Dr Koen Waterschoot: 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 Koen Waterschoot
Largest movements
- Receivables after one year +€34,500
up €34,500 (+11.1%), from €311,500 to €346,000
- Tangible fixed assets -€32,506
down €32,506 (-17.1%), from €190,416 to €157,910
of which Land and buildings: -€22,122
- Cash -€14,065
down €14,065 (-20.2%), from €69,770 to €55,705
mainly Tax, wage and social debts (-€51,607) and Receivables after one year (-€34,500)
- Receivables within one year +€9,241
up €9,241 (+1,218%), from €759 to €10,000
of which Other amounts receivable: +€7,500
- Tax, wage and social debts -€51,607
down €51,607 (-55.8%), from €92,477 to €40,871
of which Taxes: -€35,969
- Reserves +€39,152
up €39,152 (+17.9%), from €218,288 to €257,440
of which Distributable reserves: +€39,152
- Short-term financial debts +€8,408
up €8,408, from €0 to €8,408
- Gross operating margin -€65,470
down €65,470 (-27.1%), from €241,894 to €176,424
- Taxes -€25,130
down €25,130 (-58.9%), from €42,652 to €17,523
- Depreciation +€4,129
up €4,129 (+13.9%), from €29,626 to €33,755
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €585,244 | €585,811 | +€567 | +0.1% |
| Fixed assets | 21/28 | €190,676 | €158,169 | -€32,506 | -17.0% |
| Tangible fixed assets | 22/27 | €190,416 | €157,910 | -€32,506 | -17.1% |
| Land and buildings | 22 | €140,330 | €118,208 | -€22,122 | -15.8% |
| Plant, machinery and equipment | 23 | €8,077 | €5,874 | -€2,203 | -27.3% |
| Furniture and vehicles | 24 | €41,669 | €33,828 | -€7,841 | -18.8% |
| Other tangible fixed assets | 26 | €340 | €0 | -€340 | -100% |
| Financial fixed assets | 28 | €259 | €259 | = | 0.0% |
| Current assets | 29/58 | €394,568 | €427,642 | +€33,074 | +8.4% |
| Amounts receivable after more than one year | 29 | €311,500 | €346,000 | +€34,500 | +11.1% |
| Other amounts receivable | 291 | €311,500 | €346,000 | +€34,500 | +11.1% |
| Amounts receivable within one year | 40/41 | €759 | €10,000 | +€9,241 | +1,218% |
| Trade receivables | 40 | €759 | €2,500 | +€1,741 | +230% |
| Other amounts receivable | 41 | €0 | €7,500 | +€7,500 | |
| Cash at bank and in hand | 54/58 | €69,770 | €55,705 | -€14,065 | -20.2% |
| Deferred charges and accrued income | 490/1 | €12,539 | €15,937 | +€3,397 | +27.1% |
| Total equity and liabilities | 10/49 | €585,244 | €585,811 | +€567 | +0.1% |
| Equity | 10/15 | €346,319 | €385,472 | +€39,152 | +11.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €218,288 | €257,440 | +€39,152 | +17.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,262 | €2,262 | = | 0.0% |
| Distributable reserves | 133 | €209,826 | €248,978 | +€39,152 | +18.7% |
| Profit (loss) carried forward | 14 | €66,031 | €66,031 | = | 0.0% |
| Provisions and deferred taxes | 16 | €144,480 | €144,480 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €144,480 | €144,480 | = | 0.0% |
| Pensions and similar obligations | 160 | €144,480 | €144,480 | = | 0.0% |
| Amounts payable | 17/49 | €94,445 | €55,860 | -€38,585 | -40.9% |
| Amounts payable within one year | 42/48 | €94,445 | €55,860 | -€38,585 | -40.9% |
| Financial debts | 43 | €0 | €8,408 | +€8,408 | |
| Credit institutions | 430/8 | €0 | €8,408 | +€8,408 | |
| Trade debts | 44 | €710 | €6,008 | +€5,298 | +746% |
| Suppliers | 440/4 | €710 | €6,008 | +€5,298 | +746% |
| Taxes, remuneration and social security | 45 | €92,477 | €40,871 | -€51,607 | -55.8% |
| Taxes | 450/3 | €66,359 | €30,390 | -€35,969 | -54.2% |
| Remuneration and social security | 454/9 | €26,118 | €10,481 | -€15,637 | -59.9% |
| Other amounts payable | 47/48 | €1,257 | €573 | -€684 | -54.4% |
| Remuneration, social security and pensions | 62 | €80,234 | €79,848 | -€386 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,626 | €33,755 | +€4,129 | +13.9% |
| Other operating charges | 640/8 | €1,055 | €2,690 | +€1,635 | +155% |
| Non-recurring operating charges | 66A | - | €10,000 | +€10,000 | |
| Gross operating margin | 9900 | €241,894 | €176,424 | -€65,470 | -27.1% |
| Operating profit (loss) | 9901 | €130,978 | €50,131 | -€80,848 | -61.7% |
| Financial income | 75/76B | €7,431 | €8,173 | +€743 | +10.0% |
| Recurring financial income | 75 | €7,431 | €8,173 | +€743 | +10.0% |
| Financial charges | 65/66B | €508 | €1,629 | +€1,121 | +221% |
| Recurring financial charges | 65 | €508 | €1,629 | +€1,121 | +221% |
| Profit (loss) for the period before taxes | 9903 | €137,902 | €56,675 | -€81,226 | -58.9% |
| Income taxes | 67/77 | €42,652 | €17,523 | -€25,130 | -58.9% |
| Profit (loss) for the period | 9904 | €95,249 | €39,152 | -€56,097 | -58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €95,249 | €39,152 | -€56,097 | -58.9% |
Source: filed annual accounts (NBB), financial years ended 26 February 2025 and 26 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.