Louise Dewulf: 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.
Louise Dewulf
Largest movements
- Intangible fixed assets -€18,000
down €18,000 (-21.5%), from €83,885 to €65,885
- Cash -€4,897
down €4,897 (-31.9%), from €15,355 to €10,457
mainly Other debts (-€59,689) and Deferred charges and accrued income (-€1,043)
- Receivables within one year -€2,080
down €2,080 (-16.1%), from €12,900 to €10,820
- Other debts -€59,689
down €59,689 (-69.2%), from €86,310 to €26,620
- Profit (loss) carried forward +€27,754
up €27,754 (+172%), from €16,160 to €43,914
- Tax, wage and social debts +€4,856
up €4,856 (+64.7%), from €7,508 to €12,364
- Trade debts +€2,123
up €2,123 (+263%), from €808 to €2,931
- Gross operating margin +€30,405
up €30,405 (+93.3%), from €32,572 to €62,977
- Depreciation +€12,381
up €12,381 (+186%), from €6,641 to €19,023
- Taxes +€4,670
up €4,670 (+69.1%), from €6,758 to €11,428
- Financial charges +€762
up €762 (+30.2%), from €2,528 to €3,290
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 | €113,286 | €88,329 | -€24,957 | -22.0% |
| Formation expenses | 20 | €1,023 | - | -€1,023 | |
| Fixed assets | 21/28 | €83,885 | €65,885 | -€18,000 | -21.5% |
| Intangible fixed assets | 21 | €83,885 | €65,885 | -€18,000 | -21.5% |
| Current assets | 29/58 | €28,378 | €22,444 | -€5,934 | -20.9% |
| Amounts receivable within one year | 40/41 | €12,900 | €10,820 | -€2,080 | -16.1% |
| Trade receivables | 40 | €12,900 | €10,820 | -€2,080 | -16.1% |
| Cash at bank and in hand | 54/58 | €15,355 | €10,457 | -€4,897 | -31.9% |
| Deferred charges and accrued income | 490/1 | €124 | €1,167 | +€1,043 | +841% |
| Total equity and liabilities | 10/49 | €113,286 | €88,329 | -€24,957 | -22.0% |
| Equity | 10/15 | €18,660 | €46,414 | +€27,754 | +149% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,160 | €43,914 | +€27,754 | +172% |
| Amounts payable | 17/49 | €94,626 | €41,915 | -€52,711 | -55.7% |
| Amounts payable within one year | 42/48 | €94,626 | €41,915 | -€52,711 | -55.7% |
| Trade debts | 44 | €808 | €2,931 | +€2,123 | +263% |
| Suppliers | 440/4 | €808 | €2,931 | +€2,123 | +263% |
| Taxes, remuneration and social security | 45 | €7,508 | €12,364 | +€4,856 | +64.7% |
| Taxes | 450/3 | €7,508 | €12,364 | +€4,856 | +64.7% |
| Other amounts payable | 47/48 | €86,310 | €26,620 | -€59,689 | -69.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,641 | €19,023 | +€12,381 | +186% |
| Other operating charges | 640/8 | €485 | €650 | +€164 | +33.8% |
| Gross operating margin | 9900 | €32,572 | €62,977 | +€30,405 | +93.3% |
| Operating profit (loss) | 9901 | €25,446 | €43,305 | +€17,859 | +70.2% |
| Financial charges | 65/66B | €2,528 | €3,290 | +€762 | +30.2% |
| Recurring financial charges | 65 | €2,528 | €3,290 | +€762 | +30.2% |
| Profit (loss) for the period before taxes | 9903 | €22,918 | €40,015 | +€17,097 | +74.6% |
| Income taxes | 67/77 | €6,758 | €11,428 | +€4,670 | +69.1% |
| Profit (loss) for the period | 9904 | €16,160 | €28,587 | +€12,427 | +76.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,160 | €28,587 | +€12,427 | +76.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.