Dr. Annelize Wandelseck: 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.
Dr. Annelize Wandelseck
Largest movements
- Cash +€69,442
up €69,442 (+94.3%), from €73,618 to €143,060
mainly Net result for the year (+€93,594) and Depreciation (+€2,533)
- Receivables within one year +€14,576
up €14,576 (+24.3%), from €60,079 to €74,655
of which Trade receivables: +€15,051
- Tangible fixed assets -€2,533
down €2,533 (-23.9%), from €10,598 to €8,065
of which Plant, machinery and equipment: -€1,531
- Reserves +€93,594
up €93,594 (+91.6%), from €102,153 to €195,747
- Other debts -€7,492
down €7,492 (-98.4%), from €7,612 to €121
- Tax, wage and social debts -€3,502
down €3,502 (-11.9%), from €29,529 to €26,027
- Gross operating margin -€13,474
down €13,474 (-9.9%), from €135,859 to €122,384
- Taxes -€3,283
down €3,283 (-11.2%), from €29,310 to €26,027
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.
Cash bridge derived
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 | €144,295 | €226,895 | +€82,600 | +57.2% |
| Fixed assets | 21/28 | €10,598 | €8,165 | -€2,433 | -23.0% |
| Tangible fixed assets | 22/27 | €10,598 | €8,065 | -€2,533 | -23.9% |
| Plant, machinery and equipment | 23 | €6,064 | €4,533 | -€1,531 | -25.2% |
| Furniture and vehicles | 24 | €4,534 | €3,532 | -€1,002 | -22.1% |
| Financial fixed assets | 28 | - | €100 | +€100 | |
| Current assets | 29/58 | €133,697 | €218,730 | +€85,033 | +63.6% |
| Amounts receivable within one year | 40/41 | €60,079 | €74,655 | +€14,576 | +24.3% |
| Trade receivables | 40 | €58,613 | €73,664 | +€15,051 | +25.7% |
| Other amounts receivable | 41 | €1,465 | €991 | -€475 | -32.4% |
| Cash at bank and in hand | 54/58 | €73,618 | €143,060 | +€69,442 | +94.3% |
| Deferred charges and accrued income | 490/1 | - | €1,015 | +€1,015 | |
| Total equity and liabilities | 10/49 | €144,295 | €226,895 | +€82,600 | +57.2% |
| Equity | 10/15 | €107,153 | €200,747 | +€93,594 | +87.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €102,153 | €195,747 | +€93,594 | +91.6% |
| Distributable reserves | 133 | €102,153 | €195,747 | +€93,594 | +91.6% |
| Amounts payable | 17/49 | €37,142 | €26,148 | -€10,994 | -29.6% |
| Amounts payable within one year | 42/48 | €37,142 | €26,148 | -€10,994 | -29.6% |
| Taxes, remuneration and social security | 45 | €29,529 | €26,027 | -€3,502 | -11.9% |
| Taxes | 450/3 | €29,529 | €26,027 | -€3,502 | -11.9% |
| Other amounts payable | 47/48 | €7,612 | €121 | -€7,492 | -98.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,066 | €2,533 | +€467 | +22.6% |
| Other operating charges | 640/8 | €1,527 | €186 | -€1,342 | -87.8% |
| Gross operating margin | 9900 | €135,859 | €122,384 | -€13,474 | -9.9% |
| Operating profit (loss) | 9901 | €132,266 | €119,666 | -€12,600 | -9.5% |
| Financial charges | 65/66B | €802 | €45 | -€757 | -94.4% |
| Recurring financial charges | 65 | €802 | €45 | -€757 | -94.4% |
| Profit (loss) for the period before taxes | 9903 | €131,463 | €119,621 | -€11,842 | -9.0% |
| Income taxes | 67/77 | €29,310 | €26,027 | -€3,283 | -11.2% |
| Profit (loss) for the period | 9904 | €102,153 | €93,594 | -€8,559 | -8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €102,153 | €93,594 | -€8,559 | -8.4% |
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 10 October 2026 via checked.be.