Isabelle Willems: 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.
Isabelle Willems
Largest movements
- Cash +€35,715
up €35,715 (+31.0%), from €115,314 to €151,029
mainly Net result for the year (+€42,243) and Other debts (+€2,184)
- Tangible fixed assets +€5,581
up €5,581 (+63.5%), from €8,784 to €14,366
of which Furniture and vehicles: +€3,682
- Reserves +€42,243
up €42,243 (+42.4%), from €99,646 to €141,889
- Tax, wage and social debts -€2,778
down €2,778 (-23.4%), from €11,856 to €9,078
- Other debts +€2,184
up €2,184 (+76.3%), from €2,862 to €5,046
- Gross operating margin -€3,303
down €3,303 (-5.2%), from €63,755 to €60,452
- Other operating charges -€819
down €819 (-60.8%), from €1,347 to €527
- Taxes -€809
down €809 (-4.7%), from €17,233 to €16,425
- Financial income +€713
up €713 (+270%), from €264 to €977
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 | €131,740 | €172,376 | +€40,636 | +30.8% |
| Fixed assets | 21/28 | €8,784 | €14,366 | +€5,581 | +63.5% |
| Tangible fixed assets | 22/27 | €8,784 | €14,366 | +€5,581 | +63.5% |
| Land and buildings | 22 | €6,241 | €8,545 | +€2,305 | +36.9% |
| Plant, machinery and equipment | 23 | €1,710 | €1,304 | -€405 | -23.7% |
| Furniture and vehicles | 24 | €834 | €4,516 | +€3,682 | +442% |
| Current assets | 29/58 | €122,956 | €158,010 | +€35,054 | +28.5% |
| Cash at bank and in hand | 54/58 | €115,314 | €151,029 | +€35,715 | +31.0% |
| Deferred charges and accrued income | 490/1 | €7,642 | €6,981 | -€661 | -8.6% |
| Total equity and liabilities | 10/49 | €131,740 | €172,376 | +€40,636 | +30.8% |
| Equity | 10/15 | €114,646 | €156,889 | +€42,243 | +36.8% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €99,646 | €141,889 | +€42,243 | +42.4% |
| Distributable reserves | 133 | €99,646 | €141,889 | +€42,243 | +42.4% |
| Amounts payable | 17/49 | €17,094 | €15,487 | -€1,607 | -9.4% |
| Amounts payable within one year | 42/48 | €16,155 | €15,344 | -€811 | -5.0% |
| Trade debts | 44 | €1,437 | €1,220 | -€217 | -15.1% |
| Suppliers | 440/4 | €1,437 | €1,220 | -€217 | -15.1% |
| Taxes, remuneration and social security | 45 | €11,856 | €9,078 | -€2,778 | -23.4% |
| Taxes | 450/3 | €11,856 | €9,078 | -€2,778 | -23.4% |
| Other amounts payable | 47/48 | €2,862 | €5,046 | +€2,184 | +76.3% |
| Accrued charges and deferred income | 492/3 | €939 | €142 | -€796 | -84.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,390 | €1,569 | +€178 | +12.8% |
| Other operating charges | 640/8 | €1,347 | €527 | -€819 | -60.8% |
| Gross operating margin | 9900 | €63,755 | €60,452 | -€3,303 | -5.2% |
| Operating profit (loss) | 9901 | €61,018 | €58,356 | -€2,662 | -4.4% |
| Financial income | 75/76B | €264 | €977 | +€713 | +270% |
| Recurring financial income | 75 | €264 | €977 | +€713 | +270% |
| Financial charges | 65/66B | €241 | €665 | +€424 | +176% |
| Recurring financial charges | 65 | €241 | €665 | +€424 | +176% |
| Profit (loss) for the period before taxes | 9903 | €61,041 | €58,668 | -€2,373 | -3.9% |
| Income taxes | 67/77 | €17,233 | €16,425 | -€809 | -4.7% |
| Profit (loss) for the period | 9904 | €43,808 | €42,243 | -€1,564 | -3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €43,808 | €42,243 | -€1,564 | -3.6% |
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 28 October 2026 via checked.be.