VIZIR: 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.
VIZIR
Largest movements
- Receivables within one year -€176,481
down €176,481 (-47.1%), from €374,688 to €198,208
of which Other amounts receivable: -€300,400
- Trade debts -€295,974
down €295,974 (-97.6%), from €303,339 to €7,365
- Debts after one year -€170,398
down €170,398 (-26.9%), from €632,832 to €462,435
of which Financial debts: -€163,398
- Short-term financial debts +€116,002
new in 2025: €116,002
- Other debts +€98,911
up €98,911 (+4.9%), from €2.0m to €2.1m
- Current portion of long-term debt +€61,417
up €61,417 (+41.5%), from €147,994 to €209,412
- Gross operating margin +€26,398
up €26,398, from -€23,729 to €2,670
- Staff costs -€2,864
no longer reported in 2025 (was €2,864)
- Financial charges -€1,546
down €1,546 (-4.6%), from €33,646 to €32,101
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.
Derived cash bridge
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 | €3,270,667 | €3,092,943 | -€177,724 | -5.4% |
| Fixed assets | 21/28 | €2,817,582 | €2,817,582 | = | 0.0% |
| Financial fixed assets | 28 | €2,817,582 | €2,817,582 | = | 0.0% |
| Current assets | 29/58 | €453,085 | €275,361 | -€177,724 | -39.2% |
| Amounts receivable after more than one year | 29 | €77,123 | €77,123 | = | 0.0% |
| Other amounts receivable | 291 | €77,123 | €77,123 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €374,688 | €198,208 | -€176,481 | -47.1% |
| Trade receivables | 40 | €50,081 | €174,000 | +€123,919 | +247% |
| Other amounts receivable | 41 | €324,608 | €24,208 | -€300,400 | -92.5% |
| Cash at bank and in hand | 54/58 | €2 | €31 | +€29 | +1,726% |
| Deferred charges and accrued income | 490/1 | €1,273 | - | -€1,273 | |
| Total equity and liabilities | 10/49 | €3,270,667 | €3,092,943 | -€177,724 | -5.4% |
| Equity | 10/15 | €159,456 | €131,390 | -€28,065 | -17.6% |
| Contributions | 10/11 | €290,000 | €290,000 | = | 0.0% |
| Capital | 10 | €290,000 | €290,000 | = | 0.0% |
| Issued capital | 100 | €290,000 | €290,000 | = | 0.0% |
| Reserves | 13 | €29,000 | €29,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €29,000 | €29,000 | = | 0.0% |
| Legal reserve | 130 | €29,000 | €29,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€159,544 | -€187,610 | -€28,065 | -17.6% |
| Amounts payable | 17/49 | €3,111,211 | €2,961,552 | -€149,659 | -4.8% |
| Amounts payable after more than one year | 17 | €632,832 | €462,435 | -€170,398 | -26.9% |
| Financial debts | 170/4 | €372,832 | €209,435 | -€163,398 | -43.8% |
| Trade debts | 175 | €260,000 | €253,000 | -€7,000 | -2.7% |
| Amounts payable within one year | 42/48 | €2,469,011 | €2,449,448 | -€19,563 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €147,994 | €209,412 | +€61,417 | +41.5% |
| Financial debts | 43 | - | €116,002 | +€116,002 | |
| Credit institutions | 430/8 | - | €116,002 | +€116,002 | |
| Trade debts | 44 | €303,339 | €7,365 | -€295,974 | -97.6% |
| Suppliers | 440/4 | €303,339 | €7,365 | -€295,974 | -97.6% |
| Taxes, remuneration and social security | 45 | €823 | €903 | +€80 | +9.7% |
| Taxes | 450/3 | €823 | €903 | +€80 | +9.7% |
| Other amounts payable | 47/48 | €2,016,855 | €2,115,766 | +€98,911 | +4.9% |
| Accrued charges and deferred income | 492/3 | €9,367 | €49,669 | +€40,302 | +430% |
| Remuneration, social security and pensions | 62 | €2,864 | - | -€2,864 | |
| Other operating charges | 640/8 | €968 | €1,030 | +€63 | +6.5% |
| Gross operating margin | 9900 | -€23,729 | €2,670 | +€26,398 | |
| Operating profit (loss) | 9901 | -€27,560 | €1,639 | +€29,200 | |
| Financial income | 75/76B | €2,264 | €2,396 | +€132 | +5.8% |
| Recurring financial income | 75 | €2,264 | €2,396 | +€132 | +5.8% |
| Financial charges | 65/66B | €33,646 | €32,101 | -€1,546 | -4.6% |
| Recurring financial charges | 65 | €33,646 | €32,101 | -€1,546 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | -€58,943 | -€28,065 | +€30,877 | +52.4% |
| Profit (loss) for the period | 9904 | -€58,943 | -€28,065 | +€30,877 | +52.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€58,943 | -€28,065 | +€30,877 | +52.4% |
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 30 October 2026 via checked.be.