Victory-S: what changed
Victory-S
Largest movements
- Cash +€3,986
up €3,986 (+23.1%), from €17,276 to €21,262
mainly Receivables within one year (+€3,604) and Net result for the year (+€3,321)
- Receivables within one year -€3,604
down €3,604 (-11.4%), from €31,659 to €28,055
of which Trade receivables: -€4,868
- Tangible fixed assets -€3,100
down €3,100 (-24.3%), from €12,764 to €9,663
of which Furniture and vehicles: -€1,882
- Deferred charges and accrued income +€779
up €779 (+40.7%), from €1,912 to €2,691
- Trade debts -€7,235
down €7,235 (-61.8%), from €11,699 to €4,465
- Reserves +€2,432
up €2,432 (+11.2%), from €21,705 to €24,138
- Short-term financial debts +€2,379
up €2,379 (+70.2%), from €3,386 to €5,765
- Profit (loss) carried forward +€889
no longer reported in 2025 (was -€889)
- Gross operating margin +€5,410
up €5,410 (+76.2%), from €7,097 to €12,507
- Taxes +€960
up €960 (+75.9%), from €1,265 to €2,226
- Depreciation +€618
up €618 (+24.9%), from €2,483 to €3,100
- Financial charges -€583
down €583 (-18.9%), from €3,079 to €2,496
- Other operating charges +€177
up €177 (+14.2%), from €1,244 to €1,421
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €63,611 | €61,671 | -€1,940 | -3.0% |
| Fixed assets | 21/28 | €12,764 | €9,663 | -€3,100 | -24.3% |
| Tangible fixed assets | 22/27 | €12,764 | €9,663 | -€3,100 | -24.3% |
| Furniture and vehicles | 24 | €4,541 | €2,659 | -€1,882 | -41.4% |
| Other tangible fixed assets | 26 | €8,223 | €7,004 | -€1,219 | -14.8% |
| Current assets | 29/58 | €50,847 | €52,008 | +€1,161 | +2.3% |
| Amounts receivable within one year | 40/41 | €31,659 | €28,055 | -€3,604 | -11.4% |
| Trade receivables | 40 | €21,320 | €16,452 | -€4,868 | -22.8% |
| Other amounts receivable | 41 | €10,339 | €11,603 | +€1,264 | +12.2% |
| Cash at bank and in hand | 54/58 | €17,276 | €21,262 | +€3,986 | +23.1% |
| Deferred charges and accrued income | 490/1 | €1,912 | €2,691 | +€779 | +40.7% |
| Total equity and liabilities | 10/49 | €63,611 | €61,671 | -€1,940 | -3.0% |
| Equity | 10/15 | €41,017 | €44,338 | +€3,321 | +8.1% |
| Contributions | 10/11 | €20,200 | €20,200 | = | 0.0% |
| Reserves | 13 | €21,705 | €24,138 | +€2,432 | +11.2% |
| Distributable reserves | 133 | €21,705 | €24,138 | +€2,432 | +11.2% |
| Profit (loss) carried forward | 14 | -€889 | - | +€889 | |
| Amounts payable | 17/49 | €22,594 | €17,333 | -€5,261 | -23.3% |
| Amounts payable within one year | 42/48 | €22,594 | €17,333 | -€5,261 | -23.3% |
| Financial debts | 43 | €3,386 | €5,765 | +€2,379 | +70.2% |
| Credit institutions | 430/8 | €3,386 | €5,765 | +€2,379 | +70.2% |
| Trade debts | 44 | €11,699 | €4,465 | -€7,235 | -61.8% |
| Suppliers | 440/4 | €11,699 | €4,465 | -€7,235 | -61.8% |
| Taxes, remuneration and social security | 45 | €6,955 | €6,829 | -€127 | -1.8% |
| Taxes | 450/3 | €4,655 | €4,529 | -€127 | -2.7% |
| Remuneration and social security | 454/9 | €2,300 | €2,300 | = | 0.0% |
| Other amounts payable | 47/48 | €553 | €276 | -€277 | -50.2% |
| Non-recurring operating income | 76A | €4,552 | - | -€4,552 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,483 | €3,100 | +€618 | +24.9% |
| Other operating charges | 640/8 | €1,244 | €1,421 | +€177 | +14.2% |
| Gross operating margin | 9900 | €7,097 | €12,507 | +€5,410 | +76.2% |
| Operating profit (loss) | 9901 | €3,370 | €7,986 | +€4,616 | +137% |
| Financial income | 75/76B | €86 | €57 | -€29 | -34.1% |
| Recurring financial income | 75 | €86 | €57 | -€29 | -34.1% |
| Financial charges | 65/66B | €3,079 | €2,496 | -€583 | -18.9% |
| Recurring financial charges | 65 | €3,079 | €2,496 | -€583 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €377 | €5,547 | +€5,170 | +1,372% |
| Income taxes | 67/77 | €1,265 | €2,226 | +€960 | +75.9% |
| Profit (loss) for the period | 9904 | -€889 | €3,321 | +€4,209 | |
| Profit (loss) for the period to be appropriated | 9905 | -€889 | €3,321 | +€4,209 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.