VISUEL: 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.
VISUEL
Largest movements
- Tangible fixed assets +€22,221
up €22,221 (+10.3%), from €215,258 to €237,479
of which Land and buildings: +€29,105
- Cash +€15,560
up €15,560 (+3.0%), from €525,608 to €541,168
mainly Net result for the year (+€51,430) and Depreciation (+€23,959)
- Profit (loss) carried forward +€30,597
up €30,597 (+55.0%), from €55,585 to €86,182
- Reserves +€20,000
up €20,000 (+3.7%), from €538,500 to €558,500
- Debts after one year -€10,552
down €10,552 (-15.8%), from €66,697 to €56,145
- Gross operating margin -€6,803
down €6,803 (-7.0%), from €96,666 to €89,863
- Financial income +€3,815
up €3,815 (+75.7%), from €5,039 to €8,854
- Depreciation +€1,976
up €1,976 (+9.0%), from €21,983 to €23,959
- Taxes -€1,715
down €1,715 (-7.9%), from €21,654 to €19,939
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 | €746,888 | €790,117 | +€43,229 | +5.8% |
| Fixed assets | 21/28 | €215,258 | €237,479 | +€22,221 | +10.3% |
| Tangible fixed assets | 22/27 | €215,258 | €237,479 | +€22,221 | +10.3% |
| Land and buildings | 22 | €204,466 | €233,571 | +€29,105 | +14.2% |
| Plant, machinery and equipment | 23 | €619 | €290 | -€329 | -53.2% |
| Furniture and vehicles | 24 | €10,173 | €3,618 | -€6,555 | -64.4% |
| Current assets | 29/58 | €531,630 | €552,638 | +€21,008 | +4.0% |
| Amounts receivable within one year | 40/41 | €1,579 | €7,027 | +€5,447 | +344.9% |
| Trade receivables | 40 | €1,579 | €7,027 | +€5,447 | +344.9% |
| Cash at bank and in hand | 54/58 | €525,608 | €541,168 | +€15,560 | +3.0% |
| Deferred charges and accrued income | 490/1 | €4,443 | €4,444 | +€1 | 0.0% |
| Total equity and liabilities | 10/49 | €746,888 | €790,117 | +€43,229 | +5.8% |
| Equity | 10/15 | €659,085 | €709,682 | +€50,597 | +7.7% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €538,500 | €558,500 | +€20,000 | +3.7% |
| Distributable reserves | 133 | €538,500 | €558,500 | +€20,000 | +3.7% |
| Profit (loss) carried forward | 14 | €55,585 | €86,182 | +€30,597 | +55.0% |
| Amounts payable | 17/49 | €87,803 | €80,435 | -€7,368 | -8.4% |
| Amounts payable after more than one year | 17 | €66,697 | €56,145 | -€10,552 | -15.8% |
| Financial debts | 170/4 | €66,697 | €56,145 | -€10,552 | -15.8% |
| Amounts payable within one year | 42/48 | €20,758 | €23,971 | +€3,213 | +15.5% |
| Current portion of amounts payable after more than one year | 42 | €11,323 | €11,538 | +€215 | +1.9% |
| Trade debts | 44 | €568 | €3,949 | +€3,381 | +595.1% |
| Suppliers | 440/4 | €568 | €3,949 | +€3,381 | +595.1% |
| Taxes, remuneration and social security | 45 | €7,776 | €7,596 | -€180 | -2.3% |
| Taxes | 450/3 | €7,776 | €7,596 | -€180 | -2.3% |
| Other amounts payable | 47/48 | €1,091 | €888 | -€203 | -18.6% |
| Accrued charges and deferred income | 492/3 | €349 | €320 | -€29 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,983 | €23,959 | +€1,976 | +9.0% |
| Other operating charges | 640/8 | €1,599 | €1,654 | +€55 | +3.4% |
| Gross operating margin | 9900 | €96,666 | €89,863 | -€6,803 | -7.0% |
| Operating profit (loss) | 9901 | €73,084 | €64,250 | -€8,834 | -12.1% |
| Financial income | 75/76B | €5,039 | €8,854 | +€3,815 | +75.7% |
| Recurring financial income | 75 | €5,039 | €8,854 | +€3,815 | +75.7% |
| Financial charges | 65/66B | €1,858 | €1,735 | -€123 | -6.6% |
| Recurring financial charges | 65 | €1,858 | €1,735 | -€123 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €76,265 | €71,369 | -€4,896 | -6.4% |
| Income taxes | 67/77 | €21,654 | €19,939 | -€1,715 | -7.9% |
| Profit (loss) for the period | 9904 | €54,612 | €51,430 | -€3,181 | -5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €54,612 | €51,430 | -€3,181 | -5.8% |
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 8 October 2026 via checked.be.