DR B WAELKENS: 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 B WAELKENS
Largest movements
- Intangible fixed assets -€55,400
down €55,400 (-19.1%), from €289,715 to €234,315
- Cash -€28,051
down €28,051 (-78.6%), from €35,700 to €7,649
mainly Contributions, distributions and other (-€271,380) and Debts after one year (-€80,778)
- Other debts +€152,455
up €152,455 (+3,271%), from €4,660 to €157,115
- Profit (loss) carried forward -€150,860
no longer reported in 2025 (was €150,860)
- Debts after one year -€80,778
down €80,778 (-74.9%), from €107,842 to €27,064
- Tax, wage and social debts -€7,275
down €7,275 (-61.4%), from €11,857 to €4,582
of which Taxes: -€7,275
- Gross operating margin -€7,691
down €7,691 (-3.4%), from €223,219 to €215,528
- Taxes -€2,325
down €2,325 (-6.1%), from €38,247 to €35,922
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 | €363,188 | €277,420 | -€85,769 | -23.6% |
| Fixed assets | 21/28 | €293,465 | €237,202 | -€56,264 | -19.2% |
| Intangible fixed assets | 21 | €289,715 | €234,315 | -€55,400 | -19.1% |
| Tangible fixed assets | 22/27 | €3,750 | €2,887 | -€864 | -23.0% |
| Furniture and vehicles | 24 | €2,026 | €1,342 | -€684 | -33.8% |
| Other tangible fixed assets | 26 | €1,724 | €1,545 | -€180 | -10.4% |
| Current assets | 29/58 | €69,723 | €40,218 | -€29,505 | -42.3% |
| Amounts receivable within one year | 40/41 | €1,028 | - | -€1,028 | |
| Trade receivables | 40 | €1,028 | - | -€1,028 | |
| Cash at bank and in hand | 54/58 | €35,700 | €7,649 | -€28,051 | -78.6% |
| Deferred charges and accrued income | 490/1 | €32,995 | €32,569 | -€425 | -1.3% |
| Total equity and liabilities | 10/49 | €363,188 | €277,420 | -€85,769 | -23.6% |
| Equity | 10/15 | €156,860 | €6,000 | -€150,860 | -96.2% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €150,860 | - | -€150,860 | |
| Amounts payable | 17/49 | €206,328 | €271,420 | +€65,092 | +31.5% |
| Amounts payable after more than one year | 17 | €107,842 | €27,064 | -€80,778 | -74.9% |
| Financial debts | 170/4 | €107,842 | €27,064 | -€80,778 | -74.9% |
| Amounts payable within one year | 42/48 | €98,446 | €244,219 | +€145,773 | +148% |
| Current portion of amounts payable after more than one year | 42 | €80,158 | €80,778 | +€620 | +0.8% |
| Trade debts | 44 | €1,771 | €1,744 | -€26 | -1.5% |
| Suppliers | 440/4 | €1,771 | €1,744 | -€26 | -1.5% |
| Taxes, remuneration and social security | 45 | €11,857 | €4,582 | -€7,275 | -61.4% |
| Taxes | 450/3 | €9,357 | €2,082 | -€7,275 | -77.8% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €4,660 | €157,115 | +€152,455 | +3,271% |
| Accrued charges and deferred income | 492/3 | €40 | €136 | +€96 | +240% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,309 | €56,264 | -€45 | -0.1% |
| Other operating charges | 640/8 | €928 | €914 | -€14 | -1.5% |
| Gross operating margin | 9900 | €223,219 | €215,528 | -€7,691 | -3.4% |
| Operating profit (loss) | 9901 | €165,982 | €158,350 | -€7,632 | -4.6% |
| Financial income | 75/76B | €367 | €172 | -€195 | -53.2% |
| Recurring financial income | 75 | €367 | €172 | -€195 | -53.2% |
| Financial charges | 65/66B | €2,745 | €2,079 | -€666 | -24.3% |
| Recurring financial charges | 65 | €2,745 | €2,079 | -€666 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | €163,604 | €156,443 | -€7,162 | -4.4% |
| Income taxes | 67/77 | €38,247 | €35,922 | -€2,325 | -6.1% |
| Profit (loss) for the period | 9904 | €125,357 | €120,520 | -€4,837 | -3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €125,357 | €120,520 | -€4,837 | -3.9% |
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 25 October 2026 via checked.be.