Visioning P&T: what changed
What changed
Visioning P&T
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€1.7m
2025 · €465,538+€1.3m
Equity
€2.5m
2025 · €899,687+€1.6m
Cash
€38,077
2025 · €55,576-€17,498
Balance sheet total
€3.0m
2025 · €1.1m+€2.0m
Largest movements
Assets
- Financial fixed assets +€2.0m
up €2.0m (+203%), from €981,688 to €3.0m
- Receivables within one year -€38,156
down €38,156 (-89.7%), from €42,556 to €4,400
of which Other amounts receivable: -€19,760
Equity and liabilities
- Profit (loss) carried forward +€1.6m
up €1.6m (+347%), from €465,538 to €2.1m
- Debts after one year +€347,344
up €347,344 (+220%), from €157,681 to €505,025
of which Financial debts: +€505,000
Income statement
- Financial income +€1.3m
up €1.3m (+294%), from €425,693 to €1.7m
of which Non-recurring financial income: +€1.2m
- Gross operating margin +€9,228
up €9,228 (+15.4%), from €59,792 to €69,020
- Taxes +€2,048
up €2,048 (+15.1%), from €13,544 to €15,593
- Depreciation +€1,511
new in 2026: €1,511
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2025
€465,538
Gross operating margin
+€9,228
Depreciation
-€1,511
Other operating charges
+€38
Financial income
+€1.3m
Financial charges
+€44
Taxes
-€2,048
Result 2026
€1.7m
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.8m
Investment
-€2.0m
Financing
+€237,344
Cash 2025
€55,576
From operations (derived)
+€1.8m
Net result for the year
+€1.7m
Depreciation
+€1,511
Receivables within one year
+€38,156
Deferred charges and accrued income
-€13,551
Smaller working-capital items
-€2,989
Other debts
+€7,074
Investment (derived)
-€2.0m
Investment in fixed assets (net)
-€2.0m
Financing
+€237,344
Debts after one year
+€347,344
Contributions, distributions and other
-€110,000
Cash 2026
€38,077
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,079,820 | €3,045,038 | +€2.0m | +182% |
| Fixed assets | 21/28 | €981,688 | €2,989,010 | +€2.0m | +204% |
| Tangible fixed assets | 22/27 | - | €18,815 | +€18,815 | |
| Plant, machinery and equipment | 23 | - | €4,629 | +€4,629 | |
| Other tangible fixed assets | 26 | - | €14,186 | +€14,186 | |
| Financial fixed assets | 28 | €981,688 | €2,970,195 | +€2.0m | +203% |
| Current assets | 29/58 | €98,131 | €56,028 | -€42,103 | -42.9% |
| Amounts receivable within one year | 40/41 | €42,556 | €4,400 | -€38,156 | -89.7% |
| Trade receivables | 40 | €18,396 | - | -€18,396 | |
| Other amounts receivable | 41 | €24,160 | €4,400 | -€19,760 | -81.8% |
| Cash at bank and in hand | 54/58 | €55,576 | €38,077 | -€17,498 | -31.5% |
| Deferred charges and accrued income | 490/1 | - | €13,551 | +€13,551 | |
| Total equity and liabilities | 10/49 | €1,079,820 | €3,045,038 | +€2.0m | +182% |
| Equity | 10/15 | €899,687 | €2,513,476 | +€1.6m | +179% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €324,149 | €324,149 | = | 0.0% |
| Distributable reserves | 133 | €324,149 | €324,149 | = | 0.0% |
| Profit (loss) carried forward | 14 | €465,538 | €2,079,327 | +€1.6m | +347% |
| Amounts payable | 17/49 | €180,133 | €531,562 | +€351,429 | +195% |
| Amounts payable after more than one year | 17 | €157,681 | €505,025 | +€347,344 | +220% |
| Financial debts | 170/4 | - | €505,000 | +€505,000 | |
| Other amounts payable | 178/9 | €157,681 | €25 | -€157,656 | -100.0% |
| Amounts payable within one year | 42/48 | €15,415 | €20,657 | +€5,243 | +34.0% |
| Trade debts | 44 | €1,102 | €1,112 | +€9 | +0.8% |
| Suppliers | 440/4 | €1,102 | €1,112 | +€9 | +0.8% |
| Taxes, remuneration and social security | 45 | €14,312 | €12,472 | -€1,840 | -12.9% |
| Taxes | 450/3 | €10,312 | €10,472 | +€160 | +1.5% |
| Remuneration and social security | 454/9 | €4,000 | €2,000 | -€2,000 | -50.0% |
| Other amounts payable | 47/48 | - | €7,074 | +€7,074 | |
| Accrued charges and deferred income | 492/3 | €7,037 | €5,880 | -€1,157 | -16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,511 | +€1,511 | |
| Other operating charges | 640/8 | €807 | €769 | -€38 | -4.7% |
| Gross operating margin | 9900 | €59,792 | €69,020 | +€9,228 | +15.4% |
| Operating profit (loss) | 9901 | €58,985 | €66,740 | +€7,755 | +13.1% |
| Financial income | 75/76B | €425,693 | €1,678,194 | +€1.3m | +294% |
| Recurring financial income | 75 | €130,720 | €196,000 | +€65,280 | +49.9% |
| Non-recurring financial income | 76B | €294,973 | €1,482,194 | +€1.2m | +402% |
| Financial charges | 65/66B | €5,596 | €5,552 | -€44 | -0.8% |
| Recurring financial charges | 65 | €5,596 | €5,552 | -€44 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €479,082 | €1,739,382 | +€1.3m | +263% |
| Income taxes | 67/77 | €13,544 | €15,593 | +€2,048 | +15.1% |
| Profit (loss) for the period | 9904 | €465,538 | €1,723,789 | +€1.3m | +270% |
| Profit (loss) for the period to be appropriated | 9905 | €465,538 | €1,723,789 | +€1.3m | +270% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.