Johan De Waele: 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.
Johan De Waele
Largest movements
- Tangible fixed assets +€84,522
up €84,522 (+29.5%), from €286,396 to €370,917
of which Furniture and vehicles: +€98,012
- Stocks and contracts +€13,350
up €13,350 (+66.1%), from €20,200 to €33,550
of which Contracts in progress: +€10,500
- Receivables within one year +€6,719
up €6,719 (+5.5%), from €122,024 to €128,742
of which Other amounts receivable: +€9,717
- Cash +€5,839
up €5,839 (+23.7%), from €24,679 to €30,518
mainly Other debts (+€158,418) and Current portion of long-term debt (+€62,055)
- Other debts +€158,418
up €158,418 (+408%), from €38,785 to €197,203
- Short-term financial debts -€71,745
down €71,745 (-94.4%), from €76,023 to €4,277
of which Credit institutions: -€70,028
- Current portion of long-term debt +€62,055
up €62,055 (+274%), from €22,676 to €84,731
- Profit (loss) carried forward -€54,615
down €54,615, from €138 to -€54,477
- Debts after one year +€29,104
up €29,104 (+41.4%), from €70,270 to €99,374
- Gross operating margin -€95,382
down €95,382 (-38.3%), from €249,034 to €153,651
- Staff costs -€8,770
down €8,770 (-4.9%), from €180,413 to €171,643
- Taxes -€7,870
down €7,870 (-99.1%), from €7,945 to €75
- Financial charges -€6,351
down €6,351 (-31.1%), from €20,406 to €14,055
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 | €464,321 | €574,716 | +€110,395 | +23.8% |
| Fixed assets | 21/28 | €286,468 | €370,989 | +€84,522 | +29.5% |
| Tangible fixed assets | 22/27 | €286,396 | €370,917 | +€84,522 | +29.5% |
| Land and buildings | 22 | €212,968 | €211,083 | -€1,884 | -0.9% |
| Plant, machinery and equipment | 23 | €2,115 | €1,307 | -€809 | -38.2% |
| Furniture and vehicles | 24 | €6,000 | €104,012 | +€98,012 | +1,633% |
| Other tangible fixed assets | 26 | €65,312 | €54,515 | -€10,798 | -16.5% |
| Financial fixed assets | 28 | €72 | €72 | = | 0.0% |
| Current assets | 29/58 | €177,854 | €203,727 | +€25,873 | +14.5% |
| Stocks and contracts in progress | 3 | €20,200 | €33,550 | +€13,350 | +66.1% |
| Stocks | 30/36 | €13,200 | €16,050 | +€2,850 | +21.6% |
| Contracts in progress | 37 | €7,000 | €17,500 | +€10,500 | +150% |
| Amounts receivable within one year | 40/41 | €122,024 | €128,742 | +€6,719 | +5.5% |
| Trade receivables | 40 | €107,353 | €104,355 | -€2,999 | -2.8% |
| Other amounts receivable | 41 | €14,670 | €24,388 | +€9,717 | +66.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €24,679 | €30,518 | +€5,839 | +23.7% |
| Deferred charges and accrued income | 490/1 | €10,951 | €10,917 | -€34 | -0.3% |
| Total equity and liabilities | 10/49 | €464,321 | €574,716 | +€110,395 | +23.8% |
| Equity | 10/15 | €119,563 | €64,948 | -€54,615 | -45.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €100,825 | €100,825 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €25,665 | €25,665 | = | 0.0% |
| Distributable reserves | 133 | €75,160 | €75,160 | = | 0.0% |
| Profit (loss) carried forward | 14 | €138 | -€54,477 | -€54,615 | |
| Amounts payable | 17/49 | €344,759 | €509,768 | +€165,009 | +47.9% |
| Amounts payable after more than one year | 17 | €70,270 | €99,374 | +€29,104 | +41.4% |
| Financial debts | 170/4 | €70,270 | €99,374 | +€29,104 | +41.4% |
| Amounts payable within one year | 42/48 | €268,435 | €410,394 | +€141,959 | +52.9% |
| Current portion of amounts payable after more than one year | 42 | €22,676 | €84,731 | +€62,055 | +274% |
| Financial debts | 43 | €76,023 | €4,277 | -€71,745 | -94.4% |
| Credit institutions | 430/8 | €73,064 | €3,037 | -€70,028 | -95.8% |
| Other loans | 439 | €2,959 | €1,241 | -€1,718 | -58.1% |
| Trade debts | 44 | €113,698 | €95,467 | -€18,231 | -16.0% |
| Suppliers | 440/4 | €113,698 | €95,467 | -€18,231 | -16.0% |
| Taxes, remuneration and social security | 45 | €17,253 | €28,715 | +€11,463 | +66.4% |
| Taxes | 450/3 | €7,623 | €5,198 | -€2,425 | -31.8% |
| Remuneration and social security | 454/9 | €9,629 | €23,518 | +€13,888 | +144% |
| Other amounts payable | 47/48 | €38,785 | €197,203 | +€158,418 | +408% |
| Accrued charges and deferred income | 492/3 | €6,053 | €0 | -€6,053 | -100% |
| Non-recurring operating income | 76A | €1,805 | €0 | -€1,805 | -100% |
| Remuneration, social security and pensions | 62 | €180,413 | €171,643 | -€8,770 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,038 | €20,725 | +€687 | +3.4% |
| Other operating charges | 640/8 | €4,438 | €2,264 | -€2,173 | -49.0% |
| Gross operating margin | 9900 | €249,034 | €153,651 | -€95,382 | -38.3% |
| Operating profit (loss) | 9901 | €44,144 | -€40,981 | -€85,125 | |
| Financial income | 75/76B | €36 | €497 | +€461 | +1,285% |
| Recurring financial income | 75 | €36 | €497 | +€461 | +1,285% |
| Financial charges | 65/66B | €20,406 | €14,055 | -€6,351 | -31.1% |
| Recurring financial charges | 65 | €20,406 | €14,055 | -€6,351 | -31.1% |
| Profit (loss) for the period before taxes | 9903 | €23,774 | -€54,540 | -€78,314 | |
| Income taxes | 67/77 | €7,945 | €75 | -€7,870 | -99.1% |
| Profit (loss) for the period | 9904 | €15,830 | -€54,615 | -€70,444 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,830 | -€54,615 | -€70,444 |
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 27 October 2026 via checked.be.