Dr. Willem Standaert: 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. Willem Standaert
Largest movements
- Cash +€93,343
up €93,343 (+67.9%), from €137,477 to €230,820
mainly Net result for the year (+€90,188) and Current investments (+€25,000)
- Current investments -€25,000
down €25,000 (-20.4%), from €122,761 to €97,761
- Tangible fixed assets -€14,994
down €14,994 (-35.0%), from €42,889 to €27,895
- Reserves +€65,941
up €65,941 (+18.8%), from €350,803 to €416,743
of which Distributable reserves: +€65,941
- Debts after one year -€8,870
down €8,870 (-22.0%), from €40,363 to €31,493
- Tax, wage and social debts -€5,136
down €5,136 (-31.9%), from €16,112 to €10,976
- Staff costs +€7,873
up €7,873 (+73.9%), from €10,653 to €18,526
- Gross operating margin +€3,613
up €3,613 (+2.1%), from €169,202 to €172,815
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 | €437,146 | €490,372 | +€53,226 | +12.2% |
| Fixed assets | 21/28 | €54,889 | €39,895 | -€14,994 | -27.3% |
| Tangible fixed assets | 22/27 | €42,889 | €27,895 | -€14,994 | -35.0% |
| Land and buildings | 22 | €25,268 | €18,846 | -€6,423 | -25.4% |
| Plant, machinery and equipment | 23 | €4,609 | €2,377 | -€2,233 | -48.4% |
| Furniture and vehicles | 24 | €11,409 | €5,448 | -€5,961 | -52.2% |
| Other tangible fixed assets | 26 | €1,603 | €1,225 | -€378 | -23.6% |
| Financial fixed assets | 28 | €12,000 | €12,000 | = | 0.0% |
| Current assets | 29/58 | €382,257 | €450,477 | +€68,220 | +17.8% |
| Amounts receivable after more than one year | 29 | €3,350 | - | -€3,350 | |
| Other amounts receivable | 291 | €3,350 | - | -€3,350 | |
| Amounts receivable within one year | 40/41 | €117,156 | €118,169 | +€1,012 | +0.9% |
| Other amounts receivable | 41 | €117,156 | €118,169 | +€1,012 | +0.9% |
| Current investments | 50/53 | €122,761 | €97,761 | -€25,000 | -20.4% |
| Cash at bank and in hand | 54/58 | €137,477 | €230,820 | +€93,343 | +67.9% |
| Deferred charges and accrued income | 490/1 | €1,512 | €3,727 | +€2,215 | +146% |
| Total equity and liabilities | 10/49 | €437,146 | €490,372 | +€53,226 | +12.2% |
| Equity | 10/15 | €363,203 | €429,143 | +€65,941 | +18.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €350,803 | €416,743 | +€65,941 | +18.8% |
| Tax-exempt reserves | 132 | €3,630 | €3,630 | = | 0.0% |
| Distributable reserves | 133 | €347,173 | €413,114 | +€65,941 | +19.0% |
| Amounts payable | 17/49 | €73,943 | €61,229 | -€12,714 | -17.2% |
| Amounts payable after more than one year | 17 | €40,363 | €31,493 | -€8,870 | -22.0% |
| Financial debts | 170/4 | €40,363 | €31,493 | -€8,870 | -22.0% |
| Amounts payable within one year | 42/48 | €31,095 | €27,249 | -€3,846 | -12.4% |
| Current portion of amounts payable after more than one year | 42 | €8,402 | €8,870 | +€468 | +5.6% |
| Trade debts | 44 | €501 | €824 | +€323 | +64.5% |
| Suppliers | 440/4 | €501 | €824 | +€323 | +64.5% |
| Taxes, remuneration and social security | 45 | €16,112 | €10,976 | -€5,136 | -31.9% |
| Taxes | 450/3 | €16,112 | €10,976 | -€5,136 | -31.9% |
| Other amounts payable | 47/48 | €6,080 | €6,579 | +€499 | +8.2% |
| Accrued charges and deferred income | 492/3 | €2,486 | €2,487 | +€1 | +0.1% |
| Remuneration, social security and pensions | 62 | €10,653 | €18,526 | +€7,873 | +73.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,032 | €16,000 | +€968 | +6.4% |
| Other operating charges | 640/8 | €2,798 | €3,165 | +€367 | +13.1% |
| Gross operating margin | 9900 | €169,202 | €172,815 | +€3,613 | +2.1% |
| Operating profit (loss) | 9901 | €140,719 | €135,124 | -€5,595 | -4.0% |
| Financial income | 75/76B | €1,514 | €1,592 | +€78 | +5.2% |
| Recurring financial income | 75 | €1,514 | €1,592 | +€78 | +5.2% |
| Financial charges | 65/66B | €3,105 | €2,618 | -€487 | -15.7% |
| Recurring financial charges | 65 | €3,105 | €2,618 | -€487 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €139,128 | €134,098 | -€5,029 | -3.6% |
| Income taxes | 67/77 | €45,487 | €43,910 | -€1,577 | -3.5% |
| Profit (loss) for the period | 9904 | €93,640 | €90,188 | -€3,452 | -3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €93,640 | €90,188 | -€3,452 | -3.7% |
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 18 October 2026 via checked.be.