Jean Wuytack: 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.
Jean Wuytack
Largest movements
- Receivables within one year +€24,797
up €24,797 (+21.2%), from €116,915 to €141,712
of which Trade receivables: +€32,540
- Reserves +€82,067
up €82,067 (+13.2%), from €623,869 to €705,936
of which Distributable reserves: +€82,067
- Debts after one year -€43,972
down €43,972 (-9.4%), from €466,971 to €422,999
- Other debts -€26,757
down €26,757 (-43.6%), from €61,412 to €34,655
- Tax, wage and social debts +€16,341
up €16,341 (+97.4%), from €16,784 to €33,125
- Gross operating margin +€19,472
up €19,472 (+15.7%), from €123,939 to €143,411
- Taxes +€6,827
up €6,827 (+19.6%), from €34,862 to €41,689
- Depreciation -€4,418
down €4,418 (-52.0%), from €8,494 to €4,077
- Financial charges -€1,741
down €1,741 (-15.9%), from €10,969 to €9,228
- Other operating charges +€1,489
up €1,489 (+39.0%), from €3,814 to €5,304
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 | €1,305,261 | €1,326,510 | +€21,249 | +1.6% |
| Fixed assets | 21/28 | €1,181,770 | €1,178,849 | -€2,921 | -0.2% |
| Tangible fixed assets | 22/27 | €1,146,223 | €1,143,302 | -€2,921 | -0.3% |
| Furniture and vehicles | 24 | €4,992 | €4,007 | -€985 | -19.7% |
| Other tangible fixed assets | 26 | €1,141,231 | €1,139,295 | -€1,936 | -0.2% |
| Financial fixed assets | 28 | €35,547 | €35,547 | = | 0.0% |
| Current assets | 29/58 | €123,491 | €147,661 | +€24,170 | +19.6% |
| Amounts receivable within one year | 40/41 | €116,915 | €141,712 | +€24,797 | +21.2% |
| Trade receivables | 40 | €26,409 | €58,948 | +€32,540 | +123% |
| Other amounts receivable | 41 | €90,506 | €82,763 | -€7,743 | -8.6% |
| Cash at bank and in hand | 54/58 | €5,472 | €4,695 | -€777 | -14.2% |
| Deferred charges and accrued income | 490/1 | €1,104 | €1,254 | +€150 | +13.6% |
| Total equity and liabilities | 10/49 | €1,305,261 | €1,326,510 | +€21,249 | +1.6% |
| Equity | 10/15 | €683,314 | €765,381 | +€82,067 | +12.0% |
| Contributions | 10/11 | €12,705 | €12,705 | = | 0.0% |
| Reserves | 13 | €623,869 | €705,936 | +€82,067 | +13.2% |
| Tax-exempt reserves | 132 | €99,298 | €99,298 | = | 0.0% |
| Distributable reserves | 133 | €524,571 | €606,638 | +€82,067 | +15.6% |
| Profit (loss) carried forward | 14 | €46,740 | €46,740 | = | 0.0% |
| Provisions and deferred taxes | 16 | €24,825 | €24,825 | = | 0.0% |
| Deferred taxes | 168 | €24,825 | €24,825 | = | 0.0% |
| Amounts payable | 17/49 | €597,122 | €536,305 | -€60,818 | -10.2% |
| Amounts payable after more than one year | 17 | €466,971 | €422,999 | -€43,972 | -9.4% |
| Financial debts | 170/4 | €466,971 | €422,999 | -€43,972 | -9.4% |
| Amounts payable within one year | 42/48 | €130,152 | €113,306 | -€16,846 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €44,176 | €43,972 | -€204 | -0.5% |
| Trade debts | 44 | €7,779 | €1,554 | -€6,225 | -80.0% |
| Suppliers | 440/4 | €7,779 | €1,554 | -€6,225 | -80.0% |
| Taxes, remuneration and social security | 45 | €16,784 | €33,125 | +€16,341 | +97.4% |
| Taxes | 450/3 | €16,784 | €33,125 | +€16,341 | +97.4% |
| Other amounts payable | 47/48 | €61,412 | €34,655 | -€26,757 | -43.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,494 | €4,077 | -€4,418 | -52.0% |
| Other operating charges | 640/8 | €3,814 | €5,304 | +€1,489 | +39.0% |
| Non-recurring operating charges | 66A | - | €1,047 | +€1,047 | |
| Gross operating margin | 9900 | €123,939 | €143,411 | +€19,472 | +15.7% |
| Operating profit (loss) | 9901 | €111,630 | €132,983 | +€21,353 | +19.1% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €10,969 | €9,228 | -€1,741 | -15.9% |
| Recurring financial charges | 65 | €10,969 | €9,228 | -€1,741 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €100,663 | €123,755 | +€23,092 | +22.9% |
| Income taxes | 67/77 | €34,862 | €41,689 | +€6,827 | +19.6% |
| Profit (loss) for the period | 9904 | €65,801 | €82,067 | +€16,265 | +24.7% |
| Profit (loss) for the period to be appropriated | 9905 | €65,801 | €82,067 | +€16,265 | +24.7% |
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.