VISI: 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.
VISI
Largest movements
- Stocks and contracts -€1.2m
down €1.2m (-60.8%), from €1.9m to €752,234
- Receivables within one year +€624,372
up €624,372 (+7,263%), from €8,596 to €632,968
of which Other amounts receivable: +€632,000
- Cash -€91,524
down €91,524 (-38.1%), from €239,941 to €148,417
mainly Receivables within one year (-€624,372) and Short-term financial debts (-€506,745)
- Short-term financial debts -€506,745
down €506,745 (-38.7%), from €1.3m to €802,324
- Debts after one year -€278,000
down €278,000 (-54.3%), from €512,000 to €234,000
- Reserves +€108,950
up €108,950 (+19.8%), from €549,850 to €658,800
- Trade debts +€25,032
new in 2025: €25,032
- Gross operating margin -€83,626
down €83,626 (-24.9%), from €335,861 to €252,235
- Taxes -€22,216
down €22,216 (-29.2%), from €76,117 to €53,901
- Financial charges -€19,079
down €19,079 (-23.1%), from €82,699 to €63,621
- Financial income -€6,274
down €6,274 (-77.6%), from €8,085 to €1,811
- Other operating charges -€4,813
down €4,813 (-29.5%), from €16,314 to €11,501
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 | €2,415,298 | €1,766,758 | -€648,540 | -26.9% |
| Fixed assets | 21/28 | €245,215 | €230,209 | -€15,006 | -6.1% |
| Tangible fixed assets | 22/27 | €245,215 | €230,209 | -€15,006 | -6.1% |
| Land and buildings | 22 | €240,266 | €226,799 | -€13,467 | -5.6% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €4,949 | €3,411 | -€1,539 | -31.1% |
| Current assets | 29/58 | €2,170,083 | €1,536,549 | -€633,534 | -29.2% |
| Stocks and contracts in progress | 3 | €1,916,994 | €752,234 | -€1.2m | -60.8% |
| Stocks | 30/36 | €1,916,994 | €752,234 | -€1.2m | -60.8% |
| Amounts receivable within one year | 40/41 | €8,596 | €632,968 | +€624,372 | +7,263% |
| Trade receivables | 40 | €8,596 | €968 | -€7,628 | -88.7% |
| Other amounts receivable | 41 | - | €632,000 | +€632,000 | |
| Cash at bank and in hand | 54/58 | €239,941 | €148,417 | -€91,524 | -38.1% |
| Deferred charges and accrued income | 490/1 | €4,551 | €2,929 | -€1,622 | -35.6% |
| Total equity and liabilities | 10/49 | €2,415,298 | €1,766,758 | -€648,540 | -26.9% |
| Equity | 10/15 | €570,850 | €679,838 | +€108,987 | +19.1% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €549,850 | €658,800 | +€108,950 | +19.8% |
| Distributable reserves | 133 | €549,850 | €658,800 | +€108,950 | +19.8% |
| Profit (loss) carried forward | 14 | €540 | €578 | +€37 | +6.9% |
| Amounts payable | 17/49 | €1,844,448 | €1,086,920 | -€757,527 | -41.1% |
| Amounts payable after more than one year | 17 | €512,000 | €234,000 | -€278,000 | -54.3% |
| Financial debts | 170/4 | €512,000 | €234,000 | -€278,000 | -54.3% |
| Amounts payable within one year | 42/48 | €1,328,397 | €836,074 | -€492,323 | -37.1% |
| Financial debts | 43 | €1,309,069 | €802,324 | -€506,745 | -38.7% |
| Credit institutions | 430/8 | €1,309,069 | €802,324 | -€506,745 | -38.7% |
| Trade debts | 44 | - | €25,032 | +€25,032 | |
| Suppliers | 440/4 | - | €25,032 | +€25,032 | |
| Taxes, remuneration and social security | 45 | €4,511 | €2,995 | -€1,516 | -33.6% |
| Taxes | 450/3 | €4,511 | €2,995 | -€1,516 | -33.6% |
| Other amounts payable | 47/48 | €14,816 | €5,723 | -€9,094 | -61.4% |
| Accrued charges and deferred income | 492/3 | €4,051 | €16,846 | +€12,795 | +316% |
| Non-recurring operating income | 76A | €432 | - | -€432 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,853 | €16,035 | +€183 | +1.2% |
| Other operating charges | 640/8 | €16,314 | €11,501 | -€4,813 | -29.5% |
| Gross operating margin | 9900 | €335,861 | €252,235 | -€83,626 | -24.9% |
| Operating profit (loss) | 9901 | €303,695 | €224,699 | -€78,996 | -26.0% |
| Financial income | 75/76B | €8,085 | €1,811 | -€6,274 | -77.6% |
| Recurring financial income | 75 | €8,085 | €1,811 | -€6,274 | -77.6% |
| Financial charges | 65/66B | €82,699 | €63,621 | -€19,079 | -23.1% |
| Recurring financial charges | 65 | €82,699 | €63,621 | -€19,079 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €229,080 | €162,889 | -€66,191 | -28.9% |
| Income taxes | 67/77 | €76,117 | €53,901 | -€22,216 | -29.2% |
| Profit (loss) for the period | 9904 | €152,963 | €108,987 | -€43,976 | -28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €152,963 | €108,987 | -€43,976 | -28.7% |
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 16 October 2026 via checked.be.