VISAR: 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.
VISAR
Largest movements
- Current investments +€220,000
up €220,000 (+55.0%), from €400,000 to €620,000
- Cash -€29,462
down €29,462 (-30.3%), from €97,245 to €67,784
mainly Current investments (-€220,000) and Trade debts (-€12,885)
- Receivables within one year -€14,476
down €14,476 (-5.3%), from €271,332 to €256,856
of which Trade receivables: -€24,836
- Tangible fixed assets -€13,167
down €13,167 (-39.8%), from €33,079 to €19,912
- Reserves +€164,233
up €164,233 (+18.6%), from €884,566 to €1.0m
- Trade debts -€12,885
down €12,885 (-87.2%), from €14,775 to €1,890
- Gross operating margin -€27,707
down €27,707 (-12.7%), from €218,683 to €190,976
- Taxes -€4,007
down €4,007 (-16.0%), from €25,010 to €21,003
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.
Derived cash bridge
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 | €1,051,979 | €1,203,761 | +€151,782 | +14.4% |
| Fixed assets | 21/28 | €262,099 | €248,932 | -€13,167 | -5.0% |
| Tangible fixed assets | 22/27 | €33,079 | €19,912 | -€13,167 | -39.8% |
| Furniture and vehicles | 24 | €33,079 | €19,912 | -€13,167 | -39.8% |
| Financial fixed assets | 28 | €229,020 | €229,020 | = | 0.0% |
| Current assets | 29/58 | €789,880 | €954,829 | +€164,949 | +20.9% |
| Amounts receivable within one year | 40/41 | €271,332 | €256,856 | -€14,476 | -5.3% |
| Trade receivables | 40 | €243,547 | €218,711 | -€24,836 | -10.2% |
| Other amounts receivable | 41 | €27,785 | €38,145 | +€10,360 | +37.3% |
| Current investments | 50/53 | €400,000 | €620,000 | +€220,000 | +55.0% |
| Cash at bank and in hand | 54/58 | €97,245 | €67,784 | -€29,462 | -30.3% |
| Deferred charges and accrued income | 490/1 | €21,303 | €10,189 | -€11,114 | -52.2% |
| Total equity and liabilities | 10/49 | €1,051,979 | €1,203,761 | +€151,782 | +14.4% |
| Equity | 10/15 | €1,036,720 | €1,200,953 | +€164,233 | +15.8% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €884,566 | €1,048,799 | +€164,233 | +18.6% |
| Distributable reserves | 133 | €884,566 | €1,048,799 | +€164,233 | +18.6% |
| Profit (loss) carried forward | 14 | €2,153 | €2,153 | = | 0.0% |
| Amounts payable | 17/49 | €15,259 | €2,808 | -€12,451 | -81.6% |
| Amounts payable within one year | 42/48 | €15,259 | €2,808 | -€12,451 | -81.6% |
| Trade debts | 44 | €14,775 | €1,890 | -€12,885 | -87.2% |
| Suppliers | 440/4 | €14,775 | €1,890 | -€12,885 | -87.2% |
| Other amounts payable | 47/48 | €484 | €918 | +€434 | +89.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,167 | €13,167 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,488 | €934 | -€555 | -37.3% |
| Gross operating margin | 9900 | €218,683 | €190,976 | -€27,707 | -12.7% |
| Operating profit (loss) | 9901 | €204,028 | €176,875 | -€27,153 | -13.3% |
| Financial income | 75/76B | €10,000 | €8,527 | -€1,473 | -14.7% |
| Recurring financial income | 75 | €10,000 | €8,527 | -€1,473 | -14.7% |
| Financial charges | 65/66B | €139 | €166 | +€27 | +19.7% |
| Recurring financial charges | 65 | €139 | €166 | +€27 | +19.7% |
| Profit (loss) for the period before taxes | 9903 | €213,889 | €185,236 | -€28,653 | -13.4% |
| Income taxes | 67/77 | €25,010 | €21,003 | -€4,007 | -16.0% |
| Profit (loss) for the period | 9904 | €188,879 | €164,233 | -€24,646 | -13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €188,879 | €164,233 | -€24,646 | -13.0% |
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 13 October 2026 via checked.be.