Pyck Wouter: what changed
Pyck Wouter
Largest movements
- Cash +€334,760
up €334,760 (+358%), from €93,379 to €428,139
mainly Current investments (+€280,000) and Net result for the year (+€129,447)
- Current investments -€280,000
no longer reported in 2025 (was €280,000)
- Tangible fixed assets +€105,020
up €105,020 (+22.1%), from €475,237 to €580,257
of which Furniture and vehicles: +€71,110
- Receivables within one year -€26,145
down €26,145 (-39.0%), from €67,120 to €40,975
of which Trade receivables: -€21,015
- Stocks and contracts -€16,182
down €16,182 (-30.9%), from €52,398 to €36,216
- Reserves +€94,436
up €94,436 (+16.0%), from €591,898 to €686,334
of which Distributable reserves: +€100,428
- Current portion of long-term debt +€17,226
up €17,226 (+42.2%), from €40,785 to €58,011
- Tax, wage and social debts +€16,304
up €16,304 (+142%), from €11,456 to €27,760
of which Taxes: +€9,813
- Debts after one year -€11,245
down €11,245 (-4.8%), from €233,740 to €222,494
of which Financial debts: -€10,678
- Gross operating margin -€210,391
down €210,391 (-31.4%), from €669,852 to €459,462
- Staff costs -€90,711
down €90,711 (-31.0%), from €292,944 to €202,233
- Depreciation +€19,935
up €19,935 (+47.3%), from €42,151 to €62,086
- Taxes +€18,353
up €18,353 (+44.8%), from €40,931 to €59,284
- Other operating charges -€7,953
down €7,953 (-64.3%), from €12,377 to €4,424
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 | €976,911 | €1,090,667 | +€113,756 | +11.6% |
| Fixed assets | 21/28 | €475,507 | €580,577 | +€105,070 | +22.1% |
| Tangible fixed assets | 22/27 | €475,237 | €580,257 | +€105,020 | +22.1% |
| Land and buildings | 22 | €333,536 | €372,763 | +€39,226 | +11.8% |
| Plant, machinery and equipment | 23 | €76,184 | €65,541 | -€10,643 | -14.0% |
| Furniture and vehicles | 24 | €52,455 | €123,565 | +€71,110 | +136% |
| Other tangible fixed assets | 26 | €13,061 | €18,388 | +€5,326 | +40.8% |
| Financial fixed assets | 28 | €270 | €320 | +€50 | +18.5% |
| Current assets | 29/58 | €501,404 | €510,090 | +€8,686 | +1.7% |
| Stocks and contracts in progress | 3 | €52,398 | €36,216 | -€16,182 | -30.9% |
| Stocks | 30/36 | €52,398 | €36,216 | -€16,182 | -30.9% |
| Amounts receivable within one year | 40/41 | €67,120 | €40,975 | -€26,145 | -39.0% |
| Trade receivables | 40 | €47,928 | €26,913 | -€21,015 | -43.8% |
| Other amounts receivable | 41 | €19,192 | €14,062 | -€5,130 | -26.7% |
| Current investments | 50/53 | €280,000 | - | -€280,000 | |
| Cash at bank and in hand | 54/58 | €93,379 | €428,139 | +€334,760 | +358% |
| Deferred charges and accrued income | 490/1 | €8,506 | €4,759 | -€3,746 | -44.0% |
| Total equity and liabilities | 10/49 | €976,911 | €1,090,667 | +€113,756 | +11.6% |
| Equity | 10/15 | €608,012 | €702,447 | +€94,436 | +15.5% |
| Contributions | 10/11 | €16,113 | €16,113 | = | 0.0% |
| Reserves | 13 | €591,898 | €686,334 | +€94,436 | +16.0% |
| Tax-exempt reserves | 132 | €145,133 | €139,141 | -€5,992 | -4.1% |
| Distributable reserves | 133 | €446,765 | €547,193 | +€100,428 | +22.5% |
| Provisions and deferred taxes | 16 | €48,378 | €46,380 | -€1,997 | -4.1% |
| Deferred taxes | 168 | €48,378 | €46,380 | -€1,997 | -4.1% |
| Amounts payable | 17/49 | €320,521 | €341,839 | +€21,318 | +6.7% |
| Amounts payable after more than one year | 17 | €233,740 | €222,494 | -€11,245 | -4.8% |
| Financial debts | 170/4 | €212,456 | €201,778 | -€10,678 | -5.0% |
| Other amounts payable | 178/9 | €21,284 | €20,716 | -€567 | -2.7% |
| Amounts payable within one year | 42/48 | €86,782 | €119,345 | +€32,563 | +37.5% |
| Current portion of amounts payable after more than one year | 42 | €40,785 | €58,011 | +€17,226 | +42.2% |
| Trade debts | 44 | €34,540 | €33,573 | -€967 | -2.8% |
| Suppliers | 440/4 | €34,540 | €33,573 | -€967 | -2.8% |
| Taxes, remuneration and social security | 45 | €11,456 | €27,760 | +€16,304 | +142% |
| Taxes | 450/3 | €9,503 | €19,317 | +€9,813 | +103% |
| Remuneration and social security | 454/9 | €1,953 | €8,443 | +€6,491 | +332% |
| Non-recurring operating income | 76A | €246,017 | €1,200 | -€244,817 | -99.5% |
| Remuneration, social security and pensions | 62 | €292,944 | €202,233 | -€90,711 | -31.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,151 | €62,086 | +€19,935 | +47.3% |
| Other operating charges | 640/8 | €12,377 | €4,424 | -€7,953 | -64.3% |
| Gross operating margin | 9900 | €669,852 | €459,462 | -€210,391 | -31.4% |
| Operating profit (loss) | 9901 | €322,380 | €190,718 | -€131,661 | -40.8% |
| Financial income | 75/76B | €8,307 | €3,934 | -€4,373 | -52.6% |
| Recurring financial income | 75 | €8,307 | €3,934 | -€4,373 | -52.6% |
| Financial charges | 65/66B | €7,728 | €7,919 | +€192 | +2.5% |
| Recurring financial charges | 65 | €7,728 | €7,919 | +€192 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €322,959 | €186,733 | -€136,226 | -42.2% |
| Transfer from deferred taxes | 780 | €4,221 | €1,997 | -€2,224 | -52.7% |
| Income taxes | 67/77 | €40,931 | €59,284 | +€18,353 | +44.8% |
| Profit (loss) for the period | 9904 | €286,249 | €129,447 | -€156,802 | -54.8% |
| Transfer from tax-exempt reserves | 789 | €12,664 | €5,992 | -€6,671 | -52.7% |
| Transfer to tax-exempt reserves | 689 | €210,396 | - | -€210,396 | |
| Profit (loss) for the period to be appropriated | 9905 | €88,517 | €135,439 | +€46,922 | +53.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.