Denis Willame: 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.
Denis Willame
Largest movements
- Financial fixed assets +€60,000
up €60,000 (+4,000%), from €1,500 to €61,500
- Cash -€33,088
down €33,088 (-29.4%), from €112,362 to €79,274
mainly Contributions, distributions and other (-€223,865) and Investment in fixed assets (net) (-€71,768)
- Current investments +€30,703
up €30,703 (+25.6%), from €119,877 to €150,579
- Tangible fixed assets +€7,976
up €7,976 (+86.6%), from €9,207 to €17,183
of which Furniture and vehicles: +€8,532
- Deferred charges and accrued income +€7,004
up €7,004 (+4.7%), from €150,226 to €157,230
- Reserves -€66,513
down €66,513 (-28.3%), from €235,356 to €168,843
- Other debts +€50,891
up €50,891 (+141%), from €36,006 to €86,897
- Debts after one year +€50,000
up €50,000 (+73.7%), from €67,854 to €117,854
- Tax, wage and social debts +€37,380
up €37,380 (+451%), from €8,280 to €45,660
- Gross operating margin +€24,801
up €24,801 (+12.5%), from €197,779 to €222,580
- Taxes +€15,623
up €15,623 (+34.9%), from €44,780 to €60,403
- Depreciation +€2,455
up €2,455 (+184%), from €1,337 to €3,792
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 | €393,172 | €465,766 | +€72,594 | +18.5% |
| Fixed assets | 21/28 | €10,707 | €78,683 | +€67,976 | +635% |
| Tangible fixed assets | 22/27 | €9,207 | €17,183 | +€7,976 | +86.6% |
| Plant, machinery and equipment | 23 | €2,022 | €1,541 | -€481 | -23.8% |
| Furniture and vehicles | 24 | €5,706 | €14,238 | +€8,532 | +150% |
| Other tangible fixed assets | 26 | €1,479 | €1,404 | -€75 | -5.1% |
| Financial fixed assets | 28 | €1,500 | €61,500 | +€60,000 | +4,000% |
| Current assets | 29/58 | €382,465 | €387,083 | +€4,618 | +1.2% |
| Current investments | 50/53 | €119,877 | €150,579 | +€30,703 | +25.6% |
| Cash at bank and in hand | 54/58 | €112,362 | €79,274 | -€33,088 | -29.4% |
| Deferred charges and accrued income | 490/1 | €150,226 | €157,230 | +€7,004 | +4.7% |
| Total equity and liabilities | 10/49 | €393,172 | €465,766 | +€72,594 | +18.5% |
| Equity | 10/15 | €255,816 | €189,303 | -€66,513 | -26.0% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €235,356 | €168,843 | -€66,513 | -28.3% |
| Distributable reserves | 133 | €235,356 | €168,843 | -€66,513 | -28.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €137,356 | €276,463 | +€139,107 | +101% |
| Amounts payable after more than one year | 17 | €67,854 | €117,854 | +€50,000 | +73.7% |
| Other amounts payable | 178/9 | €67,854 | €117,854 | +€50,000 | +73.7% |
| Amounts payable within one year | 42/48 | €69,467 | €157,869 | +€88,402 | +127% |
| Financial debts | 43 | €23,530 | €23,460 | -€70 | -0.3% |
| Credit institutions | 430/8 | €23,530 | €23,460 | -€70 | -0.3% |
| Trade debts | 44 | €1,651 | €1,852 | +€201 | +12.2% |
| Suppliers | 440/4 | €1,651 | €1,852 | +€201 | +12.2% |
| Taxes, remuneration and social security | 45 | €8,280 | €45,660 | +€37,380 | +451% |
| Taxes | 450/3 | €8,280 | €45,660 | +€37,380 | +451% |
| Other amounts payable | 47/48 | €36,006 | €86,897 | +€50,891 | +141% |
| Accrued charges and deferred income | 492/3 | €35 | €741 | +€705 | +1,987% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,337 | €3,792 | +€2,455 | +184% |
| Other operating charges | 640/8 | €517 | €1,500 | +€983 | +190% |
| Gross operating margin | 9900 | €197,779 | €222,580 | +€24,801 | +12.5% |
| Operating profit (loss) | 9901 | €195,925 | €217,288 | +€21,363 | +10.9% |
| Financial income | 75/76B | €1,395 | €2,706 | +€1,311 | +93.9% |
| Recurring financial income | 75 | €1,395 | €2,706 | +€1,311 | +93.9% |
| Financial charges | 65/66B | €1,674 | €2,238 | +€564 | +33.7% |
| Recurring financial charges | 65 | €1,674 | €2,238 | +€564 | +33.7% |
| Profit (loss) for the period before taxes | 9903 | €195,646 | €217,755 | +€22,110 | +11.3% |
| Income taxes | 67/77 | €44,780 | €60,403 | +€15,623 | +34.9% |
| Profit (loss) for the period | 9904 | €150,866 | €157,352 | +€6,486 | +4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €150,866 | €157,352 | +€6,486 | +4.3% |
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 23 October 2026 via checked.be.