Guy Willems: 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.
Guy Willems
Largest movements
- Cash -€19,830
down €19,830 (-70.6%), from €28,075 to €8,245
mainly Contributions, distributions and other (-€75,500) and Tax, wage and social debts (-€12,841)
- Receivables within one year -€11,496
down €11,496 (-72.0%), from €15,973 to €4,477
of which Other amounts receivable: -€15,973
- Current investments +€7,000
up €7,000 (+13.3%), from €52,500 to €59,500
- Tangible fixed assets -€2,096
down €2,096 (-28.8%), from €7,284 to €5,187
of which Furniture and vehicles: -€1,230
- Reserves -€45,627
down €45,627 (-70.7%), from €64,538 to €18,911
of which Distributable reserves: -€45,627
- Other debts +€33,824
new in 2025: €33,824
- Tax, wage and social debts -€12,841
down €12,841 (-30.4%), from €42,211 to €29,370
- Trade debts -€1,779
down €1,779 (-85.4%), from €2,084 to €305
- Gross operating margin -€39,664
down €39,664 (-48.5%), from €81,755 to €42,091
- Taxes -€8,713
down €8,713 (-50.8%), from €17,153 to €8,441
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 | €123,832 | €97,409 | -€26,423 | -21.3% |
| Fixed assets | 21/28 | €7,284 | €5,187 | -€2,096 | -28.8% |
| Tangible fixed assets | 22/27 | €7,284 | €5,187 | -€2,096 | -28.8% |
| Plant, machinery and equipment | 23 | €4,422 | €3,556 | -€867 | -19.6% |
| Furniture and vehicles | 24 | €2,861 | €1,632 | -€1,230 | -43.0% |
| Current assets | 29/58 | €116,548 | €92,222 | -€24,326 | -20.9% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €15,973 | €4,477 | -€11,496 | -72.0% |
| Trade receivables | 40 | - | €4,477 | +€4,477 | |
| Other amounts receivable | 41 | €15,973 | - | -€15,973 | |
| Current investments | 50/53 | €52,500 | €59,500 | +€7,000 | +13.3% |
| Cash at bank and in hand | 54/58 | €28,075 | €8,245 | -€19,830 | -70.6% |
| Total equity and liabilities | 10/49 | €123,832 | €97,409 | -€26,423 | -21.3% |
| Equity | 10/15 | €79,538 | €33,911 | -€45,627 | -57.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €64,538 | €18,911 | -€45,627 | -70.7% |
| Non-distributable reserves | 130/1 | €1,500 | €1,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,500 | - | -€1,500 | |
| Other | 1319 | - | €1,500 | +€1,500 | |
| Distributable reserves | 133 | €63,038 | €17,411 | -€45,627 | -72.4% |
| Amounts payable | 17/49 | €44,294 | €63,499 | +€19,204 | +43.4% |
| Amounts payable within one year | 42/48 | €44,294 | €63,499 | +€19,204 | +43.4% |
| Trade debts | 44 | €2,084 | €305 | -€1,779 | -85.4% |
| Suppliers | 440/4 | €2,084 | €305 | -€1,779 | -85.4% |
| Taxes, remuneration and social security | 45 | €42,211 | €29,370 | -€12,841 | -30.4% |
| Taxes | 450/3 | €42,211 | €29,370 | -€12,841 | -30.4% |
| Other amounts payable | 47/48 | - | €33,824 | +€33,824 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,387 | €2,096 | -€291 | -12.2% |
| Other operating charges | 640/8 | €1,468 | €1,596 | +€128 | +8.7% |
| Gross operating margin | 9900 | €81,755 | €42,091 | -€39,664 | -48.5% |
| Operating profit (loss) | 9901 | €77,899 | €38,398 | -€39,501 | -50.7% |
| Financial income | 75/76B | - | €43 | +€43 | |
| Recurring financial income | 75 | - | €43 | +€43 | |
| Financial charges | 65/66B | €73 | €127 | +€54 | +74.4% |
| Recurring financial charges | 65 | €73 | €127 | +€54 | +74.4% |
| Profit (loss) for the period before taxes | 9903 | €77,826 | €38,314 | -€39,513 | -50.8% |
| Income taxes | 67/77 | €17,153 | €8,441 | -€8,713 | -50.8% |
| Profit (loss) for the period | 9904 | €60,673 | €29,873 | -€30,800 | -50.8% |
| Profit (loss) for the period to be appropriated | 9905 | €60,673 | €29,873 | -€30,800 | -50.8% |
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 7 October 2026 via checked.be.