VISIBEL: 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.
VISIBEL
Largest movements
- Cash +€9,200
up €9,200 (+60.6%), from €15,175 to €24,375
mainly Net result for the year (+€12,986) and Receivables within one year (+€4,218)
- Receivables within one year -€4,218
down €4,218 (-76.9%), from €5,482 to €1,264
of which Trade receivables: -€4,293
- Tangible fixed assets -€3,257
down €3,257 (-33.1%), from €9,854 to €6,597
of which Furniture and vehicles: -€1,772
- Profit (loss) carried forward +€9,566
no longer reported in 2025 (was -€9,566)
- Other debts -€7,881
down €7,881 (-37.8%), from €20,827 to €12,946
- Reserves +€3,419
up €3,419 (+184%), from €1,860 to €5,279
- Trade debts -€2,839
down €2,839 (-64.4%), from €4,406 to €1,568
- Accrued charges and deferred income -€387
no longer reported in 2025 (was €387)
- Financial income +€4,965
up €4,965 (+14,129%), from €35 to €5,000
of which Non-recurring financial income: +€5,000
- Taxes +€2,949
up €2,949 (+63.1%), from €4,673 to €7,622
- Gross operating margin +€2,628
up €2,628 (+14.3%), from €18,380 to €21,008
- Depreciation -€2,201
down €2,201 (-40.3%), from €5,458 to €3,257
- Other operating charges +€442
up €442 (+33.5%), from €1,322 to €1,765
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 | €30,725 | €32,237 | +€1,512 | +4.9% |
| Fixed assets | 21/28 | €9,854 | €6,597 | -€3,257 | -33.1% |
| Tangible fixed assets | 22/27 | €9,854 | €6,597 | -€3,257 | -33.1% |
| Plant, machinery and equipment | 23 | €5,819 | €4,334 | -€1,485 | -25.5% |
| Furniture and vehicles | 24 | €4,035 | €2,263 | -€1,772 | -43.9% |
| Current assets | 29/58 | €20,871 | €25,640 | +€4,769 | +22.8% |
| Amounts receivable within one year | 40/41 | €5,482 | €1,264 | -€4,218 | -76.9% |
| Trade receivables | 40 | €5,482 | €1,189 | -€4,293 | -78.3% |
| Other amounts receivable | 41 | - | €75 | +€75 | |
| Cash at bank and in hand | 54/58 | €15,175 | €24,375 | +€9,200 | +60.6% |
| Deferred charges and accrued income | 490/1 | €213 | - | -€213 | |
| Total equity and liabilities | 10/49 | €30,725 | €32,237 | +€1,512 | +4.9% |
| Equity | 10/15 | -€1,506 | €11,479 | +€12,986 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €5,279 | +€3,419 | +184% |
| Distributable reserves | 133 | €1,860 | €5,279 | +€3,419 | +184% |
| Profit (loss) carried forward | 14 | -€9,566 | - | +€9,566 | |
| Amounts payable | 17/49 | €32,231 | €20,757 | -€11,474 | -35.6% |
| Amounts payable within one year | 42/48 | €31,844 | €20,757 | -€11,087 | -34.8% |
| Trade debts | 44 | €4,406 | €1,568 | -€2,839 | -64.4% |
| Suppliers | 440/4 | €4,406 | €1,568 | -€2,839 | -64.4% |
| Taxes, remuneration and social security | 45 | €6,611 | €6,243 | -€368 | -5.6% |
| Taxes | 450/3 | €6,611 | €6,243 | -€368 | -5.6% |
| Other amounts payable | 47/48 | €20,827 | €12,946 | -€7,881 | -37.8% |
| Accrued charges and deferred income | 492/3 | €387 | - | -€387 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,458 | €3,257 | -€2,201 | -40.3% |
| Other operating charges | 640/8 | €1,322 | €1,765 | +€442 | +33.5% |
| Gross operating margin | 9900 | €18,380 | €21,008 | +€2,628 | +14.3% |
| Operating profit (loss) | 9901 | €11,600 | €15,987 | +€4,387 | +37.8% |
| Financial income | 75/76B | €35 | €5,000 | +€4,965 | +14,129% |
| Recurring financial income | 75 | €35 | €5,000 | +€4,965 | +14,129% |
| Non-recurring financial income | 76B | - | €5,000 | +€5,000 | |
| Financial charges | 65/66B | €140 | €379 | +€239 | +171% |
| Recurring financial charges | 65 | €140 | €379 | +€239 | +171% |
| Profit (loss) for the period before taxes | 9903 | €11,495 | €20,608 | +€9,113 | +79.3% |
| Income taxes | 67/77 | €4,673 | €7,622 | +€2,949 | +63.1% |
| Profit (loss) for the period | 9904 | €6,822 | €12,986 | +€6,163 | +90.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,822 | €12,986 | +€6,163 | +90.3% |
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 1 November 2026 via checked.be.