VICTOURY: 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.
VICTOURY
Largest movements
- Intangible fixed assets -€144,873
down €144,873 (-18.9%), from €764,971 to €620,099
- Receivables within one year +€9,281
up €9,281 (+31.0%), from €29,893 to €39,174
of which Trade receivables: +€12,345
- Profit (loss) carried forward -€147,595
down €147,595 (-18.4%), from -€801,738 to -€949,333
- Trade debts -€133,237
down €133,237 (-30.9%), from €431,220 to €297,983
- Accrued charges and deferred income +€121,500
new in 2025: €121,500
- Other debts +€20,068
up €20,068 (+32.6%), from €61,608 to €81,677
- Gross operating margin +€122,663
up €122,663, from -€2,954 to €119,709
- Other operating charges -€40,729
down €40,729 (-99.6%), from €40,873 to €144
- Depreciation +€31,605
up €31,605 (+13.4%), from €235,268 to €266,873
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 | €804,252 | €664,988 | -€139,264 | -17.3% |
| Fixed assets | 21/28 | €764,971 | €620,099 | -€144,873 | -18.9% |
| Intangible fixed assets | 21 | €764,971 | €620,099 | -€144,873 | -18.9% |
| Current assets | 29/58 | €39,281 | €44,889 | +€5,609 | +14.3% |
| Amounts receivable within one year | 40/41 | €29,893 | €39,174 | +€9,281 | +31.0% |
| Trade receivables | 40 | €23,543 | €35,888 | +€12,345 | +52.4% |
| Other amounts receivable | 41 | €6,350 | €3,286 | -€3,064 | -48.3% |
| Cash at bank and in hand | 54/58 | €9,387 | €5,716 | -€3,672 | -39.1% |
| Total equity and liabilities | 10/49 | €804,252 | €664,988 | -€139,264 | -17.3% |
| Equity | 10/15 | €311,318 | €163,723 | -€147,595 | -47.4% |
| Contributions | 10/11 | €1,113,056 | €1,113,056 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€801,738 | -€949,333 | -€147,595 | -18.4% |
| Amounts payable | 17/49 | €492,934 | €501,265 | +€8,331 | +1.7% |
| Amounts payable within one year | 42/48 | €492,934 | €379,765 | -€113,169 | -23.0% |
| Trade debts | 44 | €431,220 | €297,983 | -€133,237 | -30.9% |
| Suppliers | 440/4 | €431,220 | €297,983 | -€133,237 | -30.9% |
| Taxes, remuneration and social security | 45 | €105 | €105 | = | 0.0% |
| Taxes | 450/3 | €105 | €105 | = | 0.0% |
| Other amounts payable | 47/48 | €61,608 | €81,677 | +€20,068 | +32.6% |
| Accrued charges and deferred income | 492/3 | - | €121,500 | +€121,500 | |
| Non-recurring operating income | 76A | - | €0 | +€0 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €235,268 | €266,873 | +€31,605 | +13.4% |
| Other operating charges | 640/8 | €40,873 | €144 | -€40,729 | -99.6% |
| Gross operating margin | 9900 | -€2,954 | €119,709 | +€122,663 | |
| Operating profit (loss) | 9901 | -€279,096 | -€147,308 | +€131,788 | +47.2% |
| Financial income | 75/76B | €1 | €0 | -€1 | -89.8% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -89.8% |
| Financial charges | 65/66B | €408 | €287 | -€121 | -29.6% |
| Recurring financial charges | 65 | €408 | €287 | -€121 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | -€279,502 | -€147,595 | +€131,908 | +47.2% |
| Profit (loss) for the period | 9904 | -€279,502 | -€147,595 | +€131,908 | +47.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€279,502 | -€147,595 | +€131,908 | +47.2% |
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 21 October 2026 via checked.be.