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
- Cash +€10,136
up €10,136 (+25.3%), from €40,121 to €50,257
mainly Other debts (+€67,270) and Net result for the year (+€18,772)
- Receivables within one year -€8,466
down €8,466 (-33.3%), from €25,435 to €16,970
- Tangible fixed assets +€2,217
up €2,217 (+133%), from €1,662 to €3,878
- Other debts +€67,270
up €67,270 (+5,015%), from €1,341 to €68,612
- Reserves -€62,506
no longer reported in 2025 (was €62,506)
- Tax, wage and social debts +€6,836
up €6,836 (+35.6%), from €19,201 to €26,038
of which Taxes: +€6,836
- Debts after one year -€6,000
down €6,000 (-17.4%), from €34,500 to €28,500
- Gross operating margin +€3,123
up €3,123 (+11.9%), from €26,206 to €29,328
- Taxes +€1,903
up €1,903 (+28.5%), from €6,667 to €8,570
- Other operating charges +€431
up €431 (+66.2%), from €651 to €1,081
- Financial charges +€409
up €409 (+1,047%), from €39 to €448
- Depreciation -€302
down €302 (-39.8%), from €760 to €457
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 | €128,041 | €132,584 | +€4,543 | +3.5% |
| Fixed assets | 21/28 | €61,662 | €63,878 | +€2,217 | +3.6% |
| Tangible fixed assets | 22/27 | €1,662 | €3,878 | +€2,217 | +133% |
| Other tangible fixed assets | 26 | €1,662 | €3,878 | +€2,217 | +133% |
| Financial fixed assets | 28 | €60,000 | €60,000 | = | 0.0% |
| Current assets | 29/58 | €66,379 | €68,706 | +€2,327 | +3.5% |
| Amounts receivable within one year | 40/41 | €25,435 | €16,970 | -€8,466 | -33.3% |
| Trade receivables | 40 | €25,435 | €16,970 | -€8,466 | -33.3% |
| Cash at bank and in hand | 54/58 | €40,121 | €50,257 | +€10,136 | +25.3% |
| Deferred charges and accrued income | 490/1 | €823 | €1,479 | +€657 | +79.8% |
| Total equity and liabilities | 10/49 | €128,041 | €132,584 | +€4,543 | +3.5% |
| Equity | 10/15 | €64,506 | €2,000 | -€62,506 | -96.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €62,506 | - | -€62,506 | |
| Distributable reserves | 133 | €62,506 | - | -€62,506 | |
| Amounts payable | 17/49 | €63,534 | €130,584 | +€67,050 | +106% |
| Amounts payable after more than one year | 17 | €34,500 | €28,500 | -€6,000 | -17.4% |
| Financial debts | 170/4 | €34,500 | €28,500 | -€6,000 | -17.4% |
| Amounts payable within one year | 42/48 | €29,034 | €102,084 | +€73,050 | +252% |
| Current portion of amounts payable after more than one year | 42 | €7,500 | €7,000 | -€500 | -6.7% |
| Trade debts | 44 | €992 | €435 | -€557 | -56.1% |
| Suppliers | 440/4 | €992 | €435 | -€557 | -56.1% |
| Taxes, remuneration and social security | 45 | €19,201 | €26,038 | +€6,836 | +35.6% |
| Taxes | 450/3 | €17,151 | €23,988 | +€6,836 | +39.9% |
| Remuneration and social security | 454/9 | €2,050 | €2,050 | = | 0.0% |
| Other amounts payable | 47/48 | €1,341 | €68,612 | +€67,270 | +5,015% |
| Non-recurring operating income | 76A | - | €7,692 | +€7,692 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €760 | €457 | -€302 | -39.8% |
| Other operating charges | 640/8 | €651 | €1,081 | +€431 | +66.2% |
| Gross operating margin | 9900 | €26,206 | €29,328 | +€3,123 | +11.9% |
| Operating profit (loss) | 9901 | €24,796 | €27,790 | +€2,994 | +12.1% |
| Financial charges | 65/66B | €39 | €448 | +€409 | +1,047% |
| Recurring financial charges | 65 | €39 | €448 | +€409 | +1,047% |
| Profit (loss) for the period before taxes | 9903 | €24,757 | €27,342 | +€2,585 | +10.4% |
| Income taxes | 67/77 | €6,667 | €8,570 | +€1,903 | +28.5% |
| Profit (loss) for the period | 9904 | €18,090 | €18,772 | +€682 | +3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €18,090 | €18,772 | +€682 | +3.8% |
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 28 October 2026 via checked.be.