Steve Willaert: 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.
Steve Willaert
Largest movements
- Cash +€71,552
up €71,552 (+24.0%), from €298,111 to €369,663
mainly Net result for the year (+€114,106) and Receivables within one year (+€21,219)
- Receivables within one year -€21,219
down €21,219 (-36.6%), from €57,917 to €36,698
of which Trade receivables: -€28,940
- Receivables after one year +€10,000
new in 2025: €10,000
- Reserves +€110,273
up €110,273 (+96.8%), from €113,888 to €224,162
- Other debts -€24,216
down €24,216 (-17.3%), from €140,018 to €115,802
- Trade debts -€18,248
down €18,248 (-83.3%), from €21,896 to €3,648
- Tax, wage and social debts -€4,597
down €4,597 (-19.5%), from €23,619 to €19,022
- Gross operating margin +€13,868
up €13,868 (+8.8%), from €157,159 to €171,027
- Write-downs -€10,000
down €10,000 (-100%), from €10,000 to €0
- Taxes +€5,713
up €5,713 (+13.9%), from €41,061 to €46,774
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 | €382,188 | €443,501 | +€61,313 | +16.0% |
| Fixed assets | 21/28 | €24,822 | €25,803 | +€982 | +4.0% |
| Tangible fixed assets | 22/27 | €24,822 | €25,803 | +€982 | +4.0% |
| Land and buildings | 22 | €6,686 | €5,989 | -€697 | -10.4% |
| Plant, machinery and equipment | 23 | €17,592 | €19,513 | +€1,921 | +10.9% |
| Furniture and vehicles | 24 | €543 | €300 | -€243 | -44.7% |
| Current assets | 29/58 | €357,366 | €417,698 | +€60,332 | +16.9% |
| Amounts receivable after more than one year | 29 | - | €10,000 | +€10,000 | |
| Other amounts receivable | 291 | - | €10,000 | +€10,000 | |
| Amounts receivable within one year | 40/41 | €57,917 | €36,698 | -€21,219 | -36.6% |
| Trade receivables | 40 | €57,917 | €28,977 | -€28,940 | -50.0% |
| Other amounts receivable | 41 | €0 | €7,721 | +€7,721 | |
| Cash at bank and in hand | 54/58 | €298,111 | €369,663 | +€71,552 | +24.0% |
| Deferred charges and accrued income | 490/1 | €1,338 | €1,337 | -€1 | -0.1% |
| Total equity and liabilities | 10/49 | €382,188 | €443,501 | +€61,313 | +16.0% |
| Equity | 10/15 | €194,756 | €305,029 | +€110,273 | +56.6% |
| Contributions | 10/11 | €80,868 | €80,868 | = | 0.0% |
| Reserves | 13 | €113,888 | €224,162 | +€110,273 | +96.8% |
| Distributable reserves | 133 | €113,888 | €224,162 | +€110,273 | +96.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €187,432 | €138,472 | -€48,960 | -26.1% |
| Amounts payable within one year | 42/48 | €187,432 | €138,472 | -€48,960 | -26.1% |
| Financial debts | 43 | €1,900 | €0 | -€1,900 | -100% |
| Credit institutions | 430/8 | €1,900 | €0 | -€1,900 | -100% |
| Trade debts | 44 | €21,896 | €3,648 | -€18,248 | -83.3% |
| Suppliers | 440/4 | €21,896 | €3,648 | -€18,248 | -83.3% |
| Taxes, remuneration and social security | 45 | €23,619 | €19,022 | -€4,597 | -19.5% |
| Taxes | 450/3 | €23,619 | €19,022 | -€4,597 | -19.5% |
| Other amounts payable | 47/48 | €140,018 | €115,802 | -€24,216 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,195 | €8,254 | +€1,059 | +14.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,000 | €0 | -€10,000 | -100% |
| Other operating charges | 640/8 | €1,510 | €1,693 | +€183 | +12.1% |
| Gross operating margin | 9900 | €157,159 | €171,027 | +€13,868 | +8.8% |
| Operating profit (loss) | 9901 | €138,454 | €161,080 | +€22,626 | +16.3% |
| Financial income | 75/76B | €0 | €26 | +€26 | +6,060% |
| Recurring financial income | 75 | €0 | €26 | +€26 | +6,060% |
| Financial charges | 65/66B | €135 | €226 | +€91 | +67.3% |
| Recurring financial charges | 65 | €135 | €226 | +€91 | +67.3% |
| Profit (loss) for the period before taxes | 9903 | €138,319 | €160,881 | +€22,562 | +16.3% |
| Income taxes | 67/77 | €41,061 | €46,774 | +€5,713 | +13.9% |
| Profit (loss) for the period | 9904 | €97,258 | €114,106 | +€16,848 | +17.3% |
| Profit (loss) for the period to be appropriated | 9905 | €97,258 | €114,106 | +€16,848 | +17.3% |
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 31 October 2026 via checked.be.