Dr. V. Wouters: 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. V. Wouters
Largest movements
- Cash +€39,318
up €39,318 (+278%), from €14,119 to €53,437
mainly Net result for the year (+€38,421) and Depreciation (+€2,978)
- Formation expenses -€2,339
down €2,339 (-100%), from €2,339 to €0
- Tangible fixed assets -€638
down €638 (-33.9%), from €1,882 to €1,243
- Reserves +€37,588
up €37,588 (+494%), from €7,606 to €45,195
- Other debts -€899
down €899 (-12.2%), from €7,385 to €6,486
- Gross operating margin +€40,407
up €40,407 (+362%), from €11,169 to €51,575
- Taxes +€7,973
up €7,973 (+383%), from €2,084 to €10,056
- Depreciation +€2,358
up €2,358 (+380%), from €620 to €2,978
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 | €18,907 | €55,824 | +€36,916 | +195% |
| Formation expenses | 20 | €2,339 | €0 | -€2,339 | -100% |
| Fixed assets | 21/28 | €1,882 | €1,243 | -€638 | -33.9% |
| Tangible fixed assets | 22/27 | €1,882 | €1,243 | -€638 | -33.9% |
| Furniture and vehicles | 24 | €1,882 | €1,243 | -€638 | -33.9% |
| Current assets | 29/58 | €14,686 | €54,580 | +€39,894 | +272% |
| Amounts receivable within one year | 40/41 | €315 | €802 | +€487 | +155% |
| Trade receivables | 40 | €315 | €802 | +€487 | +155% |
| Cash at bank and in hand | 54/58 | €14,119 | €53,437 | +€39,318 | +278% |
| Deferred charges and accrued income | 490/1 | €252 | €341 | +€89 | +35.1% |
| Total equity and liabilities | 10/49 | €18,907 | €55,824 | +€36,916 | +195% |
| Equity | 10/15 | €9,106 | €46,695 | +€37,588 | +413% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €7,606 | €45,195 | +€37,588 | +494% |
| Distributable reserves | 133 | €7,606 | €45,195 | +€37,588 | +494% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €9,801 | €9,129 | -€672 | -6.9% |
| Amounts payable within one year | 42/48 | €9,801 | €9,129 | -€672 | -6.9% |
| Trade debts | 44 | €333 | €587 | +€254 | +76.3% |
| Suppliers | 440/4 | €333 | €587 | +€254 | +76.3% |
| Taxes, remuneration and social security | 45 | €2,084 | €2,056 | -€27 | -1.3% |
| Taxes | 450/3 | €2,084 | €2,056 | -€27 | -1.3% |
| Other amounts payable | 47/48 | €7,385 | €6,486 | -€899 | -12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €620 | €2,978 | +€2,358 | +380% |
| Other operating charges | 640/8 | - | €120 | +€120 | |
| Gross operating margin | 9900 | €11,169 | €51,575 | +€40,407 | +362% |
| Operating profit (loss) | 9901 | €10,549 | €48,478 | +€37,929 | +360% |
| Profit (loss) for the period before taxes | 9903 | €10,549 | €48,478 | +€37,929 | +360% |
| Income taxes | 67/77 | €2,084 | €10,056 | +€7,973 | +383% |
| Profit (loss) for the period | 9904 | €8,465 | €38,421 | +€29,956 | +354% |
| Profit (loss) for the period to be appropriated | 9905 | €8,465 | €38,421 | +€29,956 | +354% |
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 21 October 2026 via checked.be.