Dr. Wouter Van Tilborg: 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 Tilborg
Largest movements
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Cash +€108,951
up €108,951 (+1,312%), from €8,302 to €117,253
mainly Current investments (+€200,000) and Other debts (+€127,859)
- Receivables within one year -€94,804
down €94,804 (-81.4%), from €116,495 to €21,691
of which Other amounts receivable: -€94,746
- Tangible fixed assets -€10,515
down €10,515 (-34.1%), from €30,797 to €20,282
of which Leasing and similar rights: -€8,753
- Receivables after one year -€10,224
down €10,224 (-100%), from €10,224 to €0
- Reserves -€323,796
down €323,796 (-100%), from €323,796 to €0
- Other debts +€127,859
new in 2025: €127,859
- Debts after one year -€8,925
down €8,925 (-47.4%), from €18,815 to €9,890
- Trade debts -€4,416
down €4,416 (-68.6%), from €6,437 to €2,020
- Gross operating margin +€32,746
up €32,746 (+19.7%), from €166,457 to €199,203
- Taxes +€8,352
up €8,352 (+30.5%), from €27,401 to €35,752
- Staff costs +€2,015
up €2,015 (+6.5%), from €30,944 to €32,960
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 | €373,682 | €167,128 | -€206,554 | -55.3% |
| Fixed assets | 21/28 | €30,797 | €20,282 | -€10,515 | -34.1% |
| Tangible fixed assets | 22/27 | €30,797 | €20,282 | -€10,515 | -34.1% |
| Plant, machinery and equipment | 23 | €1,052 | €626 | -€426 | -40.5% |
| Furniture and vehicles | 24 | €2,933 | €1,598 | -€1,336 | -45.5% |
| Leasing and similar rights | 25 | €26,811 | €18,058 | -€8,753 | -32.6% |
| Current assets | 29/58 | €342,885 | €146,846 | -€196,039 | -57.2% |
| Amounts receivable after more than one year | 29 | €10,224 | €0 | -€10,224 | -100% |
| Other amounts receivable | 291 | €10,224 | €0 | -€10,224 | -100% |
| Amounts receivable within one year | 40/41 | €116,495 | €21,691 | -€94,804 | -81.4% |
| Trade receivables | 40 | €4,001 | €3,943 | -€58 | -1.4% |
| Other amounts receivable | 41 | €112,493 | €17,747 | -€94,746 | -84.2% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €8,302 | €117,253 | +€108,951 | +1,312% |
| Deferred charges and accrued income | 490/1 | €7,865 | €7,903 | +€38 | +0.5% |
| Total equity and liabilities | 10/49 | €373,682 | €167,128 | -€206,554 | -55.3% |
| Equity | 10/15 | €326,796 | €3,000 | -€323,796 | -99.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €323,796 | €0 | -€323,796 | -100% |
| Distributable reserves | 133 | €323,796 | €0 | -€323,796 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €46,886 | €164,128 | +€117,242 | +250% |
| Amounts payable after more than one year | 17 | €18,815 | €9,890 | -€8,925 | -47.4% |
| Financial debts | 170/4 | €18,815 | €9,890 | -€8,925 | -47.4% |
| Amounts payable within one year | 42/48 | €28,072 | €154,238 | +€126,166 | +449% |
| Current portion of amounts payable after more than one year | 42 | €8,733 | €8,925 | +€192 | +2.2% |
| Trade debts | 44 | €6,437 | €2,020 | -€4,416 | -68.6% |
| Suppliers | 440/4 | €6,437 | €2,020 | -€4,416 | -68.6% |
| Taxes, remuneration and social security | 45 | €12,902 | €15,433 | +€2,532 | +19.6% |
| Taxes | 450/3 | €4,856 | €7,212 | +€2,356 | +48.5% |
| Remuneration and social security | 454/9 | €8,045 | €8,221 | +€176 | +2.2% |
| Other amounts payable | 47/48 | - | €127,859 | +€127,859 | |
| Remuneration, social security and pensions | 62 | €30,944 | €32,960 | +€2,015 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,457 | €10,515 | -€942 | -8.2% |
| Other operating charges | 640/8 | €639 | €666 | +€27 | +4.3% |
| Gross operating margin | 9900 | €166,457 | €199,203 | +€32,746 | +19.7% |
| Operating profit (loss) | 9901 | €123,417 | €155,063 | +€31,646 | +25.6% |
| Financial income | 75/76B | €4,433 | €6,381 | +€1,948 | +43.9% |
| Recurring financial income | 75 | €4,433 | €6,381 | +€1,948 | +43.9% |
| Financial charges | 65/66B | €1,742 | €1,628 | -€115 | -6.6% |
| Recurring financial charges | 65 | €1,742 | €1,628 | -€115 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €126,107 | €159,816 | +€33,709 | +26.7% |
| Income taxes | 67/77 | €27,401 | €35,752 | +€8,352 | +30.5% |
| Profit (loss) for the period | 9904 | €98,707 | €124,064 | +€25,357 | +25.7% |
| Profit (loss) for the period to be appropriated | 9905 | €98,707 | €124,064 | +€25,357 | +25.7% |
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.