Visibilium: 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.
Visibilium
Largest movements
- Current investments -€125,000
down €125,000 (-100.0%), from €125,000 to €0
- Cash +€49,722
up €49,722 (+47.9%), from €103,807 to €153,529
mainly Current investments (+€125,000) and Net result for the year (+€113,341)
- Receivables within one year -€16,661
down €16,661 (-58.7%), from €28,366 to €11,705
of which Trade receivables: -€10,743
- Reserves -€134,368
down €134,368 (-67.8%), from €198,229 to €63,861
of which Distributable reserves: -€134,368
- Other debts +€15,399
up €15,399 (+19.5%), from €78,907 to €94,305
- Advances received +€13,587
up €13,587, from €0 to €13,587
- Tax, wage and social debts +€8,387
up €8,387 (+39.2%), from €21,372 to €29,758
of which Taxes: +€8,387
- Trade debts +€4,517
up €4,517 (+63.8%), from €7,078 to €11,595
- Gross operating margin -€34,730
down €34,730 (-17.4%), from €199,350 to €164,621
- Taxes -€10,636
down €10,636 (-24.4%), from €43,576 to €32,940
- Financial income -€4,796
down €4,796 (-80.5%), from €5,957 to €1,162
- Financial charges +€4,338
up €4,338 (+122.3%), from €3,546 to €7,884
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 | €305,608 | €213,128 | -€92,479 | -30.3% |
| Fixed assets | 21/28 | €36,687 | €35,120 | -€1,567 | -4.3% |
| Intangible fixed assets | 21 | €4,216 | €1,516 | -€2,700 | -64.0% |
| Tangible fixed assets | 22/27 | €32,471 | €33,604 | +€1,133 | +3.5% |
| Plant, machinery and equipment | 23 | €5,430 | €2,773 | -€2,657 | -48.9% |
| Furniture and vehicles | 24 | €5,680 | €2,739 | -€2,941 | -51.8% |
| Other tangible fixed assets | 26 | €21,361 | €28,091 | +€6,730 | +31.5% |
| Current assets | 29/58 | €268,920 | €178,008 | -€90,912 | -33.8% |
| Stocks and contracts in progress | 3 | €4,202 | €6,178 | +€1,976 | +47.0% |
| Stocks | 30/36 | €4,202 | €6,178 | +€1,976 | +47.0% |
| Amounts receivable within one year | 40/41 | €28,366 | €11,705 | -€16,661 | -58.7% |
| Trade receivables | 40 | €22,447 | €11,705 | -€10,743 | -47.9% |
| Other amounts receivable | 41 | €5,919 | €0 | -€5,919 | -100.0% |
| Current investments | 50/53 | €125,000 | €0 | -€125,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €103,807 | €153,529 | +€49,722 | +47.9% |
| Deferred charges and accrued income | 490/1 | €7,544 | €6,596 | -€948 | -12.6% |
| Total equity and liabilities | 10/49 | €305,608 | €213,128 | -€92,479 | -30.3% |
| Equity | 10/15 | €198,229 | €63,861 | -€134,368 | -67.8% |
| Reserves | 13 | €198,229 | €63,861 | -€134,368 | -67.8% |
| Tax-exempt reserves | 132 | €50,520 | €50,520 | = | 0.0% |
| Distributable reserves | 133 | €147,709 | €13,341 | -€134,368 | -91.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €107,379 | €149,267 | +€41,889 | +39.0% |
| Amounts payable within one year | 42/48 | €107,356 | €149,245 | +€41,889 | +39.0% |
| Trade debts | 44 | €7,078 | €11,595 | +€4,517 | +63.8% |
| Suppliers | 440/4 | €7,078 | €11,595 | +€4,517 | +63.8% |
| Advances received on contracts in progress | 46 | €0 | €13,587 | +€13,587 | |
| Taxes, remuneration and social security | 45 | €21,372 | €29,758 | +€8,387 | +39.2% |
| Taxes | 450/3 | €18,397 | €26,783 | +€8,387 | +45.6% |
| Remuneration and social security | 454/9 | €2,975 | €2,975 | = | 0.0% |
| Other amounts payable | 47/48 | €78,907 | €94,305 | +€15,399 | +19.5% |
| Accrued charges and deferred income | 492/3 | €22 | €22 | -€0 | -1.8% |
| Non-recurring operating income | 76A | - | €83 | +€83 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,123 | €10,785 | +€662 | +6.5% |
| Other operating charges | 640/8 | €757 | €832 | +€75 | +9.9% |
| Gross operating margin | 9900 | €199,350 | €164,621 | -€34,730 | -17.4% |
| Operating profit (loss) | 9901 | €188,470 | €153,003 | -€35,467 | -18.8% |
| Financial income | 75/76B | €5,957 | €1,162 | -€4,796 | -80.5% |
| Recurring financial income | 75 | €5,957 | €1,162 | -€4,796 | -80.5% |
| Financial charges | 65/66B | €3,546 | €7,884 | +€4,338 | +122.3% |
| Recurring financial charges | 65 | €3,546 | €7,884 | +€4,338 | +122.3% |
| Profit (loss) for the period before taxes | 9903 | €190,882 | €146,281 | -€44,600 | -23.4% |
| Income taxes | 67/77 | €43,576 | €32,940 | -€10,636 | -24.4% |
| Profit (loss) for the period | 9904 | €147,306 | €113,341 | -€33,965 | -23.1% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €147,306 | €113,341 | -€33,965 | -23.1% |
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 12 October 2026 via checked.be.