Brecht Willems: 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.
Brecht Willems
Largest movements
- Cash +€58,149
up €58,149 (+233%), from €24,938 to €83,087
mainly Net result for the year (+€55,406) and Tax, wage and social debts (+€14,560)
- Formation expenses -€2,149
down €2,149 (-100%), from €2,149 to €0
- Reserves +€55,406
up €55,406 (+390%), from €14,210 to €69,616
- Tax, wage and social debts +€14,560
up €14,560 (+405%), from €3,594 to €18,154
- Other debts -€13,319
no longer reported in 2025 (was €13,319)
- Gross operating margin +€56,593
up €56,593 (+306%), from €18,494 to €75,087
- Taxes +€11,016
up €11,016 (+307%), from €3,594 to €14,610
- Financial charges +€2,153
up €2,153 (+968%), from €222 to €2,376
- Depreciation +€1,828
up €1,828 (+444%), from €412 to €2,240
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 | €35,563 | €92,037 | +€56,474 | +159% |
| Formation expenses | 20 | €2,149 | €0 | -€2,149 | -100% |
| Fixed assets | 21/28 | - | €579 | +€579 | |
| Tangible fixed assets | 22/27 | - | €579 | +€579 | |
| Plant, machinery and equipment | 23 | - | €579 | +€579 | |
| Current assets | 29/58 | €33,415 | €91,458 | +€58,043 | +174% |
| Amounts receivable within one year | 40/41 | €797 | €80 | -€717 | -90.0% |
| Trade receivables | 40 | €797 | €80 | -€717 | -90.0% |
| Cash at bank and in hand | 54/58 | €24,938 | €83,087 | +€58,149 | +233% |
| Deferred charges and accrued income | 490/1 | €7,679 | €8,291 | +€612 | +8.0% |
| Total equity and liabilities | 10/49 | €35,563 | €92,037 | +€56,474 | +159% |
| Equity | 10/15 | €17,710 | €73,116 | +€55,406 | +313% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €14,210 | €69,616 | +€55,406 | +390% |
| Distributable reserves | 133 | €14,210 | €69,616 | +€55,406 | +390% |
| Amounts payable | 17/49 | €17,853 | €18,921 | +€1,068 | +6.0% |
| Amounts payable within one year | 42/48 | €17,000 | €18,921 | +€1,921 | +11.3% |
| Trade debts | 44 | €87 | €767 | +€680 | +782% |
| Suppliers | 440/4 | €87 | €767 | +€680 | +782% |
| Taxes, remuneration and social security | 45 | €3,594 | €18,154 | +€14,560 | +405% |
| Taxes | 450/3 | €3,594 | €18,154 | +€14,560 | +405% |
| Other amounts payable | 47/48 | €13,319 | - | -€13,319 | |
| Accrued charges and deferred income | 492/3 | €853 | - | -€853 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €412 | €2,240 | +€1,828 | +444% |
| Other operating charges | 640/8 | €56 | €623 | +€567 | +1,020% |
| Gross operating margin | 9900 | €18,494 | €75,087 | +€56,593 | +306% |
| Operating profit (loss) | 9901 | €18,027 | €72,224 | +€54,198 | +301% |
| Financial income | 75/76B | €0 | €168 | +€168 | +1,675,100% |
| Recurring financial income | 75 | €0 | €168 | +€168 | +1,675,100% |
| Financial charges | 65/66B | €222 | €2,376 | +€2,153 | +968% |
| Recurring financial charges | 65 | €222 | €2,376 | +€2,153 | +968% |
| Profit (loss) for the period before taxes | 9903 | €17,804 | €70,016 | +€52,212 | +293% |
| Income taxes | 67/77 | €3,594 | €14,610 | +€11,016 | +307% |
| Profit (loss) for the period | 9904 | €14,210 | €55,406 | +€41,196 | +290% |
| Profit (loss) for the period to be appropriated | 9905 | €14,210 | €55,406 | +€41,196 | +290% |
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 20 October 2026 via checked.be.