BENOIT VISART: what changed
Two fiscal 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.
BENOIT VISART
Largest movements
- Receivables after one year -€20,000
no longer reported in 2025 (was €20,000)
- Receivables within one year -€17,566
down €17,566 (-26.1%), from €67,387 to €49,820
of which Other amounts receivable: -€18,873
- Tangible fixed assets -€11,479
down €11,479 (-27.8%), from €41,306 to €29,827
of which Furniture and vehicles: -€12,083
- Cash -€9,091
down €9,091 (-31.0%), from €29,338 to €20,246
mainly Contributions, distributions and other (-€94,920) and Debts after one year (-€12,427)
- Reserves -€73,607
down €73,607 (-47.3%), from €155,669 to €82,062
of which Distributable reserves: -€73,607
- Other debts +€24,941
up €24,941 (+271.3%), from €9,194 to €34,135
- Debts after one year -€12,427
down €12,427 (-42.0%), from €29,557 to €17,130
- Gross operating margin -€4,956
down €4,956 (-11.2%), from €44,066 to €39,111
- Taxes -€3,536
down €3,536 (-28.1%), from €12,561 to €9,026
- Other operating charges +€892
up €892 (+372.0%), from €240 to €1,131
- Depreciation -€446
down €446 (-3.4%), from €13,124 to €12,678
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.
Cash bridge derived
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 | €223,718 | €164,693 | -€59,025 | -26.4% |
| Fixed assets | 21/28 | €41,306 | €29,827 | -€11,479 | -27.8% |
| Tangible fixed assets | 22/27 | €41,306 | €29,827 | -€11,479 | -27.8% |
| Plant, machinery and equipment | 23 | €367 | €1,096 | +€729 | +198.8% |
| Furniture and vehicles | 24 | €39,909 | €27,826 | -€12,083 | -30.3% |
| Other tangible fixed assets | 26 | €1,030 | €905 | -€125 | -12.2% |
| Current assets | 29/58 | €182,412 | €134,866 | -€47,546 | -26.1% |
| Amounts receivable after more than one year | 29 | €20,000 | - | -€20,000 | |
| Other amounts receivable | 291 | €20,000 | - | -€20,000 | |
| Amounts receivable within one year | 40/41 | €67,387 | €49,820 | -€17,566 | -26.1% |
| Trade receivables | 40 | - | €1,306 | +€1,306 | |
| Other amounts receivable | 41 | €67,387 | €48,514 | -€18,873 | -28.0% |
| Current investments | 50/53 | €60,000 | €60,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €29,338 | €20,246 | -€9,091 | -31.0% |
| Deferred charges and accrued income | 490/1 | €5,687 | €4,799 | -€888 | -15.6% |
| Total equity and liabilities | 10/49 | €223,718 | €164,693 | -€59,025 | -26.4% |
| Equity | 10/15 | €169,309 | €95,702 | -€73,607 | -43.5% |
| Contributions | 10/11 | €13,640 | €13,640 | = | 0.0% |
| Reserves | 13 | €155,669 | €82,062 | -€73,607 | -47.3% |
| Non-distributable reserves | 130/1 | €5,580 | €5,580 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,580 | €5,580 | = | 0.0% |
| Distributable reserves | 133 | €150,089 | €76,482 | -€73,607 | -49.0% |
| Amounts payable | 17/49 | €54,408 | €68,991 | +€14,582 | +26.8% |
| Amounts payable after more than one year | 17 | €29,557 | €17,130 | -€12,427 | -42.0% |
| Financial debts | 170/4 | €29,557 | €17,130 | -€12,427 | -42.0% |
| Amounts payable within one year | 42/48 | €24,852 | €51,861 | +€27,009 | +108.7% |
| Current portion of amounts payable after more than one year | 42 | €12,078 | €12,427 | +€349 | +2.9% |
| Trade debts | 44 | €43 | - | -€43 | |
| Suppliers | 440/4 | €43 | - | -€43 | |
| Taxes, remuneration and social security | 45 | €3,537 | €5,299 | +€1,762 | +49.8% |
| Taxes | 450/3 | €3,537 | €5,299 | +€1,762 | +49.8% |
| Other amounts payable | 47/48 | €9,194 | €34,135 | +€24,941 | +271.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,124 | €12,678 | -€446 | -3.4% |
| Other operating charges | 640/8 | €240 | €1,131 | +€892 | +372.0% |
| Gross operating margin | 9900 | €44,066 | €39,111 | -€4,956 | -11.2% |
| Operating profit (loss) | 9901 | €30,702 | €25,301 | -€5,402 | -17.6% |
| Financial income | 75/76B | €5,968 | €6,218 | +€250 | +4.2% |
| Recurring financial income | 75 | €5,968 | €6,218 | +€250 | +4.2% |
| Financial charges | 65/66B | €1,526 | €1,180 | -€346 | -22.7% |
| Recurring financial charges | 65 | €1,526 | €1,180 | -€346 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €35,144 | €30,338 | -€4,806 | -13.7% |
| Income taxes | 67/77 | €12,561 | €9,026 | -€3,536 | -28.1% |
| Profit (loss) for the period | 9904 | €22,583 | €21,313 | -€1,270 | -5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,583 | €21,313 | -€1,270 | -5.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.