P. WAUTERS: 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.
P. WAUTERS
Largest movements
- Cash +€47,833
up €47,833 (+104%), from €46,158 to €93,991
mainly Receivables within one year (+€35,671) and Receivables after one year (+€27,979)
- Receivables within one year -€35,671
down €35,671 (-80.4%), from €44,371 to €8,700
of which Trade receivables: -€37,277
- Receivables after one year -€27,979
down €27,979 (-100%), from €27,979 to €0
- Tangible fixed assets +€3,907
up €3,907 (+34.9%), from €11,203 to €15,110
- Other debts -€27,357
down €27,357 (-87.4%), from €31,309 to €3,951
- Current portion of long-term debt +€10,000
new in 2025: €10,000
- Reserves +€8,185
up €8,185 (+13.7%), from €59,629 to €67,814
of which Distributable reserves: +€9,933
- Trade debts -€2,646
down €2,646 (-20.2%), from €13,067 to €10,421
- Gross operating margin -€22,164
down €22,164 (-57.0%), from €38,910 to €16,746
- Taxes -€5,966
down €5,966 (-53.0%), from €11,254 to €5,288
- Other operating charges -€5,565
down €5,565 (-87.8%), from €6,336 to €771
- Depreciation +€1,156
up €1,156 (+224%), from €517 to €1,673
- Financial income -€1,010
down €1,010 (-75.8%), from €1,333 to €323
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 | €130,759 | €118,933 | -€11,826 | -9.0% |
| Fixed assets | 21/28 | €11,203 | €15,110 | +€3,907 | +34.9% |
| Tangible fixed assets | 22/27 | €11,203 | €15,110 | +€3,907 | +34.9% |
| Land and buildings | 22 | €10,000 | €10,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,203 | €1,521 | +€317 | +26.4% |
| Furniture and vehicles | 24 | - | €1,872 | +€1,872 | |
| Other tangible fixed assets | 26 | - | €1,717 | +€1,717 | |
| Current assets | 29/58 | €119,556 | €103,823 | -€15,733 | -13.2% |
| Amounts receivable after more than one year | 29 | €27,979 | €0 | -€27,979 | -100% |
| Other amounts receivable | 291 | €27,979 | €0 | -€27,979 | -100% |
| Amounts receivable within one year | 40/41 | €44,371 | €8,700 | -€35,671 | -80.4% |
| Trade receivables | 40 | €38,907 | €1,630 | -€37,277 | -95.8% |
| Other amounts receivable | 41 | €5,464 | €7,071 | +€1,606 | +29.4% |
| Cash at bank and in hand | 54/58 | €46,158 | €93,991 | +€47,833 | +104% |
| Deferred charges and accrued income | 490/1 | €1,048 | €1,132 | +€83 | +8.0% |
| Total equity and liabilities | 10/49 | €130,759 | €118,933 | -€11,826 | -9.0% |
| Equity | 10/15 | €78,221 | €86,406 | +€8,185 | +10.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €59,629 | €67,814 | +€8,185 | +13.7% |
| Tax-exempt reserves | 132 | €1,748 | €0 | -€1,748 | -100% |
| Distributable reserves | 133 | €57,881 | €67,814 | +€9,933 | +17.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €52,538 | €32,527 | -€20,011 | -38.1% |
| Amounts payable within one year | 42/48 | €52,538 | €32,527 | -€20,011 | -38.1% |
| Current portion of amounts payable after more than one year | 42 | - | €10,000 | +€10,000 | |
| Trade debts | 44 | €13,067 | €10,421 | -€2,646 | -20.2% |
| Suppliers | 440/4 | €13,067 | €10,421 | -€2,646 | -20.2% |
| Taxes, remuneration and social security | 45 | €8,163 | €8,155 | -€8 | -0.1% |
| Taxes | 450/3 | €8,163 | €8,155 | -€8 | -0.1% |
| Other amounts payable | 47/48 | €31,309 | €3,951 | -€27,357 | -87.4% |
| Non-recurring operating income | 76A | - | €200 | +€200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €517 | €1,673 | +€1,156 | +224% |
| Other operating charges | 640/8 | €6,336 | €771 | -€5,565 | -87.8% |
| Gross operating margin | 9900 | €38,910 | €16,746 | -€22,164 | -57.0% |
| Operating profit (loss) | 9901 | €32,057 | €14,302 | -€17,755 | -55.4% |
| Financial income | 75/76B | €1,333 | €323 | -€1,010 | -75.8% |
| Recurring financial income | 75 | €1,333 | €323 | -€1,010 | -75.8% |
| Financial charges | 65/66B | €697 | €319 | -€378 | -54.3% |
| Recurring financial charges | 65 | €697 | €319 | -€378 | -54.3% |
| Profit (loss) for the period before taxes | 9903 | €32,693 | €14,306 | -€18,387 | -56.2% |
| Income taxes | 67/77 | €11,254 | €5,288 | -€5,966 | -53.0% |
| Profit (loss) for the period | 9904 | €21,439 | €9,018 | -€12,421 | -57.9% |
| Transfer from tax-exempt reserves | 789 | - | €1,748 | +€1,748 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,439 | €10,766 | -€10,673 | -49.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.