VISION*R: 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*R
Largest movements
- Current investments +€65,169
up €65,169 (+37.2%), from €175,401 to €240,569
- Tangible fixed assets -€13,355
down €13,355 (-48.1%), from €27,766 to €14,412
of which Land and buildings: -€12,679
- Other debts +€53,795
up €53,795 (+1180.1%), from €4,558 to €58,353
- Reserves -€6,917
down €6,917 (-4.1%), from €168,039 to €161,122
- Tax, wage and social debts +€3,333
up €3,333 (+7.5%), from €44,186 to €47,519
of which Taxes: +€3,309
- Advances received +€3,171
up €3,171 (+149.7%), from €2,118 to €5,288
- Contributions -€2,989
down €2,989 (-32.5%), from €9,189 to €6,200
- Gross operating margin +€20,102
up €20,102 (+31.5%), from €63,777 to €83,879
- Taxes +€6,587
up €6,587 (+42.1%), from €15,652 to €22,239
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 | €229,656 | €282,163 | +€52,508 | +22.9% |
| Fixed assets | 21/28 | €27,766 | €14,412 | -€13,355 | -48.1% |
| Tangible fixed assets | 22/27 | €27,766 | €14,412 | -€13,355 | -48.1% |
| Land and buildings | 22 | €24,446 | €11,767 | -€12,679 | -51.9% |
| Plant, machinery and equipment | 23 | €605 | €1,145 | +€540 | +89.2% |
| Furniture and vehicles | 24 | €2,715 | €1,500 | -€1,216 | -44.8% |
| Current assets | 29/58 | €201,889 | €267,752 | +€65,863 | +32.6% |
| Stocks and contracts in progress | 3 | €2,305 | €2,838 | +€533 | +23.1% |
| Stocks | 30/36 | €2,305 | €2,838 | +€533 | +23.1% |
| Amounts receivable within one year | 40/41 | €10,329 | €10,415 | +€86 | +0.8% |
| Trade receivables | 40 | €6,542 | €8,329 | +€1,787 | +27.3% |
| Other amounts receivable | 41 | €3,786 | €2,086 | -€1,701 | -44.9% |
| Current investments | 50/53 | €175,401 | €240,569 | +€65,169 | +37.2% |
| Cash at bank and in hand | 54/58 | €11,350 | €11,061 | -€289 | -2.5% |
| Deferred charges and accrued income | 490/1 | €2,505 | €2,869 | +€364 | +14.5% |
| Total equity and liabilities | 10/49 | €229,656 | €282,163 | +€52,508 | +22.9% |
| Equity | 10/15 | €177,228 | €167,322 | -€9,906 | -5.6% |
| Contributions | 10/11 | €9,189 | €6,200 | -€2,989 | -32.5% |
| Reserves | 13 | €168,039 | €161,122 | -€6,917 | -4.1% |
| Distributable reserves | 133 | €168,039 | €161,122 | -€6,917 | -4.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €52,428 | €114,841 | +€62,413 | +119.0% |
| Amounts payable within one year | 42/48 | €52,428 | €114,841 | +€62,413 | +119.0% |
| Financial debts | 43 | €1,495 | €1,194 | -€301 | -20.1% |
| Credit institutions | 430/8 | €1,495 | €1,194 | -€301 | -20.1% |
| Trade debts | 44 | €71 | €2,487 | +€2,416 | +3400.0% |
| Suppliers | 440/4 | €71 | €2,487 | +€2,416 | +3400.0% |
| Advances received on contracts in progress | 46 | €2,118 | €5,288 | +€3,171 | +149.7% |
| Taxes, remuneration and social security | 45 | €44,186 | €47,519 | +€3,333 | +7.5% |
| Taxes | 450/3 | €12,393 | €15,702 | +€3,309 | +26.7% |
| Remuneration and social security | 454/9 | €31,793 | €31,816 | +€23 | +0.1% |
| Other amounts payable | 47/48 | €4,558 | €58,353 | +€53,795 | +1180.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,886 | €14,470 | -€416 | -2.8% |
| Other operating charges | 640/8 | €1,071 | €1,463 | +€392 | +36.6% |
| Gross operating margin | 9900 | €63,777 | €83,879 | +€20,102 | +31.5% |
| Operating profit (loss) | 9901 | €47,821 | €67,947 | +€20,126 | +42.1% |
| Financial income | 75/76B | €781 | €1,158 | +€377 | +48.3% |
| Recurring financial income | 75 | €781 | €1,158 | +€377 | +48.3% |
| Financial charges | 65/66B | €523 | €447 | -€76 | -14.4% |
| Recurring financial charges | 65 | €523 | €447 | -€76 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €48,079 | €68,657 | +€20,579 | +42.8% |
| Income taxes | 67/77 | €15,652 | €22,239 | +€6,587 | +42.1% |
| Profit (loss) for the period | 9904 | €32,427 | €46,418 | +€13,991 | +43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €32,427 | €46,418 | +€13,991 | +43.1% |
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.