Dr. Wouter Van Tichelen: 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 Van Tichelen
Largest movements
- Receivables within one year -€2,831
down €2,831 (-38.2%), from €7,405 to €4,575
of which Trade receivables: -€2,869
- Cash -€2,820
down €2,820 (-3.8%), from €74,773 to €71,953
mainly Other debts (-€34,951) and Tax, wage and social debts (-€7,292)
- Tangible fixed assets +€2,772
up €2,772 (+87.3%), from €3,174 to €5,946
- Reserves +€37,236
up €37,236 (+351%), from €10,607 to €47,843
of which Distributable reserves: +€37,236
- Other debts -€34,951
down €34,951 (-75.9%), from €46,045 to €11,094
- Tax, wage and social debts -€7,292
down €7,292 (-73.4%), from €9,933 to €2,641
- Trade debts +€2,044
up €2,044 (+324%), from €631 to €2,675
- Gross operating margin -€12,553
down €12,553 (-18.1%), from €69,441 to €56,888
- Taxes +€7,708
up €7,708 (+77.6%), from €9,933 to €17,641
- Depreciation +€757
up €757 (+166%), from €455 to €1,212
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 | €85,815 | €82,853 | -€2,963 | -3.5% |
| Fixed assets | 21/28 | €3,174 | €5,946 | +€2,772 | +87.3% |
| Tangible fixed assets | 22/27 | €3,174 | €5,946 | +€2,772 | +87.3% |
| Furniture and vehicles | 24 | €3,174 | €5,946 | +€2,772 | +87.3% |
| Current assets | 29/58 | €82,641 | €76,907 | -€5,735 | -6.9% |
| Amounts receivable within one year | 40/41 | €7,405 | €4,575 | -€2,831 | -38.2% |
| Trade receivables | 40 | €7,405 | €4,536 | -€2,869 | -38.7% |
| Other amounts receivable | 41 | - | €38 | +€38 | |
| Cash at bank and in hand | 54/58 | €74,773 | €71,953 | -€2,820 | -3.8% |
| Deferred charges and accrued income | 490/1 | €464 | €379 | -€85 | -18.2% |
| Total equity and liabilities | 10/49 | €85,815 | €82,853 | -€2,963 | -3.5% |
| Equity | 10/15 | €29,207 | €66,443 | +€37,236 | +127% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €10,607 | €47,843 | +€37,236 | +351% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €8,747 | €45,983 | +€37,236 | +426% |
| Amounts payable | 17/49 | €56,608 | €16,410 | -€40,199 | -71.0% |
| Amounts payable within one year | 42/48 | €56,608 | €16,410 | -€40,199 | -71.0% |
| Trade debts | 44 | €631 | €2,675 | +€2,044 | +324% |
| Suppliers | 440/4 | €631 | €2,675 | +€2,044 | +324% |
| Taxes, remuneration and social security | 45 | €9,933 | €2,641 | -€7,292 | -73.4% |
| Taxes | 450/3 | €9,933 | €2,641 | -€7,292 | -73.4% |
| Other amounts payable | 47/48 | €46,045 | €11,094 | -€34,951 | -75.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €455 | €1,212 | +€757 | +166% |
| Other operating charges | 640/8 | €978 | €873 | -€104 | -10.7% |
| Gross operating margin | 9900 | €69,441 | €56,888 | -€12,553 | -18.1% |
| Operating profit (loss) | 9901 | €68,008 | €54,803 | -€13,205 | -19.4% |
| Financial income | 75/76B | - | €177 | +€177 | |
| Recurring financial income | 75 | - | €127 | +€127 | |
| Non-recurring financial income | 76B | - | €50 | +€50 | |
| Financial charges | 65/66B | €198 | €104 | -€95 | -47.7% |
| Recurring financial charges | 65 | €198 | €104 | -€95 | -47.7% |
| Profit (loss) for the period before taxes | 9903 | €67,810 | €54,877 | -€12,934 | -19.1% |
| Income taxes | 67/77 | €9,933 | €17,641 | +€7,708 | +77.6% |
| Profit (loss) for the period | 9904 | €57,878 | €37,236 | -€20,641 | -35.7% |
| Profit (loss) for the period to be appropriated | 9905 | €57,878 | €37,236 | -€20,641 | -35.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.