Dr. Wouter Develtere: 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 Develtere
Largest movements
- Cash -€358,242
down €358,242 (-88.5%), from €404,885 to €46,643
mainly Contributions, distributions and other (-€609,912) and Current investments (-€150,000)
- Current investments +€150,000
new in 2025: €150,000
- Receivables within one year +€59,494
up €59,494 (+544%), from €10,934 to €70,428
of which Trade receivables: +€53,871
- Intangible fixed assets -€9,588
down €9,588 (-30.2%), from €31,797 to €22,209
- Tangible fixed assets +€7,100
up €7,100 (+75.6%), from €9,395 to €16,495
of which Plant, machinery and equipment: +€4,764
- Reserves -€401,798
down €401,798 (-90.5%), from €443,898 to €42,100
of which Distributable reserves: -€359,698
- Other debts +€246,773
up €246,773 (+7,174%), from €3,440 to €250,213
- Tax, wage and social debts +€5,094
up €5,094 (+180%), from €2,832 to €7,926
of which Taxes: +€3,917
- Gross operating margin +€11,703
up €11,703 (+4.2%), from €279,768 to €291,471
- Financial income -€6,498
down €6,498 (-64.3%), from €10,107 to €3,609
- Taxes +€6,383
up €6,383 (+9.9%), from €64,573 to €70,956
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 | €459,584 | €314,406 | -€145,178 | -31.6% |
| Fixed assets | 21/28 | €41,193 | €38,704 | -€2,488 | -6.0% |
| Intangible fixed assets | 21 | €31,797 | €22,209 | -€9,588 | -30.2% |
| Tangible fixed assets | 22/27 | €9,395 | €16,495 | +€7,100 | +75.6% |
| Plant, machinery and equipment | 23 | €1,627 | €6,391 | +€4,764 | +293% |
| Furniture and vehicles | 24 | €4,034 | €3,080 | -€954 | -23.7% |
| Other tangible fixed assets | 26 | €3,734 | €7,025 | +€3,290 | +88.1% |
| Current assets | 29/58 | €418,391 | €275,701 | -€142,690 | -34.1% |
| Amounts receivable within one year | 40/41 | €10,934 | €70,428 | +€59,494 | +544% |
| Trade receivables | 40 | - | €53,871 | +€53,871 | |
| Other amounts receivable | 41 | €10,934 | €16,557 | +€5,623 | +51.4% |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €404,885 | €46,643 | -€358,242 | -88.5% |
| Deferred charges and accrued income | 490/1 | €2,573 | €8,631 | +€6,059 | +235% |
| Total equity and liabilities | 10/49 | €459,584 | €314,406 | -€145,178 | -31.6% |
| Equity | 10/15 | €448,898 | €47,100 | -€401,798 | -89.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €443,898 | €42,100 | -€401,798 | -90.5% |
| Tax-exempt reserves | 132 | €84,200 | €42,100 | -€42,100 | -50.0% |
| Distributable reserves | 133 | €359,698 | - | -€359,698 | |
| Amounts payable | 17/49 | €10,685 | €267,306 | +€256,620 | +2,402% |
| Amounts payable within one year | 42/48 | €9,324 | €262,429 | +€253,105 | +2,714% |
| Trade debts | 44 | €3,053 | €4,290 | +€1,237 | +40.5% |
| Suppliers | 440/4 | €3,053 | €4,290 | +€1,237 | +40.5% |
| Taxes, remuneration and social security | 45 | €2,832 | €7,926 | +€5,094 | +180% |
| Taxes | 450/3 | €2,832 | €6,749 | +€3,917 | +138% |
| Remuneration and social security | 454/9 | - | €1,177 | +€1,177 | |
| Other amounts payable | 47/48 | €3,440 | €250,213 | +€246,773 | +7,174% |
| Accrued charges and deferred income | 492/3 | €1,361 | €4,877 | +€3,516 | +258% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,612 | €14,260 | +€1,648 | +13.1% |
| Other operating charges | 640/8 | €239 | €426 | +€187 | +78.4% |
| Non-recurring operating charges | 66A | €3,100 | - | -€3,100 | |
| Gross operating margin | 9900 | €279,768 | €291,471 | +€11,703 | +4.2% |
| Operating profit (loss) | 9901 | €263,818 | €276,786 | +€12,968 | +4.9% |
| Financial income | 75/76B | €10,107 | €3,609 | -€6,498 | -64.3% |
| Recurring financial income | 75 | €10,107 | €3,609 | -€6,498 | -64.3% |
| Financial charges | 65/66B | €1,252 | €1,326 | +€74 | +5.9% |
| Recurring financial charges | 65 | €1,252 | €1,326 | +€74 | +5.9% |
| Profit (loss) for the period before taxes | 9903 | €272,673 | €279,069 | +€6,396 | +2.3% |
| Income taxes | 67/77 | €64,573 | €70,956 | +€6,383 | +9.9% |
| Profit (loss) for the period | 9904 | €208,100 | €208,113 | +€13 | 0.0% |
| Transfer from tax-exempt reserves | 789 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €208,100 | €250,213 | +€42,113 | +20.2% |
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 16 October 2026 via checked.be.