DR. BART WOLLAERT: what changed
Two fiscal 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. BART WOLLAERT
Largest movements
- Current investments +€542,843
up €542,843 (+44.7%), from €1.2m to €1.8m
- Deferred charges and accrued income -€105,311
down €105,311 (-53.3%), from €197,515 to €92,204
- Tangible fixed assets -€46,233
down €46,233 (-6.6%), from €697,172 to €650,940
of which Furniture and vehicles: -€23,658
- Reserves +€430,762
up €430,762 (+20.7%), from €2.1m to €2.5m
of which Distributable reserves: +€304,462
- Tax, wage and social debts -€46,764
down €46,764 (-89.0%), from €52,567 to €5,803
of which Taxes: -€46,912
- Taxes -€21,344
down €21,344 (-10.4%), from €204,915 to €183,571
- Gross operating margin -€20,169
down €20,169 (-3.0%), from €669,861 to €649,692
- Financial income +€16,198
up €16,198 (+55.8%), from €29,016 to €45,214
- Depreciation +€10,761
up €10,761 (+30.3%), from €35,472 to €46,233
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 | €2,190,665 | €2,576,974 | +€386,310 | +17.6% |
| Fixed assets | 21/28 | €697,332 | €651,100 | -€46,233 | -6.6% |
| Tangible fixed assets | 22/27 | €697,172 | €650,940 | -€46,233 | -6.6% |
| Land and buildings | 22 | €580,524 | €559,616 | -€20,908 | -3.6% |
| Plant, machinery and equipment | 23 | €2,552 | €917 | -€1,635 | -64.1% |
| Furniture and vehicles | 24 | €110,820 | €87,162 | -€23,658 | -21.3% |
| Other tangible fixed assets | 26 | €3,277 | €3,245 | -€32 | -1.0% |
| Financial fixed assets | 28 | €160 | €160 | = | 0.0% |
| Current assets | 29/58 | €1,493,332 | €1,925,874 | +€432,542 | +29.0% |
| Amounts receivable after more than one year | 29 | €1,914 | - | -€1,914 | |
| Other amounts receivable | 291 | €1,914 | - | -€1,914 | |
| Amounts receivable within one year | 40/41 | - | €8,938 | +€8,938 | |
| Other amounts receivable | 41 | - | €8,938 | +€8,938 | |
| Current investments | 50/53 | €1,215,237 | €1,758,080 | +€542,843 | +44.7% |
| Cash at bank and in hand | 54/58 | €78,666 | €66,652 | -€12,014 | -15.3% |
| Deferred charges and accrued income | 490/1 | €197,515 | €92,204 | -€105,311 | -53.3% |
| Total equity and liabilities | 10/49 | €2,190,665 | €2,576,974 | +€386,310 | +17.6% |
| Equity | 10/15 | €2,096,699 | €2,527,461 | +€430,762 | +20.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,078,099 | €2,508,861 | +€430,762 | +20.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €505,376 | €631,676 | +€126,300 | +25.0% |
| Distributable reserves | 133 | €1,570,864 | €1,875,325 | +€304,462 | +19.4% |
| Amounts payable | 17/49 | €93,965 | €49,513 | -€44,452 | -47.3% |
| Amounts payable within one year | 42/48 | €52,833 | €5,911 | -€46,922 | -88.8% |
| Trade debts | 44 | €267 | - | -€267 | |
| Bills of exchange payable | 441 | €267 | - | -€267 | |
| Taxes, remuneration and social security | 45 | €52,567 | €5,803 | -€46,764 | -89.0% |
| Taxes | 450/3 | €46,912 | - | -€46,912 | |
| Remuneration and social security | 454/9 | €5,654 | €5,803 | +€148 | +2.6% |
| Other amounts payable | 47/48 | - | €108 | +€108 | |
| Accrued charges and deferred income | 492/3 | €41,132 | €43,603 | +€2,471 | +6.0% |
| Non-recurring operating income | 76A | €27,819 | - | -€27,819 | |
| Remuneration, social security and pensions | 62 | €26,943 | €27,721 | +€778 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,472 | €46,233 | +€10,761 | +30.3% |
| Other operating charges | 640/8 | €6,076 | €5,863 | -€214 | -3.5% |
| Gross operating margin | 9900 | €669,861 | €649,692 | -€20,169 | -3.0% |
| Operating profit (loss) | 9901 | €601,370 | €569,876 | -€31,494 | -5.2% |
| Financial income | 75/76B | €29,016 | €45,214 | +€16,198 | +55.8% |
| Recurring financial income | 75 | €29,016 | €45,214 | +€16,198 | +55.8% |
| Financial charges | 65/66B | €166 | €757 | +€591 | +356.0% |
| Recurring financial charges | 65 | €166 | €757 | +€591 | +356.0% |
| Profit (loss) for the period before taxes | 9903 | €630,220 | €614,332 | -€15,887 | -2.5% |
| Income taxes | 67/77 | €204,915 | €183,571 | -€21,344 | -10.4% |
| Profit (loss) for the period | 9904 | €425,305 | €430,762 | +€5,457 | +1.3% |
| Transfer from tax-exempt reserves | 789 | €213,600 | - | -€213,600 | |
| Transfer to tax-exempt reserves | 689 | €126,300 | €126,300 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €512,605 | €304,462 | -€208,143 | -40.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.