VISION 2017: 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.
VISION 2017
Largest movements
- Cash -€24,280
down €24,280 (-15.7%), from €154,529 to €130,249
mainly Contributions, distributions and other (-€120,000) and Debts after one year (-€26,850)
- Intangible fixed assets -€20,000
down €20,000 (-43.2%), from €46,247 to €26,247
- Stocks and contracts +€5,605
up €5,605 (+8.6%), from €65,012 to €70,617
- Other debts +€33,362
up €33,362 (+32.5%), from €102,781 to €136,144
- Debts after one year -€26,850
down €26,850 (-66.4%), from €40,459 to €13,609
- Profit (loss) carried forward -€19,421
down €19,421 (-81.9%), from €23,713 to €4,292
- Trade debts -€19,154
down €19,154 (-15.8%), from €121,211 to €102,058
- Short-term financial debts -€12,546
no longer reported in 2025 (was €12,546)
- Gross operating margin -€10,049
down €10,049 (-5.3%), from €188,498 to €178,449
- Staff costs +€3,235
up €3,235 (+13.4%), from €24,100 to €27,335
- Taxes -€2,120
down €2,120 (-6.8%), from €30,993 to €28,874
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 | €357,103 | €318,760 | -€38,343 | -10.7% |
| Fixed assets | 21/28 | €46,980 | €29,490 | -€17,489 | -37.2% |
| Intangible fixed assets | 21 | €46,247 | €26,247 | -€20,000 | -43.2% |
| Tangible fixed assets | 22/27 | €708 | €3,218 | +€2,511 | +355% |
| Plant, machinery and equipment | 23 | €333 | €3,218 | +€2,886 | +867% |
| Furniture and vehicles | 24 | €375 | - | -€375 | |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €310,123 | €289,270 | -€20,853 | -6.7% |
| Stocks and contracts in progress | 3 | €65,012 | €70,617 | +€5,605 | +8.6% |
| Stocks | 30/36 | €65,012 | €70,617 | +€5,605 | +8.6% |
| Amounts receivable within one year | 40/41 | €89,176 | €86,559 | -€2,617 | -2.9% |
| Trade receivables | 40 | €68,961 | €77,552 | +€8,592 | +12.5% |
| Other amounts receivable | 41 | €20,215 | €9,007 | -€11,209 | -55.4% |
| Cash at bank and in hand | 54/58 | €154,529 | €130,249 | -€24,280 | -15.7% |
| Deferred charges and accrued income | 490/1 | €1,406 | €1,846 | +€440 | +31.3% |
| Total equity and liabilities | 10/49 | €357,103 | €318,760 | -€38,343 | -10.7% |
| Equity | 10/15 | €44,173 | €24,752 | -€19,421 | -44.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,713 | €4,292 | -€19,421 | -81.9% |
| Amounts payable | 17/49 | €312,930 | €294,008 | -€18,922 | -6.0% |
| Amounts payable after more than one year | 17 | €40,459 | €13,609 | -€26,850 | -66.4% |
| Financial debts | 170/4 | €40,459 | €13,609 | -€26,850 | -66.4% |
| Amounts payable within one year | 42/48 | €272,362 | €280,332 | +€7,969 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €28,541 | €29,065 | +€524 | +1.8% |
| Financial debts | 43 | €12,546 | - | -€12,546 | |
| Credit institutions | 430/8 | €12,546 | - | -€12,546 | |
| Trade debts | 44 | €121,211 | €102,058 | -€19,154 | -15.8% |
| Suppliers | 440/4 | €121,211 | €102,058 | -€19,154 | -15.8% |
| Taxes, remuneration and social security | 45 | €7,282 | €13,065 | +€5,783 | +79.4% |
| Taxes | 450/3 | €1,813 | €6,792 | +€4,980 | +275% |
| Remuneration and social security | 454/9 | €5,470 | €6,273 | +€803 | +14.7% |
| Other amounts payable | 47/48 | €102,781 | €136,144 | +€33,362 | +32.5% |
| Accrued charges and deferred income | 492/3 | €108 | €67 | -€41 | -38.2% |
| Remuneration, social security and pensions | 62 | €24,100 | €27,335 | +€3,235 | +13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,205 | €20,934 | -€1,270 | -5.7% |
| Other operating charges | 640/8 | €1 | €29 | +€28 | +2,995% |
| Gross operating margin | 9900 | €188,498 | €178,449 | -€10,049 | -5.3% |
| Operating profit (loss) | 9901 | €142,193 | €130,151 | -€12,042 | -8.5% |
| Financial income | 75/76B | €1,024 | €2,797 | +€1,773 | +173% |
| Recurring financial income | 75 | €1,024 | €2,797 | +€1,773 | +173% |
| Financial charges | 65/66B | €4,352 | €3,495 | -€856 | -19.7% |
| Recurring financial charges | 65 | €4,352 | €3,495 | -€856 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €138,865 | €129,453 | -€9,412 | -6.8% |
| Income taxes | 67/77 | €30,993 | €28,874 | -€2,120 | -6.8% |
| Profit (loss) for the period | 9904 | €107,871 | €100,579 | -€7,292 | -6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €107,871 | €100,579 | -€7,292 | -6.8% |
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.