Dr. Willemsen: 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. Willemsen
Largest movements
- Cash -€104,442
down €104,442 (-53.2%), from €196,488 to €92,045
mainly Contributions, distributions and other (-€160,000) and Investment in fixed assets (net) (-€70,656)
- Tangible fixed assets +€58,620
up €58,620 (+6,136%), from €955 to €59,576
of which Furniture and vehicles: +€55,581
- Receivables within one year +€37,392
up €37,392 (+3,473%), from €1,077 to €38,468
- Current investments +€5,618
up €5,618 (+8.3%), from €67,491 to €73,109
- Reserves -€40,600
down €40,600 (-15.7%), from €259,000 to €218,400
- Debts after one year +€25,388
new in 2025: €25,388
- Current portion of long-term debt +€7,730
new in 2025: €7,730
- Tax, wage and social debts +€6,253
new in 2025: €6,253
- Gross operating margin +€61,577
up €61,577 (+54.5%), from €113,041 to €174,618
- Taxes +€17,168
up €17,168 (+71.3%), from €24,085 to €41,253
- Depreciation +€11,653
up €11,653 (+3,045%), from €383 to €12,035
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 | €266,481 | €264,568 | -€1,913 | -0.7% |
| Fixed assets | 21/28 | €955 | €59,576 | +€58,620 | +6,136% |
| Tangible fixed assets | 22/27 | €955 | €59,576 | +€58,620 | +6,136% |
| Plant, machinery and equipment | 23 | €955 | €3,995 | +€3,040 | +318% |
| Furniture and vehicles | 24 | - | €55,581 | +€55,581 | |
| Current assets | 29/58 | €265,526 | €204,992 | -€60,533 | -22.8% |
| Amounts receivable within one year | 40/41 | €1,077 | €38,468 | +€37,392 | +3,473% |
| Other amounts receivable | 41 | €1,077 | €38,468 | +€37,392 | +3,473% |
| Current investments | 50/53 | €67,491 | €73,109 | +€5,618 | +8.3% |
| Cash at bank and in hand | 54/58 | €196,488 | €92,045 | -€104,442 | -53.2% |
| Deferred charges and accrued income | 490/1 | €470 | €1,370 | +€900 | +191% |
| Total equity and liabilities | 10/49 | €266,481 | €264,568 | -€1,913 | -0.7% |
| Equity | 10/15 | €264,030 | €223,422 | -€40,608 | -15.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €259,000 | €218,400 | -€40,600 | -15.7% |
| Distributable reserves | 133 | €259,000 | €218,400 | -€40,600 | -15.7% |
| Profit (loss) carried forward | 14 | €30 | €22 | -€8 | -25.8% |
| Amounts payable | 17/49 | €2,451 | €41,146 | +€38,695 | +1,579% |
| Amounts payable after more than one year | 17 | - | €25,388 | +€25,388 | |
| Financial debts | 170/4 | - | €25,388 | +€25,388 | |
| Amounts payable within one year | 42/48 | €2,451 | €15,758 | +€13,307 | +543% |
| Current portion of amounts payable after more than one year | 42 | - | €7,730 | +€7,730 | |
| Trade debts | 44 | €2,451 | €774 | -€1,677 | -68.4% |
| Suppliers | 440/4 | €2,451 | €774 | -€1,677 | -68.4% |
| Taxes, remuneration and social security | 45 | - | €6,253 | +€6,253 | |
| Taxes | 450/3 | - | €6,253 | +€6,253 | |
| Other amounts payable | 47/48 | - | €1,000 | +€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €383 | €12,035 | +€11,653 | +3,045% |
| Other operating charges | 640/8 | €787 | €750 | -€38 | -4.8% |
| Gross operating margin | 9900 | €113,041 | €174,618 | +€61,577 | +54.5% |
| Operating profit (loss) | 9901 | €111,871 | €161,833 | +€49,962 | +44.7% |
| Financial income | 75/76B | €538 | - | -€538 | |
| Recurring financial income | 75 | €538 | - | -€538 | |
| Financial charges | 65/66B | €608 | €1,187 | +€579 | +95.4% |
| Recurring financial charges | 65 | €608 | €1,187 | +€579 | +95.4% |
| Profit (loss) for the period before taxes | 9903 | €111,802 | €160,646 | +€48,844 | +43.7% |
| Income taxes | 67/77 | €24,085 | €41,253 | +€17,168 | +71.3% |
| Profit (loss) for the period | 9904 | €87,717 | €119,392 | +€31,676 | +36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €87,717 | €119,392 | +€31,676 | +36.1% |
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 25 October 2026 via checked.be.