VISUAL-CONNECT: 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.
VISUAL-CONNECT
Largest movements
- Tangible fixed assets +€61,677
up €61,677 (+4259.5%), from €1,448 to €63,125
of which Leasing and similar rights: +€38,717
- Receivables within one year -€13,894
down €13,894 (-5.0%), from €279,621 to €265,727
of which Trade receivables: -€22,712
- Cash -€4,790
down €4,790 (-19.2%), from €24,884 to €20,094
mainly Investment in fixed assets (net) (-€74,819)
- Profit (loss) carried forward +€33,081
up €33,081 (+14.8%), from €223,908 to €256,988
- Debts after one year +€6,991
up €6,991 (+55.0%), from €12,719 to €19,710
- Gross operating margin +€64,328
up €64,328 (+573.5%), from €11,216 to €75,544
- Write-downs +€17,840
new in 2025: €17,840
- Depreciation +€12,373
up €12,373 (+1609.8%), from €769 to €13,141
- Financial charges +€4,260
up €4,260 (+94.2%), from €4,522 to €8,782
of which Non-recurring financial charges: +€8,745
- Taxes -€1,192
down €1,192 (-44.3%), from €2,692 to €1,500
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 | €309,925 | €352,919 | +€42,993 | +13.9% |
| Fixed assets | 21/28 | €5,420 | €67,097 | +€61,677 | +1138.0% |
| Tangible fixed assets | 22/27 | €1,448 | €63,125 | +€61,677 | +4259.5% |
| Plant, machinery and equipment | 23 | €1,448 | €24,409 | +€22,961 | +1585.7% |
| Leasing and similar rights | 25 | - | €38,717 | +€38,717 | |
| Financial fixed assets | 28 | €3,972 | €3,972 | = | 0.0% |
| Current assets | 29/58 | €304,505 | €285,821 | -€18,684 | -6.1% |
| Amounts receivable within one year | 40/41 | €279,621 | €265,727 | -€13,894 | -5.0% |
| Trade receivables | 40 | €123,665 | €100,953 | -€22,712 | -18.4% |
| Other amounts receivable | 41 | €155,956 | €164,774 | +€8,818 | +5.7% |
| Cash at bank and in hand | 54/58 | €24,884 | €20,094 | -€4,790 | -19.2% |
| Total equity and liabilities | 10/49 | €309,925 | €352,919 | +€42,993 | +13.9% |
| Equity | 10/15 | €241,952 | €275,033 | +€33,081 | +13.7% |
| Contributions | 10/11 | €16,151 | €16,151 | = | 0.0% |
| Capital | 10 | €16,151 | - | -€16,151 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €2,449 | - | -€2,449 | |
| Reserves | 13 | €1,894 | €1,894 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,894 | €1,894 | = | 0.0% |
| Legal reserve | 130 | €1,894 | - | -€1,894 | |
| Reserves not available under the articles | 1311 | - | €1,894 | +€1,894 | |
| Profit (loss) carried forward | 14 | €223,908 | €256,988 | +€33,081 | +14.8% |
| Amounts payable | 17/49 | €67,973 | €77,885 | +€9,913 | +14.6% |
| Amounts payable after more than one year | 17 | €12,719 | €19,710 | +€6,991 | +55.0% |
| Financial debts | 170/4 | €12,719 | €19,710 | +€6,991 | +55.0% |
| Amounts payable within one year | 42/48 | €55,254 | €58,175 | +€2,922 | +5.3% |
| Current portion of amounts payable after more than one year | 42 | €7,285 | €8,580 | +€1,295 | +17.8% |
| Financial debts | 43 | €47,969 | €47,969 | = | 0.0% |
| Credit institutions | 430/8 | €47,969 | €47,969 | = | 0.0% |
| Trade debts | 44 | - | €1,627 | +€1,627 | |
| Suppliers | 440/4 | - | €1,627 | +€1,627 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €769 | €13,141 | +€12,373 | +1609.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €17,840 | +€17,840 | |
| Other operating charges | 640/8 | €50 | €1,200 | +€1,150 | +2299.3% |
| Gross operating margin | 9900 | €11,216 | €75,544 | +€64,328 | +573.5% |
| Operating profit (loss) | 9901 | €10,397 | €43,363 | +€32,966 | +317.1% |
| Financial charges | 65/66B | €4,522 | €8,782 | +€4,260 | +94.2% |
| Recurring financial charges | 65 | €4,522 | €37 | -€4,485 | -99.2% |
| Non-recurring financial charges | 66B | - | €8,745 | +€8,745 | |
| Profit (loss) for the period before taxes | 9903 | €5,875 | €34,581 | +€28,706 | +488.6% |
| Income taxes | 67/77 | €2,692 | €1,500 | -€1,192 | -44.3% |
| Profit (loss) for the period | 9904 | €3,184 | €33,081 | +€29,897 | +939.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,184 | €33,081 | +€29,897 | +939.1% |
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 12 October 2026 via checked.be.