Bert Wouters: 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.
Bert Wouters
Largest movements
- Cash +€82,197
up €82,197 (+262%), from €31,425 to €113,622
mainly Net result for the year (+€122,929) and Depreciation (+€67,468)
- Receivables within one year -€45,979
down €45,979 (-41.8%), from €109,922 to €63,943
of which Other amounts receivable: -€48,465
- Intangible fixed assets -€30,000
down €30,000 (-33.3%), from €90,000 to €60,000
- Current investments +€16,694
up €16,694 (+35.8%), from €46,605 to €63,299
- Tangible fixed assets -€15,983
down €15,983 (-11.1%), from €143,827 to €127,843
of which Plant, machinery and equipment: -€13,628
- Debts after one year -€36,675
down €36,675 (-25.5%), from €144,061 to €107,386
- Profit (loss) carried forward +€26,429
up €26,429 (+53.6%), from €49,277 to €75,706
- Other debts -€22,880
down €22,880 (-47.1%), from €48,535 to €25,655
- Reserves +€20,000
up €20,000 (+26.5%), from €75,360 to €95,360
of which Distributable reserves: +€20,000
- Trade debts +€13,514
up €13,514 (+142%), from €9,487 to €23,001
- Gross operating margin +€26,752
up €26,752 (+7.3%), from €366,316 to €393,067
- Staff costs -€23,906
down €23,906 (-13.0%), from €184,507 to €160,601
- Taxes +€13,488
up €13,488 (+50.4%), from €26,766 to €40,254
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 | €422,192 | €430,366 | +€8,174 | +1.9% |
| Fixed assets | 21/28 | €233,827 | €187,843 | -€45,983 | -19.7% |
| Intangible fixed assets | 21 | €90,000 | €60,000 | -€30,000 | -33.3% |
| Tangible fixed assets | 22/27 | €143,827 | €127,843 | -€15,983 | -11.1% |
| Plant, machinery and equipment | 23 | €138,093 | €124,465 | -€13,628 | -9.9% |
| Furniture and vehicles | 24 | €5,734 | €3,378 | -€2,356 | -41.1% |
| Current assets | 29/58 | €188,365 | €242,522 | +€54,157 | +28.8% |
| Amounts receivable within one year | 40/41 | €109,922 | €63,943 | -€45,979 | -41.8% |
| Trade receivables | 40 | €42,881 | €45,367 | +€2,486 | +5.8% |
| Other amounts receivable | 41 | €67,041 | €18,576 | -€48,465 | -72.3% |
| Current investments | 50/53 | €46,605 | €63,299 | +€16,694 | +35.8% |
| Cash at bank and in hand | 54/58 | €31,425 | €113,622 | +€82,197 | +262% |
| Deferred charges and accrued income | 490/1 | €413 | €1,659 | +€1,246 | +301% |
| Total equity and liabilities | 10/49 | €422,192 | €430,366 | +€8,174 | +1.9% |
| Equity | 10/15 | €143,187 | €189,616 | +€46,429 | +32.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Contributions outside capital | 11 | €18,550 | €18,550 | = | 0.0% |
| Other | 1109/19 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €75,360 | €95,360 | +€20,000 | +26.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €73,500 | €93,500 | +€20,000 | +27.2% |
| Profit (loss) carried forward | 14 | €49,277 | €75,706 | +€26,429 | +53.6% |
| Amounts payable | 17/49 | €279,005 | €240,750 | -€38,255 | -13.7% |
| Amounts payable after more than one year | 17 | €144,061 | €107,386 | -€36,675 | -25.5% |
| Financial debts | 170/4 | €144,061 | €107,386 | -€36,675 | -25.5% |
| Amounts payable within one year | 42/48 | €130,201 | €129,085 | -€1,116 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €35,815 | €36,675 | +€860 | +2.4% |
| Trade debts | 44 | €9,487 | €23,001 | +€13,514 | +142% |
| Suppliers | 440/4 | €9,487 | €23,001 | +€13,514 | +142% |
| Taxes, remuneration and social security | 45 | €36,364 | €43,755 | +€7,391 | +20.3% |
| Taxes | 450/3 | €18,545 | €24,642 | +€6,097 | +32.9% |
| Remuneration and social security | 454/9 | €17,819 | €19,112 | +€1,293 | +7.3% |
| Other amounts payable | 47/48 | €48,535 | €25,655 | -€22,880 | -47.1% |
| Accrued charges and deferred income | 492/3 | €4,743 | €4,279 | -€465 | -9.8% |
| Remuneration, social security and pensions | 62 | €184,507 | €160,601 | -€23,906 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,652 | €67,468 | +€816 | +1.2% |
| Other operating charges | 640/8 | €975 | €933 | -€42 | -4.3% |
| Non-recurring operating charges | 66A | €10,625 | - | -€10,625 | |
| Gross operating margin | 9900 | €366,316 | €393,067 | +€26,752 | +7.3% |
| Operating profit (loss) | 9901 | €103,556 | €164,066 | +€60,510 | +58.4% |
| Financial income | 75/76B | €1,235 | €2,971 | +€1,736 | +141% |
| Recurring financial income | 75 | €1,235 | €2,971 | +€1,736 | +141% |
| Financial charges | 65/66B | €4,896 | €3,854 | -€1,042 | -21.3% |
| Recurring financial charges | 65 | €4,896 | €3,854 | -€1,042 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €99,895 | €163,182 | +€63,288 | +63.4% |
| Income taxes | 67/77 | €26,766 | €40,254 | +€13,488 | +50.4% |
| Profit (loss) for the period | 9904 | €73,129 | €122,929 | +€49,800 | +68.1% |
| Profit (loss) for the period to be appropriated | 9905 | €73,129 | €122,929 | +€49,800 | +68.1% |
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.