Dr.Vincent De Wolf: what changed
Two fiscal 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.Vincent De Wolf
Largest movements
- Cash +€78,006
up €78,006 (+41.2%), from €189,357 to €267,363
mainly Other debts (+€304,372) and Net result for the year (+€166,475)
- Receivables after one year -€40,000
down €40,000 (-30.8%), from €130,000 to €90,000
- Current investments -€40,000
down €40,000 (-36.6%), from €109,283 to €69,283
- Receivables within one year +€28,764
up €28,764 (+22.8%), from €126,404 to €155,168
of which Other amounts receivable: +€42,931
- Other debts +€304,372
up €304,372 (+342.6%), from €88,841 to €393,213
- Reserves -€226,738
down €226,738 (-31.1%), from €729,397 to €502,659
- Debts after one year -€35,945
down €35,945 (-28.9%), from €124,537 to €88,592
- Gross operating margin -€7,905
down €7,905 (-2.6%), from €299,551 to €291,646
- Financial income +€3,328
up €3,328 (+37.3%), from €8,931 to €12,259
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.
Cash bridge derived
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 | €1,060,057 | €1,098,693 | +€38,636 | +3.6% |
| Fixed assets | 21/28 | €491,604 | €501,168 | +€9,564 | +1.9% |
| Tangible fixed assets | 22/27 | €491,604 | €501,168 | +€9,564 | +1.9% |
| Land and buildings | 22 | €458,620 | €482,507 | +€23,887 | +5.2% |
| Plant, machinery and equipment | 23 | €5,510 | €3,924 | -€1,586 | -28.8% |
| Furniture and vehicles | 24 | €27,473 | €14,737 | -€12,736 | -46.4% |
| Current assets | 29/58 | €568,454 | €597,525 | +€29,071 | +5.1% |
| Amounts receivable after more than one year | 29 | €130,000 | €90,000 | -€40,000 | -30.8% |
| Other amounts receivable | 291 | €130,000 | €90,000 | -€40,000 | -30.8% |
| Amounts receivable within one year | 40/41 | €126,404 | €155,168 | +€28,764 | +22.8% |
| Trade receivables | 40 | €21,927 | €7,760 | -€14,167 | -64.6% |
| Other amounts receivable | 41 | €104,477 | €147,408 | +€42,931 | +41.1% |
| Current investments | 50/53 | €109,283 | €69,283 | -€40,000 | -36.6% |
| Cash at bank and in hand | 54/58 | €189,357 | €267,363 | +€78,006 | +41.2% |
| Deferred charges and accrued income | 490/1 | €13,409 | €15,711 | +€2,302 | +17.2% |
| Total equity and liabilities | 10/49 | €1,060,057 | €1,098,693 | +€38,636 | +3.6% |
| Equity | 10/15 | €741,797 | €515,059 | -€226,738 | -30.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €729,397 | €502,659 | -€226,738 | -31.1% |
| Distributable reserves | 133 | €729,397 | €502,659 | -€226,738 | -31.1% |
| Amounts payable | 17/49 | €318,260 | €583,634 | +€265,373 | +83.4% |
| Amounts payable after more than one year | 17 | €124,537 | €88,592 | -€35,945 | -28.9% |
| Financial debts | 170/4 | €124,537 | €88,592 | -€35,945 | -28.9% |
| Amounts payable within one year | 42/48 | €187,163 | €487,327 | +€300,164 | +160.4% |
| Current portion of amounts payable after more than one year | 42 | €35,534 | €35,945 | +€411 | +1.2% |
| Financial debts | 43 | €38,903 | €39,038 | +€134 | +0.3% |
| Credit institutions | 430/8 | €38,903 | €39,038 | +€134 | +0.3% |
| Trade debts | 44 | €4,534 | €3,720 | -€814 | -17.9% |
| Suppliers | 440/4 | €4,534 | €3,720 | -€814 | -17.9% |
| Taxes, remuneration and social security | 45 | €19,351 | €15,411 | -€3,940 | -20.4% |
| Taxes | 450/3 | €14,950 | €11,991 | -€2,959 | -19.8% |
| Remuneration and social security | 454/9 | €4,401 | €3,420 | -€981 | -22.3% |
| Other amounts payable | 47/48 | €88,841 | €393,213 | +€304,372 | +342.6% |
| Accrued charges and deferred income | 492/3 | €6,560 | €7,714 | +€1,154 | +17.6% |
| Remuneration, social security and pensions | 62 | €18,300 | €18,036 | -€264 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,385 | €34,156 | +€771 | +2.3% |
| Other operating charges | 640/8 | €3,462 | €5,573 | +€2,111 | +61.0% |
| Gross operating margin | 9900 | €299,551 | €291,646 | -€7,905 | -2.6% |
| Operating profit (loss) | 9901 | €244,404 | €233,880 | -€10,524 | -4.3% |
| Financial income | 75/76B | €8,931 | €12,259 | +€3,328 | +37.3% |
| Recurring financial income | 75 | €8,931 | €12,259 | +€3,328 | +37.3% |
| Financial charges | 65/66B | €4,341 | €3,236 | -€1,105 | -25.4% |
| Recurring financial charges | 65 | €4,341 | €3,236 | -€1,105 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €248,993 | €242,903 | -€6,090 | -2.4% |
| Income taxes | 67/77 | €76,954 | €76,428 | -€526 | -0.7% |
| Profit (loss) for the period | 9904 | €172,040 | €166,475 | -€5,564 | -3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €172,040 | €166,475 | -€5,564 | -3.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.