Victory Art: 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 Art
Largest movements
- Cash -€9,745
down €9,745 (-23.4%), from €41,656 to €31,911
mainly Net result for the year (-€27,265) and Current portion of long-term debt (-€6,504)
- Tangible fixed assets -€6,042
down €6,042 (-17.8%), from €33,999 to €27,957
of which Furniture and vehicles: -€3,704
- Stocks and contracts -€1,650
down €1,650 (-5.4%), from €30,617 to €28,967
- Receivables within one year +€1,140
up €1,140 (+20.2%), from €5,631 to €6,771
of which Trade receivables: +€1,140
- Profit (loss) carried forward -€27,265
down €27,265 (-43.7%), from -€62,432 to -€89,696
- Other debts +€17,255
up €17,255 (+53.6%), from €32,200 to €49,455
- Current portion of long-term debt -€6,504
down €6,504 (-83.2%), from €7,817 to €1,313
- Accrued charges and deferred income +€2,477
up €2,477 (+46.5%), from €5,328 to €7,805
- Tax, wage and social debts -€1,861
down €1,861 (-27.1%), from €6,874 to €5,013
- Gross operating margin -€27,394
down €27,394, from €12,362 to -€15,033
- Depreciation -€635
down €635 (-6.2%), from €10,304 to €9,670
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 | €113,258 | €96,045 | -€17,213 | -15.2% |
| Formation expenses | 20 | €233 | €0 | -€233 | -100% |
| Fixed assets | 21/28 | €35,121 | €28,397 | -€6,724 | -19.1% |
| Intangible fixed assets | 21 | €1,121 | €439 | -€682 | -60.8% |
| Tangible fixed assets | 22/27 | €33,999 | €27,957 | -€6,042 | -17.8% |
| Land and buildings | 22 | €14,826 | €12,708 | -€2,118 | -14.3% |
| Plant, machinery and equipment | 23 | €668 | €448 | -€220 | -32.9% |
| Furniture and vehicles | 24 | €18,504 | €14,800 | -€3,704 | -20.0% |
| Current assets | 29/58 | €77,905 | €67,649 | -€10,256 | -13.2% |
| Stocks and contracts in progress | 3 | €30,617 | €28,967 | -€1,650 | -5.4% |
| Stocks | 30/36 | €30,617 | €28,967 | -€1,650 | -5.4% |
| Amounts receivable within one year | 40/41 | €5,631 | €6,771 | +€1,140 | +20.2% |
| Trade receivables | 40 | €5,631 | €6,771 | +€1,140 | +20.2% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €41,656 | €31,911 | -€9,745 | -23.4% |
| Total equity and liabilities | 10/49 | €113,258 | €96,045 | -€17,213 | -15.2% |
| Equity | 10/15 | -€42,432 | -€69,696 | -€27,265 | -64.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,432 | -€89,696 | -€27,265 | -43.7% |
| Amounts payable | 17/49 | €155,690 | €165,742 | +€10,052 | +6.5% |
| Amounts payable after more than one year | 17 | €103,282 | €101,969 | -€1,313 | -1.3% |
| Financial debts | 170/4 | €103,282 | €101,969 | -€1,313 | -1.3% |
| Amounts payable within one year | 42/48 | €47,080 | €55,968 | +€8,888 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €7,817 | €1,313 | -€6,504 | -83.2% |
| Trade debts | 44 | €189 | €187 | -€3 | -1.3% |
| Suppliers | 440/4 | €189 | €187 | -€3 | -1.3% |
| Taxes, remuneration and social security | 45 | €6,874 | €5,013 | -€1,861 | -27.1% |
| Taxes | 450/3 | €6,874 | €5,013 | -€1,861 | -27.1% |
| Other amounts payable | 47/48 | €32,200 | €49,455 | +€17,255 | +53.6% |
| Accrued charges and deferred income | 492/3 | €5,328 | €7,805 | +€2,477 | +46.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,304 | €9,670 | -€635 | -6.2% |
| Other operating charges | 640/8 | €1,126 | €1,052 | -€74 | -6.6% |
| Non-recurring operating charges | 66A | - | €1,215 | +€1,215 | |
| Gross operating margin | 9900 | €12,362 | -€15,033 | -€27,394 | |
| Operating profit (loss) | 9901 | €931 | -€26,969 | -€27,900 | |
| Financial income | 75/76B | €27 | - | -€27 | |
| Recurring financial income | 75 | €27 | - | -€27 | |
| Financial charges | 65/66B | €378 | €275 | -€103 | -27.2% |
| Recurring financial charges | 65 | €378 | €275 | -€103 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | €580 | -€27,244 | -€27,824 | |
| Income taxes | 67/77 | - | €21 | +€21 | |
| Profit (loss) for the period | 9904 | €580 | -€27,265 | -€27,845 | |
| Profit (loss) for the period to be appropriated | 9905 | €580 | -€27,265 | -€27,845 |
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 16 October 2026 via checked.be.