DR.De Wachter: 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.De Wachter
Largest movements
- Cash -€469,136
down €469,136 (-72.8%), from €644,503 to €175,367
mainly Contributions, distributions and other (-€524,357) and Current investments (-€366,796)
- Current investments +€366,796
up €366,796 (+50.1%), from €732,541 to €1.1m
- Receivables within one year +€20,138
up €20,138 (+12.1%), from €165,860 to €185,998
of which Trade receivables: +€20,138
- Reserves -€164,047
down €164,047 (-11.4%), from €1.4m to €1.3m
- Tax, wage and social debts +€77,610
up €77,610 (+137%), from €56,546 to €134,155
of which Taxes: +€77,705
- Gross operating margin +€28,201
up €28,201 (+7.4%), from €381,649 to €409,850
- Financial income +€15,953
up €15,953 (+11.4%), from €140,393 to €156,346
- Taxes +€15,375
up €15,375 (+9.9%), from €155,437 to €170,812
- Financial charges +€10,578
up €10,578 (+110%), from €9,656 to €20,234
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 | €1,574,075 | €1,492,716 | -€81,358 | -5.2% |
| Fixed assets | 21/28 | €22,355 | €26,087 | +€3,732 | +16.7% |
| Tangible fixed assets | 22/27 | €20,355 | €24,087 | +€3,732 | +18.3% |
| Other tangible fixed assets | 26 | €20,355 | €24,087 | +€3,732 | +18.3% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €1,551,719 | €1,466,629 | -€85,090 | -5.5% |
| Amounts receivable within one year | 40/41 | €165,860 | €185,998 | +€20,138 | +12.1% |
| Trade receivables | 40 | €165,655 | €185,793 | +€20,138 | +12.2% |
| Other amounts receivable | 41 | €206 | €206 | = | 0.0% |
| Current investments | 50/53 | €732,541 | €1,099,337 | +€366,796 | +50.1% |
| Cash at bank and in hand | 54/58 | €644,503 | €175,367 | -€469,136 | -72.8% |
| Deferred charges and accrued income | 490/1 | €8,815 | €5,927 | -€2,888 | -32.8% |
| Total equity and liabilities | 10/49 | €1,574,075 | €1,492,716 | -€81,358 | -5.2% |
| Equity | 10/15 | €1,451,212 | €1,287,165 | -€164,047 | -11.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,438,812 | €1,274,765 | -€164,047 | -11.4% |
| Distributable reserves | 133 | €1,438,812 | €1,274,765 | -€164,047 | -11.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €122,863 | €205,551 | +€82,688 | +67.3% |
| Amounts payable within one year | 42/48 | €117,853 | €201,254 | +€83,401 | +70.8% |
| Trade debts | 44 | €2,617 | €4,407 | +€1,790 | +68.4% |
| Suppliers | 440/4 | €2,617 | €4,407 | +€1,790 | +68.4% |
| Taxes, remuneration and social security | 45 | €56,546 | €134,155 | +€77,610 | +137% |
| Taxes | 450/3 | €55,343 | €133,048 | +€77,705 | +140% |
| Remuneration and social security | 454/9 | €1,203 | €1,107 | -€96 | -8.0% |
| Other amounts payable | 47/48 | €58,691 | €62,692 | +€4,001 | +6.8% |
| Accrued charges and deferred income | 492/3 | €5,010 | €4,297 | -€713 | -14.2% |
| Remuneration, social security and pensions | 62 | €10,834 | €10,970 | +€136 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,350 | €2,291 | +€941 | +69.7% |
| Other operating charges | 640/8 | €1,477 | €1,578 | +€102 | +6.9% |
| Gross operating margin | 9900 | €381,649 | €409,850 | +€28,201 | +7.4% |
| Operating profit (loss) | 9901 | €367,988 | €395,010 | +€27,022 | +7.3% |
| Financial income | 75/76B | €140,393 | €156,346 | +€15,953 | +11.4% |
| Recurring financial income | 75 | €140,393 | €156,346 | +€15,953 | +11.4% |
| Financial charges | 65/66B | €9,656 | €20,234 | +€10,578 | +110% |
| Recurring financial charges | 65 | €9,656 | €20,234 | +€10,578 | +110% |
| Profit (loss) for the period before taxes | 9903 | €498,725 | €531,122 | +€32,397 | +6.5% |
| Income taxes | 67/77 | €155,437 | €170,812 | +€15,375 | +9.9% |
| Profit (loss) for the period | 9904 | €343,289 | €360,310 | +€17,021 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €343,289 | €360,310 | +€17,021 | +5.0% |
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 26 October 2026 via checked.be.