Dr. Wouter De Raemaeker: 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 Raemaeker
Largest movements
- Cash +€87,325
up €87,325 (+284%), from €30,714 to €118,038
mainly Net result for the year (+€63,526) and Tax, wage and social debts (+€24,574)
- Tangible fixed assets -€6,404
down €6,404 (-23.6%), from €27,123 to €20,719
- Reserves +€63,526
up €63,526 (+339%), from €18,736 to €82,262
- Tax, wage and social debts +€24,574
up €24,574 (+324%), from €7,590 to €32,163
- Other debts -€7,837
down €7,837 (-27.8%), from €28,169 to €20,332
- Gross operating margin +€61,431
up €61,431 (+179%), from €34,395 to €95,826
- Taxes +€16,984
up €16,984 (+224%), from €7,590 to €24,574
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 | €58,495 | €138,757 | +€80,263 | +137% |
| Formation expenses | 20 | €658 | - | -€658 | |
| Fixed assets | 21/28 | €27,123 | €20,719 | -€6,404 | -23.6% |
| Tangible fixed assets | 22/27 | €27,123 | €20,719 | -€6,404 | -23.6% |
| Furniture and vehicles | 24 | €27,123 | €20,719 | -€6,404 | -23.6% |
| Current assets | 29/58 | €30,714 | €118,038 | +€87,325 | +284% |
| Cash at bank and in hand | 54/58 | €30,714 | €118,038 | +€87,325 | +284% |
| Total equity and liabilities | 10/49 | €58,495 | €138,757 | +€80,263 | +137% |
| Equity | 10/15 | €22,736 | €86,262 | +€63,526 | +279% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €18,736 | €82,262 | +€63,526 | +339% |
| Distributable reserves | 133 | €18,736 | €82,262 | +€63,526 | +339% |
| Amounts payable | 17/49 | €35,759 | €52,496 | +€16,737 | +46.8% |
| Amounts payable within one year | 42/48 | €35,759 | €52,496 | +€16,737 | +46.8% |
| Taxes, remuneration and social security | 45 | €7,590 | €32,163 | +€24,574 | +324% |
| Taxes | 450/3 | €7,590 | €32,163 | +€24,574 | +324% |
| Other amounts payable | 47/48 | €28,169 | €20,332 | -€7,837 | -27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,660 | €7,062 | +€402 | +6.0% |
| Other operating charges | 640/8 | €1,376 | €619 | -€756 | -55.0% |
| Gross operating margin | 9900 | €34,395 | €95,826 | +€61,431 | +179% |
| Operating profit (loss) | 9901 | €26,359 | €88,144 | +€61,785 | +234% |
| Financial charges | 65/66B | €34 | €45 | +€11 | +33.3% |
| Recurring financial charges | 65 | €34 | €45 | +€11 | +33.3% |
| Profit (loss) for the period before taxes | 9903 | €26,325 | €88,099 | +€61,774 | +235% |
| Income taxes | 67/77 | €7,590 | €24,574 | +€16,984 | +224% |
| Profit (loss) for the period | 9904 | €18,736 | €63,526 | +€44,790 | +239% |
| Profit (loss) for the period to be appropriated | 9905 | €18,736 | €63,526 | +€44,790 | +239% |
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 19 October 2026 via checked.be.