Gert Wouters: 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.
Gert Wouters
Largest movements
- Cash -€52,136
down €52,136 (-87.8%), from €59,407 to €7,270
mainly Contributions, distributions and other (-€128,709) and Current investments (-€51,500)
- Current investments +€51,500
up €51,500 (+125%), from €41,250 to €92,750
- Receivables within one year -€11,753
down €11,753 (-22.2%), from €52,940 to €41,187
of which Trade receivables: -€16,857
- Tangible fixed assets -€3,081
down €3,081 (-18.9%), from €16,298 to €13,217
of which Furniture and vehicles: -€1,741
- Profit (loss) carried forward -€67,174
no longer reported in 2025 (was €67,174)
- Other debts +€53,105
new in 2025: €53,105
- Taxes +€4,556
up €4,556 (+23.3%), from €19,568 to €24,124
- Gross operating margin -€1,559
down €1,559 (-1.7%), from €91,633 to €90,074
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 | €170,933 | €155,421 | -€15,512 | -9.1% |
| Fixed assets | 21/28 | €16,698 | €13,417 | -€3,281 | -19.6% |
| Intangible fixed assets | 21 | €399 | €199 | -€200 | -50.1% |
| Tangible fixed assets | 22/27 | €16,298 | €13,217 | -€3,081 | -18.9% |
| Furniture and vehicles | 24 | €13,622 | €11,881 | -€1,741 | -12.8% |
| Other tangible fixed assets | 26 | €2,676 | €1,336 | -€1,340 | -50.1% |
| Current assets | 29/58 | €154,235 | €142,004 | -€12,231 | -7.9% |
| Amounts receivable within one year | 40/41 | €52,940 | €41,187 | -€11,753 | -22.2% |
| Trade receivables | 40 | €41,410 | €24,553 | -€16,857 | -40.7% |
| Other amounts receivable | 41 | €11,529 | €16,634 | +€5,104 | +44.3% |
| Current investments | 50/53 | €41,250 | €92,750 | +€51,500 | +125% |
| Cash at bank and in hand | 54/58 | €59,407 | €7,270 | -€52,136 | -87.8% |
| Deferred charges and accrued income | 490/1 | €639 | €797 | +€158 | +24.8% |
| Total equity and liabilities | 10/49 | €170,933 | €155,421 | -€15,512 | -9.1% |
| Equity | 10/15 | €147,198 | €80,024 | -€67,174 | -45.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €79,024 | €79,024 | = | 0.0% |
| Distributable reserves | 133 | €79,024 | €79,024 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,174 | - | -€67,174 | |
| Amounts payable | 17/49 | €23,736 | €75,397 | +€51,661 | +218% |
| Amounts payable within one year | 42/48 | €23,736 | €75,397 | +€51,661 | +218% |
| Financial debts | 43 | €585 | €181 | -€404 | -69.1% |
| Credit institutions | 430/8 | €585 | €181 | -€404 | -69.1% |
| Trade debts | 44 | - | €283 | +€283 | |
| Suppliers | 440/4 | - | €283 | +€283 | |
| Taxes, remuneration and social security | 45 | €23,151 | €21,829 | -€1,322 | -5.7% |
| Taxes | 450/3 | €23,151 | €21,829 | -€1,322 | -5.7% |
| Other amounts payable | 47/48 | - | €53,105 | +€53,105 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,773 | €4,152 | +€379 | +10.0% |
| Other operating charges | 640/8 | €1,068 | €1,021 | -€47 | -4.4% |
| Gross operating margin | 9900 | €91,633 | €90,074 | -€1,559 | -1.7% |
| Operating profit (loss) | 9901 | €86,792 | €84,901 | -€1,891 | -2.2% |
| Financial income | 75/76B | €13 | €837 | +€825 | +6,392% |
| Recurring financial income | 75 | €13 | €837 | +€825 | +6,392% |
| Financial charges | 65/66B | €63 | €80 | +€17 | +26.8% |
| Recurring financial charges | 65 | €63 | €80 | +€17 | +26.8% |
| Profit (loss) for the period before taxes | 9903 | €86,742 | €85,659 | -€1,083 | -1.2% |
| Income taxes | 67/77 | €19,568 | €24,124 | +€4,556 | +23.3% |
| Profit (loss) for the period | 9904 | €67,174 | €61,535 | -€5,639 | -8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €67,174 | €61,535 | -€5,639 | -8.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.