VISU: 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.
VISU
Largest movements
- Cash -€72,367
down €72,367 (-78.5%), from €92,221 to €19,853
mainly Investment in fixed assets (net) (-€46,620) and Receivables within one year (-€45,197)
- Receivables within one year +€45,197
up €45,197 (+19.7%), from €229,394 to €274,590
of which Trade receivables: +€31,480
- Tangible fixed assets +€22,224
up €22,224 (+2.5%), from €878,462 to €900,686
of which Furniture and vehicles: +€21,867
- Stocks and contracts -€16,835
down €16,835 (-5.6%), from €301,455 to €284,620
- Reserves +€167,994
up €167,994 (+1422.5%), from €11,810 to €179,804
of which Distributable reserves: +€167,994
- Profit (loss) carried forward -€154,203
down €154,203 (-100.0%), from €154,203 to €0
- Trade debts +€55,048
up €55,048 (+68.6%), from €80,246 to €135,294
- Investment grants -€41,750
down €41,750 (-100.0%), from €41,750 to €0
- Short-term financial debts -€26,586
down €26,586 (-7.4%), from €359,097 to €332,511
- Turnover -€1.9m
no longer reported in 2024 (was €1.9m)
- Purchases and services -€1.5m
no longer reported in 2024 (was €1.5m)
- Staff costs -€92,358
down €92,358 (-31.2%), from €296,353 to €203,995
- Gross operating margin -€82,373
down €82,373 (-19.9%), from €413,983 to €331,610
- Other operating charges -€42,094
down €42,094 (-77.1%), from €54,615 to €12,521
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,502,497 | €1,500,348 | -€2,148 | -0.1% |
| Fixed assets | 21/28 | €879,427 | €901,651 | +€22,224 | +2.5% |
| Tangible fixed assets | 22/27 | €878,462 | €900,686 | +€22,224 | +2.5% |
| Land and buildings | 22 | €843,098 | €855,810 | +€12,712 | +1.5% |
| Plant, machinery and equipment | 23 | €18,664 | €16,329 | -€2,335 | -12.5% |
| Furniture and vehicles | 24 | - | €21,867 | +€21,867 | |
| Leasing and similar rights | 25 | €16,700 | €6,680 | -€10,020 | -60.0% |
| Financial fixed assets | 28 | €965 | €965 | = | 0.0% |
| Current assets | 29/58 | €623,070 | €598,698 | -€24,372 | -3.9% |
| Stocks and contracts in progress | 3 | €301,455 | €284,620 | -€16,835 | -5.6% |
| Stocks | 30/36 | €301,455 | €284,620 | -€16,835 | -5.6% |
| Amounts receivable within one year | 40/41 | €229,394 | €274,590 | +€45,197 | +19.7% |
| Trade receivables | 40 | €155,603 | €187,083 | +€31,480 | +20.2% |
| Other amounts receivable | 41 | €73,791 | €87,508 | +€13,717 | +18.6% |
| Current investments | 50/53 | - | €13,568 | +€13,568 | |
| Cash at bank and in hand | 54/58 | €92,221 | €19,853 | -€72,367 | -78.5% |
| Deferred charges and accrued income | 490/1 | - | €6,066 | +€6,066 | |
| Total equity and liabilities | 10/49 | €1,502,497 | €1,500,348 | -€2,148 | -0.1% |
| Equity | 10/15 | €985,263 | €957,304 | -€27,959 | -2.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | - | -€100,000 | |
| Issued capital | 100 | €100,000 | - | -€100,000 | |
| Revaluation surpluses | 12 | €677,500 | €677,500 | = | 0.0% |
| Reserves | 13 | €11,810 | €179,804 | +€167,994 | +1422.5% |
| Non-distributable reserves | 130/1 | €11,810 | €11,810 | = | 0.0% |
| Legal reserve | 130 | €11,810 | - | -€11,810 | |
| Reserves not available under the articles | 1311 | - | €11,810 | +€11,810 | |
| Distributable reserves | 133 | - | €167,994 | +€167,994 | |
| Profit (loss) carried forward | 14 | €154,203 | €0 | -€154,203 | -100.0% |
| Investment grants | 15 | €41,750 | €0 | -€41,750 | -100.0% |
| Amounts payable | 17/49 | €517,234 | €543,045 | +€25,811 | +5.0% |
| Amounts payable after more than one year | 17 | €28,550 | €25,532 | -€3,018 | -10.6% |
| Financial debts | 170/4 | €28,550 | €25,532 | -€3,018 | -10.6% |
| Amounts payable within one year | 42/48 | €488,684 | €517,512 | +€28,829 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €7,836 | €19,334 | +€11,498 | +146.7% |
| Financial debts | 43 | €359,097 | €332,511 | -€26,586 | -7.4% |
| Credit institutions | 430/8 | €359,097 | €332,511 | -€26,586 | -7.4% |
| Trade debts | 44 | €80,246 | €135,294 | +€55,048 | +68.6% |
| Suppliers | 440/4 | €80,246 | €135,294 | +€55,048 | +68.6% |
| Taxes, remuneration and social security | 45 | €41,505 | €30,374 | -€11,131 | -26.8% |
| Taxes | 450/3 | €13,793 | €12,976 | -€817 | -5.9% |
| Remuneration and social security | 454/9 | €27,712 | €17,398 | -€10,314 | -37.2% |
| Turnover | 70 | €1,883,826 | - | -€1.9m | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,469,843 | - | -€1.5m | |
| Remuneration, social security and pensions | 62 | €296,353 | €203,995 | -€92,358 | -31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,233 | €24,397 | +€6,164 | +33.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €14,350 | +€14,350 | |
| Other operating charges | 640/8 | €54,615 | €12,521 | -€42,094 | -77.1% |
| Gross operating margin | 9900 | €413,983 | €331,610 | -€82,373 | -19.9% |
| Operating profit (loss) | 9901 | €44,782 | €76,346 | +€31,564 | +70.5% |
| Financial income | 75/76B | €374 | €139 | -€235 | -62.9% |
| Recurring financial income | 75 | €374 | €139 | -€235 | -62.9% |
| Financial charges | 65/66B | €17,214 | €37,637 | +€20,423 | +118.6% |
| Recurring financial charges | 65 | €17,214 | €37,637 | +€20,423 | +118.6% |
| Profit (loss) for the period before taxes | 9903 | €27,942 | €38,848 | +€10,906 | +39.0% |
| Income taxes | 67/77 | €14,967 | €25,057 | +€10,091 | +67.4% |
| Profit (loss) for the period | 9904 | €12,975 | €13,791 | +€815 | +6.3% |
| Profit (loss) for the period to be appropriated | 9905 | €12,975 | €13,791 | +€815 | +6.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.