VISION HOLDING: 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.
What changed
VISION HOLDING
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€239,486
2024 · €441,015-€201,529
Equity
€14.2m
2024 · €14.4m-€154,937
Cash
€8,599
2024 · €47,511-€38,912
Balance sheet total
€14.7m
2024 · €14.7m-€62,603
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Reserves -€154,937
down €154,937 (-9.2%), from €1.7m to €1.5m
of which Distributable reserves: -€154,937
Income statement
- Financial income -€207,731
down €207,731 (-37.0%), from €560,969 to €353,238
- Taxes -€20,153
down €20,153 (-45.7%), from €44,101 to €23,949
- Gross operating margin -€8,582
down €8,582 (-30.5%), from -€28,123 to -€36,705
- Other operating charges +€6,118
up €6,118 (+347.2%), from €1,762 to €7,881
- Financial charges -€498
down €498 (-5.7%), from €8,676 to €8,177
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.
Result 2024
€441,015
Gross operating margin
-€8,582
Depreciation
+€251
Other operating charges
-€6,118
Financial income
-€207,731
Financial charges
+€498
Taxes
+€20,153
Result 2025
€239,486
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.
From operations
+€535,198
Investment
-€144,149
Financing
-€429,961
Cash 2024
€47,511
From operations (derived)
+€535,198
Net result for the year
+€239,486
Depreciation
+€37,041
Receivables after one year
+€128,600
Receivables within one year
+€2,310
Deferred charges and accrued income
-€111
Trade debts
-€1,134
Tax, wage and social debts
-€12,981
Other debts
+€141,988
Investment (derived)
-€144,149
Investment in fixed assets (net)
-€71,130
Current investments
-€73,019
Financing
-€429,961
Debts after one year
-€35,914
Current portion of long-term debt
+€375
Contributions, distributions and other
-€394,422
Cash 2025
€8,599
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,749,786 | €14,687,183 | -€62,603 | -0.4% |
| Fixed assets | 21/28 | €10,911,865 | €10,945,954 | +€34,089 | +0.3% |
| Tangible fixed assets | 22/27 | €411,865 | €445,954 | +€34,089 | +8.3% |
| Land and buildings | 22 | €392,504 | €370,487 | -€22,017 | -5.6% |
| Plant, machinery and equipment | 23 | €0 | €0 | -€0 | -97.8% |
| Furniture and vehicles | 24 | €19,360 | €75,466 | +€56,106 | +289.8% |
| Financial fixed assets | 28 | €10,500,000 | €10,500,000 | = | 0.0% |
| Current assets | 29/58 | €3,837,921 | €3,741,229 | -€96,692 | -2.5% |
| Amounts receivable after more than one year | 29 | €128,600 | €0 | -€128,600 | -100.0% |
| Trade receivables | 290 | €128,600 | €0 | -€128,600 | -100.0% |
| Amounts receivable within one year | 40/41 | €2,310 | €0 | -€2,310 | -100.0% |
| Trade receivables | 40 | €2,310 | €0 | -€2,310 | -100.0% |
| Current investments | 50/53 | €3,651,898 | €3,724,917 | +€73,019 | +2.0% |
| Cash at bank and in hand | 54/58 | €47,511 | €8,599 | -€38,912 | -81.9% |
| Deferred charges and accrued income | 490/1 | €7,603 | €7,714 | +€111 | +1.5% |
| Total equity and liabilities | 10/49 | €14,749,786 | €14,687,183 | -€62,603 | -0.4% |
| Equity | 10/15 | €14,364,845 | €14,209,908 | -€154,937 | -1.1% |
| Contributions | 10/11 | €10,500,000 | €10,500,000 | = | 0.0% |
| Reserves | 13 | €1,675,929 | €1,520,993 | -€154,937 | -9.2% |
| Non-distributable reserves | 130/1 | €121,477 | €121,477 | = | 0.0% |
| Reserves not available under the articles | 1311 | €121,477 | €121,477 | = | 0.0% |
| Distributable reserves | 133 | €1,554,452 | €1,399,515 | -€154,937 | -10.0% |
| Profit (loss) carried forward | 14 | €2,188,915 | €2,188,915 | = | 0.0% |
| Amounts payable | 17/49 | €384,942 | €477,275 | +€92,334 | +24.0% |
| Amounts payable after more than one year | 17 | €108,883 | €72,969 | -€35,914 | -33.0% |
| Financial debts | 170/4 | €108,883 | €72,969 | -€35,914 | -33.0% |
| Amounts payable within one year | 42/48 | €276,059 | €404,306 | +€128,248 | +46.5% |
| Current portion of amounts payable after more than one year | 42 | €35,539 | €35,914 | +€375 | +1.1% |
| Trade debts | 44 | €1,134 | €0 | -€1,134 | -100.0% |
| Suppliers | 440/4 | €1,134 | €0 | -€1,134 | -100.0% |
| Taxes, remuneration and social security | 45 | €50,536 | €37,555 | -€12,981 | -25.7% |
| Taxes | 450/3 | €50,536 | €37,555 | -€12,981 | -25.7% |
| Other amounts payable | 47/48 | €188,849 | €330,837 | +€141,988 | +75.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,293 | €37,041 | -€251 | -0.7% |
| Other operating charges | 640/8 | €1,762 | €7,881 | +€6,118 | +347.2% |
| Gross operating margin | 9900 | -€28,123 | -€36,705 | -€8,582 | -30.5% |
| Operating profit (loss) | 9901 | -€67,178 | -€81,627 | -€14,449 | -21.5% |
| Financial income | 75/76B | €560,969 | €353,238 | -€207,731 | -37.0% |
| Recurring financial income | 75 | €560,969 | €353,238 | -€207,731 | -37.0% |
| Financial charges | 65/66B | €8,676 | €8,177 | -€498 | -5.7% |
| Recurring financial charges | 65 | €8,676 | €8,177 | -€498 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €485,116 | €263,434 | -€221,682 | -45.7% |
| Income taxes | 67/77 | €44,101 | €23,949 | -€20,153 | -45.7% |
| Profit (loss) for the period | 9904 | €441,015 | €239,486 | -€201,529 | -45.7% |
| Profit (loss) for the period to be appropriated | 9905 | €441,015 | €239,486 | -€201,529 | -45.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.