NEW VISION: 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.
NEW VISION
Largest movements
- Financial fixed assets +€2.4m
up €2.4m (+145.9%), from €1.6m to €4.0m
- Current investments +€1.0m
up €1.0m (+166.7%), from €625,000 to €1.7m
- Receivables after one year -€746,110
down €746,110 (-100.0%), from €746,110 to €0
- Tangible fixed assets -€224,447
down €224,447 (-80.2%), from €279,931 to €55,484
of which Furniture and vehicles: -€168,939
- Receivables within one year -€121,547
down €121,547 (-20.7%), from €586,320 to €464,774
of which Other amounts receivable: -€155,738
- Contributions +€2.9m
up €2.9m (+37.4%), from €7.6m to €10.5m
of which Outside capital: +€2.2m
- Profit (loss) carried forward -€611,007
down €611,007 (-13.4%), from -€4.6m to -€5.2m
- Trade debts +€69,144
up €69,144 (+106.4%), from €64,988 to €134,132
- Staff costs -€120,650
down €120,650 (-23.8%), from €507,778 to €387,128
- Gross operating margin +€60,556
up €60,556 (+26.7%), from -€226,577 to -€166,022
- Depreciation -€46,103
down €46,103 (-54.6%), from €84,415 to €38,313
- Financial income -€6,499
down €6,499 (-13.4%), from €48,506 to €42,007
- Financial charges -€2,962
down €2,962 (-23.1%), from €12,818 to €9,856
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 | €4,071,740 | €6,295,053 | +€2.2m | +54.6% |
| Fixed assets | 21/28 | €2,042,693 | €4,152,218 | +€2.1m | +103.3% |
| Intangible fixed assets | 21 | €144,639 | €118,101 | -€26,538 | -18.3% |
| Tangible fixed assets | 22/27 | €279,931 | €55,484 | -€224,447 | -80.2% |
| Furniture and vehicles | 24 | €180,995 | €12,056 | -€168,939 | -93.3% |
| Other tangible fixed assets | 26 | €98,937 | €43,429 | -€55,508 | -56.1% |
| Financial fixed assets | 28 | €1,618,123 | €3,978,633 | +€2.4m | +145.9% |
| Current assets | 29/58 | €2,029,048 | €2,142,835 | +€113,788 | +5.6% |
| Amounts receivable after more than one year | 29 | €746,110 | €0 | -€746,110 | -100.0% |
| Other amounts receivable | 291 | €746,110 | €0 | -€746,110 | -100.0% |
| Amounts receivable within one year | 40/41 | €586,320 | €464,774 | -€121,547 | -20.7% |
| Trade receivables | 40 | €54,120 | €88,311 | +€34,191 | +63.2% |
| Other amounts receivable | 41 | €532,201 | €376,463 | -€155,738 | -29.3% |
| Current investments | 50/53 | €625,000 | €1,666,591 | +€1.0m | +166.7% |
| Cash at bank and in hand | 54/58 | €54,637 | €6,687 | -€47,950 | -87.8% |
| Deferred charges and accrued income | 490/1 | €16,980 | €4,784 | -€12,196 | -71.8% |
| Total equity and liabilities | 10/49 | €4,071,740 | €6,295,053 | +€2.2m | +54.6% |
| Equity | 10/15 | €3,202,796 | €5,447,786 | +€2.2m | +70.1% |
| Contributions | 10/11 | €7,644,842 | €10,500,838 | +€2.9m | +37.4% |
| Capital | 10 | €2,407,179 | €3,021,771 | +€614,592 | +25.5% |
| Issued capital | 100 | €2,407,179 | €3,021,771 | +€614,592 | +25.5% |
| Uncalled capital | 101 | €0 | - | = | |
| Outside capital | 11 | €5,237,663 | €7,479,067 | +€2.2m | +42.8% |
| Share premium | 1100/10 | €5,237,663 | €7,479,067 | +€2.2m | +42.8% |
| Reserves | 13 | €125,000 | €125,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €125,000 | €125,000 | = | 0.0% |
| Own shares acquired | 1312 | €125,000 | €125,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,567,046 | -€5,178,053 | -€611,007 | -13.4% |
| Amounts payable | 17/49 | €868,944 | €847,268 | -€21,676 | -2.5% |
| Amounts payable after more than one year | 17 | €232,703 | €184,164 | -€48,538 | -20.9% |
| Financial debts | 170/4 | €232,703 | €184,164 | -€48,538 | -20.9% |
| Amounts payable within one year | 42/48 | €635,037 | €661,962 | +€26,926 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €46,660 | €48,538 | +€1,878 | +4.0% |
| Trade debts | 44 | €64,988 | €134,132 | +€69,144 | +106.4% |
| Suppliers | 440/4 | €64,988 | €134,132 | +€69,144 | +106.4% |
| Taxes, remuneration and social security | 45 | €53,097 | €5,165 | -€47,932 | -90.3% |
| Taxes | 450/3 | €1,067 | €5,165 | +€4,099 | +384.2% |
| Remuneration and social security | 454/9 | €52,030 | €0 | -€52,030 | -100.0% |
| Other amounts payable | 47/48 | €470,291 | €474,127 | +€3,835 | +0.8% |
| Accrued charges and deferred income | 492/3 | €1,205 | €1,142 | -€63 | -5.3% |
| Remuneration, social security and pensions | 62 | €507,778 | €387,128 | -€120,650 | -23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,415 | €38,313 | -€46,103 | -54.6% |
| Other operating charges | 640/8 | €1,834 | €1,936 | +€102 | +5.6% |
| Non-recurring operating charges | 66A | - | €49,224 | +€49,224 | |
| Gross operating margin | 9900 | -€226,577 | -€166,022 | +€60,556 | +26.7% |
| Operating profit (loss) | 9901 | -€820,604 | -€642,623 | +€177,981 | +21.7% |
| Financial income | 75/76B | €48,506 | €42,007 | -€6,499 | -13.4% |
| Recurring financial income | 75 | €48,506 | €42,007 | -€6,499 | -13.4% |
| Financial charges | 65/66B | €12,818 | €9,856 | -€2,962 | -23.1% |
| Recurring financial charges | 65 | €12,818 | €9,856 | -€2,962 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | -€784,916 | -€610,471 | +€174,445 | +22.2% |
| Income taxes | 67/77 | €671 | €535 | -€135 | -20.2% |
| Profit (loss) for the period | 9904 | -€785,587 | -€611,007 | +€174,580 | +22.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€785,587 | -€611,007 | +€174,580 | +22.2% |
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 6 October 2026 via checked.be.