VICTORY - BE: 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 - BE
Largest movements
- Cash +€106,754
up €106,754 (+85.4%), from €124,941 to €231,695
mainly Receivables within one year (+€100,971) and Depreciation (+€88,969)
- Receivables within one year -€100,971
down €100,971 (-39.9%), from €253,165 to €152,193
of which Other amounts receivable: -€53,500
- Tangible fixed assets -€88,969
down €88,969 (-8.2%), from €1.1m to €994,534
of which Land and buildings: -€57,351
- Deferred charges and accrued income +€43,781
up €43,781 (+324%), from €13,518 to €57,298
- Financial fixed assets -€21,675
down €21,675 (-87.4%), from €24,802 to €3,127
- Other debts -€66,620
down €66,620 (-14.5%), from €459,645 to €393,025
- Reserves +€57,627
up €57,627 (+33.3%), from €173,227 to €230,855
of which Distributable reserves: +€57,627
- Debts after one year -€51,392
down €51,392 (-13.7%), from €374,098 to €322,706
of which Financial debts: -€51,542
- Accrued charges and deferred income +€27,399
up €27,399 (+241%), from €11,364 to €38,763
- Tax, wage and social debts -€19,618
down €19,618 (-15.9%), from €123,372 to €103,754
of which Remuneration and social security: -€16,995
- Other operating charges +€67,344
up €67,344 (+758%), from €8,879 to €76,223
- Gross operating margin -€14,321
down €14,321 (-2.1%), from €672,700 to €658,379
- Staff costs +€8,278
up €8,278 (+2.2%), from €374,828 to €383,106
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 | €1,499,929 | €1,438,847 | -€61,081 | -4.1% |
| Fixed assets | 21/28 | €1,108,305 | €997,661 | -€110,644 | -10.0% |
| Tangible fixed assets | 22/27 | €1,083,503 | €994,534 | -€88,969 | -8.2% |
| Land and buildings | 22 | €1,000,663 | €943,312 | -€57,351 | -5.7% |
| Plant, machinery and equipment | 23 | €4,198 | €1,465 | -€2,733 | -65.1% |
| Furniture and vehicles | 24 | €78,642 | €49,757 | -€28,885 | -36.7% |
| Financial fixed assets | 28 | €24,802 | €3,127 | -€21,675 | -87.4% |
| Current assets | 29/58 | €391,624 | €441,186 | +€49,563 | +12.7% |
| Amounts receivable within one year | 40/41 | €253,165 | €152,193 | -€100,971 | -39.9% |
| Trade receivables | 40 | €199,665 | €152,193 | -€47,471 | -23.8% |
| Other amounts receivable | 41 | €53,500 | €0 | -€53,500 | -100% |
| Cash at bank and in hand | 54/58 | €124,941 | €231,695 | +€106,754 | +85.4% |
| Deferred charges and accrued income | 490/1 | €13,518 | €57,298 | +€43,781 | +324% |
| Total equity and liabilities | 10/49 | €1,499,929 | €1,438,847 | -€61,081 | -4.1% |
| Equity | 10/15 | €239,407 | €295,366 | +€55,958 | +23.4% |
| Contributions | 10/11 | €55,800 | €55,800 | = | 0.0% |
| Reserves | 13 | €173,227 | €230,855 | +€57,627 | +33.3% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €167,077 | €224,705 | +€57,627 | +34.5% |
| Investment grants | 15 | €10,380 | €8,711 | -€1,669 | -16.1% |
| Amounts payable | 17/49 | €1,260,521 | €1,143,482 | -€117,040 | -9.3% |
| Amounts payable after more than one year | 17 | €374,098 | €322,706 | -€51,392 | -13.7% |
| Financial debts | 170/4 | €370,298 | €318,756 | -€51,542 | -13.9% |
| Other amounts payable | 178/9 | €3,800 | €3,950 | +€150 | +3.9% |
| Amounts payable within one year | 42/48 | €875,060 | €782,014 | -€93,046 | -10.6% |
| Current portion of amounts payable after more than one year | 42 | €54,858 | €55,798 | +€940 | +1.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €237,185 | €229,437 | -€7,748 | -3.3% |
| Suppliers | 440/4 | €237,185 | €229,437 | -€7,748 | -3.3% |
| Taxes, remuneration and social security | 45 | €123,372 | €103,754 | -€19,618 | -15.9% |
| Taxes | 450/3 | €51,564 | €48,942 | -€2,622 | -5.1% |
| Remuneration and social security | 454/9 | €71,808 | €54,812 | -€16,995 | -23.7% |
| Other amounts payable | 47/48 | €459,645 | €393,025 | -€66,620 | -14.5% |
| Accrued charges and deferred income | 492/3 | €11,364 | €38,763 | +€27,399 | +241% |
| Remuneration, social security and pensions | 62 | €374,828 | €383,106 | +€8,278 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,900 | €88,969 | -€2,931 | -3.2% |
| Other operating charges | 640/8 | €8,879 | €76,223 | +€67,344 | +758% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €672,700 | €658,379 | -€14,321 | -2.1% |
| Operating profit (loss) | 9901 | €197,093 | €110,081 | -€87,012 | -44.1% |
| Financial income | 75/76B | €2,080 | €1,669 | -€411 | -19.8% |
| Recurring financial income | 75 | €1,707 | €1,669 | -€38 | -2.2% |
| Non-recurring financial income | 76B | €373 | €0 | -€373 | -100% |
| Financial charges | 65/66B | €20,876 | €17,861 | -€3,016 | -14.4% |
| Recurring financial charges | 65 | €20,876 | €7,686 | -€13,191 | -63.2% |
| Non-recurring financial charges | 66B | - | €10,175 | +€10,175 | |
| Profit (loss) for the period before taxes | 9903 | €178,296 | €93,889 | -€84,407 | -47.3% |
| Income taxes | 67/77 | €31,450 | €36,262 | +€4,812 | +15.3% |
| Profit (loss) for the period | 9904 | €146,846 | €57,627 | -€89,219 | -60.8% |
| Profit (loss) for the period to be appropriated | 9905 | €146,846 | €57,627 | -€89,219 | -60.8% |
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 15 October 2026 via checked.be.