VISA Management: 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.
VISA Management
Largest movements
- Receivables within one year +€41,835
up €41,835 (+3855.7%), from €1,085 to €42,920
of which Trade receivables: +€42,920
- Tangible fixed assets +€15,204
up €15,204 (+3.4%), from €447,148 to €462,352
of which Leasing and similar rights: +€31,345
- Reserves +€33,404
up €33,404 (+668.1%), from €5,000 to €38,404
of which Distributable reserves: +€33,404
- Tax, wage and social debts +€32,944
up €32,944 (+4084.3%), from €807 to €33,750
of which Taxes: +€33,274
- Current portion of long-term debt -€30,529
down €30,529 (-35.1%), from €87,085 to €56,556
- Other debts +€19,200
up €19,200, from €0 to €19,200
- Taxes +€14,903
up €14,903 (+12870.9%), from €116 to €15,019
- Depreciation +€7,460
up €7,460 (+36.5%), from €20,463 to €27,923
- Financial charges +€1,925
up €1,925 (+28.4%), from €6,768 to €8,693
- Gross operating margin -€1,593
down €1,593 (-1.4%), from €117,002 to €115,409
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 | €473,004 | €530,623 | +€57,619 | +12.2% |
| Fixed assets | 21/28 | €447,148 | €462,352 | +€15,204 | +3.4% |
| Tangible fixed assets | 22/27 | €447,148 | €462,352 | +€15,204 | +3.4% |
| Land and buildings | 22 | €447,148 | €426,685 | -€20,463 | -4.6% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | €4,322 | +€4,322 | |
| Leasing and similar rights | 25 | - | €31,345 | +€31,345 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €25,857 | €68,272 | +€42,415 | +164.0% |
| Amounts receivable within one year | 40/41 | €1,085 | €42,920 | +€41,835 | +3855.7% |
| Trade receivables | 40 | - | €42,920 | +€42,920 | |
| Other amounts receivable | 41 | €1,085 | €0 | -€1,085 | -100.0% |
| Cash at bank and in hand | 54/58 | €23,182 | €21,535 | -€1,647 | -7.1% |
| Deferred charges and accrued income | 490/1 | €1,590 | €3,817 | +€2,227 | +140.1% |
| Total equity and liabilities | 10/49 | €473,004 | €530,623 | +€57,619 | +12.2% |
| Equity | 10/15 | €51,954 | €88,404 | +€36,450 | +70.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €5,000 | €38,404 | +€33,404 | +668.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €5,000 | €38,404 | +€33,404 | +668.1% |
| Profit (loss) carried forward | 14 | -€3,046 | €0 | +€3,046 | |
| Amounts payable | 17/49 | €421,051 | €442,219 | +€21,168 | +5.0% |
| Amounts payable after more than one year | 17 | €326,667 | €331,452 | +€4,785 | +1.5% |
| Financial debts | 170/4 | €241,535 | €217,041 | -€24,494 | -10.1% |
| Other amounts payable | 178/9 | €85,132 | €114,411 | +€29,279 | +34.4% |
| Amounts payable within one year | 42/48 | €94,372 | €110,731 | +€16,359 | +17.3% |
| Current portion of amounts payable after more than one year | 42 | €87,085 | €56,556 | -€30,529 | -35.1% |
| Trade debts | 44 | €6,480 | €1,225 | -€5,256 | -81.1% |
| Suppliers | 440/4 | €6,480 | €1,225 | -€5,256 | -81.1% |
| Taxes, remuneration and social security | 45 | €807 | €33,750 | +€32,944 | +4084.3% |
| Taxes | 450/3 | €116 | €33,389 | +€33,274 | +28736.2% |
| Remuneration and social security | 454/9 | €691 | €361 | -€330 | -47.7% |
| Other amounts payable | 47/48 | €0 | €19,200 | +€19,200 | |
| Accrued charges and deferred income | 492/3 | €12 | €37 | +€24 | +197.7% |
| Non-recurring operating income | 76A | €4,559 | €0 | -€4,559 | -100.0% |
| Remuneration, social security and pensions | 62 | €5,464 | €5,559 | +€95 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,463 | €27,923 | +€7,460 | +36.5% |
| Other operating charges | 640/8 | €2,284 | €2,714 | +€430 | +18.9% |
| Gross operating margin | 9900 | €117,002 | €115,409 | -€1,593 | -1.4% |
| Operating profit (loss) | 9901 | €88,792 | €79,213 | -€9,579 | -10.8% |
| Financial income | 75/76B | - | €149 | +€149 | |
| Recurring financial income | 75 | - | €149 | +€149 | |
| Financial charges | 65/66B | €6,768 | €8,693 | +€1,925 | +28.4% |
| Recurring financial charges | 65 | €6,768 | €8,693 | +€1,925 | +28.4% |
| Profit (loss) for the period before taxes | 9903 | €82,024 | €70,669 | -€11,355 | -13.8% |
| Income taxes | 67/77 | €116 | €15,019 | +€14,903 | +12870.9% |
| Profit (loss) for the period | 9904 | €81,908 | €55,650 | -€26,258 | -32.1% |
| Profit (loss) for the period to be appropriated | 9905 | €81,908 | €55,650 | -€26,258 | -32.1% |
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 11 October 2026 via checked.be.