DR. 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. WILLEMS
Largest movements
- Receivables after one year -€130,003
down €130,003 (-55.5%), from €234,068 to €104,065
- Cash +€66,523
up €66,523 (+20.2%), from €329,688 to €396,212
mainly Receivables after one year (+€130,003) and Net result for the year (+€56,621)
- Tangible fixed assets +€53,129
up €53,129 (+30.1%), from €176,579 to €229,708
of which Land and buildings: +€57,152
- Receivables within one year -€11,229
down €11,229 (-59.7%), from €18,807 to €7,578
of which Other amounts receivable: -€10,843
- Reserves -€80,224
down €80,224 (-14.4%), from €556,856 to €476,632
- Short-term financial debts +€30,000
new in 2025: €30,000
- Other debts +€28,764
up €28,764 (+119%), from €24,084 to €52,849
- Gross operating margin -€96,804
down €96,804 (-51.7%), from €187,097 to €90,292
- Taxes -€35,155
down €35,155 (-61.1%), from €57,577 to €22,422
- Depreciation +€4,406
up €4,406 (+81.3%), from €5,418 to €9,824
- Financial income -€2,485
down €2,485 (-49.5%), from €5,021 to €2,536
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 | €761,875 | €740,574 | -€21,301 | -2.8% |
| Fixed assets | 21/28 | €176,579 | €229,708 | +€53,129 | +30.1% |
| Tangible fixed assets | 22/27 | €176,579 | €229,708 | +€53,129 | +30.1% |
| Land and buildings | 22 | €172,453 | €229,605 | +€57,152 | +33.1% |
| Furniture and vehicles | 24 | €2,827 | €0 | -€2,827 | -100% |
| Other tangible fixed assets | 26 | €1,299 | €103 | -€1,196 | -92.0% |
| Current assets | 29/58 | €585,296 | €510,866 | -€74,430 | -12.7% |
| Amounts receivable after more than one year | 29 | €234,068 | €104,065 | -€130,003 | -55.5% |
| Other amounts receivable | 291 | €234,068 | €104,065 | -€130,003 | -55.5% |
| Amounts receivable within one year | 40/41 | €18,807 | €7,578 | -€11,229 | -59.7% |
| Trade receivables | 40 | €386 | €0 | -€386 | -100% |
| Other amounts receivable | 41 | €18,421 | €7,578 | -€10,843 | -58.9% |
| Cash at bank and in hand | 54/58 | €329,688 | €396,212 | +€66,523 | +20.2% |
| Deferred charges and accrued income | 490/1 | €2,733 | €3,011 | +€279 | +10.2% |
| Total equity and liabilities | 10/49 | €761,875 | €740,574 | -€21,301 | -2.8% |
| Equity | 10/15 | €713,852 | €633,628 | -€80,224 | -11.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Revaluation surpluses | 12 | €138,446 | €138,446 | = | 0.0% |
| Reserves | 13 | €556,856 | €476,632 | -€80,224 | -14.4% |
| Distributable reserves | 133 | €556,856 | €476,632 | -€80,224 | -14.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €48,023 | €106,946 | +€58,923 | +123% |
| Amounts payable within one year | 42/48 | €46,691 | €105,648 | +€58,957 | +126% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | - | €30,000 | +€30,000 | |
| Credit institutions | 430/8 | - | €30,000 | +€30,000 | |
| Trade debts | 44 | €30 | €223 | +€193 | +653% |
| Suppliers | 440/4 | €30 | €223 | +€193 | +653% |
| Taxes, remuneration and social security | 45 | €22,577 | €22,577 | = | 0.0% |
| Taxes | 450/3 | €22,577 | €22,577 | = | 0.0% |
| Other amounts payable | 47/48 | €24,084 | €52,849 | +€28,764 | +119% |
| Accrued charges and deferred income | 492/3 | €1,332 | €1,298 | -€34 | -2.6% |
| Non-recurring operating income | 76A | €14,159 | €11,978 | -€2,181 | -15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,418 | €9,824 | +€4,406 | +81.3% |
| Other operating charges | 640/8 | €3,588 | €3,856 | +€268 | +7.5% |
| Gross operating margin | 9900 | €187,097 | €90,292 | -€96,804 | -51.7% |
| Operating profit (loss) | 9901 | €178,091 | €76,612 | -€101,479 | -57.0% |
| Financial income | 75/76B | €5,021 | €2,536 | -€2,485 | -49.5% |
| Recurring financial income | 75 | €5,021 | €2,536 | -€2,485 | -49.5% |
| Financial charges | 65/66B | €270 | €105 | -€165 | -61.1% |
| Recurring financial charges | 65 | €270 | €105 | -€165 | -61.1% |
| Profit (loss) for the period before taxes | 9903 | €182,842 | €79,043 | -€103,799 | -56.8% |
| Income taxes | 67/77 | €57,577 | €22,422 | -€35,155 | -61.1% |
| Profit (loss) for the period | 9904 | €125,265 | €56,621 | -€68,644 | -54.8% |
| Profit (loss) for the period to be appropriated | 9905 | €125,265 | €56,621 | -€68,644 | -54.8% |
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 14 October 2026 via checked.be.