Vision Project: 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.
Vision Project
Largest movements
- Tangible fixed assets -€32,047
down €32,047 (-3.0%), from €1.1m to €1.0m
of which Land and buildings: -€31,702
- Receivables within one year -€25,326
down €25,326 (-21.0%), from €120,459 to €95,133
of which Trade receivables: -€26,598
- Short-term financial debts +€50,000
new in 2025: €50,000
- Debts after one year -€46,402
down €46,402 (-6.7%), from €687,725 to €641,323
- Tax, wage and social debts -€30,532
down €30,532 (-52.3%), from €58,326 to €27,794
of which Taxes: -€25,519
- Profit (loss) carried forward -€22,914
down €22,914 (-23.3%), from €98,545 to €75,631
- Trade debts -€16,562
down €16,562 (-38.9%), from €42,565 to €26,004
- Staff costs +€28,546
up €28,546 (+26.1%), from €109,248 to €137,794
- Gross operating margin -€4,834
down €4,834 (-2.5%), from €196,146 to €191,312
- Other operating charges -€3,877
down €3,877 (-17.0%), from €22,773 to €18,896
- Financial charges -€2,047
down €2,047 (-7.1%), from €29,015 to €26,968
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 | €1,191,508 | €1,126,814 | -€64,694 | -5.4% |
| Fixed assets | 21/28 | €1,058,943 | €1,026,897 | -€32,047 | -3.0% |
| Tangible fixed assets | 22/27 | €1,058,943 | €1,026,897 | -€32,047 | -3.0% |
| Land and buildings | 22 | €1,056,076 | €1,024,374 | -€31,702 | -3.0% |
| Other tangible fixed assets | 26 | €2,868 | €2,523 | -€345 | -12.0% |
| Current assets | 29/58 | €132,565 | €99,918 | -€32,647 | -24.6% |
| Amounts receivable within one year | 40/41 | €120,459 | €95,133 | -€25,326 | -21.0% |
| Trade receivables | 40 | €83,270 | €56,672 | -€26,598 | -31.9% |
| Other amounts receivable | 41 | €37,190 | €38,461 | +€1,271 | +3.4% |
| Cash at bank and in hand | 54/58 | €9,236 | €0 | -€9,236 | -100.0% |
| Deferred charges and accrued income | 490/1 | €2,870 | €4,785 | +€1,915 | +66.7% |
| Total equity and liabilities | 10/49 | €1,191,508 | €1,126,814 | -€64,694 | -5.4% |
| Equity | 10/15 | €357,595 | €334,681 | -€22,914 | -6.4% |
| Contributions | 10/11 | €259,050 | €259,050 | = | 0.0% |
| Profit (loss) carried forward | 14 | €98,545 | €75,631 | -€22,914 | -23.3% |
| Amounts payable | 17/49 | €833,913 | €792,133 | -€41,779 | -5.0% |
| Amounts payable after more than one year | 17 | €687,725 | €641,323 | -€46,402 | -6.7% |
| Financial debts | 170/4 | €687,725 | €641,323 | -€46,402 | -6.7% |
| Amounts payable within one year | 42/48 | €146,188 | €150,687 | +€4,499 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €44,719 | €46,402 | +€1,683 | +3.8% |
| Financial debts | 43 | - | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €42,565 | €26,004 | -€16,562 | -38.9% |
| Suppliers | 440/4 | €42,565 | €26,004 | -€16,562 | -38.9% |
| Taxes, remuneration and social security | 45 | €58,326 | €27,794 | -€30,532 | -52.3% |
| Taxes | 450/3 | €39,460 | €13,941 | -€25,519 | -64.7% |
| Remuneration and social security | 454/9 | €18,866 | €13,853 | -€5,012 | -26.6% |
| Other amounts payable | 47/48 | €578 | €487 | -€91 | -15.7% |
| Accrued charges and deferred income | 492/3 | - | €123 | +€123 | |
| Remuneration, social security and pensions | 62 | €109,248 | €137,794 | +€28,546 | +26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,047 | €32,047 | = | 0.0% |
| Other operating charges | 640/8 | €22,773 | €18,896 | -€3,877 | -17.0% |
| Gross operating margin | 9900 | €196,146 | €191,312 | -€4,834 | -2.5% |
| Operating profit (loss) | 9901 | €32,079 | €2,575 | -€29,503 | -92.0% |
| Financial income | 75/76B | €1,850 | €1,479 | -€372 | -20.1% |
| Recurring financial income | 75 | €1,850 | €1,479 | -€372 | -20.1% |
| Financial charges | 65/66B | €29,015 | €26,968 | -€2,047 | -7.1% |
| Recurring financial charges | 65 | €29,015 | €26,968 | -€2,047 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €4,914 | -€22,914 | -€27,828 | |
| Income taxes | 67/77 | €1,729 | €0 | -€1,729 | -100.0% |
| Profit (loss) for the period | 9904 | €3,185 | -€22,914 | -€26,099 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,185 | -€22,914 | -€26,099 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.