GERT VISE: 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.
GERT VISE
Largest movements
- Stocks and contracts -€17,049
down €17,049 (-33.1%), from €51,569 to €34,521
- Receivables within one year -€2,215
down €2,215 (-72.8%), from €3,041 to €826
- Other debts -€17,077
down €17,077 (-17.7%), from €96,317 to €79,240
- Trade debts +€8,462
up €8,462 (+178%), from €4,761 to €13,223
- Current portion of long-term debt -€6,259
no longer reported in 2025 (was €6,259)
- Short-term financial debts -€5,135
down €5,135 (-47.2%), from €10,875 to €5,740
- Profit (loss) carried forward +€3,858
up €3,858 (+3.5%), from -€110,869 to -€107,010
- Gross operating margin +€10,660
up €10,660 (+42.7%), from €24,983 to €35,644
- Write-downs +€10,000
up €10,000 (+133%), from €7,500 to €17,500
- Depreciation -€2,339
down €2,339 (-30.5%), from €7,681 to €5,342
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 | €75,043 | €55,807 | -€19,236 | -25.6% |
| Fixed assets | 21/28 | €20,019 | €19,483 | -€535 | -2.7% |
| Tangible fixed assets | 22/27 | €19,809 | €19,273 | -€535 | -2.7% |
| Land and buildings | 22 | €14,931 | €14,931 | = | 0.0% |
| Plant, machinery and equipment | 23 | - | €2,952 | +€2,952 | |
| Furniture and vehicles | 24 | - | €1,390 | +€1,390 | |
| Leasing and similar rights | 25 | €4,878 | - | -€4,878 | |
| Financial fixed assets | 28 | €210 | €210 | = | 0.0% |
| Current assets | 29/58 | €55,024 | €36,324 | -€18,701 | -34.0% |
| Stocks and contracts in progress | 3 | €51,569 | €34,521 | -€17,049 | -33.1% |
| Stocks | 30/36 | €51,569 | €34,521 | -€17,049 | -33.1% |
| Amounts receivable within one year | 40/41 | €3,041 | €826 | -€2,215 | -72.8% |
| Trade receivables | 40 | €3,041 | €826 | -€2,215 | -72.8% |
| Cash at bank and in hand | 54/58 | €62 | €93 | +€31 | +50.1% |
| Deferred charges and accrued income | 490/1 | €352 | €884 | +€532 | +151% |
| Total equity and liabilities | 10/49 | €75,043 | €55,807 | -€19,236 | -25.6% |
| Equity | 10/15 | -€48,895 | -€45,037 | +€3,858 | +7.9% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€110,869 | -€107,010 | +€3,858 | +3.5% |
| Amounts payable | 17/49 | €123,938 | €100,844 | -€23,094 | -18.6% |
| Amounts payable within one year | 42/48 | €123,938 | €100,844 | -€23,094 | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €6,259 | - | -€6,259 | |
| Financial debts | 43 | €10,875 | €5,740 | -€5,135 | -47.2% |
| Credit institutions | 430/8 | €10,875 | €5,740 | -€5,135 | -47.2% |
| Trade debts | 44 | €4,761 | €13,223 | +€8,462 | +178% |
| Suppliers | 440/4 | €4,761 | €13,223 | +€8,462 | +178% |
| Taxes, remuneration and social security | 45 | €5,727 | €2,640 | -€3,086 | -53.9% |
| Taxes | 450/3 | €5,727 | €2,640 | -€3,086 | -53.9% |
| Other amounts payable | 47/48 | €96,317 | €79,240 | -€17,077 | -17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,681 | €5,342 | -€2,339 | -30.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,500 | €17,500 | +€10,000 | +133% |
| Other operating charges | 640/8 | €5,525 | €5,877 | +€353 | +6.4% |
| Gross operating margin | 9900 | €24,983 | €35,644 | +€10,660 | +42.7% |
| Operating profit (loss) | 9901 | €4,277 | €6,924 | +€2,647 | +61.9% |
| Financial income | 75/76B | €11 | - | -€11 | |
| Recurring financial income | 75 | €11 | - | -€11 | |
| Financial charges | 65/66B | €2,432 | €2,716 | +€284 | +11.7% |
| Recurring financial charges | 65 | €2,432 | €2,716 | +€284 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | €1,856 | €4,208 | +€2,352 | +127% |
| Income taxes | 67/77 | €303 | €350 | +€47 | +15.5% |
| Profit (loss) for the period | 9904 | €1,553 | €3,858 | +€2,305 | +148% |
| Profit (loss) for the period to be appropriated | 9905 | €1,553 | €3,858 | +€2,305 | +148% |
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 23 October 2026 via checked.be.