Leen Wauters: what changed
Leen Wauters
Largest movements
- Cash +€73,281
up €73,281 (+126%), from €57,994 to €131,274
mainly Net result for the year (+€53,098) and Investment in fixed assets (net) (+€50,751)
- Tangible fixed assets -€52,018
down €52,018 (-95.4%), from €54,517 to €2,499
of which Furniture and vehicles: -€51,194
- Current investments -€50,663
down €50,663 (-47.8%), from €105,939 to €55,276
- Receivables within one year -€46,241
down €46,241 (-99.2%), from €46,626 to €385
of which Trade receivables: -€41,855
- Trade debts -€64,153
down €64,153 (-99.8%), from €64,311 to €159
- Reserves +€53,098
up €53,098 (+55.1%), from €96,357 to €149,455
- Current portion of long-term debt -€51,123
no longer reported in 2025 (was €51,123)
- Other debts -€21,900
down €21,900 (-80.2%), from €27,297 to €5,397
- Tax, wage and social debts +€8,270
up €8,270 (+71.2%), from €11,611 to €19,881
- Depreciation -€14,572
down €14,572 (-92.0%), from €15,838 to €1,267
- Gross operating margin +€7,795
up €7,795 (+11.8%), from €66,158 to €73,953
- Taxes +€5,942
up €5,942 (+42.3%), from €14,061 to €20,003
- Financial income -€876
down €876 (-57.2%), from €1,531 to €655
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €265,699 | €189,891 | -€75,808 | -28.5% |
| Fixed assets | 21/28 | €54,973 | €2,955 | -€52,018 | -94.6% |
| Tangible fixed assets | 22/27 | €54,517 | €2,499 | -€52,018 | -95.4% |
| Plant, machinery and equipment | 23 | €823 | - | -€823 | |
| Furniture and vehicles | 24 | €53,694 | €2,499 | -€51,194 | -95.3% |
| Financial fixed assets | 28 | €456 | €456 | = | 0.0% |
| Current assets | 29/58 | €210,726 | €186,936 | -€23,791 | -11.3% |
| Amounts receivable within one year | 40/41 | €46,626 | €385 | -€46,241 | -99.2% |
| Trade receivables | 40 | €41,855 | - | -€41,855 | |
| Other amounts receivable | 41 | €4,771 | €385 | -€4,385 | -91.9% |
| Current investments | 50/53 | €105,939 | €55,276 | -€50,663 | -47.8% |
| Cash at bank and in hand | 54/58 | €57,994 | €131,274 | +€73,281 | +126% |
| Deferred charges and accrued income | 490/1 | €168 | - | -€168 | |
| Total equity and liabilities | 10/49 | €265,699 | €189,891 | -€75,808 | -28.5% |
| Equity | 10/15 | €111,357 | €164,455 | +€53,098 | +47.7% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €96,357 | €149,455 | +€53,098 | +55.1% |
| Distributable reserves | 133 | €96,357 | €149,455 | +€53,098 | +55.1% |
| Amounts payable | 17/49 | €154,342 | €25,436 | -€128,906 | -83.5% |
| Amounts payable within one year | 42/48 | €154,342 | €25,436 | -€128,906 | -83.5% |
| Current portion of amounts payable after more than one year | 42 | €51,123 | - | -€51,123 | |
| Trade debts | 44 | €64,311 | €159 | -€64,153 | -99.8% |
| Suppliers | 440/4 | €64,311 | €159 | -€64,153 | -99.8% |
| Taxes, remuneration and social security | 45 | €11,611 | €19,881 | +€8,270 | +71.2% |
| Taxes | 450/3 | €11,611 | €19,881 | +€8,270 | +71.2% |
| Other amounts payable | 47/48 | €27,297 | €5,397 | -€21,900 | -80.2% |
| Non-recurring operating income | 76A | - | €8,063 | +€8,063 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,838 | €1,267 | -€14,572 | -92.0% |
| Other operating charges | 640/8 | €671 | €195 | -€476 | -70.9% |
| Gross operating margin | 9900 | €66,158 | €73,953 | +€7,795 | +11.8% |
| Operating profit (loss) | 9901 | €49,648 | €72,491 | +€22,843 | +46.0% |
| Financial income | 75/76B | €1,531 | €655 | -€876 | -57.2% |
| Recurring financial income | 75 | €1,531 | €655 | -€876 | -57.2% |
| Financial charges | 65/66B | €629 | €45 | -€584 | -92.8% |
| Recurring financial charges | 65 | €629 | €45 | -€584 | -92.8% |
| Profit (loss) for the period before taxes | 9903 | €50,551 | €73,101 | +€22,550 | +44.6% |
| Income taxes | 67/77 | €14,061 | €20,003 | +€5,942 | +42.3% |
| Profit (loss) for the period | 9904 | €36,489 | €53,098 | +€16,609 | +45.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,489 | €53,098 | +€16,609 | +45.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.