STEVEN WULLAERT: 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 WULLAERT
Largest movements
- Cash -€43,064
down €43,064 (-32.3%), from €133,288 to €90,225
mainly Receivables within one year (-€20,837) and Tax, wage and social debts (-€16,934)
- Receivables within one year +€20,837
up €20,837 (+41.6%), from €50,052 to €70,889
- Tangible fixed assets +€2,164
up €2,164 (+139.1%), from €1,556 to €3,720
of which Other tangible fixed assets: +€2,650
- Tax, wage and social debts -€16,934
down €16,934 (-80.4%), from €21,058 to €4,123
- Profit (loss) carried forward -€3,954
down €3,954 (-2.5%), from €155,088 to €151,134
- Gross operating margin -€5,463
down €5,463, from €140 to -€5,323
- Financial income -€2,933
down €2,933 (-56.3%), from €5,212 to €2,279
- Taxes -€1,518
no longer reported in 2025 (was €1,518)
- Other operating charges -€789
down €789 (-72.5%), from €1,089 to €300
- Financial charges -€75
down €75 (-37.6%), from €199 to €124
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 | €200,500 | €180,515 | -€19,985 | -10.0% |
| Fixed assets | 21/28 | €11,193 | €13,357 | +€2,164 | +19.3% |
| Tangible fixed assets | 22/27 | €1,556 | €3,720 | +€2,164 | +139.1% |
| Furniture and vehicles | 24 | €1,556 | €1,070 | -€486 | -31.2% |
| Other tangible fixed assets | 26 | - | €2,650 | +€2,650 | |
| Financial fixed assets | 28 | €9,637 | €9,637 | = | 0.0% |
| Current assets | 29/58 | €189,307 | €167,158 | -€22,149 | -11.7% |
| Stocks and contracts in progress | 3 | €3,694 | €3,694 | = | 0.0% |
| Stocks | 30/36 | €3,694 | €3,694 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €50,052 | €70,889 | +€20,837 | +41.6% |
| Other amounts receivable | 41 | €50,052 | €70,889 | +€20,837 | +41.6% |
| Cash at bank and in hand | 54/58 | €133,288 | €90,225 | -€43,064 | -32.3% |
| Deferred charges and accrued income | 490/1 | €2,272 | €2,350 | +€77 | +3.4% |
| Total equity and liabilities | 10/49 | €200,500 | €180,515 | -€19,985 | -10.0% |
| Equity | 10/15 | €175,548 | €171,594 | -€3,954 | -2.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €155,088 | €151,134 | -€3,954 | -2.5% |
| Amounts payable | 17/49 | €24,952 | €8,921 | -€16,031 | -64.2% |
| Amounts payable within one year | 42/48 | €24,952 | €8,921 | -€16,031 | -64.2% |
| Trade debts | 44 | €3,895 | €4,798 | +€903 | +23.2% |
| Suppliers | 440/4 | €3,895 | €4,798 | +€903 | +23.2% |
| Taxes, remuneration and social security | 45 | €21,058 | €4,123 | -€16,934 | -80.4% |
| Taxes | 450/3 | €21,058 | €4,123 | -€16,934 | -80.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €486 | €486 | = | 0.0% |
| Other operating charges | 640/8 | €1,089 | €300 | -€789 | -72.5% |
| Gross operating margin | 9900 | €140 | -€5,323 | -€5,463 | |
| Operating profit (loss) | 9901 | -€1,434 | -€6,109 | -€4,674 | -325.9% |
| Financial income | 75/76B | €5,212 | €2,279 | -€2,933 | -56.3% |
| Recurring financial income | 75 | €5,212 | €2,279 | -€2,933 | -56.3% |
| Financial charges | 65/66B | €199 | €124 | -€75 | -37.6% |
| Recurring financial charges | 65 | €199 | €124 | -€75 | -37.6% |
| Profit (loss) for the period before taxes | 9903 | €3,579 | -€3,954 | -€7,533 | |
| Income taxes | 67/77 | €1,518 | - | -€1,518 | |
| Profit (loss) for the period | 9904 | €2,060 | -€3,954 | -€6,014 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,060 | -€3,954 | -€6,014 |
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 10 October 2026 via checked.be.