Damien Walgrave: 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.
Damien Walgrave
Largest movements
- Current investments -€511,422
down €511,422 (-78.4%), from €652,195 to €140,773
- Receivables within one year -€65,178
down €65,178 (-17.4%), from €375,105 to €309,927
of which Trade receivables: -€75,248
- Cash -€43,676
down €43,676 (-9.5%), from €457,590 to €413,915
mainly Contributions, distributions and other (-€1.7m) and Investment in fixed assets (net) (-€3,909)
- Tangible fixed assets -€26,290
down €26,290 (-22.4%), from €117,530 to €91,240
of which Furniture and vehicles: -€25,213
- Reserves -€1.2m
down €1.2m (-68.6%), from €1.7m to €526,944
- Other debts +€462,175
up €462,175 (+5,083%), from €9,093 to €471,267
- Tax, wage and social debts +€43,199
up €43,199 (+49.2%), from €87,823 to €131,021
- Gross operating margin +€117,905
up €117,905 (+19.0%), from €621,303 to €739,208
- Financial income -€39,832
down €39,832 (-56.7%), from €70,273 to €30,441
- Taxes +€33,671
up €33,671 (+23.3%), from €144,458 to €178,128
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 | €1,796,493 | €1,153,103 | -€643,389 | -35.8% |
| Fixed assets | 21/28 | €117,530 | €91,240 | -€26,290 | -22.4% |
| Tangible fixed assets | 22/27 | €117,530 | €91,240 | -€26,290 | -22.4% |
| Plant, machinery and equipment | 23 | €1,838 | €761 | -€1,077 | -58.6% |
| Furniture and vehicles | 24 | €115,692 | €90,479 | -€25,213 | -21.8% |
| Current assets | 29/58 | €1,678,962 | €1,061,863 | -€617,099 | -36.8% |
| Amounts receivable after more than one year | 29 | €190,000 | €190,000 | = | 0.0% |
| Other amounts receivable | 291 | €190,000 | €190,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €375,105 | €309,927 | -€65,178 | -17.4% |
| Trade receivables | 40 | €370,536 | €295,288 | -€75,248 | -20.3% |
| Other amounts receivable | 41 | €4,569 | €14,639 | +€10,070 | +220% |
| Current investments | 50/53 | €652,195 | €140,773 | -€511,422 | -78.4% |
| Cash at bank and in hand | 54/58 | €457,590 | €413,915 | -€43,676 | -9.5% |
| Deferred charges and accrued income | 490/1 | €4,072 | €7,249 | +€3,177 | +78.0% |
| Total equity and liabilities | 10/49 | €1,796,493 | €1,153,103 | -€643,389 | -35.8% |
| Equity | 10/15 | €1,697,798 | €546,944 | -€1.2m | -67.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,677,798 | €526,944 | -€1.2m | -68.6% |
| Distributable reserves | 133 | €1,677,798 | €526,944 | -€1.2m | -68.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €98,695 | €606,160 | +€507,465 | +514% |
| Amounts payable within one year | 42/48 | €97,195 | €604,660 | +€507,465 | +522% |
| Trade debts | 44 | €279 | €2,371 | +€2,092 | +749% |
| Suppliers | 440/4 | €279 | €2,371 | +€2,092 | +749% |
| Taxes, remuneration and social security | 45 | €87,823 | €131,021 | +€43,199 | +49.2% |
| Taxes | 450/3 | €87,823 | €131,021 | +€43,199 | +49.2% |
| Other amounts payable | 47/48 | €9,093 | €471,267 | +€462,175 | +5,083% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,976 | €30,199 | +€2,222 | +7.9% |
| Other operating charges | 640/8 | €979 | €1,731 | +€752 | +76.8% |
| Gross operating margin | 9900 | €621,303 | €739,208 | +€117,905 | +19.0% |
| Operating profit (loss) | 9901 | €592,347 | €707,278 | +€114,930 | +19.4% |
| Financial income | 75/76B | €70,273 | €30,441 | -€39,832 | -56.7% |
| Recurring financial income | 75 | €70,273 | €30,441 | -€39,832 | -56.7% |
| Financial charges | 65/66B | €93 | €914 | +€822 | +886% |
| Recurring financial charges | 65 | €93 | €914 | +€822 | +886% |
| Profit (loss) for the period before taxes | 9903 | €662,527 | €736,804 | +€74,277 | +11.2% |
| Income taxes | 67/77 | €144,458 | €178,128 | +€33,671 | +23.3% |
| Profit (loss) for the period | 9904 | €518,070 | €558,675 | +€40,606 | +7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €518,070 | €558,675 | +€40,606 | +7.8% |
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.