VICTORY-MED: 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-MED
Largest movements
- Receivables within one year -€1.5m
down €1.5m (-99.4%), from €1.5m to €9,062
- Profit (loss) carried forward -€1.6m
down €1.6m (-212%), from -€733,476 to -€2.3m
- Trade debts +€110,855
up €110,855 (+33.7%), from €328,783 to €439,638
- Short-term financial debts -€89,887
down €89,887 (-6.8%), from €1.3m to €1.2m
- Other operating charges +€1.4m
new in 2025: €1.4m
- Gross operating margin -€102,510
down €102,510 (-616%), from -€16,651 to -€119,161
- Write-downs -€19,810
new in 2025: -€19,810
- Financial charges -€1,495
down €1,495 (-97.6%), from €1,532 to €37
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 | €1,547,711 | €9,099 | -€1.5m | -99.4% |
| Current assets | 29/58 | €1,547,711 | €9,099 | -€1.5m | -99.4% |
| Amounts receivable within one year | 40/41 | €1,546,279 | €9,062 | -€1.5m | -99.4% |
| Other amounts receivable | 41 | €1,546,279 | €9,062 | -€1.5m | -99.4% |
| Cash at bank and in hand | 54/58 | €1,135 | €37 | -€1,098 | -96.7% |
| Deferred charges and accrued income | 490/1 | €297 | - | -€297 | |
| Total equity and liabilities | 10/49 | €1,547,711 | €9,099 | -€1.5m | -99.4% |
| Equity | 10/15 | -€616,499 | -€2,174,574 | -€1.6m | -253% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €55,477 | €55,477 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €52,379 | €52,379 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€733,476 | -€2,291,552 | -€1.6m | -212% |
| Amounts payable | 17/49 | €2,164,210 | €2,183,673 | +€19,463 | +0.9% |
| Amounts payable within one year | 42/48 | €2,162,705 | €2,183,673 | +€20,968 | +1.0% |
| Financial debts | 43 | €1,326,329 | €1,236,442 | -€89,887 | -6.8% |
| Other loans | 439 | €1,326,329 | €1,236,442 | -€89,887 | -6.8% |
| Trade debts | 44 | €328,783 | €439,638 | +€110,855 | +33.7% |
| Suppliers | 440/4 | €328,783 | €439,638 | +€110,855 | +33.7% |
| Taxes, remuneration and social security | 45 | €507,593 | €507,593 | = | 0.0% |
| Taxes | 450/3 | €507,593 | €507,593 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,505 | - | -€1,505 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€19,810 | -€19,810 | |
| Other operating charges | 640/8 | - | €1,438,878 | +€1.4m | |
| Non-recurring operating charges | 66A | - | €19,810 | +€19,810 | |
| Gross operating margin | 9900 | -€16,651 | -€119,161 | -€102,510 | -616% |
| Operating profit (loss) | 9901 | -€16,651 | -€1,558,039 | -€1.5m | -9,257% |
| Financial income | 75/76B | €24 | - | -€24 | |
| Recurring financial income | 75 | €24 | - | -€24 | |
| Financial charges | 65/66B | €1,532 | €37 | -€1,495 | -97.6% |
| Recurring financial charges | 65 | €1,532 | €37 | -€1,495 | -97.6% |
| Profit (loss) for the period before taxes | 9903 | -€18,159 | -€1,558,076 | -€1.5m | -8,480% |
| Profit (loss) for the period | 9904 | -€18,159 | -€1,558,076 | -€1.5m | -8,480% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,159 | -€1,558,076 | -€1.5m | -8,480% |
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 19 October 2026 via checked.be.