DR. WOUTER LEJAEGHERE: what changed
Two fiscal 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 LEJAEGHERE
Largest movements
- Cash +€378,687
up €378,687 (+236.4%), from €160,210 to €538,897
mainly Net result for the year (+€325,777) and Current investments (+€300,000)
- Current investments -€300,000
down €300,000 (-53.3%), from €563,293 to €263,293
- Tangible fixed assets -€10,309
down €10,309 (-6.3%), from €163,477 to €153,168
of which Land and buildings: -€5,292
- Other debts +€201,044
up €201,044 (+85.5%), from €235,174 to €436,218
- Reserves -€107,160
down €107,160 (-17.0%), from €629,916 to €522,756
of which Distributable reserves: -€107,160
- Tax, wage and social debts -€10,838
down €10,838 (-99.0%), from €10,953 to €115
of which Remuneration and social security: -€10,148
- Gross operating margin +€40,907
up €40,907 (+10.3%), from €398,355 to €439,262
- Staff costs -€33,573
down €33,573 (-73.9%), from €45,441 to €11,867
- Taxes +€30,489
up €30,489 (+41.8%), from €72,951 to €103,440
- Depreciation -€19,750
down €19,750 (-44.0%), from €44,837 to €25,087
- Financial income +€17,139
up €17,139 (+118.1%), from €14,507 to €31,646
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.
Cash bridge derived
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 | €901,849 | €964,462 | +€62,613 | +6.9% |
| Fixed assets | 21/28 | €163,727 | €153,418 | -€10,309 | -6.3% |
| Tangible fixed assets | 22/27 | €163,477 | €153,168 | -€10,309 | -6.3% |
| Land and buildings | 22 | €147,792 | €142,499 | -€5,292 | -3.6% |
| Plant, machinery and equipment | 23 | €13,963 | €10,398 | -€3,565 | -25.5% |
| Furniture and vehicles | 24 | €1,723 | €271 | -€1,452 | -84.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €738,121 | €811,044 | +€72,923 | +9.9% |
| Amounts receivable within one year | 40/41 | €10,793 | €5,306 | -€5,487 | -50.8% |
| Other amounts receivable | 41 | €10,793 | €5,306 | -€5,487 | -50.8% |
| Current investments | 50/53 | €563,293 | €263,293 | -€300,000 | -53.3% |
| Cash at bank and in hand | 54/58 | €160,210 | €538,897 | +€378,687 | +236.4% |
| Deferred charges and accrued income | 490/1 | €3,825 | €3,548 | -€277 | -7.2% |
| Total equity and liabilities | 10/49 | €901,849 | €964,462 | +€62,613 | +6.9% |
| Equity | 10/15 | €634,916 | €527,756 | -€107,160 | -16.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €629,916 | €522,756 | -€107,160 | -17.0% |
| Tax-exempt reserves | 132 | €84,200 | €84,200 | = | 0.0% |
| Distributable reserves | 133 | €545,716 | €438,556 | -€107,160 | -19.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €266,932 | €436,706 | +€169,774 | +63.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €257,855 | €436,706 | +€178,851 | +69.4% |
| Current portion of amounts payable after more than one year | 42 | €8,629 | €0 | -€8,629 | -100.0% |
| Trade debts | 44 | €3,100 | €373 | -€2,726 | -88.0% |
| Suppliers | 440/4 | €3,100 | €373 | -€2,726 | -88.0% |
| Taxes, remuneration and social security | 45 | €10,953 | €115 | -€10,838 | -99.0% |
| Taxes | 450/3 | €805 | €115 | -€690 | -85.8% |
| Remuneration and social security | 454/9 | €10,148 | €0 | -€10,148 | -100.0% |
| Other amounts payable | 47/48 | €235,174 | €436,218 | +€201,044 | +85.5% |
| Accrued charges and deferred income | 492/3 | €9,077 | €0 | -€9,077 | -100.0% |
| Non-recurring operating income | 76A | €299 | €10,000 | +€9,701 | +3241.2% |
| Remuneration, social security and pensions | 62 | €45,441 | €11,867 | -€33,573 | -73.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,837 | €25,087 | -€19,750 | -44.0% |
| Other operating charges | 640/8 | €679 | €545 | -€134 | -19.8% |
| Gross operating margin | 9900 | €398,355 | €439,262 | +€40,907 | +10.3% |
| Operating profit (loss) | 9901 | €307,399 | €401,763 | +€94,364 | +30.7% |
| Financial income | 75/76B | €14,507 | €31,646 | +€17,139 | +118.1% |
| Recurring financial income | 75 | €14,507 | €31,646 | +€17,139 | +118.1% |
| Financial charges | 65/66B | €12,011 | €4,192 | -€7,819 | -65.1% |
| Recurring financial charges | 65 | €12,011 | €4,192 | -€7,819 | -65.1% |
| Profit (loss) for the period before taxes | 9903 | €309,894 | €429,217 | +€119,323 | +38.5% |
| Income taxes | 67/77 | €72,951 | €103,440 | +€30,489 | +41.8% |
| Profit (loss) for the period | 9904 | €236,942 | €325,777 | +€88,834 | +37.5% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €236,942 | €325,777 | +€88,834 | +37.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.