VICTRON: 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.
VICTRON
Largest movements
- Receivables within one year +€55,588
up €55,588 (+66.1%), from €84,097 to €139,685
of which Trade receivables: +€62,792
- Tangible fixed assets -€20,109
down €20,109 (-22.2%), from €90,473 to €70,364
of which Land and buildings: -€13,376
- Cash -€19,281
down €19,281 (-48.2%), from €40,022 to €20,741
mainly Receivables within one year (-€55,588) and Other debts (-€20,911)
- Other debts -€20,911
down €20,911 (-38.0%), from €54,992 to €34,081
- Tax, wage and social debts +€15,527
up €15,527 (+1,024%), from €1,516 to €17,043
- Trade debts +€14,848
up €14,848 (+1,140%), from €1,302 to €16,151
- Reserves +€9,827
up €9,827 (+6.0%), from €164,615 to €174,442
of which Distributable reserves: +€12,470
- Gross operating margin -€6,762
down €6,762 (-15.7%), from €43,077 to €36,315
- Depreciation +€3,083
up €3,083 (+18.1%), from €17,026 to €20,109
- Taxes -€2,753
down €2,753 (-30.2%), from €9,131 to €6,378
- Financial income +€623
up €623 (+57.2%), from €1,089 to €1,713
- Other operating charges +€481
up €481 (+34.3%), from €1,403 to €1,884
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 | €254,205 | €272,385 | +€18,180 | +7.2% |
| Fixed assets | 21/28 | €90,564 | €70,456 | -€20,109 | -22.2% |
| Tangible fixed assets | 22/27 | €90,473 | €70,364 | -€20,109 | -22.2% |
| Land and buildings | 22 | €72,126 | €58,750 | -€13,376 | -18.5% |
| Plant, machinery and equipment | 23 | €6,459 | €3,809 | -€2,650 | -41.0% |
| Furniture and vehicles | 24 | €11,887 | €7,804 | -€4,083 | -34.3% |
| Financial fixed assets | 28 | €92 | €92 | = | 0.0% |
| Current assets | 29/58 | €163,640 | €201,930 | +€38,289 | +23.4% |
| Stocks and contracts in progress | 3 | €37,693 | €39,394 | +€1,701 | +4.5% |
| Stocks | 30/36 | €37,693 | €39,394 | +€1,701 | +4.5% |
| Amounts receivable within one year | 40/41 | €84,097 | €139,685 | +€55,588 | +66.1% |
| Trade receivables | 40 | €69,445 | €132,237 | +€62,792 | +90.4% |
| Other amounts receivable | 41 | €14,653 | €7,449 | -€7,204 | -49.2% |
| Cash at bank and in hand | 54/58 | €40,022 | €20,741 | -€19,281 | -48.2% |
| Deferred charges and accrued income | 490/1 | €1,828 | €2,109 | +€281 | +15.4% |
| Total equity and liabilities | 10/49 | €254,205 | €272,385 | +€18,180 | +7.2% |
| Equity | 10/15 | €189,615 | €199,442 | +€9,827 | +5.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €164,615 | €174,442 | +€9,827 | +6.0% |
| Tax-exempt reserves | 132 | €19,494 | €16,851 | -€2,643 | -13.6% |
| Distributable reserves | 133 | €145,121 | €157,591 | +€12,470 | +8.6% |
| Provisions and deferred taxes | 16 | €6,778 | €5,668 | -€1,110 | -16.4% |
| Deferred taxes | 168 | €6,778 | €5,668 | -€1,110 | -16.4% |
| Amounts payable | 17/49 | €57,811 | €67,275 | +€9,463 | +16.4% |
| Amounts payable within one year | 42/48 | €57,811 | €67,275 | +€9,463 | +16.4% |
| Trade debts | 44 | €1,302 | €16,151 | +€14,848 | +1,140% |
| Suppliers | 440/4 | €1,302 | €16,151 | +€14,848 | +1,140% |
| Taxes, remuneration and social security | 45 | €1,516 | €17,043 | +€15,527 | +1,024% |
| Taxes | 450/3 | €1,516 | €17,043 | +€15,527 | +1,024% |
| Other amounts payable | 47/48 | €54,992 | €34,081 | -€20,911 | -38.0% |
| Remuneration, social security and pensions | 62 | -€113 | €57 | +€169 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,026 | €20,109 | +€3,083 | +18.1% |
| Other operating charges | 640/8 | €1,403 | €1,884 | +€481 | +34.3% |
| Gross operating margin | 9900 | €43,077 | €36,315 | -€6,762 | -15.7% |
| Operating profit (loss) | 9901 | €24,760 | €14,266 | -€10,495 | -42.4% |
| Financial income | 75/76B | €1,089 | €1,713 | +€623 | +57.2% |
| Recurring financial income | 75 | €1,089 | €1,713 | +€623 | +57.2% |
| Financial charges | 65/66B | €1,203 | €884 | -€320 | -26.6% |
| Recurring financial charges | 65 | €1,203 | €884 | -€320 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €24,646 | €15,095 | -€9,552 | -38.8% |
| Transfer from deferred taxes | 780 | €1,110 | €1,110 | = | 0.0% |
| Income taxes | 67/77 | €9,131 | €6,378 | -€2,753 | -30.2% |
| Profit (loss) for the period | 9904 | €16,625 | €9,827 | -€6,798 | -40.9% |
| Transfer from tax-exempt reserves | 789 | €2,643 | €2,643 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,268 | €12,470 | -€6,798 | -35.3% |
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 24 October 2026 via checked.be.