DAVE WILLAERT: 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.
DAVE WILLAERT
Largest movements
- Cash -€25,272
down €25,272 (-20.0%), from €126,642 to €101,370
mainly Investment in fixed assets (net) (-€30,700) and Stocks and contracts (-€13,765)
- Stocks and contracts +€13,765
up €13,765 (+1,725%), from €798 to €14,563
of which Contracts in progress: +€10,194
- Tangible fixed assets +€11,665
up €11,665 (+25.0%), from €46,670 to €58,335
of which Furniture and vehicles: +€12,288
- Debts after one year -€7,462
down €7,462 (-62.9%), from €11,872 to €4,410
- Other debts +€6,684
up €6,684 (+284%), from €2,350 to €9,034
- Profit (loss) carried forward +€4,789
up €4,789 (+3.2%), from €149,538 to €154,327
- Accrued charges and deferred income -€4,402
no longer reported in 2025 (was €4,402)
- Purchases and services -€320,158
no longer reported in 2025 (was €320,158)
- Gross operating margin -€69,035
down €69,035 (-60.9%), from €113,420 to €44,385
- Taxes +€4,694
up €4,694 (+27.2%), from €17,256 to €21,950
- Financial income +€1,669
up €1,669 (+143%), from €1,169 to €2,838
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 | €184,283 | €183,235 | -€1,048 | -0.6% |
| Fixed assets | 21/28 | €46,670 | €58,335 | +€11,665 | +25.0% |
| Tangible fixed assets | 22/27 | €46,670 | €58,335 | +€11,665 | +25.0% |
| Land and buildings | 22 | €10,376 | €9,215 | -€1,161 | -11.2% |
| Plant, machinery and equipment | 23 | €4,763 | €5,302 | +€539 | +11.3% |
| Furniture and vehicles | 24 | €31,530 | €43,818 | +€12,288 | +39.0% |
| Current assets | 29/58 | €137,612 | €124,900 | -€12,712 | -9.2% |
| Stocks and contracts in progress | 3 | €798 | €14,563 | +€13,765 | +1,725% |
| Stocks | 30/36 | €798 | €4,369 | +€3,571 | +447% |
| Contracts in progress | 37 | - | €10,194 | +€10,194 | |
| Amounts receivable within one year | 40/41 | €10,172 | €8,967 | -€1,205 | -11.8% |
| Trade receivables | 40 | €2,378 | €2,581 | +€203 | +8.5% |
| Other amounts receivable | 41 | €7,794 | €6,386 | -€1,408 | -18.1% |
| Cash at bank and in hand | 54/58 | €126,642 | €101,370 | -€25,272 | -20.0% |
| Total equity and liabilities | 10/49 | €184,283 | €183,235 | -€1,048 | -0.6% |
| Equity | 10/15 | €156,538 | €161,327 | +€4,789 | +3.1% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €149,538 | €154,327 | +€4,789 | +3.2% |
| Amounts payable | 17/49 | €27,744 | €21,908 | -€5,836 | -21.0% |
| Amounts payable after more than one year | 17 | €11,872 | €4,410 | -€7,462 | -62.9% |
| Financial debts | 170/4 | €11,872 | €4,410 | -€7,462 | -62.9% |
| Amounts payable within one year | 42/48 | €11,471 | €17,498 | +€6,027 | +52.5% |
| Current portion of amounts payable after more than one year | 42 | €7,462 | €7,462 | +€0 | 0.0% |
| Trade debts | 44 | €1,323 | €450 | -€873 | -66.0% |
| Suppliers | 440/4 | €1,323 | €450 | -€873 | -66.0% |
| Taxes, remuneration and social security | 45 | €336 | €552 | +€216 | +64.5% |
| Remuneration and social security | 454/9 | €336 | €552 | +€216 | +64.5% |
| Other amounts payable | 47/48 | €2,350 | €9,034 | +€6,684 | +284% |
| Accrued charges and deferred income | 492/3 | €4,402 | - | -€4,402 | |
| Goods, raw materials, services and sundry goods | 60/61 | €320,158 | - | -€320,158 | |
| Remuneration, social security and pensions | 62 | €88 | - | -€88 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,267 | €19,035 | +€768 | +4.2% |
| Other operating charges | 640/8 | €966 | €1,114 | +€148 | +15.3% |
| Gross operating margin | 9900 | €113,420 | €44,385 | -€69,035 | -60.9% |
| Operating profit (loss) | 9901 | €94,098 | €24,236 | -€69,862 | -74.2% |
| Financial income | 75/76B | €1,169 | €2,838 | +€1,669 | +143% |
| Recurring financial income | 75 | €1,169 | €2,838 | +€1,669 | +143% |
| Financial charges | 65/66B | €1,248 | €335 | -€913 | -73.2% |
| Recurring financial charges | 65 | €1,248 | €335 | -€913 | -73.2% |
| Profit (loss) for the period before taxes | 9903 | €94,019 | €26,739 | -€67,280 | -71.6% |
| Income taxes | 67/77 | €17,256 | €21,950 | +€4,694 | +27.2% |
| Profit (loss) for the period | 9904 | €76,763 | €4,789 | -€71,974 | -93.8% |
| Profit (loss) for the period to be appropriated | 9905 | €76,763 | €4,789 | -€71,974 | -93.8% |
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 26 October 2026 via checked.be.