VISION GROWTH: what changed
VISION GROWTH
Largest movements
- Cash +€46,460
up €46,460 (+31.5%), from €147,368 to €193,828
mainly Net result for the year (+€62,713) and Depreciation (+€29,773)
- Tangible fixed assets -€36,639
down €36,639 (-40.3%), from €90,930 to €54,291
of which Leasing and similar rights: -€26,745
- Receivables within one year -€11,923
down €11,923 (-37.4%), from €31,865 to €19,943
of which Trade receivables: -€11,974
- Other debts +€25,676
up €25,676 (+166%), from €15,500 to €41,176
- Reserves +€21,537
up €21,537 (+12.9%), from €166,949 to €188,486
- Tax, wage and social debts -€20,970
down €20,970 (-71.0%), from €29,544 to €8,573
of which Taxes: -€14,566
- Debts after one year -€18,250
down €18,250 (-76.3%), from €23,918 to €5,669
- Current portion of long-term debt -€10,309
down €10,309 (-36.1%), from €28,559 to €18,250
- Staff costs -€14,127
down €14,127 (-26.9%), from €52,573 to €38,446
- Gross operating margin -€11,289
down €11,289 (-6.9%), from €163,670 to €152,381
- Depreciation +€5,406
up €5,406 (+22.2%), from €24,367 to €29,773
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €272,654 | €272,972 | +€318 | +0.1% |
| Fixed assets | 21/28 | €90,930 | €54,291 | -€36,639 | -40.3% |
| Tangible fixed assets | 22/27 | €90,930 | €54,291 | -€36,639 | -40.3% |
| Furniture and vehicles | 24 | €11,564 | €1,671 | -€9,894 | -85.6% |
| Leasing and similar rights | 25 | €79,366 | €52,621 | -€26,745 | -33.7% |
| Current assets | 29/58 | €181,724 | €218,681 | +€36,957 | +20.3% |
| Amounts receivable within one year | 40/41 | €31,865 | €19,943 | -€11,923 | -37.4% |
| Trade receivables | 40 | €31,865 | €19,891 | -€11,974 | -37.6% |
| Other amounts receivable | 41 | - | €51 | +€51 | |
| Cash at bank and in hand | 54/58 | €147,368 | €193,828 | +€46,460 | +31.5% |
| Deferred charges and accrued income | 490/1 | €2,491 | €4,910 | +€2,420 | +97.1% |
| Total equity and liabilities | 10/49 | €272,654 | €272,972 | +€318 | +0.1% |
| Equity | 10/15 | €172,949 | €194,486 | +€21,537 | +12.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €166,949 | €188,486 | +€21,537 | +12.9% |
| Distributable reserves | 133 | €166,949 | €188,486 | +€21,537 | +12.9% |
| Amounts payable | 17/49 | €99,705 | €78,486 | -€21,218 | -21.3% |
| Amounts payable after more than one year | 17 | €23,918 | €5,669 | -€18,250 | -76.3% |
| Financial debts | 170/4 | €23,918 | €5,669 | -€18,250 | -76.3% |
| Amounts payable within one year | 42/48 | €75,786 | €72,818 | -€2,969 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €28,559 | €18,250 | -€10,309 | -36.1% |
| Trade debts | 44 | €2,184 | €4,818 | +€2,634 | +121% |
| Suppliers | 440/4 | €2,184 | €4,818 | +€2,634 | +121% |
| Taxes, remuneration and social security | 45 | €29,544 | €8,573 | -€20,970 | -71.0% |
| Taxes | 450/3 | €23,139 | €8,573 | -€14,566 | -62.9% |
| Remuneration and social security | 454/9 | €6,405 | - | -€6,405 | |
| Other amounts payable | 47/48 | €15,500 | €41,176 | +€25,676 | +166% |
| Non-recurring operating income | 76A | - | €3,629 | +€3,629 | |
| Remuneration, social security and pensions | 62 | €52,573 | €38,446 | -€14,127 | -26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,367 | €29,773 | +€5,406 | +22.2% |
| Other operating charges | 640/8 | €4,740 | €3,526 | -€1,213 | -25.6% |
| Gross operating margin | 9900 | €163,670 | €152,381 | -€11,289 | -6.9% |
| Operating profit (loss) | 9901 | €81,991 | €80,636 | -€1,355 | -1.7% |
| Financial charges | 65/66B | €2,143 | €1,474 | -€669 | -31.2% |
| Recurring financial charges | 65 | €2,143 | €1,474 | -€669 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €79,848 | €79,162 | -€686 | -0.9% |
| Income taxes | 67/77 | €16,868 | €16,449 | -€420 | -2.5% |
| Profit (loss) for the period | 9904 | €62,980 | €62,713 | -€266 | -0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €62,980 | €62,713 | -€266 | -0.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.