VISO Management: 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 Management
Largest movements
- Current investments -€99,400
down €99,400 (-60.3%), from €164,931 to €65,531
- Tangible fixed assets -€21,518
down €21,518 (-30.4%), from €70,819 to €49,301
of which Furniture and vehicles: -€20,978
- Receivables within one year +€6,321
up €6,321 (+8.6%), from €73,347 to €79,668
of which Trade receivables: +€5,747
- Cash +€4,560
up €4,560 (+5.1%), from €89,861 to €94,421
mainly Net result for the year (+€137,855) and Current investments (+€99,400)
- Profit (loss) carried forward -€62,379
no longer reported in 2025 (was €62,379)
- Provisions -€32,098
no longer reported in 2025 (was €32,098)
- Debts after one year -€22,006
down €22,006 (-68.2%), from €32,285 to €10,279
- Other debts +€6,390
up €6,390 (+5.6%), from €115,109 to €121,499
- Provisions -€64,195
down €64,195, from €32,098 to -€32,098
- Financial charges +€19,465
up €19,465 (+172.8%), from €11,263 to €30,728
- Taxes -€4,142
down €4,142 (-11.9%), from €34,802 to €30,660
- Gross operating margin +€4,032
up €4,032 (+2.1%), from €191,396 to €195,428
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 | €407,848 | €298,220 | -€109,628 | -26.9% |
| Fixed assets | 21/28 | €77,251 | €53,026 | -€24,224 | -31.4% |
| Intangible fixed assets | 21 | €6,430 | €3,724 | -€2,706 | -42.1% |
| Tangible fixed assets | 22/27 | €70,819 | €49,301 | -€21,518 | -30.4% |
| Furniture and vehicles | 24 | €66,712 | €45,734 | -€20,978 | -31.4% |
| Other tangible fixed assets | 26 | €4,107 | €3,567 | -€540 | -13.2% |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €330,597 | €245,194 | -€85,403 | -25.8% |
| Amounts receivable within one year | 40/41 | €73,347 | €79,668 | +€6,321 | +8.6% |
| Trade receivables | 40 | €70,847 | €76,594 | +€5,747 | +8.1% |
| Other amounts receivable | 41 | €2,500 | €3,074 | +€574 | +23.0% |
| Current investments | 50/53 | €164,931 | €65,531 | -€99,400 | -60.3% |
| Cash at bank and in hand | 54/58 | €89,861 | €94,421 | +€4,560 | +5.1% |
| Deferred charges and accrued income | 490/1 | €2,459 | €5,574 | +€3,116 | +126.7% |
| Total equity and liabilities | 10/49 | €407,848 | €298,220 | -€109,628 | -26.9% |
| Equity | 10/15 | €196,651 | €134,272 | -€62,379 | -31.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €115,672 | €115,672 | = | 0.0% |
| Distributable reserves | 133 | €115,672 | €115,672 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,379 | - | -€62,379 | |
| Provisions and deferred taxes | 16 | €32,098 | - | -€32,098 | |
| Provisions for liabilities and charges | 160/5 | €32,098 | - | -€32,098 | |
| Other liabilities and charges | 164/5 | €32,098 | - | -€32,098 | |
| Amounts payable | 17/49 | €179,100 | €163,949 | -€15,151 | -8.5% |
| Amounts payable after more than one year | 17 | €32,285 | €10,279 | -€22,006 | -68.2% |
| Financial debts | 170/4 | €32,285 | €10,279 | -€22,006 | -68.2% |
| Amounts payable within one year | 42/48 | €146,815 | €153,670 | +€6,855 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €21,478 | €22,006 | +€528 | +2.5% |
| Financial debts | 43 | €510 | - | -€510 | |
| Credit institutions | 430/8 | €510 | - | -€510 | |
| Trade debts | 44 | €160 | €907 | +€747 | +466.1% |
| Suppliers | 440/4 | €160 | €907 | +€747 | +466.1% |
| Taxes, remuneration and social security | 45 | €9,558 | €9,258 | -€300 | -3.1% |
| Taxes | 450/3 | €9,558 | €9,258 | -€300 | -3.1% |
| Other amounts payable | 47/48 | €115,109 | €121,499 | +€6,390 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,680 | €28,076 | -€605 | -2.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €32,098 | -€32,098 | -€64,195 | |
| Other operating charges | 640/8 | €2,225 | €2,220 | -€5 | -0.2% |
| Gross operating margin | 9900 | €191,396 | €195,428 | +€4,032 | +2.1% |
| Operating profit (loss) | 9901 | €128,393 | €197,230 | +€68,837 | +53.6% |
| Financial income | 75/76B | €2,434 | €2,013 | -€421 | -17.3% |
| Recurring financial income | 75 | €2,434 | €2,013 | -€421 | -17.3% |
| Financial charges | 65/66B | €11,263 | €30,728 | +€19,465 | +172.8% |
| Recurring financial charges | 65 | €11,263 | €30,728 | +€19,465 | +172.8% |
| Profit (loss) for the period before taxes | 9903 | €119,564 | €168,515 | +€48,951 | +40.9% |
| Income taxes | 67/77 | €34,802 | €30,660 | -€4,142 | -11.9% |
| Profit (loss) for the period | 9904 | €84,763 | €137,855 | +€53,093 | +62.6% |
| Profit (loss) for the period to be appropriated | 9905 | €84,763 | €137,855 | +€53,093 | +62.6% |
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 5 October 2026 via checked.be.