Kenn 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.
Kenn Wouters
Largest movements
- Cash +€46,681
up €46,681 (+29.4%), from €159,018 to €205,699
mainly Net result for the year (+€106,865) and Other debts (+€89,577)
- Receivables within one year +€24,538
up €24,538 (+41.8%), from €58,746 to €83,284
of which Trade receivables: +€13,776
- Receivables after one year +€20,915
new in 2025: €20,915
- Other debts +€89,577
up €89,577 (+248%), from €36,144 to €125,721
- Tax, wage and social debts +€12,546
up €12,546 (+435%), from €2,887 to €15,433
- Reserves -€10,782
down €10,782 (-4.6%), from €234,860 to €224,079
- Debts after one year -€7,490
down €7,490 (-8.2%), from €91,224 to €83,735
- Gross operating margin +€121,990
up €121,990 (+237%), from €51,510 to €173,501
- Taxes +€35,386
up €35,386 (+373%), from €9,497 to €44,883
- Depreciation +€2,075
up €2,075 (+13.8%), from €15,071 to €17,146
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 | €389,188 | €473,426 | +€84,238 | +21.6% |
| Fixed assets | 21/28 | €163,980 | €159,931 | -€4,050 | -2.5% |
| Tangible fixed assets | 22/27 | €163,980 | €159,931 | -€4,050 | -2.5% |
| Land and buildings | 22 | €142,738 | €143,901 | +€1,163 | +0.8% |
| Plant, machinery and equipment | 23 | €5,458 | €3,895 | -€1,563 | -28.6% |
| Furniture and vehicles | 24 | €15,783 | €12,134 | -€3,649 | -23.1% |
| Current assets | 29/58 | €225,208 | €313,495 | +€88,288 | +39.2% |
| Amounts receivable after more than one year | 29 | - | €20,915 | +€20,915 | |
| Other amounts receivable | 291 | - | €20,915 | +€20,915 | |
| Amounts receivable within one year | 40/41 | €58,746 | €83,284 | +€24,538 | +41.8% |
| Trade receivables | 40 | €52,402 | €66,178 | +€13,776 | +26.3% |
| Other amounts receivable | 41 | €6,344 | €17,106 | +€10,762 | +170% |
| Cash at bank and in hand | 54/58 | €159,018 | €205,699 | +€46,681 | +29.4% |
| Deferred charges and accrued income | 490/1 | €7,444 | €3,598 | -€3,846 | -51.7% |
| Total equity and liabilities | 10/49 | €389,188 | €473,426 | +€84,238 | +21.6% |
| Equity | 10/15 | €249,860 | €239,079 | -€10,782 | -4.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €234,860 | €224,079 | -€10,782 | -4.6% |
| Distributable reserves | 133 | €234,860 | €224,079 | -€10,782 | -4.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €139,328 | €234,348 | +€95,020 | +68.2% |
| Amounts payable after more than one year | 17 | €91,224 | €83,735 | -€7,490 | -8.2% |
| Financial debts | 170/4 | €91,224 | €83,735 | -€7,490 | -8.2% |
| Amounts payable within one year | 42/48 | €47,940 | €149,491 | +€101,551 | +212% |
| Current portion of amounts payable after more than one year | 42 | €7,342 | €7,490 | +€148 | +2.0% |
| Financial debts | 43 | - | €151 | +€151 | |
| Other loans | 439 | - | €151 | +€151 | |
| Trade debts | 44 | €1,568 | €696 | -€872 | -55.6% |
| Suppliers | 440/4 | €1,568 | €696 | -€872 | -55.6% |
| Taxes, remuneration and social security | 45 | €2,887 | €15,433 | +€12,546 | +435% |
| Taxes | 450/3 | €2,887 | €15,433 | +€12,546 | +435% |
| Other amounts payable | 47/48 | €36,144 | €125,721 | +€89,577 | +248% |
| Accrued charges and deferred income | 492/3 | €163 | €1,122 | +€959 | +589% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,071 | €17,146 | +€2,075 | +13.8% |
| Other operating charges | 640/8 | €1,634 | €2,961 | +€1,327 | +81.2% |
| Gross operating margin | 9900 | €51,510 | €173,501 | +€121,990 | +237% |
| Operating profit (loss) | 9901 | €34,805 | €153,394 | +€118,589 | +341% |
| Financial income | 75/76B | €506 | €999 | +€493 | +97.4% |
| Recurring financial income | 75 | €506 | €999 | +€493 | +97.4% |
| Financial charges | 65/66B | €2,556 | €2,645 | +€89 | +3.5% |
| Recurring financial charges | 65 | €2,556 | €2,645 | +€89 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €32,755 | €151,748 | +€118,993 | +363% |
| Income taxes | 67/77 | €9,497 | €44,883 | +€35,386 | +373% |
| Profit (loss) for the period | 9904 | €23,259 | €106,865 | +€83,607 | +359% |
| Profit (loss) for the period to be appropriated | 9905 | €23,259 | €106,865 | +€83,607 | +359% |
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.