BRUNO DE WAELE: 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.
BRUNO DE WAELE
Largest movements
- Current investments +€50,000
up €50,000 (+9.3%), from €540,000 to €590,000
- Cash -€26,748
down €26,748 (-50.3%), from €53,173 to €26,425
mainly Current investments (-€50,000) and Tax, wage and social debts (-€24,566)
- Reserves +€46,940
up €46,940 (+8.0%), from €585,271 to €632,212
of which Distributable reserves: +€46,940
- Tax, wage and social debts -€24,566
down €24,566 (-74.8%), from €32,838 to €8,273
of which Taxes: -€20,122
- Gross operating margin -€64,631
down €64,631 (-54.6%), from €118,274 to €53,643
- Taxes -€20,671
down €20,671 (-52.1%), from €39,698 to €19,027
- Financial income -€2,805
down €2,805 (-13.6%), from €20,634 to €17,829
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 | €629,770 | €647,767 | +€17,998 | +2.9% |
| Fixed assets | 21/28 | €7,932 | €3,600 | -€4,332 | -54.6% |
| Tangible fixed assets | 22/27 | €7,881 | €3,549 | -€4,332 | -55.0% |
| Furniture and vehicles | 24 | €7,881 | €3,549 | -€4,332 | -55.0% |
| Financial fixed assets | 28 | €51 | €51 | = | 0.0% |
| Current assets | 29/58 | €621,837 | €644,167 | +€22,330 | +3.6% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 291 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,993 | €1,119 | -€875 | -43.9% |
| Trade receivables | 40 | €1,125 | €0 | -€1,125 | -100% |
| Other amounts receivable | 41 | €868 | €1,119 | +€251 | +28.9% |
| Current investments | 50/53 | €540,000 | €590,000 | +€50,000 | +9.3% |
| Cash at bank and in hand | 54/58 | €53,173 | €26,425 | -€26,748 | -50.3% |
| Deferred charges and accrued income | 490/1 | €16,671 | €16,623 | -€47 | -0.3% |
| Total equity and liabilities | 10/49 | €629,770 | €647,767 | +€17,998 | +2.9% |
| Equity | 10/15 | €591,471 | €638,412 | +€46,940 | +7.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €585,271 | €632,212 | +€46,940 | +8.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €294 | €294 | = | 0.0% |
| Distributable reserves | 133 | €583,117 | €630,058 | +€46,940 | +8.0% |
| Amounts payable | 17/49 | €38,298 | €9,356 | -€28,942 | -75.6% |
| Amounts payable within one year | 42/48 | €38,298 | €9,310 | -€28,988 | -75.7% |
| Trade debts | 44 | €5,460 | €1,037 | -€4,422 | -81.0% |
| Suppliers | 440/4 | €5,460 | €1,037 | -€4,422 | -81.0% |
| Taxes, remuneration and social security | 45 | €32,838 | €8,273 | -€24,566 | -74.8% |
| Taxes | 450/3 | €28,395 | €8,273 | -€20,122 | -70.9% |
| Remuneration and social security | 454/9 | €4,444 | €0 | -€4,444 | -100% |
| Accrued charges and deferred income | 492/3 | - | €46 | +€46 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,332 | €4,332 | = | 0.0% |
| Other operating charges | 640/8 | €1,047 | €1,081 | +€33 | +3.2% |
| Gross operating margin | 9900 | €118,274 | €53,643 | -€64,631 | -54.6% |
| Operating profit (loss) | 9901 | €112,894 | €48,230 | -€64,664 | -57.3% |
| Financial income | 75/76B | €20,634 | €17,829 | -€2,805 | -13.6% |
| Recurring financial income | 75 | €20,634 | €17,829 | -€2,805 | -13.6% |
| Financial charges | 65/66B | €106 | €91 | -€15 | -14.0% |
| Recurring financial charges | 65 | €106 | €91 | -€15 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €133,422 | €65,968 | -€67,454 | -50.6% |
| Income taxes | 67/77 | €39,698 | €19,027 | -€20,671 | -52.1% |
| Profit (loss) for the period | 9904 | €93,724 | €46,940 | -€46,784 | -49.9% |
| Profit (loss) for the period to be appropriated | 9905 | €93,724 | €46,940 | -€46,784 | -49.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.