VISION ESTATE: 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 ESTATE
Largest movements
- Current investments -€457,566
down €457,566 (-91.5%), from €500,000 to €42,434
- Receivables within one year -€225,622
down €225,622 (-75.1%), from €300,372 to €74,750
of which Other amounts receivable: -€193,622
- Cash +€173,397
up €173,397 (+58.6%), from €296,085 to €469,482
mainly Current investments (+€457,566) and Net result for the year (+€276,663)
- Stocks and contracts +€87,661
up €87,661 (+3.1%), from €2.8m to €2.9m
- Debts after one year -€384,291
down €384,291 (-14.1%), from €2.7m to €2.3m
- Reserves +€166,762
up €166,762 (+39.1%), from €426,645 to €593,407
of which Distributable reserves: +€178,008
- Short-term financial debts -€150,000
no longer reported in 2025 (was €150,000)
- Other debts -€103,226
down €103,226 (-97.7%), from €105,706 to €2,480
- Trade debts +€55,205
up €55,205 (+170%), from €32,555 to €87,760
- Gross operating margin +€233,142
up €233,142 (+29.8%), from €781,890 to €1.0m
- Staff costs +€74,146
up €74,146 (+22.8%), from €325,508 to €399,654
- Taxes +€53,226
up €53,226 (+67.0%), from €79,457 to €132,683
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 | €4,479,556 | €4,024,595 | -€454,961 | -10.2% |
| Fixed assets | 21/28 | €525,527 | €506,045 | -€19,483 | -3.7% |
| Intangible fixed assets | 21 | €2,078 | €797 | -€1,281 | -61.7% |
| Tangible fixed assets | 22/27 | €521,740 | €503,538 | -€18,202 | -3.5% |
| Land and buildings | 22 | €495,921 | €472,394 | -€23,527 | -4.7% |
| Plant, machinery and equipment | 23 | €20,706 | €28,345 | +€7,639 | +36.9% |
| Furniture and vehicles | 24 | €5,113 | €2,799 | -€2,314 | -45.3% |
| Financial fixed assets | 28 | €1,710 | €1,710 | = | 0.0% |
| Current assets | 29/58 | €3,954,029 | €3,518,551 | -€435,478 | -11.0% |
| Amounts receivable after more than one year | 29 | €2,550 | €2,550 | = | 0.0% |
| Other amounts receivable | 291 | €2,550 | €2,550 | = | 0.0% |
| Stocks and contracts in progress | 3 | €2,841,673 | €2,929,335 | +€87,661 | +3.1% |
| Stocks | 30/36 | €2,841,673 | €2,929,335 | +€87,661 | +3.1% |
| Amounts receivable within one year | 40/41 | €300,372 | €74,750 | -€225,622 | -75.1% |
| Trade receivables | 40 | €106,750 | €74,750 | -€32,000 | -30.0% |
| Other amounts receivable | 41 | €193,622 | - | -€193,622 | |
| Current investments | 50/53 | €500,000 | €42,434 | -€457,566 | -91.5% |
| Cash at bank and in hand | 54/58 | €296,085 | €469,482 | +€173,397 | +58.6% |
| Deferred charges and accrued income | 490/1 | €13,349 | - | -€13,349 | |
| Total equity and liabilities | 10/49 | €4,479,556 | €4,024,595 | -€454,961 | -10.2% |
| Equity | 10/15 | €1,176,645 | €1,343,407 | +€166,762 | +14.2% |
| Contributions | 10/11 | €750,000 | €750,000 | = | 0.0% |
| Reserves | 13 | €426,645 | €593,407 | +€166,762 | +39.1% |
| Non-distributable reserves | 130/1 | €11,247 | - | -€11,247 | |
| Reserves not available under the articles | 1311 | €11,247 | - | -€11,247 | |
| Distributable reserves | 133 | €415,398 | €593,407 | +€178,008 | +42.9% |
| Amounts payable | 17/49 | €3,302,911 | €2,681,189 | -€621,722 | -18.8% |
| Amounts payable after more than one year | 17 | €2,720,488 | €2,336,197 | -€384,291 | -14.1% |
| Financial debts | 170/4 | €2,720,488 | €2,336,197 | -€384,291 | -14.1% |
| Amounts payable within one year | 42/48 | €554,624 | €337,355 | -€217,269 | -39.2% |
| Current portion of amounts payable after more than one year | 42 | €225,039 | €178,043 | -€46,996 | -20.9% |
| Financial debts | 43 | €150,000 | - | -€150,000 | |
| Credit institutions | 430/8 | €150,000 | - | -€150,000 | |
| Trade debts | 44 | €32,555 | €87,760 | +€55,205 | +170% |
| Suppliers | 440/4 | €32,555 | €87,760 | +€55,205 | +170% |
| Taxes, remuneration and social security | 45 | €41,324 | €69,071 | +€27,747 | +67.1% |
| Taxes | 450/3 | €41,324 | €31,447 | -€9,878 | -23.9% |
| Remuneration and social security | 454/9 | - | €37,624 | +€37,624 | |
| Other amounts payable | 47/48 | €105,706 | €2,480 | -€103,226 | -97.7% |
| Accrued charges and deferred income | 492/3 | €27,798 | €7,637 | -€20,162 | -72.5% |
| Remuneration, social security and pensions | 62 | €325,508 | €399,654 | +€74,146 | +22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,659 | €44,939 | +€2,280 | +5.3% |
| Other operating charges | 640/8 | €9,030 | €6,713 | -€2,318 | -25.7% |
| Non-recurring operating charges | 66A | €17,749 | - | -€17,749 | |
| Gross operating margin | 9900 | €781,890 | €1,015,032 | +€233,142 | +29.8% |
| Operating profit (loss) | 9901 | €386,944 | €563,727 | +€176,783 | +45.7% |
| Financial income | 75/76B | €19,356 | €15,149 | -€4,207 | -21.7% |
| Recurring financial income | 75 | €19,356 | €15,149 | -€4,207 | -21.7% |
| Financial charges | 65/66B | €173,779 | €169,530 | -€4,248 | -2.4% |
| Recurring financial charges | 65 | €173,779 | €169,530 | -€4,248 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €232,521 | €409,346 | +€176,824 | +76.0% |
| Income taxes | 67/77 | €79,457 | €132,683 | +€53,226 | +67.0% |
| Profit (loss) for the period | 9904 | €153,065 | €276,663 | +€123,598 | +80.7% |
| Profit (loss) for the period to be appropriated | 9905 | €153,065 | €276,663 | +€123,598 | +80.7% |
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 20 October 2026 via checked.be.