Dr. Wouter L’Hoyes: 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 L’Hoyes
Largest movements
- Deferred charges and accrued income -€3,448
down €3,448 (-61.0%), from €5,651 to €2,202
- Cash -€2,048
down €2,048 (-5.5%), from €37,254 to €35,206
mainly Contributions, distributions and other (-€33,004) and Investment in fixed assets (net) (-€2,849)
- Reserves -€3,869
down €3,869 (-11.7%), from €33,004 to €29,135
- Accrued charges and deferred income -€1,966
no longer reported in 2025 (was €1,966)
- Tax, wage and social debts +€882
up €882 (+10.6%), from €8,349 to €9,232
- Trade debts -€774
down €774 (-39.0%), from €1,983 to €1,209
- Other debts +€503
up €503 (+182%), from €276 to €780
- Gross operating margin +€7,497
up €7,497 (+22.1%), from €33,891 to €41,388
- Depreciation +€1,697
up €1,697 (+193%), from €878 to €2,575
- Taxes +€1,676
up €1,676 (+22.2%), from €7,556 to €9,232
- Other operating charges -€573
down €573 (-59.7%), from €960 to €386
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 | €45,678 | €40,455 | -€5,223 | -11.4% |
| Fixed assets | 21/28 | €2,773 | €3,048 | +€274 | +9.9% |
| Tangible fixed assets | 22/27 | €2,773 | €3,048 | +€274 | +9.9% |
| Furniture and vehicles | 24 | €2,773 | €3,048 | +€274 | +9.9% |
| Current assets | 29/58 | €42,905 | €37,408 | -€5,497 | -12.8% |
| Cash at bank and in hand | 54/58 | €37,254 | €35,206 | -€2,048 | -5.5% |
| Deferred charges and accrued income | 490/1 | €5,651 | €2,202 | -€3,448 | -61.0% |
| Total equity and liabilities | 10/49 | €45,678 | €40,455 | -€5,223 | -11.4% |
| Equity | 10/15 | €33,104 | €29,235 | -€3,869 | -11.7% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €33,004 | €29,135 | -€3,869 | -11.7% |
| Distributable reserves | 133 | €33,004 | €29,135 | -€3,869 | -11.7% |
| Amounts payable | 17/49 | €12,574 | €11,220 | -€1,354 | -10.8% |
| Amounts payable within one year | 42/48 | €10,608 | €11,220 | +€612 | +5.8% |
| Trade debts | 44 | €1,983 | €1,209 | -€774 | -39.0% |
| Suppliers | 440/4 | €1,983 | €1,209 | -€774 | -39.0% |
| Taxes, remuneration and social security | 45 | €8,349 | €9,232 | +€882 | +10.6% |
| Taxes | 450/3 | €8,349 | €9,232 | +€882 | +10.6% |
| Other amounts payable | 47/48 | €276 | €780 | +€503 | +182% |
| Accrued charges and deferred income | 492/3 | €1,966 | - | -€1,966 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €878 | €2,575 | +€1,697 | +193% |
| Other operating charges | 640/8 | €960 | €386 | -€573 | -59.7% |
| Gross operating margin | 9900 | €33,891 | €41,388 | +€7,497 | +22.1% |
| Operating profit (loss) | 9901 | €32,054 | €38,427 | +€6,374 | +19.9% |
| Financial charges | 65/66B | €44 | €60 | +€17 | +38.8% |
| Recurring financial charges | 65 | €44 | €60 | +€17 | +38.8% |
| Profit (loss) for the period before taxes | 9903 | €32,010 | €38,367 | +€6,357 | +19.9% |
| Income taxes | 67/77 | €7,556 | €9,232 | +€1,676 | +22.2% |
| Profit (loss) for the period | 9904 | €24,454 | €29,135 | +€4,681 | +19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €24,454 | €29,135 | +€4,681 | +19.1% |
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 18 October 2026 via checked.be.