Heidi Wendelen: what changed
Heidi Wendelen
Largest movements
- Receivables within one year +€109,280
up €109,280 (+30.5%), from €358,673 to €467,953
of which Other amounts receivable: +€118,003
- Reserves +€220,826
up €220,826 (+105%), from €210,436 to €431,261
of which Distributable reserves: +€220,826
- Current portion of long-term debt -€63,083
no longer reported in 2025 (was €63,083)
- Trade debts -€38,355
down €38,355 (-95.2%), from €40,298 to €1,943
- Tax, wage and social debts -€29,241
down €29,241 (-57.4%), from €50,925 to €21,684
of which Taxes: -€23,618
- Other debts +€17,010
new in 2025: €17,010
- Write-downs -€347,184
down €347,184, from €173,592 to -€173,592
- Staff costs -€144,172
down €144,172 (-97.5%), from €147,818 to €3,646
- Gross operating margin -€100,910
down €100,910 (-58.1%), from €173,700 to €72,790
- Taxes +€11,535
up €11,535 (+159%), from €7,248 to €18,783
- Other operating charges -€2,355
down €2,355 (-56.6%), from €4,161 to €1,806
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €370,941 | €482,438 | +€111,497 | +30.1% |
| Current assets | 29/58 | €370,941 | €482,438 | +€111,497 | +30.1% |
| Amounts receivable within one year | 40/41 | €358,673 | €467,953 | +€109,280 | +30.5% |
| Trade receivables | 40 | €17,546 | €8,823 | -€8,723 | -49.7% |
| Other amounts receivable | 41 | €341,127 | €459,130 | +€118,003 | +34.6% |
| Cash at bank and in hand | 54/58 | €12,268 | €14,485 | +€2,217 | +18.1% |
| Total equity and liabilities | 10/49 | €370,941 | €482,438 | +€111,497 | +30.1% |
| Equity | 10/15 | €216,636 | €441,801 | +€225,166 | +104% |
| Contributions | 10/11 | €6,200 | €10,540 | +€4,340 | +70.0% |
| Reserves | 13 | €210,436 | €431,261 | +€220,826 | +105% |
| 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 | €208,576 | €429,401 | +€220,826 | +106% |
| Amounts payable | 17/49 | €154,306 | €40,637 | -€113,669 | -73.7% |
| Amounts payable within one year | 42/48 | €154,306 | €40,637 | -€113,669 | -73.7% |
| Current portion of amounts payable after more than one year | 42 | €63,083 | - | -€63,083 | |
| Trade debts | 44 | €40,298 | €1,943 | -€38,355 | -95.2% |
| Suppliers | 440/4 | €40,298 | €1,943 | -€38,355 | -95.2% |
| Taxes, remuneration and social security | 45 | €50,925 | €21,684 | -€29,241 | -57.4% |
| Taxes | 450/3 | €45,302 | €21,684 | -€23,618 | -52.1% |
| Remuneration and social security | 454/9 | €5,623 | - | -€5,623 | |
| Other amounts payable | 47/48 | - | €17,010 | +€17,010 | |
| Remuneration, social security and pensions | 62 | €147,818 | €3,646 | -€144,172 | -97.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,037 | - | -€2,037 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €173,592 | -€173,592 | -€347,184 | |
| Other operating charges | 640/8 | €4,161 | €1,806 | -€2,355 | -56.6% |
| Gross operating margin | 9900 | €173,700 | €72,790 | -€100,910 | -58.1% |
| Operating profit (loss) | 9901 | -€153,907 | €240,929 | +€394,837 | |
| Financial income | 75/76B | €6 | €463 | +€457 | +7,945% |
| Recurring financial income | 75 | €6 | €463 | +€457 | +7,945% |
| Financial charges | 65/66B | €1,302 | €1,784 | +€482 | +37.0% |
| Recurring financial charges | 65 | €1,302 | €1,784 | +€482 | +37.0% |
| Profit (loss) for the period before taxes | 9903 | -€155,203 | €239,608 | +€394,812 | |
| Income taxes | 67/77 | €7,248 | €18,783 | +€11,535 | +159% |
| Profit (loss) for the period | 9904 | -€162,452 | €220,826 | +€383,277 | |
| Profit (loss) for the period to be appropriated | 9905 | -€162,452 | €220,826 | +€383,277 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.