VISION-R: 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-R
Largest movements
- Cash -€32,606
down €32,606 (-37.3%), from €87,430 to €54,824
mainly Receivables within one year (-€27,961) and Debts after one year (-€22,366)
- Receivables within one year +€27,961
up €27,961 (+53.0%), from €52,800 to €80,761
of which Trade receivables: +€22,880
- Intangible fixed assets -€19,818
down €19,818 (-12.5%), from €158,544 to €138,726
- Trade debts +€22,667
up €22,667 (+40.2%), from €56,423 to €79,091
- Debts after one year -€22,366
down €22,366 (-13.0%), from €172,221 to €149,855
of which Financial debts: -€22,366
- Profit (loss) carried forward -€21,334
down €21,334 (-64.5%), from €33,053 to €11,720
- Tax, wage and social debts -€5,057
down €5,057 (-22.9%), from €22,117 to €17,060
of which Taxes: -€3,057
- Gross operating margin -€73,198
down €73,198 (-65.4%), from €111,975 to €38,778
- Taxes -€21,673
down €21,673 (-95.5%), from €22,704 to €1,031
- Other operating charges +€16,161
up €16,161 (+1057.0%), from €1,529 to €17,690
- Staff costs -€1,499
no longer reported in 2025 (was €1,499)
- Depreciation +€1,203
up €1,203 (+3.2%), from €37,371 to €38,574
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 | €378,103 | €353,063 | -€25,039 | -6.6% |
| Fixed assets | 21/28 | €236,047 | €217,412 | -€18,635 | -7.9% |
| Intangible fixed assets | 21 | €158,544 | €138,726 | -€19,818 | -12.5% |
| Tangible fixed assets | 22/27 | €77,328 | €78,512 | +€1,183 | +1.5% |
| Plant, machinery and equipment | 23 | €58,303 | €69,440 | +€11,137 | +19.1% |
| Furniture and vehicles | 24 | €19,025 | €9,071 | -€9,954 | -52.3% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €142,055 | €135,651 | -€6,405 | -4.5% |
| Amounts receivable within one year | 40/41 | €52,800 | €80,761 | +€27,961 | +53.0% |
| Trade receivables | 40 | €49,847 | €72,727 | +€22,880 | +45.9% |
| Other amounts receivable | 41 | €2,954 | €8,034 | +€5,080 | +172.0% |
| Cash at bank and in hand | 54/58 | €87,430 | €54,824 | -€32,606 | -37.3% |
| Deferred charges and accrued income | 490/1 | €1,825 | €66 | -€1,759 | -96.4% |
| Total equity and liabilities | 10/49 | €378,103 | €353,063 | -€25,039 | -6.6% |
| Equity | 10/15 | €80,513 | €59,180 | -€21,334 | -26.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €28,860 | €28,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €27,000 | €27,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,053 | €11,720 | -€21,334 | -64.5% |
| Amounts payable | 17/49 | €297,589 | €293,884 | -€3,706 | -1.2% |
| Amounts payable after more than one year | 17 | €172,221 | €149,855 | -€22,366 | -13.0% |
| Financial debts | 170/4 | €70,597 | €48,231 | -€22,366 | -31.7% |
| Other amounts payable | 178/9 | €101,624 | €101,624 | = | 0.0% |
| Amounts payable within one year | 42/48 | €125,368 | €144,028 | +€18,660 | +14.9% |
| Current portion of amounts payable after more than one year | 42 | €23,570 | €24,053 | +€483 | +2.1% |
| Financial debts | 43 | - | €12 | +€12 | |
| Credit institutions | 430/8 | - | €12 | +€12 | |
| Trade debts | 44 | €56,423 | €79,091 | +€22,667 | +40.2% |
| Suppliers | 440/4 | €56,423 | €79,091 | +€22,667 | +40.2% |
| Taxes, remuneration and social security | 45 | €22,117 | €17,060 | -€5,057 | -22.9% |
| Taxes | 450/3 | €20,117 | €17,060 | -€3,057 | -15.2% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | €23,258 | €23,812 | +€554 | +2.4% |
| Remuneration, social security and pensions | 62 | €1,499 | - | -€1,499 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,371 | €38,574 | +€1,203 | +3.2% |
| Other operating charges | 640/8 | €1,529 | €17,690 | +€16,161 | +1057.0% |
| Gross operating margin | 9900 | €111,975 | €38,778 | -€73,198 | -65.4% |
| Operating profit (loss) | 9901 | €71,576 | -€17,486 | -€89,062 | |
| Financial income | 75/76B | €70 | €288 | +€218 | +312.6% |
| Recurring financial income | 75 | €70 | €288 | +€218 | +312.6% |
| Financial charges | 65/66B | €3,472 | €3,105 | -€367 | -10.6% |
| Recurring financial charges | 65 | €3,472 | €3,105 | -€367 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €68,174 | -€20,303 | -€88,477 | |
| Income taxes | 67/77 | €22,704 | €1,031 | -€21,673 | -95.5% |
| Profit (loss) for the period | 9904 | €45,470 | -€21,334 | -€66,803 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,470 | -€21,334 | -€66,803 |
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 11 October 2026 via checked.be.