DR.WOUTER DE NAEYER: 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 DE NAEYER
Largest movements
- Cash +€378,965
up €378,965 (+73.9%), from €512,553 to €891,517
mainly Current investments (+€350,000) and Deferred charges and accrued income (+€101,997)
- Current investments -€350,000
down €350,000 (-100%), from €350,000 to €0
- Deferred charges and accrued income -€101,997
down €101,997 (-68.1%), from €149,734 to €47,737
- Receivables within one year +€76,547
up €76,547 (+1,418%), from €5,396 to €81,943
of which Other amounts receivable: +€72,547
- Tangible fixed assets -€13,614
down €13,614 (-6.1%), from €223,781 to €210,168
of which Land and buildings: -€6,866
- Reserves -€20,517
down €20,517 (-1.7%), from €1.2m to €1.2m
- Gross operating margin -€166,077
down €166,077 (-53.2%), from €311,929 to €145,852
- Taxes -€51,687
down €51,687 (-54.7%), from €94,445 to €42,758
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 | €1,241,465 | €1,231,365 | -€10,099 | -0.8% |
| Fixed assets | 21/28 | €223,781 | €210,168 | -€13,614 | -6.1% |
| Tangible fixed assets | 22/27 | €223,781 | €210,168 | -€13,614 | -6.1% |
| Land and buildings | 22 | €207,264 | €200,398 | -€6,866 | -3.3% |
| Furniture and vehicles | 24 | €13,644 | €9,769 | -€3,875 | -28.4% |
| Other tangible fixed assets | 26 | €2,872 | €0 | -€2,872 | -100% |
| Current assets | 29/58 | €1,017,683 | €1,021,198 | +€3,514 | +0.3% |
| Amounts receivable within one year | 40/41 | €5,396 | €81,943 | +€76,547 | +1,418% |
| Trade receivables | 40 | €0 | €4,000 | +€4,000 | |
| Other amounts receivable | 41 | €5,396 | €77,943 | +€72,547 | +1,344% |
| Current investments | 50/53 | €350,000 | €0 | -€350,000 | -100% |
| Cash at bank and in hand | 54/58 | €512,553 | €891,517 | +€378,965 | +73.9% |
| Deferred charges and accrued income | 490/1 | €149,734 | €47,737 | -€101,997 | -68.1% |
| Total equity and liabilities | 10/49 | €1,241,465 | €1,231,365 | -€10,099 | -0.8% |
| Equity | 10/15 | €1,196,585 | €1,176,069 | -€20,517 | -1.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,177,985 | €1,157,469 | -€20,517 | -1.7% |
| Distributable reserves | 133 | €1,177,985 | €1,157,469 | -€20,517 | -1.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €44,879 | €55,297 | +€10,418 | +23.2% |
| Amounts payable within one year | 42/48 | €44,879 | €55,297 | +€10,418 | +23.2% |
| Trade debts | 44 | €2,804 | €2,349 | -€455 | -16.2% |
| Suppliers | 440/4 | €2,804 | €2,349 | -€455 | -16.2% |
| Advances received on contracts in progress | 46 | - | €4,000 | +€4,000 | |
| Taxes, remuneration and social security | 45 | €42,075 | €48,948 | +€6,873 | +16.3% |
| Taxes | 450/3 | €42,075 | €48,948 | +€6,873 | +16.3% |
| Non-recurring operating income | 76A | €4,000 | €0 | -€4,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,283 | €11,457 | -€1,826 | -13.7% |
| Other operating charges | 640/8 | €4,327 | €3,945 | -€381 | -8.8% |
| Non-recurring operating charges | 66A | - | €2,157 | +€2,157 | |
| Gross operating margin | 9900 | €311,929 | €145,852 | -€166,077 | -53.2% |
| Operating profit (loss) | 9901 | €294,320 | €128,294 | -€166,026 | -56.4% |
| Financial income | 75/76B | €11,771 | €13,256 | +€1,484 | +12.6% |
| Recurring financial income | 75 | €11,771 | €13,256 | +€1,484 | +12.6% |
| Financial charges | 65/66B | €7,721 | €7,248 | -€473 | -6.1% |
| Recurring financial charges | 65 | €7,721 | €7,248 | -€473 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €298,371 | €134,301 | -€164,069 | -55.0% |
| Income taxes | 67/77 | €94,445 | €42,758 | -€51,687 | -54.7% |
| Profit (loss) for the period | 9904 | €203,925 | €91,543 | -€112,382 | -55.1% |
| Profit (loss) for the period to be appropriated | 9905 | €203,925 | €91,543 | -€112,382 | -55.1% |
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 28 October 2026 via checked.be.