VISHTICA: 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.
VISHTICA
Largest movements
- Receivables within one year +€26,104
up €26,104 (+14.5%), from €180,394 to €206,498
of which Trade receivables: +€22,831
- Cash -€21,978
down €21,978 (-16.8%), from €131,096 to €109,118
mainly Net result for the year (-€36,987) and Investment in fixed assets (net) (-€27,769)
- Tangible fixed assets +€19,692
new in 2025: €19,692
- Profit (loss) carried forward -€36,987
down €36,987 (-97.1%), from €38,089 to €1,102
- Tax, wage and social debts +€35,479
up €35,479 (+571%), from €6,216 to €41,695
of which Remuneration and social security: +€30,963
- Trade debts +€18,348
up €18,348 (+25.7%), from €71,442 to €89,790
- Other debts +€6,972
up €6,972 (+25.3%), from €27,557 to €34,529
- Staff costs +€30,057
up €30,057 (+48.0%), from €62,569 to €92,626
- Gross operating margin -€8,990
down €8,990 (-11.5%), from €77,995 to €69,005
- Taxes -€8,723
down €8,723 (-79.7%), from €10,938 to €2,215
- Depreciation +€8,077
new in 2025: €8,077
- Financial charges -€1,406
down €1,406 (-55.5%), from €2,533 to €1,127
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 | €311,904 | €335,716 | +€23,812 | +7.6% |
| Fixed assets | 21/28 | €408 | €20,100 | +€19,692 | +4,825% |
| Tangible fixed assets | 22/27 | - | €19,692 | +€19,692 | |
| Furniture and vehicles | 24 | - | €19,692 | +€19,692 | |
| Financial fixed assets | 28 | €408 | €408 | = | 0.0% |
| Current assets | 29/58 | €311,496 | €315,616 | +€4,120 | +1.3% |
| Amounts receivable within one year | 40/41 | €180,394 | €206,498 | +€26,104 | +14.5% |
| Trade receivables | 40 | €11,722 | €34,553 | +€22,831 | +195% |
| Other amounts receivable | 41 | €168,672 | €171,945 | +€3,273 | +1.9% |
| Cash at bank and in hand | 54/58 | €131,096 | €109,118 | -€21,978 | -16.8% |
| Deferred charges and accrued income | 490/1 | €6 | - | -€6 | |
| Total equity and liabilities | 10/49 | €311,904 | €335,716 | +€23,812 | +7.6% |
| Equity | 10/15 | €56,689 | €19,702 | -€36,987 | -65.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,089 | €1,102 | -€36,987 | -97.1% |
| Amounts payable | 17/49 | €255,215 | €316,015 | +€60,799 | +23.8% |
| Amounts payable after more than one year | 17 | €150,000 | €150,000 | = | 0.0% |
| Financial debts | 170/4 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €105,215 | €166,015 | +€60,799 | +57.8% |
| Trade debts | 44 | €71,442 | €89,790 | +€18,348 | +25.7% |
| Suppliers | 440/4 | €71,442 | €89,790 | +€18,348 | +25.7% |
| Taxes, remuneration and social security | 45 | €6,216 | €41,695 | +€35,479 | +571% |
| Taxes | 450/3 | €3,242 | €7,758 | +€4,516 | +139% |
| Remuneration and social security | 454/9 | €2,974 | €33,937 | +€30,963 | +1,041% |
| Other amounts payable | 47/48 | €27,557 | €34,529 | +€6,972 | +25.3% |
| Remuneration, social security and pensions | 62 | €62,569 | €92,626 | +€30,057 | +48.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €8,077 | +€8,077 | |
| Other operating charges | 640/8 | €3,558 | €2,798 | -€760 | -21.4% |
| Gross operating margin | 9900 | €77,995 | €69,005 | -€8,990 | -11.5% |
| Operating profit (loss) | 9901 | €11,868 | -€34,496 | -€46,364 | |
| Financial income | 75/76B | €5 | €851 | +€846 | +16,895% |
| Recurring financial income | 75 | €5 | €851 | +€846 | +16,895% |
| Financial charges | 65/66B | €2,533 | €1,127 | -€1,406 | -55.5% |
| Recurring financial charges | 65 | €2,533 | €1,127 | -€1,406 | -55.5% |
| Profit (loss) for the period before taxes | 9903 | €9,339 | -€34,772 | -€44,112 | |
| Income taxes | 67/77 | €10,938 | €2,215 | -€8,723 | -79.7% |
| Profit (loss) for the period | 9904 | -€1,599 | -€36,987 | -€35,389 | -2,214% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,599 | -€36,987 | -€35,389 | -2,214% |
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 26 October 2026 via checked.be.