M. Willaert: what changed
M. Willaert
Largest movements
- Current investments +€25,000
up €25,000 (+6.7%), from €375,000 to €400,000
- Cash -€18,523
down €18,523 (-24.6%), from €75,214 to €56,691
mainly Contributions, distributions and other (-€120,700) and Current investments (-€25,000)
- Receivables within one year -€16,712
down €16,712 (-92.6%), from €18,043 to €1,331
of which Trade receivables: -€17,749
- Deferred charges and accrued income +€16,133
up €16,133 (+1,568%), from €1,029 to €17,162
- Tangible fixed assets -€11,547
down €11,547 (-35.8%), from €32,258 to €20,711
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€5,544
down €5,544 (-38.2%), from €14,495 to €8,951
- Taxes -€1,701
down €1,701 (-4.5%), from €38,055 to €36,355
Change in the result, 2025 to 2026
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 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €540,793 | €535,144 | -€5,649 | -1.0% |
| Fixed assets | 21/28 | €71,508 | €59,961 | -€11,547 | -16.1% |
| Tangible fixed assets | 22/27 | €32,258 | €20,711 | -€11,547 | -35.8% |
| Furniture and vehicles | 24 | €32,258 | €20,711 | -€11,547 | -35.8% |
| Financial fixed assets | 28 | €39,250 | €39,250 | = | 0.0% |
| Current assets | 29/58 | €469,285 | €475,184 | +€5,899 | +1.3% |
| Amounts receivable within one year | 40/41 | €18,043 | €1,331 | -€16,712 | -92.6% |
| Trade receivables | 40 | €17,749 | €0 | -€17,749 | -100% |
| Other amounts receivable | 41 | €293 | €1,331 | +€1,037 | +353% |
| Current investments | 50/53 | €375,000 | €400,000 | +€25,000 | +6.7% |
| Cash at bank and in hand | 54/58 | €75,214 | €56,691 | -€18,523 | -24.6% |
| Deferred charges and accrued income | 490/1 | €1,029 | €17,162 | +€16,133 | +1,568% |
| Total equity and liabilities | 10/49 | €540,793 | €535,144 | -€5,649 | -1.0% |
| Equity | 10/15 | €408,024 | €408,083 | +€59 | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €389,424 | €389,483 | +€59 | 0.0% |
| Distributable reserves | 133 | €389,424 | €389,483 | +€59 | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €132,769 | €127,061 | -€5,708 | -4.3% |
| Amounts payable within one year | 42/48 | €132,769 | €127,061 | -€5,708 | -4.3% |
| Trade debts | 44 | €1,551 | €2,594 | +€1,042 | +67.2% |
| Suppliers | 440/4 | €1,551 | €2,594 | +€1,042 | +67.2% |
| Taxes, remuneration and social security | 45 | €23,760 | €21,182 | -€2,579 | -10.9% |
| Taxes | 450/3 | €23,760 | €21,182 | -€2,579 | -10.9% |
| Other amounts payable | 47/48 | €107,458 | €103,286 | -€4,172 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,222 | €12,372 | +€150 | +1.2% |
| Other operating charges | 640/8 | €3,399 | €2,666 | -€733 | -21.6% |
| Gross operating margin | 9900 | €165,053 | €163,437 | -€1,615 | -1.0% |
| Operating profit (loss) | 9901 | €149,431 | €148,400 | -€1,032 | -0.7% |
| Financial income | 75/76B | €14,495 | €8,951 | -€5,544 | -38.2% |
| Recurring financial income | 75 | €14,495 | €8,951 | -€5,544 | -38.2% |
| Financial charges | 65/66B | €208 | €237 | +€29 | +14.0% |
| Recurring financial charges | 65 | €208 | €237 | +€29 | +14.0% |
| Profit (loss) for the period before taxes | 9903 | €163,719 | €157,114 | -€6,605 | -4.0% |
| Income taxes | 67/77 | €38,055 | €36,355 | -€1,701 | -4.5% |
| Profit (loss) for the period | 9904 | €125,663 | €120,759 | -€4,904 | -3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €125,663 | €120,759 | -€4,904 | -3.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.