DR. WOUTER SIOEN: 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 SIOEN
Largest movements
- Current investments +€250,000
up €250,000 (+56.7%), from €441,212 to €691,212
- Receivables after one year -€80,000
no longer reported in 2025 (was €80,000)
- Cash +€64,465
up €64,465 (+14.8%), from €436,632 to €501,097
mainly Net result for the year (+€288,722) and Receivables after one year (+€80,000)
- Tangible fixed assets -€23,290
down €23,290 (-19.8%), from €117,581 to €94,291
of which Furniture and vehicles: -€27,512
- Reserves +€134,834
up €134,834 (+11.1%), from €1.2m to €1.3m
of which Distributable reserves: +€134,834
- Other debts +€67,938
up €67,938 (+471%), from €14,438 to €82,376
- Tax, wage and social debts +€20,775
up €20,775 (+53.7%), from €38,715 to €59,491
- Gross operating margin +€60,725
up €60,725 (+15.5%), from €390,919 to €451,644
- Taxes +€16,650
up €16,650 (+14.6%), from €114,197 to €130,847
- Financial income -€5,209
down €5,209 (-32.3%), from €16,149 to €10,940
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 | €1,287,034 | €1,511,138 | +€224,104 | +17.4% |
| Fixed assets | 21/28 | €117,581 | €94,291 | -€23,290 | -19.8% |
| Tangible fixed assets | 22/27 | €117,581 | €94,291 | -€23,290 | -19.8% |
| Land and buildings | 22 | €1,124 | €370 | -€754 | -67.1% |
| Plant, machinery and equipment | 23 | €11,367 | €10,202 | -€1,165 | -10.2% |
| Furniture and vehicles | 24 | €97,619 | €70,107 | -€27,512 | -28.2% |
| Other tangible fixed assets | 26 | €7,470 | €13,611 | +€6,141 | +82.2% |
| Current assets | 29/58 | €1,169,454 | €1,416,847 | +€247,393 | +21.2% |
| Amounts receivable after more than one year | 29 | €80,000 | - | -€80,000 | |
| Other amounts receivable | 291 | €80,000 | - | -€80,000 | |
| Amounts receivable within one year | 40/41 | €250 | - | -€250 | |
| Other amounts receivable | 41 | €250 | - | -€250 | |
| Current investments | 50/53 | €441,212 | €691,212 | +€250,000 | +56.7% |
| Cash at bank and in hand | 54/58 | €436,632 | €501,097 | +€64,465 | +14.8% |
| Deferred charges and accrued income | 490/1 | €211,359 | €224,538 | +€13,179 | +6.2% |
| Total equity and liabilities | 10/49 | €1,287,034 | €1,511,138 | +€224,104 | +17.4% |
| Equity | 10/15 | €1,226,888 | €1,361,722 | +€134,834 | +11.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,214,488 | €1,349,322 | +€134,834 | +11.1% |
| Tax-exempt reserves | 132 | €728 | €728 | = | 0.0% |
| Distributable reserves | 133 | €1,213,760 | €1,348,594 | +€134,834 | +11.1% |
| Amounts payable | 17/49 | €60,146 | €149,416 | +€89,270 | +148% |
| Amounts payable within one year | 42/48 | €59,462 | €146,232 | +€86,770 | +146% |
| Trade debts | 44 | €6,309 | €4,366 | -€1,943 | -30.8% |
| Suppliers | 440/4 | €6,309 | €4,366 | -€1,943 | -30.8% |
| Taxes, remuneration and social security | 45 | €38,715 | €59,491 | +€20,775 | +53.7% |
| Taxes | 450/3 | €38,715 | €59,491 | +€20,775 | +53.7% |
| Other amounts payable | 47/48 | €14,438 | €82,376 | +€67,938 | +471% |
| Accrued charges and deferred income | 492/3 | €684 | €3,184 | +€2,500 | +365% |
| Non-recurring operating income | 76A | €13,000 | - | -€13,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,258 | €37,688 | +€3,430 | +10.0% |
| Other operating charges | 640/8 | €1,643 | €1,809 | +€166 | +10.1% |
| Gross operating margin | 9900 | €390,919 | €451,644 | +€60,725 | +15.5% |
| Operating profit (loss) | 9901 | €355,018 | €412,147 | +€57,128 | +16.1% |
| Financial income | 75/76B | €16,149 | €10,940 | -€5,209 | -32.3% |
| Recurring financial income | 75 | €16,149 | €10,940 | -€5,209 | -32.3% |
| Financial charges | 65/66B | €1,322 | €3,518 | +€2,195 | +166% |
| Recurring financial charges | 65 | €1,322 | €3,518 | +€2,195 | +166% |
| Profit (loss) for the period before taxes | 9903 | €369,845 | €419,569 | +€49,723 | +13.4% |
| Income taxes | 67/77 | €114,197 | €130,847 | +€16,650 | +14.6% |
| Profit (loss) for the period | 9904 | €255,648 | €288,722 | +€33,074 | +12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €255,648 | €288,722 | +€33,074 | +12.9% |
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 26 October 2026 via checked.be.