Vis & Dis: 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.
Vis & Dis
Largest movements
- Tangible fixed assets -€112,748
down €112,748 (-25.7%), from €438,185 to €325,437
of which Other tangible fixed assets: -€75,100
- Cash +€29,784
up €29,784 (+19.8%), from €150,170 to €179,954
mainly Depreciation (+€126,269) and Trade debts (+€40,727)
- Receivables within one year -€9,002
down €9,002 (-24.1%), from €37,322 to €28,320
of which Trade receivables: -€9,002
- Other debts -€66,134
down €66,134 (-42.2%), from €156,893 to €90,759
- Profit (loss) carried forward -€45,751
down €45,751 (-139.7%), from -€32,740 to -€78,491
- Trade debts +€40,727
up €40,727 (+32.9%), from €123,799 to €164,526
- Current portion of long-term debt -€20,846
down €20,846 (-55.5%), from €37,546 to €16,700
- Debts after one year -€16,700
down €16,700 (-4.6%), from €363,698 to €346,997
- Gross operating margin -€50,890
down €50,890 (-7.6%), from €672,139 to €621,249
- Depreciation -€14,695
down €14,695 (-10.4%), from €140,964 to €126,269
- Staff costs +€14,324
up €14,324 (+2.8%), from €503,539 to €517,863
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 | €772,790 | €680,939 | -€91,851 | -11.9% |
| Fixed assets | 21/28 | €480,470 | €361,046 | -€119,424 | -24.9% |
| Intangible fixed assets | 21 | €42,285 | €35,609 | -€6,677 | -15.8% |
| Tangible fixed assets | 22/27 | €438,185 | €325,437 | -€112,748 | -25.7% |
| Plant, machinery and equipment | 23 | €83,061 | €45,780 | -€37,281 | -44.9% |
| Furniture and vehicles | 24 | €8,827 | €8,461 | -€366 | -4.1% |
| Other tangible fixed assets | 26 | €346,296 | €271,196 | -€75,100 | -21.7% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €292,320 | €319,893 | +€27,573 | +9.4% |
| Stocks and contracts in progress | 3 | €92,101 | €99,598 | +€7,497 | +8.1% |
| Stocks | 30/36 | €92,101 | €99,598 | +€7,497 | +8.1% |
| Amounts receivable within one year | 40/41 | €37,322 | €28,320 | -€9,002 | -24.1% |
| Trade receivables | 40 | €37,322 | €28,320 | -€9,002 | -24.1% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €150,170 | €179,954 | +€29,784 | +19.8% |
| Deferred charges and accrued income | 490/1 | €12,727 | €12,022 | -€705 | -5.5% |
| Total equity and liabilities | 10/49 | €772,790 | €680,939 | -€91,851 | -11.9% |
| Equity | 10/15 | -€7,740 | -€53,491 | -€45,751 | -591.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,740 | -€78,491 | -€45,751 | -139.7% |
| Amounts payable | 17/49 | €780,530 | €734,430 | -€46,100 | -5.9% |
| Amounts payable after more than one year | 17 | €363,698 | €346,997 | -€16,700 | -4.6% |
| Financial debts | 170/4 | €363,698 | €346,997 | -€16,700 | -4.6% |
| Amounts payable within one year | 42/48 | €405,043 | €375,741 | -€29,302 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €37,546 | €16,700 | -€20,846 | -55.5% |
| Financial debts | 43 | €9,298 | €10,608 | +€1,310 | +14.1% |
| Credit institutions | 430/8 | €9,298 | €10,608 | +€1,310 | +14.1% |
| Trade debts | 44 | €123,799 | €164,526 | +€40,727 | +32.9% |
| Suppliers | 440/4 | €123,799 | €164,526 | +€40,727 | +32.9% |
| Taxes, remuneration and social security | 45 | €77,506 | €93,147 | +€15,641 | +20.2% |
| Taxes | 450/3 | €31,518 | €44,731 | +€13,213 | +41.9% |
| Remuneration and social security | 454/9 | €45,988 | €48,416 | +€2,428 | +5.3% |
| Other amounts payable | 47/48 | €156,893 | €90,759 | -€66,134 | -42.2% |
| Accrued charges and deferred income | 492/3 | €11,789 | €11,692 | -€98 | -0.8% |
| Remuneration, social security and pensions | 62 | €503,539 | €517,863 | +€14,324 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,964 | €126,269 | -€14,695 | -10.4% |
| Other operating charges | 640/8 | €1,685 | €1,739 | +€54 | +3.2% |
| Gross operating margin | 9900 | €672,139 | €621,249 | -€50,890 | -7.6% |
| Operating profit (loss) | 9901 | €25,951 | -€24,621 | -€50,572 | |
| Financial income | 75/76B | €6,305 | €4,299 | -€2,006 | -31.8% |
| Recurring financial income | 75 | €6,305 | €4,299 | -€2,006 | -31.8% |
| Financial charges | 65/66B | €24,673 | €25,429 | +€756 | +3.1% |
| Recurring financial charges | 65 | €24,673 | €25,429 | +€756 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €7,584 | -€45,751 | -€53,335 | |
| Profit (loss) for the period | 9904 | €7,584 | -€45,751 | -€53,335 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,584 | -€45,751 | -€53,335 |
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 12 October 2026 via checked.be.