VICTRIX: what changed
What changed
VICTRIX
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€21.8m
2024 · €33.5m-€11.7m
Equity
€398.4m
2024 · €376.8m+€21.6m
Cash
€3.7m
2024 · €22.0m-€18.3m
Balance sheet total
€401.5m
2024 · €379.7m+€21.8m
Largest movements
Assets
- Financial fixed assets +€30.8m
up €30.8m (+17.0%), from €181.6m to €212.4m
of which Affiliated companies: +€25.7m
- Cash -€18.3m
down €18.3m (-83.1%), from €22.0m to €3.7m
mainly Investment in fixed assets (net) (-€30.9m) and Current investments (-€7.3m)
- Current investments +€7.3m
up €7.3m (+4.3%), from €168.4m to €175.7m
Equity and liabilities
- Profit (loss) carried forward +€21.6m
up €21.6m (+5.8%), from €375.0m to €396.7m
Income statement
- Financial income -€14.9m
down €14.9m (-33.8%), from €44.0m to €29.1m
of which Non-recurring financial income: -€11.0m
- Services and other goods -€2.3m
down €2.3m (-51.2%), from €4.5m to €2.2m
- Taxes -€668,202
down €668,202 (-97.9%), from €682,870 to €14,668
- Financial charges -€400,905
down €400,905 (-8.3%), from €4.9m to €4.5m
of which Non-recurring financial charges: -€2.7m
- Other operating charges +€95,787
up €95,787 (+76.6%), from €125,024 to €220,812
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.
Result 2024
€33.5m
Turnover
-€4,585
Other operating income
-€13,692
Goods and materials
-€9,974
Services and other goods
+€2.3m
Staff costs
-€45,116
Depreciation
-€8,621
Other operating charges
-€95,787
Financial income
-€14.9m
Financial charges
+€400,905
Taxes
+€668,202
Result 2025
€21.8m
raises the resultlowers the result
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.
From operations
+€20.1m
Investment
-€38.2m
Financing
-€150,000
Cash 2024
€22.0m
From operations (derived)
+€20.1m
Net result for the year
+€21.8m
Depreciation
+€355,251
Receivables after one year
-€82,500
Receivables within one year
-€1.9m
Deferred charges and accrued income
-€218,264
Trade debts
+€1.6m
Smaller working-capital items
-€39,073
Accrued charges and deferred income
-€1.3m
Investment (derived)
-€38.2m
Investment in fixed assets (net)
-€30.9m
Current investments
-€7.3m
Financing
-€150,000
Contributions, distributions and other
-€150,000
Cash 2025
€3.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €379,734,502 | €401,534,048 | +€21.8m | +5.7% |
| Fixed assets | 21/28 | €186,907,104 | €217,466,261 | +€30.6m | +16.3% |
| Intangible fixed assets | 21 | €4,885 | €7,761 | +€2,876 | +58.9% |
| Tangible fixed assets | 22/27 | €5,293,211 | €5,038,806 | -€254,405 | -4.8% |
| Land and buildings | 22 | €4,301,330 | €4,065,284 | -€236,046 | -5.5% |
| Furniture and vehicles | 24 | €68,102 | €115,555 | +€47,453 | +69.7% |
| Other tangible fixed assets | 26 | €923,779 | €857,967 | -€65,812 | -7.1% |
| Financial fixed assets | 28 | €181,609,008 | €212,419,693 | +€30.8m | +17.0% |
| Affiliated companies | 280/1 | €166,868,815 | €192,572,513 | +€25.7m | +15.4% |
| Participating interests | 280 | €159,888,694 | €161,288,480 | +€1.4m | +0.9% |
| Amounts receivable | 281 | €6,980,121 | €31,284,033 | +€24.3m | +348% |
| Companies linked by participating interests | 282/3 | €11,992,872 | €12,950,413 | +€957,541 | +8.0% |
| Participating interests | 282 | €10,330,954 | €11,015,165 | +€684,211 | +6.6% |
| Amounts receivable | 283 | €1,661,918 | €1,935,248 | +€273,331 | +16.4% |
| Other financial fixed assets | 284/8 | €2,747,320 | €6,896,767 | +€4.1m | +151% |
| Shares | 284 | €2,747,070 | €6,884,495 | +€4.1m | +151% |
| Amounts receivable and cash guarantees | 285/8 | €250 | €12,272 | +€12,022 | +4,809% |
| Current assets | 29/58 | €192,827,398 | €184,067,787 | -€8.8m | -4.5% |
| Amounts receivable after more than one year | 29 | €1,736,795 | €1,819,295 | +€82,500 | +4.8% |
| Other amounts receivable | 291 | €1,736,795 | €1,819,295 | +€82,500 | +4.8% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €193,715 | €2,074,964 | +€1.9m | +971% |
| Trade receivables | 40 | €129,462 | €101,847 | -€27,615 | -21.3% |
| Other amounts receivable | 41 | €64,254 | €1,973,118 | +€1.9m | +2,971% |
| Current investments | 50/53 | €168,414,773 | €175,735,952 | +€7.3m | +4.3% |
| Other investments | 51/53 | €168,414,773 | €175,735,952 | +€7.3m | +4.3% |
| Cash at bank and in hand | 54/58 | €21,971,623 | €3,708,821 | -€18.3m | -83.1% |
| Deferred charges and accrued income | 490/1 | €510,491 | €728,755 | +€218,264 | +42.8% |
| Total equity and liabilities | 10/49 | €379,734,502 | €401,534,048 | +€21.8m | +5.7% |
| Equity | 10/15 | €376,765,120 | €398,401,024 | +€21.6m | +5.7% |
| Contributions | 10/11 | €517,186 | €517,186 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Contributions outside capital | 11 | €17,186 | €17,186 | = | 0.0% |
| Share premium | 1100/10 | €17,186 | €17,186 | = | 0.0% |
| Reserves | 13 | €1,199,353 | €1,199,353 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,199,353 | €1,199,353 | = | 0.0% |
| Legal reserve | 130 | €1,199,353 | €1,199,353 | = | 0.0% |
| Profit (loss) carried forward | 14 | €375,048,580 | €396,684,485 | +€21.6m | +5.8% |
| Amounts payable | 17/49 | €2,969,382 | €3,133,023 | +€163,641 | +5.5% |
| Amounts payable within one year | 42/48 | €906,199 | €2,418,555 | +€1.5m | +167% |
| Trade debts | 44 | €339,244 | €1,890,673 | +€1.6m | +457% |
| Suppliers | 440/4 | €339,244 | €1,890,673 | +€1.6m | +457% |
| Taxes, remuneration and social security | 45 | €501,965 | €472,581 | -€29,384 | -5.9% |
| Taxes | 450/3 | €431,566 | €393,523 | -€38,043 | -8.8% |
| Remuneration and social security | 454/9 | €70,400 | €79,058 | +€8,658 | +12.3% |
| Other amounts payable | 47/48 | €64,990 | €55,302 | -€9,688 | -14.9% |
| Accrued charges and deferred income | 492/3 | €2,063,183 | €714,468 | -€1.3m | -65.4% |
| Operating income | 70/76A | €264,221 | €245,943 | -€18,277 | -6.9% |
| Turnover | 70 | €213,306 | €208,721 | -€4,585 | -2.1% |
| Other operating income | 74 | €50,915 | €37,223 | -€13,692 | -26.9% |
| Operating charges | 60/66A | €5,286,880 | €3,126,912 | -€2.2m | -40.9% |
| Goods for resale, raw materials and consumables | 60 | €273,055 | €283,029 | +€9,974 | +3.7% |
| Purchases | 600/8 | €273,055 | €283,029 | +€9,974 | +3.7% |
| Services and other goods | 61 | €4,533,301 | €2,213,836 | -€2.3m | -51.2% |
| Remuneration, social security and pensions | 62 | €8,870 | €53,985 | +€45,116 | +509% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €346,630 | €355,251 | +€8,621 | +2.5% |
| Other operating charges | 640/8 | €125,024 | €220,812 | +€95,787 | +76.6% |
| Operating profit (loss) | 9901 | -€5,022,660 | -€2,880,969 | +€2.1m | +42.6% |
| Financial income | 75/76B | €44,018,718 | €29,134,526 | -€14.9m | -33.8% |
| Recurring financial income | 75 | €32,158,306 | €28,261,493 | -€3.9m | -12.1% |
| Income from financial fixed assets | 750 | €24,480,914 | €18,964,183 | -€5.5m | -22.5% |
| Income from current assets | 751 | €4,262,630 | €7,446,413 | +€3.2m | +74.7% |
| Other financial income | 752/9 | €3,414,762 | €1,850,897 | -€1.6m | -45.8% |
| Non-recurring financial income | 76B | €11,860,412 | €873,033 | -€11.0m | -92.6% |
| Financial charges | 65/66B | €4,853,890 | €4,452,985 | -€400,905 | -8.3% |
| Recurring financial charges | 65 | €989,673 | €3,331,090 | +€2.3m | +237% |
| Debt charges | 650 | €149 | €0 | -€149 | -100% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €589,785 | €470,945 | -€118,839 | -20.1% |
| Other financial charges | 652/9 | €399,740 | €2,860,145 | +€2.5m | +616% |
| Non-recurring financial charges | 66B | €3,864,217 | €1,121,896 | -€2.7m | -71.0% |
| Profit (loss) for the period before taxes | 9903 | €34,142,168 | €21,800,572 | -€12.3m | -36.1% |
| Income taxes | 67/77 | €682,870 | €14,668 | -€668,202 | -97.9% |
| Taxes | 670/3 | €682,870 | €14,668 | -€668,202 | -97.9% |
| Profit (loss) for the period | 9904 | €33,459,298 | €21,785,904 | -€11.7m | -34.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,459,298 | €21,785,904 | -€11.7m | -34.9% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.