DR. WILLEMS KAREL: 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 KAREL
Largest movements
- Current investments +€270,000
up €270,000 (+153%), from €176,693 to €446,693
- Cash -€126,727
down €126,727 (-14.9%), from €849,521 to €722,794
mainly Current investments (-€270,000) and Contributions, distributions and other (-€81,467)
- Tangible fixed assets -€27,273
down €27,273 (-8.9%), from €305,137 to €277,863
of which Leasing and similar rights: -€16,557
- Receivables within one year +€20,685
up €20,685 (+11.0%), from €187,671 to €208,356
- Reserves +€235,014
up €235,014 (+22.1%), from €1.1m to €1.3m
- Debts after one year -€73,021
down €73,021 (-67.2%), from €108,715 to €35,694
- Gross operating margin +€46,045
up €46,045 (+10.5%), from €437,671 to €483,716
- Taxes +€16,666
up €16,666 (+13.1%), from €127,199 to €143,865
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 | €1,519,521 | €1,656,206 | +€136,685 | +9.0% |
| Fixed assets | 21/28 | €305,637 | €278,363 | -€27,273 | -8.9% |
| Tangible fixed assets | 22/27 | €305,137 | €277,863 | -€27,273 | -8.9% |
| Land and buildings | 22 | €265,632 | €257,534 | -€8,098 | -3.0% |
| Furniture and vehicles | 24 | €5,710 | €3,092 | -€2,618 | -45.8% |
| Leasing and similar rights | 25 | €33,795 | €17,238 | -€16,557 | -49.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €1,213,885 | €1,377,843 | +€163,958 | +13.5% |
| Amounts receivable within one year | 40/41 | €187,671 | €208,356 | +€20,685 | +11.0% |
| Other amounts receivable | 41 | €187,671 | €208,356 | +€20,685 | +11.0% |
| Current investments | 50/53 | €176,693 | €446,693 | +€270,000 | +153% |
| Cash at bank and in hand | 54/58 | €849,521 | €722,794 | -€126,727 | -14.9% |
| Total equity and liabilities | 10/49 | €1,519,521 | €1,656,206 | +€136,685 | +9.0% |
| Equity | 10/15 | €1,123,584 | €1,358,598 | +€235,014 | +20.9% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €1,063,584 | €1,298,598 | +€235,014 | +22.1% |
| Distributable reserves | 133 | €1,063,584 | €1,298,598 | +€235,014 | +22.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €395,938 | €297,609 | -€98,329 | -24.8% |
| Amounts payable after more than one year | 17 | €108,715 | €35,694 | -€73,021 | -67.2% |
| Financial debts | 170/4 | €108,715 | €35,694 | -€73,021 | -67.2% |
| Amounts payable within one year | 42/48 | €277,304 | €252,281 | -€25,022 | -9.0% |
| Current portion of amounts payable after more than one year | 42 | €81,089 | €73,021 | -€8,068 | -9.9% |
| Trade debts | 44 | €3,214 | €1,134 | -€2,080 | -64.7% |
| Suppliers | 440/4 | €3,214 | €1,134 | -€2,080 | -64.7% |
| Taxes, remuneration and social security | 45 | €58,382 | €47,845 | -€10,538 | -18.0% |
| Taxes | 450/3 | €58,382 | €47,845 | -€10,538 | -18.0% |
| Other amounts payable | 47/48 | €134,619 | €130,282 | -€4,337 | -3.2% |
| Accrued charges and deferred income | 492/3 | €9,919 | €9,633 | -€286 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,469 | €27,273 | -€196 | -0.7% |
| Other operating charges | 640/8 | €2,204 | €2,221 | +€17 | +0.8% |
| Gross operating margin | 9900 | €437,671 | €483,716 | +€46,045 | +10.5% |
| Operating profit (loss) | 9901 | €407,998 | €454,222 | +€46,224 | +11.3% |
| Financial income | 75/76B | €12,571 | €17,323 | +€4,752 | +37.8% |
| Recurring financial income | 75 | €12,571 | €17,323 | +€4,752 | +37.8% |
| Financial charges | 65/66B | €12,127 | €11,200 | -€927 | -7.6% |
| Recurring financial charges | 65 | €12,127 | €11,200 | -€927 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €408,442 | €460,345 | +€51,903 | +12.7% |
| Income taxes | 67/77 | €127,199 | €143,865 | +€16,666 | +13.1% |
| Profit (loss) for the period | 9904 | €281,243 | €316,481 | +€35,237 | +12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €281,243 | €316,481 | +€35,237 | +12.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.