GROUPE VISIBLY: 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.
GROUPE VISIBLY
Largest movements
- Tangible fixed assets -€103,095
down €103,095 (-16.9%), from €608,822 to €505,727
of which Furniture and vehicles: -€58,860
- Stocks and contracts +€90,586
up €90,586 (+12.1%), from €746,543 to €837,129
- Cash -€33,189
down €33,189 (-17.5%), from €189,660 to €156,471
mainly Stocks and contracts (-€90,586) and Debts after one year (-€62,381)
- Receivables within one year -€26,336
down €26,336 (-7.0%), from €375,052 to €348,715
of which Trade receivables: -€25,227
- Intangible fixed assets +€24,290
new in 2025: €24,290
- Debts after one year -€62,381
down €62,381 (-22.4%), from €278,889 to €216,508
- Trade debts -€44,870
down €44,870 (-10.3%), from €434,155 to €389,285
- Profit (loss) carried forward +€42,884
up €42,884 (+9.6%), from €448,848 to €491,733
- Tax, wage and social debts +€22,118
up €22,118 (+22.4%), from €98,532 to €120,650
of which Taxes: +€16,259
- Staff costs +€29,887
up €29,887 (+8.9%), from €336,165 to €366,052
- Other operating charges -€21,177
down €21,177 (-69.4%), from €30,505 to €9,328
- Gross operating margin +€19,541
up €19,541 (+3.4%), from €569,017 to €588,559
- Depreciation +€13,271
up €13,271 (+10.9%), from €121,599 to €134,870
- Write-downs +€9,088
up €9,088, from -€6,994 to €2,093
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 | €1,950,988 | €1,904,055 | -€46,933 | -2.4% |
| Fixed assets | 21/28 | €609,726 | €530,921 | -€78,805 | -12.9% |
| Intangible fixed assets | 21 | - | €24,290 | +€24,290 | |
| Tangible fixed assets | 22/27 | €608,822 | €505,727 | -€103,095 | -16.9% |
| Land and buildings | 22 | €253,617 | €235,675 | -€17,942 | -7.1% |
| Plant, machinery and equipment | 23 | €185,275 | €158,983 | -€26,293 | -14.2% |
| Furniture and vehicles | 24 | €169,930 | €111,070 | -€58,860 | -34.6% |
| Financial fixed assets | 28 | €904 | €904 | = | 0.0% |
| Current assets | 29/58 | €1,341,262 | €1,373,134 | +€31,872 | +2.4% |
| Stocks and contracts in progress | 3 | €746,543 | €837,129 | +€90,586 | +12.1% |
| Stocks | 30/36 | €746,543 | €837,129 | +€90,586 | +12.1% |
| Amounts receivable within one year | 40/41 | €375,052 | €348,715 | -€26,336 | -7.0% |
| Trade receivables | 40 | €352,763 | €327,536 | -€25,227 | -7.2% |
| Other amounts receivable | 41 | €22,289 | €21,179 | -€1,110 | -5.0% |
| Cash at bank and in hand | 54/58 | €189,660 | €156,471 | -€33,189 | -17.5% |
| Deferred charges and accrued income | 490/1 | €30,007 | €30,818 | +€811 | +2.7% |
| Total equity and liabilities | 10/49 | €1,950,988 | €1,904,055 | -€46,933 | -2.4% |
| Equity | 10/15 | €811,921 | €854,805 | +€42,884 | +5.3% |
| Contributions | 10/11 | €136,763 | €136,763 | = | 0.0% |
| Capital | 10 | €136,763 | €136,763 | = | 0.0% |
| Issued capital | 100 | €136,763 | €136,763 | = | 0.0% |
| Reserves | 13 | €226,310 | €226,310 | = | 0.0% |
| Non-distributable reserves | 130/1 | €13,676 | €13,676 | = | 0.0% |
| Legal reserve | 130 | €13,676 | €13,676 | = | 0.0% |
| Distributable reserves | 133 | €212,633 | €212,633 | = | 0.0% |
| Profit (loss) carried forward | 14 | €448,848 | €491,733 | +€42,884 | +9.6% |
| Amounts payable | 17/49 | €1,139,068 | €1,049,250 | -€89,818 | -7.9% |
| Amounts payable after more than one year | 17 | €278,889 | €216,508 | -€62,381 | -22.4% |
| Financial debts | 170/4 | €278,889 | €216,508 | -€62,381 | -22.4% |
| Amounts payable within one year | 42/48 | €859,971 | €832,743 | -€27,228 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €88,376 | €84,043 | -€4,332 | -4.9% |
| Financial debts | 43 | €205,000 | €205,000 | = | 0.0% |
| Credit institutions | 430/8 | €205,000 | €205,000 | = | 0.0% |
| Trade debts | 44 | €434,155 | €389,285 | -€44,870 | -10.3% |
| Suppliers | 440/4 | €434,155 | €389,285 | -€44,870 | -10.3% |
| Taxes, remuneration and social security | 45 | €98,532 | €120,650 | +€22,118 | +22.4% |
| Taxes | 450/3 | €49,879 | €66,138 | +€16,259 | +32.6% |
| Remuneration and social security | 454/9 | €48,653 | €54,512 | +€5,859 | +12.0% |
| Other amounts payable | 47/48 | €33,908 | €33,764 | -€144 | -0.4% |
| Accrued charges and deferred income | 492/3 | €208 | - | -€208 | |
| Non-recurring operating income | 76A | €50 | €354 | +€305 | +616% |
| Remuneration, social security and pensions | 62 | €336,165 | €366,052 | +€29,887 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,599 | €134,870 | +€13,271 | +10.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€6,994 | €2,093 | +€9,088 | |
| Other operating charges | 640/8 | €30,505 | €9,328 | -€21,177 | -69.4% |
| Non-recurring operating charges | 66A | €3,185 | €215 | -€2,970 | -93.2% |
| Gross operating margin | 9900 | €569,017 | €588,559 | +€19,541 | +3.4% |
| Operating profit (loss) | 9901 | €84,559 | €76,000 | -€8,558 | -10.1% |
| Financial income | 75/76B | €1,468 | €100 | -€1,369 | -93.2% |
| Recurring financial income | 75 | €1,468 | €100 | -€1,369 | -93.2% |
| Financial charges | 65/66B | €27,886 | €22,987 | -€4,899 | -17.6% |
| Recurring financial charges | 65 | €27,886 | €22,987 | -€4,899 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | €58,141 | €53,113 | -€5,028 | -8.6% |
| Income taxes | 67/77 | €15,284 | €10,229 | -€5,056 | -33.1% |
| Profit (loss) for the period | 9904 | €42,857 | €42,884 | +€28 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €42,857 | €42,884 | +€28 | +0.1% |
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 25 October 2026 via checked.be.