Dr. Ward Rigaux: 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. Ward Rigaux
Largest movements
- Cash -€12,725
down €12,725 (-10.4%), from €122,458 to €109,733
mainly Contributions, distributions and other (-€130,353) and Net result for the year (-€27,775)
- Tangible fixed assets -€9,913
down €9,913 (-24.4%), from €40,661 to €30,748
of which Furniture and vehicles: -€9,454
- Financial fixed assets +€2,600
new in 2025: €2,600
- Receivables within one year -€1,888
down €1,888 (-11.5%), from €16,440 to €14,552
of which Other amounts receivable: -€1,141
- Reserves -€158,128
down €158,128 (-100%), from €158,128 to €0
- Other debts +€118,581
up €118,581 (+6,097%), from €1,945 to €120,526
- Tax, wage and social debts +€20,303
up €20,303, from €0 to €20,303
- Gross operating margin -€54,675
down €54,675, from €37,726 to -€16,950
- Taxes -€5,380
down €5,380 (-97.6%), from €5,512 to €132
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 | €180,770 | €159,449 | -€21,322 | -11.8% |
| Fixed assets | 21/28 | €40,661 | €33,348 | -€7,313 | -18.0% |
| Tangible fixed assets | 22/27 | €40,661 | €30,748 | -€9,913 | -24.4% |
| Land and buildings | 22 | €1,010 | €769 | -€241 | -23.8% |
| Plant, machinery and equipment | 23 | €1,835 | €1,617 | -€218 | -11.9% |
| Furniture and vehicles | 24 | €37,816 | €28,362 | -€9,454 | -25.0% |
| Financial fixed assets | 28 | - | €2,600 | +€2,600 | |
| Current assets | 29/58 | €140,109 | €126,100 | -€14,009 | -10.0% |
| Amounts receivable within one year | 40/41 | €16,440 | €14,552 | -€1,888 | -11.5% |
| Trade receivables | 40 | €2,040 | €1,293 | -€747 | -36.6% |
| Other amounts receivable | 41 | €14,401 | €13,259 | -€1,141 | -7.9% |
| Cash at bank and in hand | 54/58 | €122,458 | €109,733 | -€12,725 | -10.4% |
| Deferred charges and accrued income | 490/1 | €1,211 | €1,815 | +€604 | +49.9% |
| Total equity and liabilities | 10/49 | €180,770 | €159,449 | -€21,322 | -11.8% |
| Equity | 10/15 | €176,728 | €18,600 | -€158,128 | -89.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €158,128 | €0 | -€158,128 | -100% |
| Distributable reserves | 133 | €158,128 | €0 | -€158,128 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,043 | €140,849 | +€136,806 | +3,384% |
| Amounts payable within one year | 42/48 | €3,043 | €140,849 | +€137,806 | +4,529% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,098 | €19 | -€1,078 | -98.2% |
| Suppliers | 440/4 | €1,098 | €19 | -€1,078 | -98.2% |
| Taxes, remuneration and social security | 45 | €0 | €20,303 | +€20,303 | |
| Taxes | 450/3 | €0 | €20,303 | +€20,303 | |
| Other amounts payable | 47/48 | €1,945 | €120,526 | +€118,581 | +6,097% |
| Accrued charges and deferred income | 492/3 | €1,000 | €0 | -€1,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,866 | €9,913 | +€47 | +0.5% |
| Other operating charges | 640/8 | €687 | €705 | +€18 | +2.7% |
| Gross operating margin | 9900 | €37,726 | -€16,950 | -€54,675 | |
| Operating profit (loss) | 9901 | €27,173 | -€27,568 | -€54,741 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €295 | €75 | -€220 | -74.6% |
| Recurring financial charges | 65 | €295 | €75 | -€220 | -74.6% |
| Profit (loss) for the period before taxes | 9903 | €26,878 | -€27,643 | -€54,521 | |
| Income taxes | 67/77 | €5,512 | €132 | -€5,380 | -97.6% |
| Profit (loss) for the period | 9904 | €21,367 | -€27,775 | -€49,141 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,367 | -€27,775 | -€49,141 |
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.