VISION: what changed
Two fiscal 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.
VISION
Largest movements
- Receivables after one year +€71,779
new in 2025: €71,779
- Financial fixed assets -€67,601
down €67,601 (-100.0%), from €67,601 to €0
- Tangible fixed assets -€28,605
down €28,605 (-4.6%), from €626,552 to €597,947
of which Land and buildings: -€27,620
- Cash +€9,070
up €9,070 (+56.4%), from €16,095 to €25,165
mainly Investment in fixed assets (net) (+€58,292) and Depreciation (+€37,913)
- Debts after one year -€10,844
down €10,844 (-11.6%), from €93,150 to €82,306
of which Financial debts: -€10,844
- Provisions -€7,625
down €7,625 (-6.8%), from €112,398 to €104,773
- Write-downs -€16,149
down €16,149 (-100.0%), from €16,149 to €0
- Financial income -€7,637
down €7,637 (-67.9%), from €11,247 to €3,610
- Taxes +€3,912
up €3,912 (+58.2%), from €6,719 to €10,631
- Gross operating margin -€1,301
down €1,301 (-2.6%), from €50,105 to €48,804
- Depreciation +€654
up €654 (+1.8%), from €37,259 to €37,913
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 | €722,742 | €704,049 | -€18,693 | -2.6% |
| Fixed assets | 21/28 | €694,152 | €597,947 | -€96,205 | -13.9% |
| Tangible fixed assets | 22/27 | €626,552 | €597,947 | -€28,605 | -4.6% |
| Land and buildings | 22 | €622,066 | €594,446 | -€27,620 | -4.4% |
| Plant, machinery and equipment | 23 | €4,485 | €3,501 | -€985 | -22.0% |
| Financial fixed assets | 28 | €67,601 | €0 | -€67,601 | -100.0% |
| Current assets | 29/58 | €28,590 | €106,102 | +€77,513 | +271.1% |
| Amounts receivable after more than one year | 29 | - | €71,779 | +€71,779 | |
| Other amounts receivable | 291 | - | €71,779 | +€71,779 | |
| Amounts receivable within one year | 40/41 | €11,910 | €6,913 | -€4,998 | -42.0% |
| Trade receivables | 40 | €11,642 | €6,047 | -€5,595 | -48.1% |
| Other amounts receivable | 41 | €269 | €865 | +€597 | +222.2% |
| Cash at bank and in hand | 54/58 | €16,095 | €25,165 | +€9,070 | +56.4% |
| Deferred charges and accrued income | 490/1 | €584 | €2,245 | +€1,661 | +284.5% |
| Total equity and liabilities | 10/49 | €722,742 | €704,049 | -€18,693 | -2.6% |
| Equity | 10/15 | €474,407 | €474,296 | -€112 | 0.0% |
| Contributions | 10/11 | €21,071 | €21,071 | = | 0.0% |
| Reserves | 13 | €230,306 | €230,194 | -€112 | 0.0% |
| Tax-exempt reserves | 132 | €201,966 | €179,091 | -€22,875 | -11.3% |
| Distributable reserves | 133 | €28,340 | €51,103 | +€22,763 | +80.3% |
| Profit (loss) carried forward | 14 | €223,030 | €223,030 | = | 0.0% |
| Provisions and deferred taxes | 16 | €112,398 | €104,773 | -€7,625 | -6.8% |
| Deferred taxes | 168 | €112,398 | €104,773 | -€7,625 | -6.8% |
| Amounts payable | 17/49 | €135,936 | €124,980 | -€10,956 | -8.1% |
| Amounts payable after more than one year | 17 | €93,150 | €82,306 | -€10,844 | -11.6% |
| Financial debts | 170/4 | €86,770 | €75,926 | -€10,844 | -12.5% |
| Other amounts payable | 178/9 | €6,380 | €6,380 | = | 0.0% |
| Amounts payable within one year | 42/48 | €38,346 | €39,584 | +€1,238 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €10,595 | €10,844 | +€250 | +2.4% |
| Trade debts | 44 | €1,580 | €1,897 | +€317 | +20.0% |
| Suppliers | 440/4 | €1,580 | €1,897 | +€317 | +20.0% |
| Taxes, remuneration and social security | 45 | €4,633 | €5,305 | +€672 | +14.5% |
| Taxes | 450/3 | €4,633 | €5,305 | +€672 | +14.5% |
| Other amounts payable | 47/48 | €21,539 | €21,539 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,440 | €3,090 | -€1,350 | -30.4% |
| Non-recurring operating income | 76A | €34 | €0 | -€34 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,259 | €37,913 | +€654 | +1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €16,149 | €0 | -€16,149 | -100.0% |
| Other operating charges | 640/8 | €9,108 | €9,340 | +€231 | +2.5% |
| Gross operating margin | 9900 | €50,105 | €48,804 | -€1,301 | -2.6% |
| Operating profit (loss) | 9901 | -€12,410 | €1,551 | +€13,962 | |
| Financial income | 75/76B | €11,247 | €3,610 | -€7,637 | -67.9% |
| Recurring financial income | 75 | €11,247 | €3,610 | -€7,637 | -67.9% |
| Financial charges | 65/66B | €2,460 | €2,267 | -€193 | -7.8% |
| Recurring financial charges | 65 | €2,460 | €2,267 | -€193 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,624 | €2,894 | +€6,518 | |
| Transfer from deferred taxes | 780 | €7,625 | €7,625 | = | 0.0% |
| Income taxes | 67/77 | €6,719 | €10,631 | +€3,912 | +58.2% |
| Profit (loss) for the period | 9904 | -€2,718 | -€112 | +€2,606 | +95.9% |
| Transfer from tax-exempt reserves | 789 | €22,875 | €22,875 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,157 | €22,763 | +€2,606 | +12.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.