PROJECT VISION: what changed
PROJECT VISION
Largest movements
- Cash +€24,442
up €24,442 (+20.9%), from €116,922 to €141,364
mainly Net result for the year (+€40,493) and Accrued charges and deferred income (+€5,513)
- Receivables within one year +€14,787
up €14,787 (+233%), from €6,338 to €21,125
of which Trade receivables: +€17,956
- Deferred charges and accrued income +€13,486
up €13,486 (+1,203%), from €1,121 to €14,608
- Tangible fixed assets -€4,961
down €4,961 (-35.8%), from €13,860 to €8,899
of which Furniture and vehicles: -€3,111
- Reserves +€40,493
up €40,493 (+37.6%), from €107,574 to €148,067
- Accrued charges and deferred income +€5,513
up €5,513 (+39.4%), from €14,001 to €19,514
- Gross operating margin +€38,581
up €38,581 (+145%), from €26,541 to €65,122
- Taxes +€11,560
up €11,560 (+153%), from €7,553 to €19,113
- Depreciation +€2,462
up €2,462 (+98.6%), from €2,498 to €4,961
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €138,241 | €185,996 | +€47,755 | +34.5% |
| Fixed assets | 21/28 | €13,860 | €8,899 | -€4,961 | -35.8% |
| Tangible fixed assets | 22/27 | €13,860 | €8,899 | -€4,961 | -35.8% |
| Land and buildings | 22 | €4,425 | €2,950 | -€1,475 | -33.3% |
| Plant, machinery and equipment | 23 | €843 | €468 | -€375 | -44.5% |
| Furniture and vehicles | 24 | €8,592 | €5,481 | -€3,111 | -36.2% |
| Current assets | 29/58 | €124,381 | €177,097 | +€52,716 | +42.4% |
| Amounts receivable within one year | 40/41 | €6,338 | €21,125 | +€14,787 | +233% |
| Trade receivables | 40 | €2,844 | €20,800 | +€17,956 | +631% |
| Other amounts receivable | 41 | €3,494 | €325 | -€3,169 | -90.7% |
| Cash at bank and in hand | 54/58 | €116,922 | €141,364 | +€24,442 | +20.9% |
| Deferred charges and accrued income | 490/1 | €1,121 | €14,608 | +€13,486 | +1,203% |
| Total equity and liabilities | 10/49 | €138,241 | €185,996 | +€47,755 | +34.5% |
| Equity | 10/15 | €117,574 | €158,067 | +€40,493 | +34.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €107,574 | €148,067 | +€40,493 | +37.6% |
| Distributable reserves | 133 | €107,574 | €148,067 | +€40,493 | +37.6% |
| Amounts payable | 17/49 | €20,667 | €27,929 | +€7,262 | +35.1% |
| Amounts payable within one year | 42/48 | €6,665 | €8,415 | +€1,750 | +26.3% |
| Trade debts | 44 | €513 | €599 | +€86 | +16.8% |
| Suppliers | 440/4 | €513 | €599 | +€86 | +16.8% |
| Taxes, remuneration and social security | 45 | €4,354 | €6,113 | +€1,759 | +40.4% |
| Taxes | 450/3 | €4,354 | €6,113 | +€1,759 | +40.4% |
| Other amounts payable | 47/48 | €1,798 | €1,703 | -€95 | -5.3% |
| Accrued charges and deferred income | 492/3 | €14,001 | €19,514 | +€5,513 | +39.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,498 | €4,961 | +€2,462 | +98.6% |
| Other operating charges | 640/8 | €602 | €619 | +€17 | +2.9% |
| Gross operating margin | 9900 | €26,541 | €65,122 | +€38,581 | +145% |
| Operating profit (loss) | 9901 | €23,441 | €59,542 | +€36,101 | +154% |
| Financial income | 75/76B | €0 | €109 | +€109 | |
| Recurring financial income | 75 | €0 | €109 | +€109 | |
| Financial charges | 65/66B | €45 | €45 | +€0 | +0.1% |
| Recurring financial charges | 65 | €45 | €45 | +€0 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €23,396 | €59,606 | +€36,210 | +155% |
| Income taxes | 67/77 | €7,553 | €19,113 | +€11,560 | +153% |
| Profit (loss) for the period | 9904 | €15,842 | €40,493 | +€24,650 | +156% |
| Profit (loss) for the period to be appropriated | 9905 | €15,842 | €40,493 | +€24,650 | +156% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.