Cedric Willen: what changed
Two fiscal 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.
Cedric Willen
Largest movements
- Receivables within one year +€40,028
up €40,028 (+144.8%), from €27,649 to €67,677
of which Trade receivables: +€42,227
- Cash -€21,824
down €21,824 (-54.7%), from €39,929 to €18,104
mainly Receivables within one year (-€40,028) and Investment in fixed assets (net) (-€12,329)
- Tangible fixed assets +€10,465
up €10,465 (+576.3%), from €1,816 to €12,281
of which Plant, machinery and equipment: +€8,877
- Reserves +€39,569
up €39,569 (+79.1%), from €50,001 to €89,570
- Trade debts -€9,688
down €9,688 (-79.4%), from €12,202 to €2,513
- Tax, wage and social debts -€1,218
down €1,218 (-67.0%), from €1,818 to €600
- Gross operating margin -€11,431
down €11,431 (-18.0%), from €63,495 to €52,064
- Taxes -€2,544
down €2,544 (-20.3%), from €12,518 to €9,974
- Depreciation +€1,734
up €1,734 (+1339.0%), from €130 to €1,864
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €70,644 | €99,313 | +€28,669 | +40.6% |
| Fixed assets | 21/28 | €1,816 | €12,281 | +€10,465 | +576.3% |
| Tangible fixed assets | 22/27 | €1,816 | €12,281 | +€10,465 | +576.3% |
| Plant, machinery and equipment | 23 | - | €8,877 | +€8,877 | |
| Furniture and vehicles | 24 | €1,816 | €3,404 | +€1,589 | +87.5% |
| Current assets | 29/58 | €68,828 | €87,032 | +€18,203 | +26.4% |
| Stocks and contracts in progress | 3 | €1,250 | €1,250 | = | 0.0% |
| Stocks | 30/36 | €1,250 | €1,250 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €27,649 | €67,677 | +€40,028 | +144.8% |
| Trade receivables | 40 | €21,523 | €63,750 | +€42,227 | +196.2% |
| Other amounts receivable | 41 | €6,126 | €3,927 | -€2,199 | -35.9% |
| Cash at bank and in hand | 54/58 | €39,929 | €18,104 | -€21,824 | -54.7% |
| Total equity and liabilities | 10/49 | €70,644 | €99,313 | +€28,669 | +40.6% |
| Equity | 10/15 | €55,001 | €94,570 | +€39,569 | +71.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €50,001 | €89,570 | +€39,569 | +79.1% |
| Distributable reserves | 133 | €50,001 | €89,570 | +€39,569 | +79.1% |
| Amounts payable | 17/49 | €15,643 | €4,743 | -€10,900 | -69.7% |
| Amounts payable within one year | 42/48 | €15,643 | €4,743 | -€10,900 | -69.7% |
| Trade debts | 44 | €12,202 | €2,513 | -€9,688 | -79.4% |
| Suppliers | 440/4 | €12,202 | €2,513 | -€9,688 | -79.4% |
| Taxes, remuneration and social security | 45 | €1,818 | €600 | -€1,218 | -67.0% |
| Taxes | 450/3 | €1,818 | €600 | -€1,218 | -67.0% |
| Other amounts payable | 47/48 | €1,623 | €1,629 | +€7 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130 | €1,864 | +€1,734 | +1339.0% |
| Other operating charges | 640/8 | €807 | €688 | -€119 | -14.7% |
| Gross operating margin | 9900 | €63,495 | €52,064 | -€11,431 | -18.0% |
| Operating profit (loss) | 9901 | €62,558 | €49,512 | -€13,046 | -20.9% |
| Financial income | 75/76B | €0 | €250 | +€250 | +833133.3% |
| Recurring financial income | 75 | €0 | €250 | +€250 | +833133.3% |
| Financial charges | 65/66B | €38 | €219 | +€181 | +470.3% |
| Recurring financial charges | 65 | €38 | €219 | +€181 | +470.3% |
| Profit (loss) for the period before taxes | 9903 | €62,520 | €49,542 | -€12,977 | -20.8% |
| Income taxes | 67/77 | €12,518 | €9,974 | -€2,544 | -20.3% |
| Profit (loss) for the period | 9904 | €50,001 | €39,569 | -€10,433 | -20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €50,001 | €39,569 | -€10,433 | -20.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.