JOHAN WILLEMSE: 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 WILLEMSE
Largest movements
- Current investments -€323,981
down €323,981 (-17.1%), from €1.9m to €1.6m
- Cash -€171,727
down €171,727 (-49.4%), from €347,469 to €175,743
mainly Contributions, distributions and other (-€551,511) and Tax, wage and social debts (-€7,638)
- Tangible fixed assets -€30,503
down €30,503 (-13.1%), from €233,561 to €203,058
of which Land and buildings: -€30,503
- Reserves -€530,252
down €530,252 (-21.4%), from €2.5m to €2.0m
- Gross operating margin -€322,897
down €322,897 (-93.7%), from €344,496 to €21,599
- Taxes -€97,748
down €97,748 (-93.1%), from €104,954 to €7,205
- Write-downs -€24,369
down €24,369 (-100%), from €24,369 to €0
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 | €2,506,151 | €1,964,549 | -€541,602 | -21.6% |
| Fixed assets | 21/28 | €233,561 | €203,058 | -€30,503 | -13.1% |
| Tangible fixed assets | 22/27 | €233,561 | €203,058 | -€30,503 | -13.1% |
| Land and buildings | 22 | €233,561 | €203,058 | -€30,503 | -13.1% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €2,272,590 | €1,761,491 | -€511,099 | -22.5% |
| Amounts receivable after more than one year | 29 | €23,481 | €15,592 | -€7,890 | -33.6% |
| Other amounts receivable | 291 | €23,481 | €15,592 | -€7,890 | -33.6% |
| Amounts receivable within one year | 40/41 | €10,577 | €3,076 | -€7,501 | -70.9% |
| Trade receivables | 40 | €3,658 | €0 | -€3,658 | -100% |
| Other amounts receivable | 41 | €6,920 | €3,076 | -€3,844 | -55.5% |
| Current investments | 50/53 | €1,891,062 | €1,567,080 | -€323,981 | -17.1% |
| Cash at bank and in hand | 54/58 | €347,469 | €175,743 | -€171,727 | -49.4% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €2,506,151 | €1,964,549 | -€541,602 | -21.6% |
| Equity | 10/15 | €2,493,319 | €1,963,067 | -€530,252 | -21.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,480,919 | €1,950,667 | -€530,252 | -21.4% |
| Distributable reserves | 133 | €2,480,919 | €1,950,667 | -€530,252 | -21.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €12,832 | €1,483 | -€11,350 | -88.4% |
| Amounts payable within one year | 42/48 | €12,779 | €1,483 | -€11,297 | -88.4% |
| Trade debts | 44 | €3,073 | €20 | -€3,053 | -99.4% |
| Suppliers | 440/4 | €3,073 | €20 | -€3,053 | -99.4% |
| Taxes, remuneration and social security | 45 | €7,638 | €0 | -€7,638 | -100% |
| Taxes | 450/3 | €7,638 | €0 | -€7,638 | -100% |
| Other amounts payable | 47/48 | €2,068 | €1,463 | -€605 | -29.3% |
| Accrued charges and deferred income | 492/3 | €53 | €0 | -€53 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,456 | €30,503 | -€953 | -3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €24,369 | €0 | -€24,369 | -100% |
| Other operating charges | 640/8 | €5,178 | €3,554 | -€1,624 | -31.4% |
| Gross operating margin | 9900 | €344,496 | €21,599 | -€322,897 | -93.7% |
| Operating profit (loss) | 9901 | €283,493 | -€12,458 | -€295,951 | |
| Financial income | 75/76B | €45,176 | €42,807 | -€2,369 | -5.2% |
| Recurring financial income | 75 | €45,176 | €42,807 | -€2,369 | -5.2% |
| Financial charges | 65/66B | €293 | €1,885 | +€1,592 | +544% |
| Recurring financial charges | 65 | €293 | €1,885 | +€1,592 | +544% |
| Profit (loss) for the period before taxes | 9903 | €328,377 | €28,465 | -€299,912 | -91.3% |
| Income taxes | 67/77 | €104,954 | €7,205 | -€97,748 | -93.1% |
| Profit (loss) for the period | 9904 | €223,423 | €21,259 | -€202,164 | -90.5% |
| Profit (loss) for the period to be appropriated | 9905 | €223,423 | €21,259 | -€202,164 | -90.5% |
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 30 October 2026 via checked.be.