Visitron Advisory: 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.
Visitron Advisory
Largest movements
- Tangible fixed assets -€39,392
down €39,392 (-7.6%), from €518,598 to €479,206
- Receivables after one year +€25,000
up €25,000 (+29.4%), from €85,000 to €110,000
- Receivables within one year -€21,734
down €21,734 (-54.3%), from €40,034 to €18,300
of which Trade receivables: -€23,216
- Deferred charges and accrued income +€11,608
up €11,608 (+88.8%), from €13,069 to €24,677
- Debts after one year +€200,912
up €200,912 (+146%), from €137,250 to €338,162
of which Other amounts payable: +€209,912
- Other debts -€189,329
down €189,329 (-54.5%), from €347,682 to €158,353
- Trade debts -€35,308
down €35,308 (-79.2%), from €44,566 to €9,258
- Reserves -€15,770
down €15,770 (-4.8%), from €329,200 to €313,430
of which Distributable reserves: -€15,770
- Gross operating margin -€118,751
down €118,751 (-68.0%), from €174,509 to €55,758
- Taxes -€28,596
down €28,596 (-97.7%), from €29,277 to €681
- Other operating charges +€9,122
up €9,122 (+285%), from €3,202 to €12,324
- Financial income +€9,020
up €9,020 (+715%), from €1,261 to €10,281
- Depreciation -€6,438
down €6,438 (-16.4%), from €39,164 to €32,726
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.
Derived cash bridge
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 | €912,163 | €884,600 | -€27,563 | -3.0% |
| Fixed assets | 21/28 | €746,398 | €707,006 | -€39,392 | -5.3% |
| Tangible fixed assets | 22/27 | €518,598 | €479,206 | -€39,392 | -7.6% |
| Land and buildings | 22 | €440,542 | €427,681 | -€12,860 | -2.9% |
| Plant, machinery and equipment | 23 | €8,093 | €5,396 | -€2,698 | -33.3% |
| Furniture and vehicles | 24 | €21,336 | €8,289 | -€13,047 | -61.1% |
| Other tangible fixed assets | 26 | €48,626 | €37,839 | -€10,787 | -22.2% |
| Financial fixed assets | 28 | €227,800 | €227,800 | = | 0.0% |
| Current assets | 29/58 | €165,766 | €177,595 | +€11,829 | +7.1% |
| Amounts receivable after more than one year | 29 | €85,000 | €110,000 | +€25,000 | +29.4% |
| Other amounts receivable | 291 | €85,000 | €110,000 | +€25,000 | +29.4% |
| Amounts receivable within one year | 40/41 | €40,034 | €18,300 | -€21,734 | -54.3% |
| Trade receivables | 40 | €37,188 | €13,973 | -€23,216 | -62.4% |
| Other amounts receivable | 41 | €2,846 | €4,327 | +€1,481 | +52.0% |
| Cash at bank and in hand | 54/58 | €27,662 | €24,618 | -€3,044 | -11.0% |
| Deferred charges and accrued income | 490/1 | €13,069 | €24,677 | +€11,608 | +88.8% |
| Total equity and liabilities | 10/49 | €912,163 | €884,600 | -€27,563 | -3.0% |
| Equity | 10/15 | €347,830 | €332,060 | -€15,770 | -4.5% |
| Contributions | 10/11 | €18,630 | €18,630 | = | 0.0% |
| Reserves | 13 | €329,200 | €313,430 | -€15,770 | -4.8% |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Distributable reserves | 133 | €287,100 | €271,330 | -€15,770 | -5.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €564,333 | €552,540 | -€11,793 | -2.1% |
| Amounts payable after more than one year | 17 | €137,250 | €338,162 | +€200,912 | +146% |
| Financial debts | 170/4 | €137,250 | €128,250 | -€9,000 | -6.6% |
| Other amounts payable | 178/9 | - | €209,912 | +€209,912 | |
| Amounts payable within one year | 42/48 | €426,412 | €209,102 | -€217,310 | -51.0% |
| Current portion of amounts payable after more than one year | 42 | €9,000 | €9,000 | = | 0.0% |
| Trade debts | 44 | €44,566 | €9,258 | -€35,308 | -79.2% |
| Suppliers | 440/4 | €44,566 | €9,258 | -€35,308 | -79.2% |
| Advances received on contracts in progress | 46 | €200 | €0 | -€200 | -100% |
| Taxes, remuneration and social security | 45 | €24,964 | €32,491 | +€7,527 | +30.2% |
| Taxes | 450/3 | €23,033 | €30,521 | +€7,488 | +32.5% |
| Remuneration and social security | 454/9 | €1,931 | €1,970 | +€39 | +2.0% |
| Other amounts payable | 47/48 | €347,682 | €158,353 | -€189,329 | -54.5% |
| Accrued charges and deferred income | 492/3 | €671 | €5,276 | +€4,605 | +686% |
| Remuneration, social security and pensions | 62 | €12,560 | €10,854 | -€1,706 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,164 | €32,726 | -€6,438 | -16.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,247 | €0 | -€4,247 | -100% |
| Other operating charges | 640/8 | €3,202 | €12,324 | +€9,122 | +285% |
| Gross operating margin | 9900 | €174,509 | €55,758 | -€118,751 | -68.0% |
| Operating profit (loss) | 9901 | €115,335 | -€147 | -€115,482 | |
| Financial income | 75/76B | €1,261 | €10,281 | +€9,020 | +715% |
| Recurring financial income | 75 | €1,261 | €10,281 | +€9,020 | +715% |
| Financial charges | 65/66B | €22,252 | €25,223 | +€2,971 | +13.4% |
| Recurring financial charges | 65 | €22,252 | €25,223 | +€2,971 | +13.4% |
| Profit (loss) for the period before taxes | 9903 | €94,344 | -€15,089 | -€109,433 | |
| Income taxes | 67/77 | €29,277 | €681 | -€28,596 | -97.7% |
| Profit (loss) for the period | 9904 | €65,067 | -€15,770 | -€80,837 | |
| Transfer to tax-exempt reserves | 689 | €42,100 | €0 | -€42,100 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €22,967 | -€15,770 | -€38,737 |
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 18 October 2026 via checked.be.