VISION MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash -€50,309
down €50,309 (-85.7%), from €58,709 to €8,400
mainly Investment in fixed assets (net) (-€69,495) and Contributions, distributions and other (-€50,000)
- Tangible fixed assets +€18,814
up €18,814 (+2.1%), from €916,990 to €935,804
of which Land and buildings: +€18,146
- Debts after one year -€36,931
down €36,931 (-5.4%), from €679,419 to €642,488
of which Financial debts: -€186,931
- Reserves +€15,321
up €15,321 (+7.7%), from €198,101 to €213,422
- Gross operating margin +€21,516
up €21,516 (+15.8%), from €135,771 to €157,287
- Depreciation +€5,823
up €5,823 (+12.7%), from €45,983 to €51,806
- Financial charges -€2,317
down €2,317 (-9.7%), from €23,875 to €21,558
of which Financial charges: -€3,442
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 | €1,071,819 | €1,051,168 | -€20,650 | -1.9% |
| Fixed assets | 21/28 | €918,115 | €935,804 | +€17,689 | +1.9% |
| Tangible fixed assets | 22/27 | €916,990 | €935,804 | +€18,814 | +2.1% |
| Land and buildings | 22 | €910,903 | €929,049 | +€18,146 | +2.0% |
| Plant, machinery and equipment | 23 | €3,083 | €1,580 | -€1,503 | -48.8% |
| Furniture and vehicles | 24 | €3,004 | €5,175 | +€2,171 | +72.3% |
| Financial fixed assets | 28 | €1,125 | €0 | -€1,125 | -100.0% |
| Current assets | 29/58 | €153,704 | €115,365 | -€38,340 | -24.9% |
| Amounts receivable within one year | 40/41 | €94,996 | €104,487 | +€9,491 | +10.0% |
| Trade receivables | 40 | €19,518 | €17,582 | -€1,935 | -9.9% |
| Other amounts receivable | 41 | €75,478 | €86,904 | +€11,426 | +15.1% |
| Cash at bank and in hand | 54/58 | €58,709 | €8,400 | -€50,309 | -85.7% |
| Deferred charges and accrued income | 490/1 | €0 | €2,478 | +€2,478 | |
| Total equity and liabilities | 10/49 | €1,071,819 | €1,051,168 | -€20,650 | -1.9% |
| Equity | 10/15 | €218,101 | €233,422 | +€15,321 | +7.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €198,101 | €213,422 | +€15,321 | +7.7% |
| Distributable reserves | 133 | €198,101 | €213,422 | +€15,321 | +7.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €853,718 | €817,746 | -€35,972 | -4.2% |
| Amounts payable after more than one year | 17 | €679,419 | €642,488 | -€36,931 | -5.4% |
| Financial debts | 170/4 | €679,419 | €492,488 | -€186,931 | -27.5% |
| Other amounts payable | 178/9 | €0 | €150,000 | +€150,000 | |
| Amounts payable within one year | 42/48 | €162,967 | €168,431 | +€5,464 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €36,108 | €36,931 | +€823 | +2.3% |
| Trade debts | 44 | €3,480 | €8,320 | +€4,840 | +139.1% |
| Suppliers | 440/4 | €3,480 | €8,320 | +€4,840 | +139.1% |
| Taxes, remuneration and social security | 45 | €14,700 | €13,892 | -€808 | -5.5% |
| Taxes | 450/3 | €12,500 | €13,892 | +€1,392 | +11.1% |
| Remuneration and social security | 454/9 | €2,200 | €0 | -€2,200 | -100.0% |
| Other amounts payable | 47/48 | €108,678 | €109,287 | +€609 | +0.6% |
| Accrued charges and deferred income | 492/3 | €11,332 | €6,828 | -€4,505 | -39.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,983 | €51,806 | +€5,823 | +12.7% |
| Other operating charges | 640/8 | €2,816 | €1,388 | -€1,428 | -50.7% |
| Gross operating margin | 9900 | €135,771 | €157,287 | +€21,516 | +15.8% |
| Operating profit (loss) | 9901 | €86,972 | €104,094 | +€17,121 | +19.7% |
| Financial income | 75/76B | €335 | €91 | -€244 | -72.8% |
| Recurring financial income | 75 | €335 | €91 | -€244 | -72.8% |
| Financial charges | 65/66B | €23,875 | €21,558 | -€2,317 | -9.7% |
| Recurring financial charges | 65 | €23,875 | €20,433 | -€3,442 | -14.4% |
| Non-recurring financial charges | 66B | - | €1,125 | +€1,125 | |
| Profit (loss) for the period before taxes | 9903 | €63,432 | €82,627 | +€19,194 | +30.3% |
| Income taxes | 67/77 | €16,022 | €17,306 | +€1,284 | +8.0% |
| Profit (loss) for the period | 9904 | €47,411 | €65,321 | +€17,911 | +37.8% |
| Profit (loss) for the period to be appropriated | 9905 | €47,411 | €65,321 | +€17,911 | +37.8% |
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 9 October 2026 via checked.be.