Andre De Witte: 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.
What changed
Andre De Witte
NACE 43.320, Joinery installation
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€53,752
2024 · €43,015+€10,737
Equity
€1.7m
2024 · €1.7m+€53,752
Cash
€315,212
2024 · €193,663+€121,548
Balance sheet total
€5.1m
2024 · €4.8m+€322,447
Largest movements
Assets
- Receivables within one year +€552,667
up €552,667 (+68.1%), from €812,137 to €1.4m
of which Trade receivables: +€562,034
- Stocks and contracts -€504,754
down €504,754 (-22.8%), from €2.2m to €1.7m
of which Stocks: -€504,754
- Tangible fixed assets +€154,143
up €154,143 (+10.0%), from €1.5m to €1.7m
of which Land and buildings: +€92,765
- Cash +€121,548
up €121,548 (+62.8%), from €193,663 to €315,212
mainly Stocks and contracts (+€504,754) and Depreciation (+€150,122)
Equity and liabilities
- Debts after one year +€134,952
up €134,952 (+34.6%), from €389,677 to €524,630
- Tax, wage and social debts +€126,983
up €126,983 (+449.6%), from €28,245 to €155,228
of which Taxes: +€126,016
- Profit (loss) carried forward +€53,752
new in 2025: €53,752
Income statement
- Gross operating margin +€72,948
up €72,948 (+4.7%), from €1.5m to €1.6m
- Staff costs +€54,134
up €54,134 (+4.2%), from €1.3m to €1.3m
- Financial charges +€24,785
up €24,785 (+137.8%), from €17,984 to €42,770
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.
Result 2024
€43,015
Gross operating margin
+€72,948
Staff costs
-€54,134
Depreciation
-€675
Write-downs
+€15,997
Other operating charges
+€764
Financial income
-€6,276
Financial charges
-€24,785
Taxes
+€6,899
Result 2025
€53,752
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.
From operations
+€256,702
Investment
-€301,265
Financing
+€166,111
Cash 2024
€193,663
From operations (derived)
+€256,702
Net result for the year
+€53,752
Depreciation
+€150,122
Stocks and contracts
+€504,754
Receivables within one year
-€552,667
Deferred charges and accrued income
-€1,841
Trade debts
-€10,750
Tax, wage and social debts
+€126,983
Advances received
-€2,180
Other debts
-€11,471
Investment (derived)
-€301,265
Investment in fixed assets (net)
-€301,265
Financing
+€166,111
Debts after one year
+€134,952
Current portion of long-term debt
+€31,159
Cash 2025
€315,212
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,794,053 | €5,116,500 | +€322,447 | +6.7% |
| Fixed assets | 21/28 | €1,553,253 | €1,704,396 | +€151,143 | +9.7% |
| Intangible fixed assets | 21 | €7,882 | €4,882 | -€3,000 | -38.1% |
| Tangible fixed assets | 22/27 | €1,545,371 | €1,699,514 | +€154,143 | +10.0% |
| Land and buildings | 22 | €1,237,227 | €1,329,992 | +€92,765 | +7.5% |
| Plant, machinery and equipment | 23 | €252,933 | €292,057 | +€39,124 | +15.5% |
| Furniture and vehicles | 24 | €55,210 | €77,465 | +€22,254 | +40.3% |
| Current assets | 29/58 | €3,240,800 | €3,412,104 | +€171,304 | +5.3% |
| Stocks and contracts in progress | 3 | €2,217,622 | €1,712,869 | -€504,754 | -22.8% |
| Stocks | 30/36 | €1,727,622 | €1,222,869 | -€504,754 | -29.2% |
| Contracts in progress | 37 | €490,000 | €490,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €812,137 | €1,364,804 | +€552,667 | +68.1% |
| Trade receivables | 40 | €675,171 | €1,237,205 | +€562,034 | +83.2% |
| Other amounts receivable | 41 | €136,966 | €127,599 | -€9,367 | -6.8% |
| Cash at bank and in hand | 54/58 | €193,663 | €315,212 | +€121,548 | +62.8% |
| Deferred charges and accrued income | 490/1 | €17,378 | €19,219 | +€1,841 | +10.6% |
| Total equity and liabilities | 10/49 | €4,794,053 | €5,116,500 | +€322,447 | +6.7% |
| Equity | 10/15 | €1,666,077 | €1,719,830 | +€53,752 | +3.2% |
| Contributions | 10/11 | €397,884 | €397,884 | = | 0.0% |
| Capital | 10 | €397,884 | €397,884 | = | 0.0% |
| Issued capital | 100 | €397,884 | €397,884 | = | 0.0% |
| Reserves | 13 | €1,268,193 | €1,268,193 | = | 0.0% |
| Non-distributable reserves | 130/1 | €118,244 | €118,244 | = | 0.0% |
| Legal reserve | 130 | €118,244 | €118,244 | = | 0.0% |
| Distributable reserves | 133 | €1,149,949 | €1,149,949 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €53,752 | +€53,752 | |
| Amounts payable | 17/49 | €3,127,976 | €3,396,671 | +€268,694 | +8.6% |
| Amounts payable after more than one year | 17 | €389,677 | €524,630 | +€134,952 | +34.6% |
| Financial debts | 170/4 | €389,677 | €524,630 | +€134,952 | +34.6% |
| Amounts payable within one year | 42/48 | €2,738,299 | €2,872,041 | +€133,742 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €89,075 | €120,234 | +€31,159 | +35.0% |
| Financial debts | 43 | €172,500 | €172,500 | = | 0.0% |
| Credit institutions | 430/8 | €172,500 | €172,500 | = | 0.0% |
| Trade debts | 44 | €566,598 | €555,848 | -€10,750 | -1.9% |
| Suppliers | 440/4 | €566,598 | €555,848 | -€10,750 | -1.9% |
| Advances received on contracts in progress | 46 | €2,180 | €0 | -€2,180 | -100.0% |
| Taxes, remuneration and social security | 45 | €28,245 | €155,228 | +€126,983 | +449.6% |
| Taxes | 450/3 | €158 | €126,173 | +€126,016 | +80010.0% |
| Remuneration and social security | 454/9 | €28,087 | €29,055 | +€968 | +3.4% |
| Other amounts payable | 47/48 | €1,879,701 | €1,868,231 | -€11,471 | -0.6% |
| Non-recurring operating income | 76A | - | €4,000 | +€4,000 | |
| Remuneration, social security and pensions | 62 | €1,286,901 | €1,341,035 | +€54,134 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €149,446 | €150,122 | +€675 | +0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,997 | €0 | -€15,997 | -100.0% |
| Other operating charges | 640/8 | €21,097 | €20,334 | -€764 | -3.6% |
| Gross operating margin | 9900 | €1,542,262 | €1,615,210 | +€72,948 | +4.7% |
| Operating profit (loss) | 9901 | €68,820 | €103,720 | +€34,900 | +50.7% |
| Financial income | 75/76B | €15,960 | €9,684 | -€6,276 | -39.3% |
| Recurring financial income | 75 | €15,960 | €9,684 | -€6,276 | -39.3% |
| Financial charges | 65/66B | €17,984 | €42,770 | +€24,785 | +137.8% |
| Recurring financial charges | 65 | €17,984 | €42,770 | +€24,785 | +137.8% |
| Profit (loss) for the period before taxes | 9903 | €66,796 | €70,635 | +€3,839 | +5.7% |
| Income taxes | 67/77 | €23,781 | €16,883 | -€6,899 | -29.0% |
| Profit (loss) for the period | 9904 | €43,015 | €53,752 | +€10,737 | +25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €43,015 | €53,752 | +€10,737 | +25.0% |
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.