Bernard Wauters: 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.
Bernard Wauters
Largest movements
- Receivables within one year -€48,290
down €48,290 (-33.1%), from €145,926 to €97,636
of which Trade receivables: -€48,642
- Debts after one year -€107,056
down €107,056 (-17.3%), from €619,555 to €512,500
- Reserves +€102,064
up €102,064 (+8.5%), from €1.2m to €1.3m
of which Distributable reserves: +€102,064
- Gross operating margin -€36,605
down €36,605 (-14.4%), from €254,921 to €218,316
- Financial charges -€16,551
down €16,551 (-17.5%), from €94,387 to €77,836
- Taxes -€4,889
down €4,889 (-14.1%), from €34,574 to €29,685
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 | €3,946,653 | €3,894,440 | -€52,213 | -1.3% |
| Fixed assets | 21/28 | €3,770,473 | €3,765,150 | -€5,323 | -0.1% |
| Tangible fixed assets | 22/27 | €9,625 | €4,302 | -€5,323 | -55.3% |
| Furniture and vehicles | 24 | €9,625 | €4,302 | -€5,323 | -55.3% |
| Financial fixed assets | 28 | €3,760,848 | €3,760,848 | = | 0.0% |
| Current assets | 29/58 | €176,180 | €129,290 | -€46,890 | -26.6% |
| Amounts receivable within one year | 40/41 | €145,926 | €97,636 | -€48,290 | -33.1% |
| Trade receivables | 40 | €145,926 | €97,284 | -€48,642 | -33.3% |
| Other amounts receivable | 41 | €0 | €352 | +€352 | |
| Cash at bank and in hand | 54/58 | €29,201 | €30,548 | +€1,348 | +4.6% |
| Deferred charges and accrued income | 490/1 | €1,053 | €1,106 | +€53 | +5.0% |
| Total equity and liabilities | 10/49 | €3,946,653 | €3,894,440 | -€52,213 | -1.3% |
| Equity | 10/15 | €1,213,634 | €1,315,698 | +€102,064 | +8.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,195,034 | €1,297,098 | +€102,064 | +8.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,195,034 | €1,297,098 | +€102,064 | +8.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,733,019 | €2,578,742 | -€154,277 | -5.6% |
| Amounts payable after more than one year | 17 | €619,555 | €512,500 | -€107,056 | -17.3% |
| Financial debts | 170/4 | €619,555 | €512,500 | -€107,056 | -17.3% |
| Amounts payable within one year | 42/48 | €2,082,968 | €2,052,895 | -€30,073 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €388,833 | €368,278 | -€20,556 | -5.3% |
| Financial debts | 43 | €2,500 | €2,500 | = | 0.0% |
| Credit institutions | 430/8 | €2,500 | €2,500 | = | 0.0% |
| Trade debts | 44 | €4,531 | €4,373 | -€158 | -3.5% |
| Suppliers | 440/4 | €4,531 | €4,373 | -€158 | -3.5% |
| Taxes, remuneration and social security | 45 | €8,244 | €12,297 | +€4,053 | +49.2% |
| Taxes | 450/3 | €8,244 | €12,297 | +€4,053 | +49.2% |
| Other amounts payable | 47/48 | €1,678,860 | €1,665,448 | -€13,412 | -0.8% |
| Accrued charges and deferred income | 492/3 | €30,496 | €13,347 | -€17,149 | -56.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,323 | €5,323 | = | 0.0% |
| Other operating charges | 640/8 | €2,200 | €1,690 | -€510 | -23.2% |
| Gross operating margin | 9900 | €254,921 | €218,316 | -€36,605 | -14.4% |
| Operating profit (loss) | 9901 | €247,398 | €211,303 | -€36,095 | -14.6% |
| Financial charges | 65/66B | €94,387 | €77,836 | -€16,551 | -17.5% |
| Recurring financial charges | 65 | €94,387 | €77,836 | -€16,551 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €153,010 | €133,467 | -€19,544 | -12.8% |
| Income taxes | 67/77 | €34,574 | €29,685 | -€4,889 | -14.1% |
| Profit (loss) for the period | 9904 | €118,436 | €103,782 | -€14,654 | -12.4% |
| Profit (loss) for the period to be appropriated | 9905 | €118,436 | €103,782 | -€14,654 | -12.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.