Victors: 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.
Victors
Largest movements
- Current investments -€85,000
down €85,000 (-73.2%), from €116,110 to €31,110
- Cash +€39,661
up €39,661 (+31.5%), from €126,073 to €165,734
mainly Current investments (+€85,000) and Other debts (+€21,700)
- Tangible fixed assets -€10,181
down €10,181 (-13.5%), from €75,618 to €65,437
of which Land and buildings: -€7,254
- Accrued charges and deferred income -€37,500
down €37,500 (-23.5%), from €159,584 to €122,084
- Reserves -€35,066
down €35,066 (-14.7%), from €239,127 to €204,060
- Other debts +€21,700
up €21,700 (+194%), from €11,162 to €32,862
- Tax, wage and social debts -€8,825
down €8,825 (-47.6%), from €18,556 to €9,731
of which Taxes: -€8,692
- Trade debts +€8,140
up €8,140 (+21.2%), from €38,385 to €46,525
- Gross operating margin -€52,452
down €52,452 (-35.0%), from €149,688 to €97,236
- Staff costs -€22,660
down €22,660 (-22.1%), from €102,588 to €79,928
- Taxes -€8,177
down €8,177 (-57.4%), from €14,250 to €6,073
- Financial income +€4,208
up €4,208 (+561%), from €750 to €4,958
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 | €490,045 | €433,862 | -€56,183 | -11.5% |
| Fixed assets | 21/28 | €80,692 | €69,048 | -€11,644 | -14.4% |
| Intangible fixed assets | 21 | €4,268 | €2,991 | -€1,277 | -29.9% |
| Tangible fixed assets | 22/27 | €75,618 | €65,437 | -€10,181 | -13.5% |
| Land and buildings | 22 | €31,325 | €24,071 | -€7,254 | -23.2% |
| Plant, machinery and equipment | 23 | €43,740 | €41,061 | -€2,679 | -6.1% |
| Furniture and vehicles | 24 | €554 | €305 | -€248 | -44.8% |
| Financial fixed assets | 28 | €806 | €620 | -€186 | -23.1% |
| Current assets | 29/58 | €409,353 | €364,814 | -€44,539 | -10.9% |
| Amounts receivable within one year | 40/41 | €164,055 | €165,413 | +€1,358 | +0.8% |
| Trade receivables | 40 | €38,939 | €29,678 | -€9,260 | -23.8% |
| Other amounts receivable | 41 | €125,116 | €135,734 | +€10,618 | +8.5% |
| Current investments | 50/53 | €116,110 | €31,110 | -€85,000 | -73.2% |
| Cash at bank and in hand | 54/58 | €126,073 | €165,734 | +€39,661 | +31.5% |
| Deferred charges and accrued income | 490/1 | €3,116 | €2,558 | -€558 | -17.9% |
| Total equity and liabilities | 10/49 | €490,045 | €433,862 | -€56,183 | -11.5% |
| Equity | 10/15 | €257,727 | €222,660 | -€35,066 | -13.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €239,127 | €204,060 | -€35,066 | -14.7% |
| Distributable reserves | 133 | €239,127 | €204,060 | -€35,066 | -14.7% |
| Amounts payable | 17/49 | €232,318 | €211,202 | -€21,117 | -9.1% |
| Amounts payable within one year | 42/48 | €72,735 | €89,118 | +€16,383 | +22.5% |
| Current portion of amounts payable after more than one year | 42 | €4,631 | - | -€4,631 | |
| Trade debts | 44 | €38,385 | €46,525 | +€8,140 | +21.2% |
| Suppliers | 440/4 | €38,385 | €46,525 | +€8,140 | +21.2% |
| Taxes, remuneration and social security | 45 | €18,556 | €9,731 | -€8,825 | -47.6% |
| Taxes | 450/3 | €9,250 | €557 | -€8,692 | -94.0% |
| Remuneration and social security | 454/9 | €9,306 | €9,173 | -€133 | -1.4% |
| Other amounts payable | 47/48 | €11,162 | €32,862 | +€21,700 | +194% |
| Accrued charges and deferred income | 492/3 | €159,584 | €122,084 | -€37,500 | -23.5% |
| Remuneration, social security and pensions | 62 | €102,588 | €79,928 | -€22,660 | -22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,162 | €11,458 | -€704 | -5.8% |
| Other operating charges | 640/8 | €2,897 | €2,716 | -€181 | -6.2% |
| Gross operating margin | 9900 | €149,688 | €97,236 | -€52,452 | -35.0% |
| Operating profit (loss) | 9901 | €32,040 | €3,133 | -€28,907 | -90.2% |
| Financial income | 75/76B | €750 | €4,958 | +€4,208 | +561% |
| Recurring financial income | 75 | €750 | €4,958 | +€4,208 | +561% |
| Financial charges | 65/66B | €1,433 | €730 | -€704 | -49.1% |
| Recurring financial charges | 65 | €1,433 | €730 | -€704 | -49.1% |
| Profit (loss) for the period before taxes | 9903 | €31,357 | €7,362 | -€23,995 | -76.5% |
| Income taxes | 67/77 | €14,250 | €6,073 | -€8,177 | -57.4% |
| Profit (loss) for the period | 9904 | €17,107 | €1,289 | -€15,818 | -92.5% |
| Profit (loss) for the period to be appropriated | 9905 | €17,107 | €1,289 | -€15,818 | -92.5% |
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 18 October 2026 via checked.be.