DR. G. WOUTERS: what changed
DR. G. WOUTERS
Largest movements
- Tangible fixed assets -€38,249
down €38,249 (-23.1%), from €165,608 to €127,359
of which Furniture and vehicles: -€31,778
- Current investments +€33,154
up €33,154 (+4.0%), from €834,816 to €867,970
- Receivables within one year -€18,351
no longer reported in 2025 (was €18,351)
- Cash -€15,268
down €15,268 (-5.1%), from €297,885 to €282,617
mainly Contributions, distributions and other (-€172,809) and Current investments (-€33,154)
- Reserves -€17,228
down €17,228 (-1.4%), from €1.2m to €1.2m
of which Distributable reserves: -€17,228
- Gross operating margin -€65,210
down €65,210 (-20.5%), from €318,149 to €252,938
- Depreciation +€9,934
up €9,934 (+35.1%), from €28,316 to €38,249
- Taxes -€7,570
down €7,570 (-9.2%), from €82,448 to €74,878
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,329,102 | €1,294,759 | -€34,344 | -2.6% |
| Fixed assets | 21/28 | €165,608 | €127,359 | -€38,249 | -23.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €165,608 | €127,359 | -€38,249 | -23.1% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €118,272 | €86,494 | -€31,778 | -26.9% |
| Other tangible fixed assets | 26 | €47,337 | €40,865 | -€6,472 | -13.7% |
| Current assets | 29/58 | €1,163,494 | €1,167,400 | +€3,906 | +0.3% |
| Amounts receivable within one year | 40/41 | €18,351 | - | -€18,351 | |
| Other amounts receivable | 41 | €18,351 | - | -€18,351 | |
| Current investments | 50/53 | €834,816 | €867,970 | +€33,154 | +4.0% |
| Cash at bank and in hand | 54/58 | €297,885 | €282,617 | -€15,268 | -5.1% |
| Deferred charges and accrued income | 490/1 | €12,441 | €16,812 | +€4,371 | +35.1% |
| Total equity and liabilities | 10/49 | €1,329,102 | €1,294,759 | -€34,344 | -2.6% |
| Equity | 10/15 | €1,257,620 | €1,240,392 | -€17,228 | -1.4% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €1,238,870 | €1,221,642 | -€17,228 | -1.4% |
| Tax-exempt reserves | 132 | €55 | €55 | = | 0.0% |
| Distributable reserves | 133 | €1,238,815 | €1,221,587 | -€17,228 | -1.4% |
| Amounts payable | 17/49 | €71,483 | €54,367 | -€17,116 | -23.9% |
| Amounts payable within one year | 42/48 | €66,549 | €48,495 | -€18,054 | -27.1% |
| Trade debts | 44 | €28,710 | €21,366 | -€7,343 | -25.6% |
| Suppliers | 440/4 | €28,710 | €21,366 | -€7,343 | -25.6% |
| Taxes, remuneration and social security | 45 | €36,001 | €25,278 | -€10,723 | -29.8% |
| Taxes | 450/3 | €36,001 | €25,278 | -€10,723 | -29.8% |
| Other amounts payable | 47/48 | €1,838 | €1,851 | +€13 | +0.7% |
| Accrued charges and deferred income | 492/3 | €4,934 | €5,872 | +€938 | +19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,316 | €38,249 | +€9,934 | +35.1% |
| Other operating charges | 640/8 | €1,286 | €1,065 | -€220 | -17.1% |
| Gross operating margin | 9900 | €318,149 | €252,938 | -€65,210 | -20.5% |
| Operating profit (loss) | 9901 | €288,547 | €213,623 | -€74,924 | -26.0% |
| Financial income | 75/76B | €17,550 | €17,865 | +€314 | +1.8% |
| Recurring financial income | 75 | €17,550 | €17,865 | +€314 | +1.8% |
| Financial charges | 65/66B | €1,827 | €1,029 | -€799 | -43.7% |
| Recurring financial charges | 65 | €1,827 | €1,029 | -€799 | -43.7% |
| Profit (loss) for the period before taxes | 9903 | €304,270 | €230,459 | -€73,811 | -24.3% |
| Income taxes | 67/77 | €82,448 | €74,878 | -€7,570 | -9.2% |
| Profit (loss) for the period | 9904 | €221,822 | €155,581 | -€66,241 | -29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €221,822 | €155,581 | -€66,241 | -29.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.