VISO: 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.
VISO
Largest movements
- Current investments -€226,121
down €226,121 (-96.6%), from €234,112 to €7,991
- Cash -€71,057
down €71,057 (-26.8%), from €264,981 to €193,924
mainly Debts after one year (-€245,000) and Net result for the year (-€59,168)
- Tangible fixed assets -€26,767
down €26,767 (-32.0%), from €83,607 to €56,840
of which Furniture and vehicles: -€25,916
- Stocks and contracts +€17,938
up €17,938 (+4.4%), from €404,412 to €422,350
- Debts after one year -€245,000
no longer reported in 2026 (was €245,000)
- Profit (loss) carried forward -€59,168
down €59,168 (-8.6%), from €686,197 to €627,029
- Financial income -€28,133
down €28,133 (-99.1%), from €28,391 to €258
- Gross operating margin -€9,169
down €9,169 (-50.0%), from -€18,334 to -€27,503
- Taxes -€3,231
down €3,231 (-88.6%), from €3,648 to €417
- Depreciation +€385
up €385 (+1.4%), from €27,710 to €28,096
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €992,432 | €684,679 | -€307,753 | -31.0% |
| Fixed assets | 21/28 | €83,607 | €56,840 | -€26,767 | -32.0% |
| Tangible fixed assets | 22/27 | €83,607 | €56,840 | -€26,767 | -32.0% |
| Plant, machinery and equipment | 23 | €5,151 | €4,300 | -€851 | -16.5% |
| Furniture and vehicles | 24 | €78,456 | €52,540 | -€25,916 | -33.0% |
| Current assets | 29/58 | €908,825 | €627,838 | -€280,986 | -30.9% |
| Stocks and contracts in progress | 3 | €404,412 | €422,350 | +€17,938 | +4.4% |
| Stocks | 30/36 | €404,412 | €422,350 | +€17,938 | +4.4% |
| Amounts receivable within one year | 40/41 | €5,180 | €3,213 | -€1,967 | -38.0% |
| Other amounts receivable | 41 | €5,180 | €3,213 | -€1,967 | -38.0% |
| Current investments | 50/53 | €234,112 | €7,991 | -€226,121 | -96.6% |
| Cash at bank and in hand | 54/58 | €264,981 | €193,924 | -€71,057 | -26.8% |
| Deferred charges and accrued income | 490/1 | €140 | €361 | +€221 | +157.5% |
| Total equity and liabilities | 10/49 | €992,432 | €684,679 | -€307,753 | -31.0% |
| Equity | 10/15 | €741,376 | €682,208 | -€59,168 | -8.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €42,778 | €42,778 | = | 0.0% |
| Distributable reserves | 133 | €42,778 | €42,778 | = | 0.0% |
| Profit (loss) carried forward | 14 | €686,197 | €627,029 | -€59,168 | -8.6% |
| Amounts payable | 17/49 | €251,056 | €2,471 | -€248,585 | -99.0% |
| Amounts payable after more than one year | 17 | €245,000 | - | -€245,000 | |
| Other amounts payable | 178/9 | €245,000 | - | -€245,000 | |
| Amounts payable within one year | 42/48 | €6,056 | €2,471 | -€3,585 | -59.2% |
| Trade debts | 44 | €1,999 | €265 | -€1,734 | -86.8% |
| Suppliers | 440/4 | €1,999 | €265 | -€1,734 | -86.8% |
| Taxes, remuneration and social security | 45 | €1,689 | €2,206 | +€518 | +30.6% |
| Taxes | 450/3 | €189 | €706 | +€518 | +274.2% |
| Remuneration and social security | 454/9 | €1,500 | €1,500 | = | 0.0% |
| Other amounts payable | 47/48 | €2,369 | - | -€2,369 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,710 | €28,096 | +€385 | +1.4% |
| Other operating charges | 640/8 | €2,708 | €2,785 | +€76 | +2.8% |
| Non-recurring operating charges | 66A | €62,360 | - | -€62,360 | |
| Gross operating margin | 9900 | -€18,334 | -€27,503 | -€9,169 | -50.0% |
| Operating profit (loss) | 9901 | -€111,112 | -€58,384 | +€52,729 | +47.5% |
| Financial income | 75/76B | €28,391 | €258 | -€28,133 | -99.1% |
| Recurring financial income | 75 | €28,391 | €258 | -€28,133 | -99.1% |
| Financial charges | 65/66B | €363 | €625 | +€263 | +72.4% |
| Recurring financial charges | 65 | €363 | €625 | +€263 | +72.4% |
| Profit (loss) for the period before taxes | 9903 | -€83,084 | -€58,751 | +€24,333 | +29.3% |
| Income taxes | 67/77 | €3,648 | €417 | -€3,231 | -88.6% |
| Profit (loss) for the period | 9904 | -€86,732 | -€59,168 | +€27,564 | +31.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€86,732 | -€59,168 | +€27,564 | +31.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.