Maarten 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.
Maarten Wouters
Largest movements
- Tangible fixed assets -€12,977
down €12,977 (-6.6%), from €196,789 to €183,813
of which Land and buildings: -€13,131
- Cash +€7,653
up €7,653 (+26.2%), from €29,165 to €36,818
mainly Net result for the year (+€20,083) and Depreciation (+€19,930)
- Receivables within one year -€2,760
down €2,760 (-6.7%), from €41,160 to €38,399
of which Other amounts receivable: -€15,388
- Debts after one year -€18,234
down €18,234 (-9.7%), from €187,963 to €169,729
- Tax, wage and social debts +€12,652
up €12,652 (+82.0%), from €15,425 to €28,077
of which Taxes: +€8,978
- Reserves -€12,103
down €12,103 (-27.9%), from €43,435 to €31,333
of which Distributable reserves: -€12,103
- Other debts +€4,808
new in 2025: €4,808
- Trade debts +€4,006
up €4,006 (+137.0%), from €2,924 to €6,930
- Gross operating margin +€18,876
up €18,876 (+49.8%), from €37,902 to €56,778
- Financial charges +€773
up €773 (+17.0%), from €4,551 to €5,324
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 | €268,981 | €261,467 | -€7,514 | -2.8% |
| Fixed assets | 21/28 | €196,789 | €183,813 | -€12,977 | -6.6% |
| Tangible fixed assets | 22/27 | €196,789 | €183,813 | -€12,977 | -6.6% |
| Land and buildings | 22 | €195,157 | €182,026 | -€13,131 | -6.7% |
| Plant, machinery and equipment | 23 | €815 | €407 | -€407 | -50.0% |
| Furniture and vehicles | 24 | €817 | €1,379 | +€562 | +68.7% |
| Current assets | 29/58 | €72,192 | €77,654 | +€5,462 | +7.6% |
| Amounts receivable within one year | 40/41 | €41,160 | €38,399 | -€2,760 | -6.7% |
| Trade receivables | 40 | €25,771 | €38,399 | +€12,628 | +49.0% |
| Other amounts receivable | 41 | €15,388 | - | -€15,388 | |
| Cash at bank and in hand | 54/58 | €29,165 | €36,818 | +€7,653 | +26.2% |
| Deferred charges and accrued income | 490/1 | €1,867 | €2,437 | +€570 | +30.5% |
| Total equity and liabilities | 10/49 | €268,981 | €261,467 | -€7,514 | -2.8% |
| Equity | 10/15 | €45,792 | €33,689 | -€12,103 | -26.4% |
| Reserves | 13 | €43,435 | €31,333 | -€12,103 | -27.9% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €41,580 | €29,478 | -€12,103 | -29.1% |
| Profit (loss) carried forward | 14 | €2,357 | €2,357 | = | 0.0% |
| Amounts payable | 17/49 | €223,189 | €227,778 | +€4,588 | +2.1% |
| Amounts payable after more than one year | 17 | €187,963 | €169,729 | -€18,234 | -9.7% |
| Financial debts | 170/4 | €187,963 | €169,729 | -€18,234 | -9.7% |
| Amounts payable within one year | 42/48 | €35,227 | €58,049 | +€22,822 | +64.8% |
| Current portion of amounts payable after more than one year | 42 | €16,878 | €18,234 | +€1,356 | +8.0% |
| Trade debts | 44 | €2,924 | €6,930 | +€4,006 | +137.0% |
| Suppliers | 440/4 | €2,924 | €6,930 | +€4,006 | +137.0% |
| Taxes, remuneration and social security | 45 | €15,425 | €28,077 | +€12,652 | +82.0% |
| Taxes | 450/3 | €15,425 | €24,404 | +€8,978 | +58.2% |
| Remuneration and social security | 454/9 | - | €3,674 | +€3,674 | |
| Other amounts payable | 47/48 | - | €4,808 | +€4,808 | |
| Remuneration, social security and pensions | 62 | €387 | €400 | +€12 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,490 | €19,930 | +€441 | +2.3% |
| Other operating charges | 640/8 | €1,946 | €1,882 | -€65 | -3.3% |
| Gross operating margin | 9900 | €37,902 | €56,778 | +€18,876 | +49.8% |
| Operating profit (loss) | 9901 | €16,079 | €34,566 | +€18,487 | +115.0% |
| Financial income | 75/76B | €10 | €5 | -€5 | -51.8% |
| Recurring financial income | 75 | €10 | €5 | -€5 | -51.8% |
| Financial charges | 65/66B | €4,551 | €5,324 | +€773 | +17.0% |
| Recurring financial charges | 65 | €4,551 | €5,324 | +€773 | +17.0% |
| Profit (loss) for the period before taxes | 9903 | €11,538 | €29,246 | +€17,709 | +153.5% |
| Income taxes | 67/77 | €9,181 | €9,163 | -€18 | -0.2% |
| Profit (loss) for the period | 9904 | €2,357 | €20,083 | +€17,726 | +752.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,357 | €20,083 | +€17,726 | +752.2% |
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 1 October 2026 via checked.be.