Jef Wouters: 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.
Jef Wouters
Largest movements
- Cash -€51,868
down €51,868 (-35.1%), from €147,804 to €95,936
mainly Contributions, distributions and other (-€70,000) and Investment in fixed assets (net) (-€17,936)
- Receivables within one year +€14,756
up €14,756 (+42.1%), from €35,077 to €49,833
of which Other amounts receivable: +€8,742
- Tangible fixed assets +€8,718
up €8,718 (+50.2%), from €17,383 to €26,101
of which Furniture and vehicles: +€11,446
- Stocks and contracts +€6,348
up €6,348 (+64.2%), from €9,886 to €16,234
of which Stocks: +€4,728
- Other debts +€48,717
up €48,717 (+139%), from €35,000 to €83,717
- Reserves -€43,733
down €43,733 (-39.6%), from €110,376 to €66,643
of which Distributable reserves: -€43,733
- Tax, wage and social debts -€15,916
down €15,916 (-53.2%), from €29,936 to €14,020
of which Remuneration and social security: -€18,500
- Trade debts -€11,114
down €11,114 (-68.2%), from €16,288 to €5,174
- Gross operating margin -€42,232
down €42,232 (-42.5%), from €99,344 to €57,112
- Taxes -€5,840
down €5,840 (-30.3%), from €19,260 to €13,420
- Financial charges +€3,551
up €3,551 (+102%), from €3,485 to €7,036
- Depreciation +€1,495
up €1,495 (+19.4%), from €7,723 to €9,218
- Other operating charges +€1,152
up €1,152 (+130%), from €889 to €2,042
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 | €210,150 | €188,104 | -€22,046 | -10.5% |
| Fixed assets | 21/28 | €17,383 | €26,101 | +€8,718 | +50.2% |
| Tangible fixed assets | 22/27 | €17,383 | €26,101 | +€8,718 | +50.2% |
| Land and buildings | 22 | €2,278 | €1,967 | -€311 | -13.6% |
| Plant, machinery and equipment | 23 | €9,544 | €7,127 | -€2,417 | -25.3% |
| Furniture and vehicles | 24 | €5,561 | €17,007 | +€11,446 | +206% |
| Current assets | 29/58 | €192,767 | €162,003 | -€30,764 | -16.0% |
| Stocks and contracts in progress | 3 | €9,886 | €16,234 | +€6,348 | +64.2% |
| Stocks | 30/36 | €3,006 | €7,734 | +€4,728 | +157% |
| Contracts in progress | 37 | €6,880 | €8,500 | +€1,620 | +23.5% |
| Amounts receivable within one year | 40/41 | €35,077 | €49,833 | +€14,756 | +42.1% |
| Trade receivables | 40 | €31,579 | €37,593 | +€6,014 | +19.0% |
| Other amounts receivable | 41 | €3,498 | €12,240 | +€8,742 | +250% |
| Cash at bank and in hand | 54/58 | €147,804 | €95,936 | -€51,868 | -35.1% |
| Total equity and liabilities | 10/49 | €210,150 | €188,104 | -€22,046 | -10.5% |
| Equity | 10/15 | €128,926 | €85,193 | -€43,733 | -33.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €110,376 | €66,643 | -€43,733 | -39.6% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €108,521 | €64,788 | -€43,733 | -40.3% |
| Amounts payable | 17/49 | €81,224 | €102,911 | +€21,687 | +26.7% |
| Amounts payable within one year | 42/48 | €81,224 | €102,911 | +€21,687 | +26.7% |
| Trade debts | 44 | €16,288 | €5,174 | -€11,114 | -68.2% |
| Suppliers | 440/4 | €16,288 | €5,174 | -€11,114 | -68.2% |
| Taxes, remuneration and social security | 45 | €29,936 | €14,020 | -€15,916 | -53.2% |
| Taxes | 450/3 | €11,437 | €14,020 | +€2,583 | +22.6% |
| Remuneration and social security | 454/9 | €18,500 | - | -€18,500 | |
| Other amounts payable | 47/48 | €35,000 | €83,717 | +€48,717 | +139% |
| Non-recurring operating income | 76A | €5,000 | - | -€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,723 | €9,218 | +€1,495 | +19.4% |
| Other operating charges | 640/8 | €889 | €2,042 | +€1,152 | +130% |
| Non-recurring operating charges | 66A | - | €385 | +€385 | |
| Gross operating margin | 9900 | €99,344 | €57,112 | -€42,232 | -42.5% |
| Operating profit (loss) | 9901 | €90,732 | €45,467 | -€45,265 | -49.9% |
| Financial income | 75/76B | €628 | €1,256 | +€628 | +99.9% |
| Recurring financial income | 75 | €628 | €1,256 | +€628 | +99.9% |
| Financial charges | 65/66B | €3,485 | €7,036 | +€3,551 | +102% |
| Recurring financial charges | 65 | €3,485 | €7,036 | +€3,551 | +102% |
| Profit (loss) for the period before taxes | 9903 | €87,875 | €39,687 | -€48,188 | -54.8% |
| Income taxes | 67/77 | €19,260 | €13,420 | -€5,840 | -30.3% |
| Profit (loss) for the period | 9904 | €68,615 | €26,267 | -€42,348 | -61.7% |
| Profit (loss) for the period to be appropriated | 9905 | €68,615 | €26,267 | -€42,348 | -61.7% |
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 26 October 2026 via checked.be.