exempt reserves | 789 | €6,151 | €6,397 | +€246 | +4.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,221 | -€17,011 | -€1,790 | -11.8% |
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 25 October 2026 via checked.be.