VISAM: 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.
VISAM
Largest movements
- Tangible fixed assets +€8,663
up €8,663 (+8.8%), from €98,658 to €107,321
of which Land and buildings: +€11,672
- Cash +€4,911
up €4,911 (+1242.6%), from €395 to €5,306
mainly Depreciation (+€15,286) and Debts after one year (+€10,224)
- Debts after one year +€10,224
new in 2025: €10,224
- Other debts -€8,320
down €8,320 (-14.4%), from €57,828 to €49,508
- Profit (loss) carried forward +€7,123
up €7,123 (+12.8%), from -€55,725 to -€48,602
- Trade debts +€5,728
up €5,728 (+22.5%), from €25,470 to €31,198
- Current portion of long-term debt -€3,555
down €3,555 (-15.1%), from €23,552 to €19,998
- Gross operating margin +€36,532
up €36,532 (+162.6%), from €22,470 to €59,002
- Staff costs +€24,908
up €24,908 (+803.3%), from €3,101 to €28,009
- Depreciation +€2,786
up €2,786 (+22.3%), from €12,501 to €15,286
- Other operating charges +€1,658
up €1,658 (+28.5%), from €5,813 to €7,471
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 | €102,605 | €115,569 | +€12,964 | +12.6% |
| Fixed assets | 21/28 | €98,658 | €107,645 | +€8,987 | +9.1% |
| Tangible fixed assets | 22/27 | €98,658 | €107,321 | +€8,663 | +8.8% |
| Land and buildings | 22 | €85,202 | €96,874 | +€11,672 | +13.7% |
| Furniture and vehicles | 24 | €13,456 | €10,447 | -€3,009 | -22.4% |
| Financial fixed assets | 28 | - | €324 | +€324 | |
| Current assets | 29/58 | €3,947 | €7,924 | +€3,977 | +100.8% |
| Stocks and contracts in progress | 3 | €1,578 | €944 | -€635 | -40.2% |
| Stocks | 30/36 | €1,578 | €944 | -€635 | -40.2% |
| Amounts receivable within one year | 40/41 | €1,361 | €1,674 | +€313 | +23.0% |
| Trade receivables | 40 | €1,361 | €1,674 | +€313 | +23.0% |
| Cash at bank and in hand | 54/58 | €395 | €5,306 | +€4,911 | +1242.6% |
| Deferred charges and accrued income | 490/1 | €612 | - | -€612 | |
| Total equity and liabilities | 10/49 | €102,605 | €115,569 | +€12,964 | +12.6% |
| Equity | 10/15 | -€5,169 | €1,954 | +€7,123 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €44,356 | €44,356 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,720 | €1,720 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,720 | €1,720 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,048 | €3,048 | = | 0.0% |
| Distributable reserves | 133 | €39,589 | €39,589 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€55,725 | -€48,602 | +€7,123 | +12.8% |
| Amounts payable | 17/49 | €107,774 | €113,615 | +€5,841 | +5.4% |
| Amounts payable after more than one year | 17 | - | €10,224 | +€10,224 | |
| Financial debts | 170/4 | - | €10,224 | +€10,224 | |
| Amounts payable within one year | 42/48 | €107,774 | €103,391 | -€4,383 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €23,552 | €19,998 | -€3,555 | -15.1% |
| Trade debts | 44 | €25,470 | €31,198 | +€5,728 | +22.5% |
| Suppliers | 440/4 | €25,470 | €31,198 | +€5,728 | +22.5% |
| Taxes, remuneration and social security | 45 | €924 | €2,687 | +€1,764 | +190.9% |
| Taxes | 450/3 | €382 | €355 | -€26 | -6.9% |
| Remuneration and social security | 454/9 | €542 | €2,332 | +€1,790 | +330.3% |
| Other amounts payable | 47/48 | €57,828 | €49,508 | -€8,320 | -14.4% |
| Remuneration, social security and pensions | 62 | €3,101 | €28,009 | +€24,908 | +803.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,501 | €15,286 | +€2,786 | +22.3% |
| Other operating charges | 640/8 | €5,813 | €7,471 | +€1,658 | +28.5% |
| Gross operating margin | 9900 | €22,470 | €59,002 | +€36,532 | +162.6% |
| Operating profit (loss) | 9901 | €1,056 | €8,235 | +€7,180 | +680.2% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €818 | €1,112 | +€294 | +35.9% |
| Recurring financial charges | 65 | €818 | €1,112 | +€294 | +35.9% |
| Profit (loss) for the period before taxes | 9903 | €238 | €7,123 | +€6,885 | +2892.5% |
| Income taxes | 67/77 | -€121 | - | +€121 | |
| Profit (loss) for the period | 9904 | €359 | €7,123 | +€6,764 | +1884.1% |
| Profit (loss) for the period to be appropriated | 9905 | €359 | €7,123 | +€6,764 | +1884.1% |
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 3 October 2026 via checked.be.