Dr. An Wouters: what changed
Dr. An Wouters
Largest movements
- Current investments +€312,000
new in 2025: €312,000
- Tangible fixed assets -€162,014
down €162,014 (-22.3%), from €725,315 to €563,300
of which Land and buildings: -€150,465
- Receivables within one year -€33,981
no longer reported in 2025 (was €33,981)
- Cash -€18,350
down €18,350 (-6.4%), from €288,908 to €270,558
mainly Contributions, distributions and other (-€473,958) and Current investments (-€312,000)
- Other debts +€357,755
up €357,755 (+33,435%), from €1,070 to €358,825
- Reserves -€267,774
down €267,774 (-26.6%), from €1.0m to €738,659
- Tax, wage and social debts +€21,829
up €21,829 (+84.8%), from €25,741 to €47,569
- Debts after one year -€13,222
down €13,222 (-17.3%), from €76,490 to €63,268
- Gross operating margin +€50,131
up €50,131 (+16.4%), from €306,490 to €356,621
- Taxes +€12,550
up €12,550 (+17.9%), from €69,964 to €82,514
- Depreciation -€11,179
down €11,179 (-17.4%), from €64,308 to €53,130
- Financial charges +€3,774
up €3,774 (+274%), from €1,376 to €5,150
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,137,911 | €1,228,993 | +€91,082 | +8.0% |
| Fixed assets | 21/28 | €725,315 | €563,300 | -€162,014 | -22.3% |
| Tangible fixed assets | 22/27 | €725,315 | €563,300 | -€162,014 | -22.3% |
| Land and buildings | 22 | €689,163 | €538,698 | -€150,465 | -21.8% |
| Plant, machinery and equipment | 23 | €3,110 | €4,216 | +€1,106 | +35.6% |
| Furniture and vehicles | 24 | €33,042 | €20,387 | -€12,655 | -38.3% |
| Current assets | 29/58 | €412,596 | €665,693 | +€253,097 | +61.3% |
| Amounts receivable within one year | 40/41 | €33,981 | - | -€33,981 | |
| Other amounts receivable | 41 | €33,981 | - | -€33,981 | |
| Current investments | 50/53 | - | €312,000 | +€312,000 | |
| Cash at bank and in hand | 54/58 | €288,908 | €270,558 | -€18,350 | -6.4% |
| Deferred charges and accrued income | 490/1 | €89,708 | €83,135 | -€6,573 | -7.3% |
| Total equity and liabilities | 10/49 | €1,137,911 | €1,228,993 | +€91,082 | +8.0% |
| Equity | 10/15 | €1,008,433 | €740,659 | -€267,774 | -26.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €1,006,433 | €738,659 | -€267,774 | -26.6% |
| Distributable reserves | 133 | €1,006,433 | €738,659 | -€267,774 | -26.6% |
| Amounts payable | 17/49 | €129,478 | €488,334 | +€358,856 | +277% |
| Amounts payable after more than one year | 17 | €76,490 | €63,268 | -€13,222 | -17.3% |
| Financial debts | 170/4 | €76,490 | €63,268 | -€13,222 | -17.3% |
| Amounts payable within one year | 42/48 | €52,988 | €425,066 | +€372,079 | +702% |
| Current portion of amounts payable after more than one year | 42 | €21,700 | €13,222 | -€8,477 | -39.1% |
| Trade debts | 44 | €4,478 | €5,450 | +€972 | +21.7% |
| Suppliers | 440/4 | €4,478 | €5,450 | +€972 | +21.7% |
| Taxes, remuneration and social security | 45 | €25,741 | €47,569 | +€21,829 | +84.8% |
| Taxes | 450/3 | €25,741 | €47,569 | +€21,829 | +84.8% |
| Other amounts payable | 47/48 | €1,070 | €358,825 | +€357,755 | +33,435% |
| Non-recurring operating income | 76A | - | €66,236 | +€66,236 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,308 | €53,130 | -€11,179 | -17.4% |
| Other operating charges | 640/8 | €11,067 | €10,104 | -€963 | -8.7% |
| Gross operating margin | 9900 | €306,490 | €356,621 | +€50,131 | +16.4% |
| Operating profit (loss) | 9901 | €231,114 | €293,387 | +€62,273 | +26.9% |
| Financial income | 75/76B | €408 | €460 | +€52 | +12.8% |
| Recurring financial income | 75 | €408 | €460 | +€52 | +12.8% |
| Financial charges | 65/66B | €1,376 | €5,150 | +€3,774 | +274% |
| Recurring financial charges | 65 | €1,376 | €5,150 | +€3,774 | +274% |
| Profit (loss) for the period before taxes | 9903 | €230,146 | €288,697 | +€58,552 | +25.4% |
| Income taxes | 67/77 | €69,964 | €82,514 | +€12,550 | +17.9% |
| Profit (loss) for the period | 9904 | €160,182 | €206,184 | +€46,001 | +28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €160,182 | €206,184 | +€46,001 | +28.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.