KA VISUEL: 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.
KA VISUEL
Largest movements
- Intangible fixed assets -€483,620
down €483,620 (-66.5%), from €726,905 to €243,285
- Cash +€49,415
up €49,415 (+569%), from €8,688 to €58,103
mainly Depreciation (+€681,964) and Trade debts (+€70,987)
- Receivables within one year -€45,153
down €45,153 (-37.6%), from €120,053 to €74,900
of which Other amounts receivable: -€62,205
- Investment grants -€376,980
down €376,980 (-63.9%), from €590,361 to €213,381
- Trade debts +€70,987
up €70,987 (+312%), from €22,776 to €93,764
- Debts after one year -€70,335
down €70,335 (-48.9%), from €143,722 to €73,387
- Other debts +€69,886
new in 2025: €69,886
- Accrued charges and deferred income -€68,651
down €68,651 (-90.3%), from €76,027 to €7,376
- Depreciation +€531,551
up €531,551 (+353%), from €150,413 to €681,964
- Financial income +€484,507
up €484,507 (+859%), from €56,373 to €540,880
- Gross operating margin -€140,867
down €140,867 (-42.8%), from €328,995 to €188,128
- Taxes -€40,570
down €40,570 (-65.8%), from €61,610 to €21,040
- Financial charges -€6,209
down €6,209 (-68.1%), from €9,115 to €2,906
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 | €2,006,005 | €1,510,704 | -€495,301 | -24.7% |
| Fixed assets | 21/28 | €1,876,322 | €1,377,223 | -€499,098 | -26.6% |
| Intangible fixed assets | 21 | €726,905 | €243,285 | -€483,620 | -66.5% |
| Tangible fixed assets | 22/27 | €234,627 | €219,148 | -€15,479 | -6.6% |
| Land and buildings | 22 | €233,812 | €218,737 | -€15,076 | -6.4% |
| Furniture and vehicles | 24 | €815 | €411 | -€403 | -49.5% |
| Financial fixed assets | 28 | €914,790 | €914,790 | = | 0.0% |
| Current assets | 29/58 | €129,683 | €133,481 | +€3,798 | +2.9% |
| Amounts receivable within one year | 40/41 | €120,053 | €74,900 | -€45,153 | -37.6% |
| Trade receivables | 40 | €48,598 | €65,650 | +€17,052 | +35.1% |
| Other amounts receivable | 41 | €71,455 | €9,250 | -€62,205 | -87.1% |
| Cash at bank and in hand | 54/58 | €8,688 | €58,103 | +€49,415 | +569% |
| Deferred charges and accrued income | 490/1 | €942 | €478 | -€464 | -49.3% |
| Total equity and liabilities | 10/49 | €2,006,005 | €1,510,704 | -€495,301 | -24.7% |
| Equity | 10/15 | €1,503,482 | €1,107,576 | -€395,906 | -26.3% |
| Contributions | 10/11 | €342,400 | €342,400 | = | 0.0% |
| Reserves | 13 | €284,615 | €265,115 | -€19,500 | -6.9% |
| Non-distributable reserves | 130/1 | €34,860 | €34,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €34,860 | €34,860 | = | 0.0% |
| Distributable reserves | 133 | €249,755 | €230,255 | -€19,500 | -7.8% |
| Profit (loss) carried forward | 14 | €286,105 | €286,679 | +€574 | +0.2% |
| Investment grants | 15 | €590,361 | €213,381 | -€376,980 | -63.9% |
| Provisions and deferred taxes | 16 | €138,768 | €97,342 | -€41,426 | -29.9% |
| Provisions for liabilities and charges | 160/5 | €80,000 | €80,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €80,000 | €80,000 | = | 0.0% |
| Deferred taxes | 168 | €58,768 | €17,342 | -€41,426 | -70.5% |
| Amounts payable | 17/49 | €363,754 | €305,786 | -€57,968 | -15.9% |
| Amounts payable after more than one year | 17 | €143,722 | €73,387 | -€70,335 | -48.9% |
| Financial debts | 170/4 | €143,722 | €73,387 | -€70,335 | -48.9% |
| Amounts payable within one year | 42/48 | €144,006 | €225,023 | +€81,018 | +56.3% |
| Current portion of amounts payable after more than one year | 42 | €35,604 | €31,199 | -€4,405 | -12.4% |
| Trade debts | 44 | €22,776 | €93,764 | +€70,987 | +312% |
| Suppliers | 440/4 | €22,776 | €93,764 | +€70,987 | +312% |
| Taxes, remuneration and social security | 45 | €85,626 | €30,175 | -€55,451 | -64.8% |
| Taxes | 450/3 | €81,949 | €30,175 | -€51,775 | -63.2% |
| Remuneration and social security | 454/9 | €3,676 | €0 | -€3,676 | -100% |
| Other amounts payable | 47/48 | - | €69,886 | +€69,886 | |
| Accrued charges and deferred income | 492/3 | €76,027 | €7,376 | -€68,651 | -90.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,413 | €681,964 | +€531,551 | +353% |
| Other operating charges | 640/8 | €4,079 | €4,051 | -€29 | -0.7% |
| Gross operating margin | 9900 | €328,995 | €188,128 | -€140,867 | -42.8% |
| Operating profit (loss) | 9901 | €174,503 | -€497,886 | -€672,390 | |
| Financial income | 75/76B | €56,373 | €540,880 | +€484,507 | +859% |
| Recurring financial income | 75 | €56,373 | €540,880 | +€484,507 | +859% |
| Financial charges | 65/66B | €9,115 | €2,906 | -€6,209 | -68.1% |
| Recurring financial charges | 65 | €9,115 | €2,906 | -€6,209 | -68.1% |
| Profit (loss) for the period before taxes | 9903 | €221,761 | €40,087 | -€181,674 | -81.9% |
| Transfer from deferred taxes | 780 | €9,391 | €47,026 | +€37,635 | +401% |
| Income taxes | 67/77 | €61,610 | €21,040 | -€40,570 | -65.8% |
| Profit (loss) for the period | 9904 | €169,542 | €66,074 | -€103,469 | -61.0% |
| Profit (loss) for the period to be appropriated | 9905 | €169,542 | €66,074 | -€103,469 | -61.0% |
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 30 October 2026 via checked.be.