Dr. Lieven WOSTYN: 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. Lieven WOSTYN
Largest movements
- Current investments +€528,374
up €528,374 (+31.0%), from €1.7m to €2.2m
- Receivables within one year -€170,264
down €170,264 (-41.0%), from €415,040 to €244,777
of which Trade receivables: -€172,562
- Cash +€120,968
up €120,968 (+31.2%), from €387,798 to €508,767
mainly Net result for the year (+€541,479) and Receivables within one year (+€170,264)
- Tangible fixed assets -€35,713
down €35,713 (-36.9%), from €96,844 to €61,131
of which Furniture and vehicles: -€35,474
- Reserves +€356,779
up €356,779 (+15.3%), from €2.3m to €2.7m
of which Distributable reserves: +€230,479
- Other debts +€169,540
up €169,540 (+1,048%), from €16,180 to €185,720
- Tax, wage and social debts -€70,203
down €70,203 (-54.3%), from €129,195 to €58,992
of which Taxes: -€73,513
- Gross operating margin +€128,777
up €128,777 (+17.1%), from €753,005 to €881,782
- Financial income -€42,645
down €42,645 (-32.9%), from €129,465 to €86,820
of which Financial income: -€46,472
- Staff costs +€31,870
up €31,870 (+27.6%), from €115,390 to €147,260
- Taxes +€15,933
up €15,933 (+8.4%), from €188,760 to €204,693
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 | €2,607,568 | €3,051,015 | +€443,447 | +17.0% |
| Fixed assets | 21/28 | €96,844 | €61,131 | -€35,713 | -36.9% |
| Tangible fixed assets | 22/27 | €96,844 | €61,131 | -€35,713 | -36.9% |
| Plant, machinery and equipment | 23 | €839 | €601 | -€239 | -28.4% |
| Furniture and vehicles | 24 | €96,004 | €60,531 | -€35,474 | -37.0% |
| Current assets | 29/58 | €2,510,724 | €2,989,884 | +€479,160 | +19.1% |
| Amounts receivable within one year | 40/41 | €415,040 | €244,777 | -€170,264 | -41.0% |
| Trade receivables | 40 | €415,040 | €242,479 | -€172,562 | -41.6% |
| Other amounts receivable | 41 | - | €2,298 | +€2,298 | |
| Current investments | 50/53 | €1,705,992 | €2,234,367 | +€528,374 | +31.0% |
| Cash at bank and in hand | 54/58 | €387,798 | €508,767 | +€120,968 | +31.2% |
| Deferred charges and accrued income | 490/1 | €1,893 | €1,974 | +€80 | +4.2% |
| Total equity and liabilities | 10/49 | €2,607,568 | €3,051,015 | +€443,447 | +17.0% |
| Equity | 10/15 | €2,344,966 | €2,701,745 | +€356,779 | +15.2% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €2,337,966 | €2,694,745 | +€356,779 | +15.3% |
| Non-distributable reserves | 130/1 | €26,050 | €26,050 | = | 0.0% |
| Reserves not available under the articles | 1311 | €26,050 | €26,050 | = | 0.0% |
| Tax-exempt reserves | 132 | €336,800 | €463,100 | +€126,300 | +37.5% |
| Distributable reserves | 133 | €1,975,116 | €2,205,595 | +€230,479 | +11.7% |
| Amounts payable | 17/49 | €262,602 | €349,270 | +€86,668 | +33.0% |
| Amounts payable within one year | 42/48 | €261,353 | €349,088 | +€87,735 | +33.6% |
| Trade debts | 44 | €115,979 | €104,376 | -€11,603 | -10.0% |
| Suppliers | 440/4 | €115,979 | €104,376 | -€11,603 | -10.0% |
| Taxes, remuneration and social security | 45 | €129,195 | €58,992 | -€70,203 | -54.3% |
| Taxes | 450/3 | €115,018 | €41,505 | -€73,513 | -63.9% |
| Remuneration and social security | 454/9 | €14,177 | €17,487 | +€3,310 | +23.3% |
| Other amounts payable | 47/48 | €16,180 | €185,720 | +€169,540 | +1,048% |
| Accrued charges and deferred income | 492/3 | €1,249 | €182 | -€1,067 | -85.4% |
| Non-recurring operating income | 76A | €2,056 | - | -€2,056 | |
| Remuneration, social security and pensions | 62 | €115,390 | €147,260 | +€31,870 | +27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,921 | €35,713 | -€208 | -0.6% |
| Other operating charges | 640/8 | €3,545 | €3,320 | -€225 | -6.3% |
| Non-recurring operating charges | 66A | €30,000 | €31,326 | +€1,326 | +4.4% |
| Gross operating margin | 9900 | €753,005 | €881,782 | +€128,777 | +17.1% |
| Operating profit (loss) | 9901 | €568,149 | €664,163 | +€96,014 | +16.9% |
| Financial income | 75/76B | €129,465 | €86,820 | -€42,645 | -32.9% |
| Recurring financial income | 75 | €129,465 | €82,994 | -€46,472 | -35.9% |
| Non-recurring financial income | 76B | - | €3,827 | +€3,827 | |
| Financial charges | 65/66B | €9,282 | €4,812 | -€4,470 | -48.2% |
| Recurring financial charges | 65 | €7,086 | €4,812 | -€2,273 | -32.1% |
| Non-recurring financial charges | 66B | €2,196 | - | -€2,196 | |
| Profit (loss) for the period before taxes | 9903 | €688,333 | €746,172 | +€57,839 | +8.4% |
| Income taxes | 67/77 | €188,760 | €204,693 | +€15,933 | +8.4% |
| Profit (loss) for the period | 9904 | €499,573 | €541,479 | +€41,906 | +8.4% |
| Transfer to tax-exempt reserves | 689 | €126,300 | €126,300 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €373,273 | €415,179 | +€41,906 | +11.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.