VISAR: what changed
VISAR
Largest movements
- Current investments +€220,000
up €220,000 (+55.0%), from €400,000 to €620,000
- Cash -€29,462
down €29,462 (-30.3%), from €97,245 to €67,784
mainly Current investments (-€220,000) and Trade debts (-€12,885)
- Receivables within one year -€14,476
down €14,476 (-5.3%), from €271,332 to €256,856
of which Trade receivables: -€24,836
- Tangible fixed assets -€13,167
down €13,167 (-39.8%), from €33,079 to €19,912
- Reserves +€164,233
up €164,233 (+18.6%), from €884,566 to €1.0m
- Trade debts -€12,885
down €12,885 (-87.2%), from €14,775 to €1,890
- Gross operating margin -€27,707
down €27,707 (-12.7%), from €218,683 to €190,976
- Taxes -€4,007
down €4,007 (-16.0%), from €25,010 to €21,003
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,051,979 | €1,203,761 | +€151,782 | +14.4% |
| Fixed assets | 21/28 | €262,099 | €248,932 | -€13,167 | -5.0% |
| Tangible fixed assets | 22/27 | €33,079 | €19,912 | -€13,167 | -39.8% |
| Furniture and vehicles | 24 | €33,079 | €19,912 | -€13,167 | -39.8% |
| Financial fixed assets | 28 | €229,020 | €229,020 | = | 0.0% |
| Current assets | 29/58 | €789,880 | €954,829 | +€164,949 | +20.9% |
| Amounts receivable within one year | 40/41 | €271,332 | €256,856 | -€14,476 | -5.3% |
| Trade receivables | 40 | €243,547 | €218,711 | -€24,836 | -10.2% |
| Other amounts receivable | 41 | €27,785 | €38,145 | +€10,360 | +37.3% |
| Current investments | 50/53 | €400,000 | €620,000 | +€220,000 | +55.0% |
| Cash at bank and in hand | 54/58 | €97,245 | €67,784 | -€29,462 | -30.3% |
| Deferred charges and accrued income | 490/1 | €21,303 | €10,189 | -€11,114 | -52.2% |
| Total equity and liabilities | 10/49 | €1,051,979 | €1,203,761 | +€151,782 | +14.4% |
| Equity | 10/15 | €1,036,720 | €1,200,953 | +€164,233 | +15.8% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €884,566 | €1,048,799 | +€164,233 | +18.6% |
| Distributable reserves | 133 | €884,566 | €1,048,799 | +€164,233 | +18.6% |
| Profit (loss) carried forward | 14 | €2,153 | €2,153 | = | 0.0% |
| Amounts payable | 17/49 | €15,259 | €2,808 | -€12,451 | -81.6% |
| Amounts payable within one year | 42/48 | €15,259 | €2,808 | -€12,451 | -81.6% |
| Trade debts | 44 | €14,775 | €1,890 | -€12,885 | -87.2% |
| Suppliers | 440/4 | €14,775 | €1,890 | -€12,885 | -87.2% |
| Other amounts payable | 47/48 | €484 | €918 | +€434 | +89.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,167 | €13,167 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,488 | €934 | -€555 | -37.3% |
| Gross operating margin | 9900 | €218,683 | €190,976 | -€27,707 | -12.7% |
| Operating profit (loss) | 9901 | €204,028 | €176,875 | -€27,153 | -13.3% |
| Financial income | 75/76B | €10,000 | €8,527 | -€1,473 | -14.7% |
| Recurring financial income | 75 | €10,000 | €8,527 | -€1,473 | -14.7% |
| Financial charges | 65/66B | €139 | €166 | +€27 | +19.7% |
| Recurring financial charges | 65 | €139 | €166 | +€27 | +19.7% |
| Profit (loss) for the period before taxes | 9903 | €213,889 | €185,236 | -€28,653 | -13.4% |
| Income taxes | 67/77 | €25,010 | €21,003 | -€4,007 | -16.0% |
| Profit (loss) for the period | 9904 | €188,879 | €164,233 | -€24,646 | -13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €188,879 | €164,233 | -€24,646 | -13.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.