Dr. Wouter Baetens: 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. Wouter Baetens
Largest movements
- Receivables after one year +€129,240
up €129,240 (+109.2%), from €118,401 to €247,641
- Current investments -€120,920
down €120,920 (-45.1%), from €267,909 to €146,989
- Cash +€67,729
up €67,729 (+29.4%), from €230,467 to €298,196
mainly Net result for the year (+€292,245) and Current investments (+€120,920)
- Other debts +€74,207
up €74,207 (+28.2%), from €263,000 to €337,207
- Gross operating margin +€32,216
up €32,216 (+9.5%), from €340,262 to €372,477
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.
Cash bridge derived
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 | €667,128 | €740,137 | +€73,009 | +10.9% |
| Fixed assets | 21/28 | €19,060 | €18,178 | -€883 | -4.6% |
| Tangible fixed assets | 22/27 | €19,060 | €18,178 | -€883 | -4.6% |
| Plant, machinery and equipment | 23 | €9,018 | €7,224 | -€1,794 | -19.9% |
| Furniture and vehicles | 24 | €10,043 | €9,370 | -€672 | -6.7% |
| Other tangible fixed assets | 26 | - | €1,583 | +€1,583 | |
| Current assets | 29/58 | €648,067 | €721,959 | +€73,892 | +11.4% |
| Amounts receivable after more than one year | 29 | €118,401 | €247,641 | +€129,240 | +109.2% |
| Other amounts receivable | 291 | €118,401 | €247,641 | +€129,240 | +109.2% |
| Amounts receivable within one year | 40/41 | €31,291 | €29,133 | -€2,158 | -6.9% |
| Trade receivables | 40 | - | €15,380 | +€15,380 | |
| Other amounts receivable | 41 | €31,291 | €13,753 | -€17,538 | -56.0% |
| Current investments | 50/53 | €267,909 | €146,989 | -€120,920 | -45.1% |
| Cash at bank and in hand | 54/58 | €230,467 | €298,196 | +€67,729 | +29.4% |
| Total equity and liabilities | 10/49 | €667,128 | €740,137 | +€73,009 | +10.9% |
| Equity | 10/15 | €402,685 | €402,930 | +€245 | +0.1% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €396,650 | €396,650 | = | 0.0% |
| Distributable reserves | 133 | €396,650 | €396,650 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35 | €280 | +€245 | +705.7% |
| Amounts payable | 17/49 | €264,443 | €337,207 | +€72,764 | +27.5% |
| Amounts payable within one year | 42/48 | €264,443 | €337,207 | +€72,764 | +27.5% |
| Trade debts | 44 | €1,443 | €0 | -€1,443 | -100.0% |
| Suppliers | 440/4 | €1,443 | €0 | -€1,443 | -100.0% |
| Other amounts payable | 47/48 | €263,000 | €337,207 | +€74,207 | +28.2% |
| Remuneration, social security and pensions | 62 | €408 | €107 | -€302 | -73.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,568 | €6,449 | +€880 | +15.8% |
| Other operating charges | 640/8 | €720 | €673 | -€47 | -6.5% |
| Gross operating margin | 9900 | €340,262 | €372,477 | +€32,216 | +9.5% |
| Operating profit (loss) | 9901 | €333,564 | €365,249 | +€31,685 | +9.5% |
| Financial income | 75/76B | €14,659 | €13,805 | -€854 | -5.8% |
| Recurring financial income | 75 | €14,659 | €13,805 | -€854 | -5.8% |
| Financial charges | 65/66B | €53 | €74 | +€22 | +41.4% |
| Recurring financial charges | 65 | €53 | €74 | +€22 | +41.4% |
| Profit (loss) for the period before taxes | 9903 | €348,171 | €378,979 | +€30,809 | +8.8% |
| Income taxes | 67/77 | €85,248 | €86,735 | +€1,486 | +1.7% |
| Profit (loss) for the period | 9904 | €262,923 | €292,245 | +€29,322 | +11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €262,923 | €292,245 | +€29,322 | +11.2% |
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 9 October 2026 via checked.be.