VICTORY: 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.
VICTORY
Largest movements
- Tangible fixed assets -€86,120
down €86,120 (-28.7%), from €299,590 to €213,470
of which Plant, machinery and equipment: -€57,311
- Receivables within one year +€37,562
up €37,562 (+35.4%), from €106,099 to €143,661
of which Other amounts receivable: +€22,303
- Cash +€27,063
up €27,063 (+383%), from €7,073 to €34,136
mainly Depreciation (+€64,348) and Net result for the year (+€60,843)
- Profit (loss) carried forward +€60,843
up €60,843 (+76.3%), from -€79,734 to -€18,891
- Short-term financial debts -€40,681
down €40,681 (-99.7%), from €40,809 to €128
of which Credit institutions: -€38,971
- Revaluation surpluses -€40,588
no longer reported in 2025 (was €40,588)
- Reserves +€40,588
up €40,588 (+41.0%), from €99,092 to €139,680
- Debts after one year -€26,774
down €26,774 (-8.4%), from €318,283 to €291,508
- Gross operating margin +€70,446
up €70,446 (+16.1%), from €436,473 to €506,918
- Staff costs -€39,235
down €39,235 (-10.1%), from €387,251 to €348,016
- Taxes +€10,508
up €10,508 (+771%), from €1,363 to €11,870
- Other operating charges -€7,696
down €7,696 (-45.4%), from €16,948 to €9,252
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 | €564,540 | €540,952 | -€23,588 | -4.2% |
| Fixed assets | 21/28 | €301,091 | €214,971 | -€86,120 | -28.6% |
| Tangible fixed assets | 22/27 | €299,590 | €213,470 | -€86,120 | -28.7% |
| Land and buildings | 22 | €21,045 | - | -€21,045 | |
| Plant, machinery and equipment | 23 | €245,876 | €188,565 | -€57,311 | -23.3% |
| Furniture and vehicles | 24 | €32,669 | €8,105 | -€24,564 | -75.2% |
| Assets under construction and advance payments | 27 | - | €16,800 | +€16,800 | |
| Financial fixed assets | 28 | €1,501 | €1,501 | = | 0.0% |
| Current assets | 29/58 | €263,449 | €325,981 | +€62,532 | +23.7% |
| Amounts receivable after more than one year | 29 | €75,000 | €75,000 | = | 0.0% |
| Other amounts receivable | 291 | €75,000 | €75,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €60,402 | €59,152 | -€1,250 | -2.1% |
| Stocks | 30/36 | €60,402 | €59,152 | -€1,250 | -2.1% |
| Amounts receivable within one year | 40/41 | €106,099 | €143,661 | +€37,562 | +35.4% |
| Trade receivables | 40 | €2,741 | €18,000 | +€15,259 | +557% |
| Other amounts receivable | 41 | €103,358 | €125,661 | +€22,303 | +21.6% |
| Cash at bank and in hand | 54/58 | €7,073 | €34,136 | +€27,063 | +383% |
| Deferred charges and accrued income | 490/1 | €14,875 | €14,032 | -€843 | -5.7% |
| Total equity and liabilities | 10/49 | €564,540 | €540,952 | -€23,588 | -4.2% |
| Equity | 10/15 | €78,538 | €139,381 | +€60,843 | +77.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €40,588 | - | -€40,588 | |
| Reserves | 13 | €99,092 | €139,680 | +€40,588 | +41.0% |
| Distributable reserves | 133 | €99,092 | €139,680 | +€40,588 | +41.0% |
| Profit (loss) carried forward | 14 | -€79,734 | -€18,891 | +€60,843 | +76.3% |
| Amounts payable | 17/49 | €486,002 | €401,572 | -€84,431 | -17.4% |
| Amounts payable after more than one year | 17 | €318,283 | €291,508 | -€26,774 | -8.4% |
| Financial debts | 170/4 | €318,283 | €291,508 | -€26,774 | -8.4% |
| Amounts payable within one year | 42/48 | €167,719 | €110,063 | -€57,656 | -34.4% |
| Current portion of amounts payable after more than one year | 42 | €37,904 | €31,808 | -€6,095 | -16.1% |
| Financial debts | 43 | €40,809 | €128 | -€40,681 | -99.7% |
| Credit institutions | 430/8 | €38,971 | - | -€38,971 | |
| Other loans | 439 | €1,838 | €128 | -€1,710 | -93.0% |
| Trade debts | 44 | €54,556 | €43,366 | -€11,190 | -20.5% |
| Suppliers | 440/4 | €54,556 | €43,366 | -€11,190 | -20.5% |
| Taxes, remuneration and social security | 45 | €29,653 | €30,696 | +€1,043 | +3.5% |
| Taxes | 450/3 | €24,947 | €30,696 | +€5,749 | +23.0% |
| Remuneration and social security | 454/9 | €4,706 | - | -€4,706 | |
| Other amounts payable | 47/48 | €4,797 | €4,065 | -€732 | -15.3% |
| Remuneration, social security and pensions | 62 | €387,251 | €348,016 | -€39,235 | -10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,830 | €64,348 | -€3,482 | -5.1% |
| Other operating charges | 640/8 | €16,948 | €9,252 | -€7,696 | -45.4% |
| Gross operating margin | 9900 | €436,473 | €506,918 | +€70,446 | +16.1% |
| Operating profit (loss) | 9901 | -€35,556 | €85,303 | +€120,859 | |
| Financial income | 75/76B | €6,387 | €7,572 | +€1,185 | +18.6% |
| Recurring financial income | 75 | €6,387 | €7,572 | +€1,185 | +18.6% |
| Financial charges | 65/66B | €17,355 | €20,161 | +€2,806 | +16.2% |
| Recurring financial charges | 65 | €17,355 | €15,829 | -€1,526 | -8.8% |
| Non-recurring financial charges | 66B | - | €4,332 | +€4,332 | |
| Profit (loss) for the period before taxes | 9903 | -€46,525 | €72,713 | +€119,238 | |
| Income taxes | 67/77 | €1,363 | €11,870 | +€10,508 | +771% |
| Profit (loss) for the period | 9904 | -€47,887 | €60,843 | +€108,730 | |
| Profit (loss) for the period to be appropriated | 9905 | -€47,887 | €60,843 | +€108,730 |
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 14 October 2026 via checked.be.