Steven De Wolf: 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.
Steven De Wolf
Largest movements
- Tangible fixed assets -€7,229
down €7,229 (-26.7%), from €27,051 to €19,822
of which Furniture and vehicles: -€3,711
- Receivables after one year +€2,396
up €2,396 (+6.1%), from €39,598 to €41,994
- Reserves -€22,163
down €22,163 (-36.4%), from €60,875 to €38,712
- Other debts +€20,115
up €20,115 (+240%), from €8,383 to €28,498
- Profit (loss) carried forward -€4,187
down €4,187, from €3,012 to -€1,175
- Gross operating margin -€10,257
down €10,257 (-72.3%), from €14,192 to €3,934
- Taxes -€2,116
down €2,116 (-96.8%), from €2,186 to €70
- Financial income +€653
up €653 (+37.4%), from €1,744 to €2,396
- Depreciation -€399
down €399 (-5.1%), from €7,897 to €7,498
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 | €92,746 | €87,920 | -€4,827 | -5.2% |
| Fixed assets | 21/28 | €27,051 | €19,822 | -€7,229 | -26.7% |
| Tangible fixed assets | 22/27 | €27,051 | €19,822 | -€7,229 | -26.7% |
| Plant, machinery and equipment | 23 | €3,252 | €825 | -€2,427 | -74.6% |
| Furniture and vehicles | 24 | €20,510 | €16,799 | -€3,711 | -18.1% |
| Other tangible fixed assets | 26 | €3,290 | €2,198 | -€1,091 | -33.2% |
| Current assets | 29/58 | €65,695 | €68,098 | +€2,402 | +3.7% |
| Amounts receivable after more than one year | 29 | €39,598 | €41,994 | +€2,396 | +6.1% |
| Other amounts receivable | 291 | €39,598 | €41,994 | +€2,396 | +6.1% |
| Amounts receivable within one year | 40/41 | €5,777 | €4,956 | -€821 | -14.2% |
| Trade receivables | 40 | €2,223 | €712 | -€1,510 | -68.0% |
| Other amounts receivable | 41 | €3,554 | €4,244 | +€690 | +19.4% |
| Cash at bank and in hand | 54/58 | €19,268 | €20,114 | +€846 | +4.4% |
| Deferred charges and accrued income | 490/1 | €1,053 | €1,034 | -€19 | -1.8% |
| Total equity and liabilities | 10/49 | €92,746 | €87,920 | -€4,827 | -5.2% |
| Equity | 10/15 | €82,487 | €56,137 | -€26,350 | -31.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €60,875 | €38,712 | -€22,163 | -36.4% |
| Distributable reserves | 133 | €60,875 | €38,712 | -€22,163 | -36.4% |
| Profit (loss) carried forward | 14 | €3,012 | -€1,175 | -€4,187 | |
| Amounts payable | 17/49 | €10,259 | €31,783 | +€21,523 | +210% |
| Amounts payable within one year | 42/48 | €10,184 | €31,672 | +€21,488 | +211% |
| Trade debts | 44 | €1,614 | €2,179 | +€565 | +35.0% |
| Suppliers | 440/4 | €1,614 | €2,179 | +€565 | +35.0% |
| Taxes, remuneration and social security | 45 | €187 | €994 | +€807 | +430% |
| Taxes | 450/3 | €187 | €994 | +€807 | +430% |
| Other amounts payable | 47/48 | €8,383 | €28,498 | +€20,115 | +240% |
| Accrued charges and deferred income | 492/3 | €75 | €111 | +€36 | +47.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,897 | €7,498 | -€399 | -5.1% |
| Other operating charges | 640/8 | €595 | €694 | +€98 | +16.5% |
| Non-recurring operating charges | 66A | €1,012 | €1,968 | +€956 | +94.4% |
| Gross operating margin | 9900 | €14,192 | €3,934 | -€10,257 | -72.3% |
| Operating profit (loss) | 9901 | €4,687 | -€6,226 | -€10,912 | |
| Financial income | 75/76B | €1,744 | €2,396 | +€653 | +37.4% |
| Recurring financial income | 75 | €1,744 | €2,396 | +€653 | +37.4% |
| Financial charges | 65/66B | €251 | €287 | +€37 | +14.7% |
| Recurring financial charges | 65 | €251 | €287 | +€37 | +14.7% |
| Profit (loss) for the period before taxes | 9903 | €6,179 | -€4,117 | -€10,296 | |
| Income taxes | 67/77 | €2,186 | €70 | -€2,116 | -96.8% |
| Profit (loss) for the period | 9904 | €3,993 | -€4,187 | -€8,180 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,993 | -€4,187 | -€8,180 |
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 28 October 2026 via checked.be.