DAVID WERNER: 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.
DAVID WERNER
Largest movements
- Cash +€17,124
up €17,124 (+225%), from €7,622 to €24,746
mainly Net result for the year (+€33,767) and Receivables within one year (+€11,626)
- Receivables within one year -€11,626
down €11,626 (-100%), from €11,626 to €0
of which Other amounts receivable: -€11,626
- Reserves +€33,000
up €33,000 (+36.7%), from €89,800 to €122,800
of which Distributable reserves: +€33,000
- Other debts -€31,136
down €31,136 (-40.3%), from €77,260 to €46,124
- Tax, wage and social debts -€4,695
down €4,695 (-55.8%), from €8,420 to €3,725
- Financial income +€14,345
up €14,345 (+2,860%), from €502 to €14,847
- Gross operating margin -€11,175
down €11,175 (-22.3%), from €50,091 to €38,916
- Depreciation -€2,084
down €2,084 (-47.6%), from €4,378 to €2,295
- Financial charges +€989
up €989 (+37.1%), from €2,668 to €3,657
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 | €345,276 | €348,152 | +€2,876 | +0.8% |
| Fixed assets | 21/28 | €325,317 | €323,022 | -€2,295 | -0.7% |
| Tangible fixed assets | 22/27 | €4,155 | €1,860 | -€2,295 | -55.2% |
| Furniture and vehicles | 24 | €4,155 | €1,860 | -€2,295 | -55.2% |
| Financial fixed assets | 28 | €321,162 | €321,162 | = | 0.0% |
| Current assets | 29/58 | €19,959 | €25,130 | +€5,171 | +25.9% |
| Amounts receivable within one year | 40/41 | €11,626 | €0 | -€11,626 | -100% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €11,626 | €0 | -€11,626 | -100% |
| Cash at bank and in hand | 54/58 | €7,622 | €24,746 | +€17,124 | +225% |
| Deferred charges and accrued income | 490/1 | €711 | €384 | -€328 | -46.1% |
| Total equity and liabilities | 10/49 | €345,276 | €348,152 | +€2,876 | +0.8% |
| Equity | 10/15 | €214,394 | €248,162 | +€33,767 | +15.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €89,800 | €122,800 | +€33,000 | +36.7% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | €88,800 | €121,800 | +€33,000 | +37.2% |
| Profit (loss) carried forward | 14 | €114,594 | €115,362 | +€767 | +0.7% |
| Amounts payable | 17/49 | €130,881 | €99,990 | -€30,891 | -23.6% |
| Amounts payable after more than one year | 17 | €32,281 | €33,565 | +€1,284 | +4.0% |
| Financial debts | 170/4 | €32,281 | €33,565 | +€1,284 | +4.0% |
| Amounts payable within one year | 42/48 | €98,601 | €66,425 | -€32,175 | -32.6% |
| Current portion of amounts payable after more than one year | 42 | €11,843 | €14,860 | +€3,017 | +25.5% |
| Trade debts | 44 | €1,078 | €1,717 | +€639 | +59.3% |
| Suppliers | 440/4 | €1,078 | €1,717 | +€639 | +59.3% |
| Taxes, remuneration and social security | 45 | €8,420 | €3,725 | -€4,695 | -55.8% |
| Taxes | 450/3 | €8,420 | €3,725 | -€4,695 | -55.8% |
| Other amounts payable | 47/48 | €77,260 | €46,124 | -€31,136 | -40.3% |
| Remuneration, social security and pensions | 62 | €264 | €0 | -€264 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,378 | €2,295 | -€2,084 | -47.6% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | €4,533 | €0 | -€4,533 | -100% |
| Gross operating margin | 9900 | €50,091 | €38,916 | -€11,175 | -22.3% |
| Operating profit (loss) | 9901 | €40,528 | €36,221 | -€4,307 | -10.6% |
| Financial income | 75/76B | €502 | €14,847 | +€14,345 | +2,860% |
| Recurring financial income | 75 | €502 | €14,847 | +€14,345 | +2,860% |
| Financial charges | 65/66B | €2,668 | €3,657 | +€989 | +37.1% |
| Recurring financial charges | 65 | €2,668 | €3,657 | +€989 | +37.1% |
| Profit (loss) for the period before taxes | 9903 | €38,361 | €47,411 | +€9,049 | +23.6% |
| Income taxes | 67/77 | €13,481 | €13,643 | +€162 | +1.2% |
| Profit (loss) for the period | 9904 | €24,880 | €33,767 | +€8,888 | +35.7% |
| Profit (loss) for the period to be appropriated | 9905 | €24,880 | €33,767 | +€8,888 | +35.7% |
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 27 October 2026 via checked.be.