Koen Wouters: what changed
Two fiscal 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.
Koen Wouters
Largest movements
- Cash +€65,337
up €65,337 (+115.8%), from €56,412 to €121,749
mainly Net result for the year (+€28,219) and Depreciation (+€22,975)
- Tangible fixed assets -€9,068
down €9,068 (-9.7%), from €93,112 to €84,044
of which Other tangible fixed assets: -€8,178
- Reserves +€28,219
up €28,219 (+67.6%), from €41,759 to €69,978
- Other debts +€13,245
up €13,245 (+18.9%), from €70,188 to €83,432
- Tax, wage and social debts +€11,747
up €11,747 (+52.7%), from €22,304 to €34,051
- Accrued charges and deferred income +€3,705
up €3,705 (+82.8%), from €4,477 to €8,182
- Gross operating margin +€14,028
up €14,028 (+26.2%), from €53,585 to €67,614
- Taxes +€3,294
up €3,294 (+40.1%), from €8,210 to €11,504
- Depreciation +€2,912
up €2,912 (+14.5%), from €20,063 to €22,975
- Other operating charges -€1,502
down €1,502 (-81.6%), from €1,841 to €339
- Financial charges +€700
up €700 (+18.1%), from €3,877 to €4,577
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.
Cash bridge derived
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 | €152,706 | €209,595 | +€56,889 | +37.3% |
| Fixed assets | 21/28 | €93,112 | €84,044 | -€9,068 | -9.7% |
| Tangible fixed assets | 22/27 | €93,112 | €84,044 | -€9,068 | -9.7% |
| Furniture and vehicles | 24 | €18,847 | €17,958 | -€889 | -4.7% |
| Other tangible fixed assets | 26 | €74,265 | €66,087 | -€8,178 | -11.0% |
| Current assets | 29/58 | €59,594 | €125,551 | +€65,957 | +110.7% |
| Amounts receivable within one year | 40/41 | €2,607 | €3,802 | +€1,195 | +45.8% |
| Trade receivables | 40 | €2,599 | €3,802 | +€1,203 | +46.3% |
| Other amounts receivable | 41 | €8 | €0 | -€8 | -100.0% |
| Cash at bank and in hand | 54/58 | €56,412 | €121,749 | +€65,337 | +115.8% |
| Deferred charges and accrued income | 490/1 | €575 | €0 | -€575 | -100.0% |
| Total equity and liabilities | 10/49 | €152,706 | €209,595 | +€56,889 | +37.3% |
| Equity | 10/15 | €46,759 | €74,978 | +€28,219 | +60.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €41,759 | €69,978 | +€28,219 | +67.6% |
| Distributable reserves | 133 | €41,759 | €69,978 | +€28,219 | +67.6% |
| Amounts payable | 17/49 | €105,948 | €134,617 | +€28,669 | +27.1% |
| Amounts payable within one year | 42/48 | €101,471 | €126,436 | +€24,964 | +24.6% |
| Financial debts | 43 | €60 | €730 | +€671 | +1127.6% |
| Credit institutions | 430/8 | €60 | €730 | +€671 | +1127.6% |
| Trade debts | 44 | €8,920 | €8,222 | -€699 | -7.8% |
| Suppliers | 440/4 | €8,920 | €8,222 | -€699 | -7.8% |
| Taxes, remuneration and social security | 45 | €22,304 | €34,051 | +€11,747 | +52.7% |
| Taxes | 450/3 | €22,304 | €34,051 | +€11,747 | +52.7% |
| Other amounts payable | 47/48 | €70,188 | €83,432 | +€13,245 | +18.9% |
| Accrued charges and deferred income | 492/3 | €4,477 | €8,182 | +€3,705 | +82.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,063 | €22,975 | +€2,912 | +14.5% |
| Other operating charges | 640/8 | €1,841 | €339 | -€1,502 | -81.6% |
| Gross operating margin | 9900 | €53,585 | €67,614 | +€14,028 | +26.2% |
| Operating profit (loss) | 9901 | €31,681 | €44,300 | +€12,619 | +39.8% |
| Financial income | 75/76B | €7 | €1 | -€7 | -92.7% |
| Recurring financial income | 75 | €7 | €1 | -€7 | -92.7% |
| Financial charges | 65/66B | €3,877 | €4,577 | +€700 | +18.1% |
| Recurring financial charges | 65 | €3,877 | €4,577 | +€700 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | €27,811 | €39,724 | +€11,912 | +42.8% |
| Income taxes | 67/77 | €8,210 | €11,504 | +€3,294 | +40.1% |
| Profit (loss) for the period | 9904 | €19,601 | €28,219 | +€8,618 | +44.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,601 | €28,219 | +€8,618 | +44.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.