Gwen Bevers: 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.
Gwen Bevers
Largest movements
- Current investments +€104,905
up €104,905 (+262%), from €40,095 to €145,000
- Receivables after one year +€64,043
up €64,043 (+13.8%), from €463,244 to €527,287
- Cash -€25,652
down €25,652 (-44.1%), from €58,221 to €32,569
mainly Contributions, distributions and other (-€175,000) and Current investments (-€104,905)
- Reserves +€787,540
up €787,540 (+42,455%), from €1,855 to €789,395
- Profit (loss) carried forward -€646,990
no longer reported in 2025 (was €646,990)
- Gross operating margin +€133,692
up €133,692 (+47.4%), from €281,824 to €415,516
- Taxes +€32,519
up €32,519 (+48.6%), from €66,908 to €99,427
- Financial income -€4,647
down €4,647 (-42.9%), from €10,838 to €6,191
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 | €688,197 | €828,533 | +€140,336 | +20.4% |
| Fixed assets | 21/28 | €13,222 | €9,684 | -€3,539 | -26.8% |
| Tangible fixed assets | 22/27 | €13,222 | €9,684 | -€3,539 | -26.8% |
| Furniture and vehicles | 24 | €6,804 | €4,223 | -€2,581 | -37.9% |
| Other tangible fixed assets | 26 | €6,418 | €5,460 | -€958 | -14.9% |
| Current assets | 29/58 | €674,975 | €818,849 | +€143,875 | +21.3% |
| Amounts receivable after more than one year | 29 | €463,244 | €527,287 | +€64,043 | +13.8% |
| Other amounts receivable | 291 | €463,244 | €527,287 | +€64,043 | +13.8% |
| Amounts receivable within one year | 40/41 | €105,828 | €102,752 | -€3,076 | -2.9% |
| Trade receivables | 40 | €101,820 | €102,143 | +€323 | +0.3% |
| Other amounts receivable | 41 | €4,008 | €609 | -€3,399 | -84.8% |
| Current investments | 50/53 | €40,095 | €145,000 | +€104,905 | +262% |
| Cash at bank and in hand | 54/58 | €58,221 | €32,569 | -€25,652 | -44.1% |
| Deferred charges and accrued income | 490/1 | €7,588 | €11,242 | +€3,654 | +48.2% |
| Total equity and liabilities | 10/49 | €688,197 | €828,533 | +€140,336 | +20.4% |
| Equity | 10/15 | €667,395 | €807,945 | +€140,550 | +21.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €789,395 | +€787,540 | +42,455% |
| Distributable reserves | 133 | €1,855 | €789,395 | +€787,540 | +42,455% |
| Profit (loss) carried forward | 14 | €646,990 | - | -€646,990 | |
| Amounts payable | 17/49 | €20,802 | €20,589 | -€214 | -1.0% |
| Amounts payable within one year | 42/48 | €20,514 | €14,558 | -€5,956 | -29.0% |
| Trade debts | 44 | €3,272 | €2,394 | -€878 | -26.8% |
| Suppliers | 440/4 | €3,272 | €2,394 | -€878 | -26.8% |
| Taxes, remuneration and social security | 45 | €13,889 | €10,069 | -€3,820 | -27.5% |
| Taxes | 450/3 | €10,814 | €10,069 | -€745 | -6.9% |
| Remuneration and social security | 454/9 | €3,075 | - | -€3,075 | |
| Other amounts payable | 47/48 | €3,353 | €2,095 | -€1,258 | -37.5% |
| Accrued charges and deferred income | 492/3 | €288 | €6,030 | +€5,742 | +1,991% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,173 | €4,307 | +€1,134 | +35.7% |
| Other operating charges | 640/8 | €555 | €624 | +€68 | +12.3% |
| Gross operating margin | 9900 | €281,824 | €415,516 | +€133,692 | +47.4% |
| Operating profit (loss) | 9901 | €278,095 | €410,585 | +€132,490 | +47.6% |
| Financial income | 75/76B | €10,838 | €6,191 | -€4,647 | -42.9% |
| Recurring financial income | 75 | €10,838 | €6,191 | -€4,647 | -42.9% |
| Financial charges | 65/66B | €4,334 | €1,799 | -€2,535 | -58.5% |
| Recurring financial charges | 65 | €4,334 | €1,799 | -€2,535 | -58.5% |
| Profit (loss) for the period before taxes | 9903 | €284,599 | €414,977 | +€130,378 | +45.8% |
| Income taxes | 67/77 | €66,908 | €99,427 | +€32,519 | +48.6% |
| Profit (loss) for the period | 9904 | €217,691 | €315,550 | +€97,859 | +45.0% |
| Profit (loss) for the period to be appropriated | 9905 | €217,691 | €315,550 | +€97,859 | +45.0% |
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 23 October 2026 via checked.be.