DR. WOUTER BILLIET: 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 BILLIET
Largest movements
- Cash +€96,540
up €96,540 (+280%), from €34,505 to €131,045
mainly Net result for the year (+€78,503) and Current investments (+€70,000)
- Current investments -€70,000
no longer reported in 2025 (was €70,000)
- Intangible fixed assets -€3,000
down €3,000 (-19.4%), from €15,449 to €12,449
- Other debts +€28,627
up €28,627 (+27.4%), from €104,386 to €133,014
- Trade debts -€3,259
down €3,259 (-74.7%), from €4,361 to €1,102
- Tax, wage and social debts -€2,775
no longer reported in 2025 (was €2,775)
- Gross operating margin -€8,149
down €8,149 (-7.2%), from €113,486 to €105,337
- Depreciation -€3,575
down €3,575 (-46.6%), from €7,664 to €4,089
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 | €218,501 | €242,529 | +€24,028 | +11.0% |
| Fixed assets | 21/28 | €18,152 | €14,063 | -€4,089 | -22.5% |
| Intangible fixed assets | 21 | €15,449 | €12,449 | -€3,000 | -19.4% |
| Tangible fixed assets | 22/27 | €2,703 | €1,614 | -€1,089 | -40.3% |
| Furniture and vehicles | 24 | €2,703 | €1,614 | -€1,089 | -40.3% |
| Current assets | 29/58 | €200,349 | €228,466 | +€28,118 | +14.0% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €42,655 | €44,259 | +€1,604 | +3.8% |
| Trade receivables | 40 | €42,155 | €42,341 | +€185 | +0.4% |
| Other amounts receivable | 41 | €500 | €1,919 | +€1,418 | +283% |
| Current investments | 50/53 | €70,000 | - | -€70,000 | |
| Cash at bank and in hand | 54/58 | €34,505 | €131,045 | +€96,540 | +280% |
| Deferred charges and accrued income | 490/1 | €3,188 | €3,162 | -€26 | -0.8% |
| Total equity and liabilities | 10/49 | €218,501 | €242,529 | +€24,028 | +11.0% |
| Equity | 10/15 | €97,462 | €97,462 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €78,862 | €78,862 | = | 0.0% |
| Tax-exempt reserves | 132 | €965 | €965 | = | 0.0% |
| Distributable reserves | 133 | €77,897 | €77,897 | = | 0.0% |
| Amounts payable | 17/49 | €121,039 | €145,067 | +€24,028 | +19.9% |
| Amounts payable within one year | 42/48 | €111,523 | €134,116 | +€22,593 | +20.3% |
| Trade debts | 44 | €4,361 | €1,102 | -€3,259 | -74.7% |
| Suppliers | 440/4 | €4,361 | €1,102 | -€3,259 | -74.7% |
| Taxes, remuneration and social security | 45 | €2,775 | - | -€2,775 | |
| Taxes | 450/3 | €2,775 | - | -€2,775 | |
| Other amounts payable | 47/48 | €104,386 | €133,014 | +€28,627 | +27.4% |
| Accrued charges and deferred income | 492/3 | €9,516 | €10,952 | +€1,435 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,664 | €4,089 | -€3,575 | -46.6% |
| Other operating charges | 640/8 | €785 | €853 | +€68 | +8.7% |
| Gross operating margin | 9900 | €113,486 | €105,337 | -€8,149 | -7.2% |
| Operating profit (loss) | 9901 | €105,037 | €100,395 | -€4,642 | -4.4% |
| Financial income | 75/76B | €1,750 | €2,760 | +€1,010 | +57.7% |
| Recurring financial income | 75 | €1,750 | €2,760 | +€1,010 | +57.7% |
| Financial charges | 65/66B | €3,567 | €4,268 | +€701 | +19.6% |
| Recurring financial charges | 65 | €3,567 | €4,268 | +€701 | +19.6% |
| Profit (loss) for the period before taxes | 9903 | €103,220 | €98,887 | -€4,333 | -4.2% |
| Income taxes | 67/77 | €21,500 | €20,384 | -€1,115 | -5.2% |
| Profit (loss) for the period | 9904 | €81,720 | €78,503 | -€3,217 | -3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €81,720 | €78,503 | -€3,217 | -3.9% |
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 27 October 2026 via checked.be.