Dr. Marc Willems: 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. Marc Willems
Largest movements
- Current investments +€50,000
up €50,000 (+33.3%), from €150,000 to €200,000
- Tangible fixed assets -€15,447
down €15,447 (-42.1%), from €36,710 to €21,263
of which Furniture and vehicles: -€14,797
- Deferred charges and accrued income +€10,591
up €10,591 (+14.9%), from €71,255 to €81,846
- Cash +€9,402
up €9,402 (+12.9%), from €72,749 to €82,151
mainly Net result for the year (+€69,322) and Depreciation (+€15,447)
- Reserves +€69,322
up €69,322 (+17.8%), from €390,523 to €459,846
- Debts after one year -€8,100
down €8,100 (-66.5%), from €12,175 to €4,075
- Gross operating margin -€20,851
down €20,851 (-16.3%), from €128,312 to €107,461
- Taxes -€5,308
down €5,308 (-15.9%), from €33,403 to €28,095
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 | €446,472 | €505,159 | +€58,687 | +13.1% |
| Fixed assets | 21/28 | €36,710 | €21,263 | -€15,447 | -42.1% |
| Tangible fixed assets | 22/27 | €36,710 | €21,263 | -€15,447 | -42.1% |
| Plant, machinery and equipment | 23 | €707 | €58 | -€650 | -91.8% |
| Furniture and vehicles | 24 | €36,002 | €21,205 | -€14,797 | -41.1% |
| Current assets | 29/58 | €409,763 | €483,896 | +€74,134 | +18.1% |
| Amounts receivable after more than one year | 29 | €110,000 | €110,000 | = | 0.0% |
| Other amounts receivable | 291 | €110,000 | €110,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €5,758 | €9,899 | +€4,141 | +71.9% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €5,758 | €9,899 | +€4,141 | +71.9% |
| Current investments | 50/53 | €150,000 | €200,000 | +€50,000 | +33.3% |
| Cash at bank and in hand | 54/58 | €72,749 | €82,151 | +€9,402 | +12.9% |
| Deferred charges and accrued income | 490/1 | €71,255 | €81,846 | +€10,591 | +14.9% |
| Total equity and liabilities | 10/49 | €446,472 | €505,159 | +€58,687 | +13.1% |
| Equity | 10/15 | €409,123 | €478,446 | +€69,322 | +16.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €390,523 | €459,846 | +€69,322 | +17.8% |
| Distributable reserves | 133 | €390,523 | €459,846 | +€69,322 | +17.8% |
| Amounts payable | 17/49 | €37,349 | €26,714 | -€10,635 | -28.5% |
| Amounts payable after more than one year | 17 | €12,175 | €4,075 | -€8,100 | -66.5% |
| Financial debts | 170/4 | €12,175 | €4,075 | -€8,100 | -66.5% |
| Amounts payable within one year | 42/48 | €25,174 | €22,639 | -€2,535 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €8,033 | €8,100 | +€67 | +0.8% |
| Trade debts | 44 | €1,806 | €744 | -€1,061 | -58.8% |
| Suppliers | 440/4 | €1,806 | €744 | -€1,061 | -58.8% |
| Taxes, remuneration and social security | 45 | €11,163 | €9,697 | -€1,466 | -13.1% |
| Taxes | 450/3 | €11,163 | €9,697 | -€1,466 | -13.1% |
| Other amounts payable | 47/48 | €4,173 | €4,098 | -€75 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,447 | €15,447 | = | 0.0% |
| Other operating charges | 640/8 | €462 | €591 | +€130 | +28.1% |
| Gross operating margin | 9900 | €128,312 | €107,461 | -€20,851 | -16.3% |
| Operating profit (loss) | 9901 | €112,404 | €91,423 | -€20,980 | -18.7% |
| Financial income | 75/76B | €5,795 | €6,571 | +€775 | +13.4% |
| Recurring financial income | 75 | €5,795 | €6,571 | +€775 | +13.4% |
| Financial charges | 65/66B | €683 | €577 | -€106 | -15.6% |
| Recurring financial charges | 65 | €683 | €577 | -€106 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | €117,516 | €97,417 | -€20,099 | -17.1% |
| Income taxes | 67/77 | €33,403 | €28,095 | -€5,308 | -15.9% |
| Profit (loss) for the period | 9904 | €84,113 | €69,322 | -€14,790 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €84,113 | €69,322 | -€14,790 | -17.6% |
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 24 October 2026 via checked.be.