VICTRI: 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.
VICTRI
Largest movements
- Cash -€153,332
down €153,332 (-42.3%), from €362,200 to €208,869
mainly Contributions, distributions and other (-€141,000) and Receivables within one year (-€103,232)
- Receivables within one year +€103,232
up €103,232 (+62.1%), from €166,326 to €269,558
of which Trade receivables: +€104,860
- Current investments +€101,000
new in 2025: €101,000
- Tangible fixed assets -€75,300
down €75,300 (-18.8%), from €399,849 to €324,549
of which Assets under construction and advance payments: -€64,811
- Deferred charges and accrued income -€22,347
no longer reported in 2025 (was €22,347)
- Trade debts -€101,387
down €101,387 (-82.6%), from €122,794 to €21,407
- Other debts +€65,463
up €65,463 (+85.2%), from €76,855 to €142,318
- Debts after one year -€50,977
down €50,977 (-35.3%), from €144,234 to €93,257
- Tax, wage and social debts +€38,554
up €38,554 (+79.3%), from €48,614 to €87,168
of which Taxes: +€40,761
- Staff costs -€26,408
down €26,408 (-7.2%), from €365,690 to €339,282
- Depreciation +€13,499
up €13,499 (+11.9%), from €113,027 to €126,526
- Gross operating margin +€11,494
up €11,494 (+1.7%), from €665,229 to €676,723
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 | €950,722 | €903,976 | -€46,746 | -4.9% |
| Fixed assets | 21/28 | €399,849 | €324,549 | -€75,300 | -18.8% |
| Tangible fixed assets | 22/27 | €399,849 | €324,549 | -€75,300 | -18.8% |
| Plant, machinery and equipment | 23 | €276,231 | €278,533 | +€2,301 | +0.8% |
| Furniture and vehicles | 24 | €45,118 | €32,328 | -€12,789 | -28.3% |
| Assets under construction and advance payments | 27 | €78,500 | €13,689 | -€64,811 | -82.6% |
| Current assets | 29/58 | €550,873 | €579,427 | +€28,554 | +5.2% |
| Amounts receivable within one year | 40/41 | €166,326 | €269,558 | +€103,232 | +62.1% |
| Trade receivables | 40 | €164,336 | €269,196 | +€104,860 | +63.8% |
| Other amounts receivable | 41 | €1,991 | €362 | -€1,628 | -81.8% |
| Current investments | 50/53 | - | €101,000 | +€101,000 | |
| Cash at bank and in hand | 54/58 | €362,200 | €208,869 | -€153,332 | -42.3% |
| Deferred charges and accrued income | 490/1 | €22,347 | - | -€22,347 | |
| Total equity and liabilities | 10/49 | €950,722 | €903,976 | -€46,746 | -4.9% |
| Equity | 10/15 | €505,503 | €505,583 | +€79 | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €486,903 | €486,903 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,881 | €16,881 | = | 0.0% |
| Distributable reserves | 133 | €470,022 | €470,022 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €79 | +€79 | |
| Amounts payable | 17/49 | €445,219 | €398,393 | -€46,825 | -10.5% |
| Amounts payable after more than one year | 17 | €144,234 | €93,257 | -€50,977 | -35.3% |
| Financial debts | 170/4 | €144,234 | €93,257 | -€50,977 | -35.3% |
| Amounts payable within one year | 42/48 | €300,984 | €305,136 | +€4,152 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €52,722 | €54,244 | +€1,522 | +2.9% |
| Trade debts | 44 | €122,794 | €21,407 | -€101,387 | -82.6% |
| Suppliers | 440/4 | €122,794 | €21,407 | -€101,387 | -82.6% |
| Taxes, remuneration and social security | 45 | €48,614 | €87,168 | +€38,554 | +79.3% |
| Taxes | 450/3 | €23,800 | €64,561 | +€40,761 | +171% |
| Remuneration and social security | 454/9 | €24,814 | €22,607 | -€2,207 | -8.9% |
| Other amounts payable | 47/48 | €76,855 | €142,318 | +€65,463 | +85.2% |
| Remuneration, social security and pensions | 62 | €365,690 | €339,282 | -€26,408 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,027 | €126,526 | +€13,499 | +11.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,568 | - | +€3,568 | |
| Other operating charges | 640/8 | €28,070 | €22,066 | -€6,004 | -21.4% |
| Gross operating margin | 9900 | €665,229 | €676,723 | +€11,494 | +1.7% |
| Operating profit (loss) | 9901 | €162,011 | €188,849 | +€26,838 | +16.6% |
| Financial income | 75/76B | €2,935 | €3,697 | +€762 | +26.0% |
| Recurring financial income | 75 | €2,935 | €3,697 | +€762 | +26.0% |
| Financial charges | 65/66B | €8,450 | €7,235 | -€1,215 | -14.4% |
| Recurring financial charges | 65 | €8,450 | €7,235 | -€1,215 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €156,495 | €185,310 | +€28,816 | +18.4% |
| Income taxes | 67/77 | €44,421 | €44,231 | -€190 | -0.4% |
| Profit (loss) for the period | 9904 | €112,074 | €141,079 | +€29,006 | +25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €112,074 | €141,079 | +€29,006 | +25.9% |
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.