DR. DIRK VAN WEST: 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. DIRK VAN WEST
Largest movements
- Receivables within one year +€53,276
up €53,276 (+119%), from €44,633 to €97,909
of which Trade receivables: +€52,317
- Cash -€46,084
down €46,084 (-12.4%), from €371,312 to €325,228
mainly Contributions, distributions and other (-€82,833) and Receivables within one year (-€53,276)
- Tangible fixed assets -€41,642
down €41,642 (-46.2%), from €90,100 to €48,457
of which Plant, machinery and equipment: -€42,506
- Other debts -€30,667
down €30,667 (-97.4%), from €31,500 to €833
- Tax, wage and social debts +€18,603
up €18,603 (+99.6%), from €18,677 to €37,280
- Debts after one year -€17,478
down €17,478 (-17.5%), from €99,981 to €82,504
- Reserves -€8,500
down €8,500 (-2.6%), from €331,000 to €322,500
- Gross operating margin -€74,483
down €74,483 (-31.9%), from €233,499 to €159,016
- Taxes -€20,794
down €20,794 (-38.7%), from €53,681 to €32,886
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 | €516,249 | €480,252 | -€35,997 | -7.0% |
| Fixed assets | 21/28 | €90,100 | €48,457 | -€41,642 | -46.2% |
| Tangible fixed assets | 22/27 | €90,100 | €48,457 | -€41,642 | -46.2% |
| Plant, machinery and equipment | 23 | €80,314 | €37,808 | -€42,506 | -52.9% |
| Furniture and vehicles | 24 | €9,786 | €10,649 | +€864 | +8.8% |
| Current assets | 29/58 | €426,149 | €431,795 | +€5,646 | +1.3% |
| Amounts receivable within one year | 40/41 | €44,633 | €97,909 | +€53,276 | +119% |
| Trade receivables | 40 | €21,519 | €73,836 | +€52,317 | +243% |
| Other amounts receivable | 41 | €23,114 | €24,073 | +€959 | +4.2% |
| Current investments | 50/53 | €600 | €600 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €371,312 | €325,228 | -€46,084 | -12.4% |
| Deferred charges and accrued income | 490/1 | €9,605 | €8,058 | -€1,546 | -16.1% |
| Total equity and liabilities | 10/49 | €516,249 | €480,252 | -€35,997 | -7.0% |
| Equity | 10/15 | €331,998 | €323,485 | -€8,513 | -2.6% |
| Contributions | 10/11 | €600 | €600 | = | 0.0% |
| Reserves | 13 | €331,000 | €322,500 | -€8,500 | -2.6% |
| Distributable reserves | 133 | €331,000 | €322,500 | -€8,500 | -2.6% |
| Profit (loss) carried forward | 14 | €398 | €385 | -€13 | -3.3% |
| Amounts payable | 17/49 | €184,251 | €156,767 | -€27,483 | -14.9% |
| Amounts payable after more than one year | 17 | €99,981 | €82,504 | -€17,478 | -17.5% |
| Financial debts | 170/4 | €99,981 | €82,504 | -€17,478 | -17.5% |
| Amounts payable within one year | 42/48 | €72,307 | €60,517 | -€11,790 | -16.3% |
| Current portion of amounts payable after more than one year | 42 | €17,294 | €17,478 | +€183 | +1.1% |
| Trade debts | 44 | €4,836 | €4,926 | +€90 | +1.9% |
| Suppliers | 440/4 | €4,836 | €4,926 | +€90 | +1.9% |
| Taxes, remuneration and social security | 45 | €18,677 | €37,280 | +€18,603 | +99.6% |
| Taxes | 450/3 | €18,677 | €37,280 | +€18,603 | +99.6% |
| Other amounts payable | 47/48 | €31,500 | €833 | -€30,667 | -97.4% |
| Accrued charges and deferred income | 492/3 | €11,962 | €13,747 | +€1,785 | +14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,829 | €47,217 | +€388 | +0.8% |
| Other operating charges | 640/8 | €2,007 | €2,186 | +€180 | +9.0% |
| Gross operating margin | 9900 | €233,499 | €159,016 | -€74,483 | -31.9% |
| Operating profit (loss) | 9901 | €184,663 | €109,613 | -€75,051 | -40.6% |
| Financial income | 75/76B | €1,299 | €1,301 | +€2 | +0.2% |
| Recurring financial income | 75 | €1,299 | €1,301 | +€2 | +0.2% |
| Financial charges | 65/66B | €3,742 | €3,708 | -€34 | -0.9% |
| Recurring financial charges | 65 | €3,742 | €3,708 | -€34 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €182,220 | €107,206 | -€75,014 | -41.2% |
| Income taxes | 67/77 | €53,681 | €32,886 | -€20,794 | -38.7% |
| Profit (loss) for the period | 9904 | €128,539 | €74,320 | -€54,219 | -42.2% |
| Profit (loss) for the period to be appropriated | 9905 | €128,539 | €74,320 | -€54,219 | -42.2% |
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 22 October 2026 via checked.be.