STUDIO WAUTERS 111: what changed
STUDIO WAUTERS 111
Largest movements
- Current investments -€573,018
down €573,018 (-28.2%), from €2.0m to €1.5m
- Cash +€374,580
up €374,580 (+89.9%), from €416,662 to €791,242
mainly Current investments (+€573,018) and Other debts (+€391,770)
- Tangible fixed assets +€182,108
up €182,108 (+18.9%), from €964,226 to €1.1m
of which Land and buildings: +€219,942
- Receivables within one year -€52,820
down €52,820 (-24.8%), from €213,037 to €160,217
of which Trade receivables: -€58,602
- Other debts +€391,770
up €391,770 (+161%), from €244,010 to €635,780
- Reserves -€285,152
down €285,152 (-19.3%), from €1.5m to €1.2m
of which Distributable reserves: -€280,543
- Provisions -€104,242
no longer reported in 2025 (was €104,242)
- Trade debts -€52,012
down €52,012 (-85.6%), from €60,754 to €8,742
- Financial income +€20,499
up €20,499 (+49.0%), from €41,835 to €62,334
- Financial charges +€19,635
up €19,635 (+430%), from €4,567 to €24,202
- Taxes +€3,391
up €3,391 (+6.4%), from €52,683 to €56,074
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 | €3,688,077 | €3,641,095 | -€46,982 | -1.3% |
| Fixed assets | 21/28 | €964,226 | €1,146,334 | +€182,108 | +18.9% |
| Tangible fixed assets | 22/27 | €964,226 | €1,146,334 | +€182,108 | +18.9% |
| Land and buildings | 22 | €866,742 | €1,086,684 | +€219,942 | +25.4% |
| Plant, machinery and equipment | 23 | €63,215 | €39,621 | -€23,594 | -37.3% |
| Furniture and vehicles | 24 | €34,269 | €20,029 | -€14,240 | -41.6% |
| Current assets | 29/58 | €2,723,851 | €2,494,761 | -€229,090 | -8.4% |
| Amounts receivable within one year | 40/41 | €213,037 | €160,217 | -€52,820 | -24.8% |
| Trade receivables | 40 | €179,304 | €120,702 | -€58,602 | -32.7% |
| Other amounts receivable | 41 | €33,733 | €39,515 | +€5,782 | +17.1% |
| Current investments | 50/53 | €2,030,057 | €1,457,039 | -€573,018 | -28.2% |
| Cash at bank and in hand | 54/58 | €416,662 | €791,242 | +€374,580 | +89.9% |
| Deferred charges and accrued income | 490/1 | €64,095 | €86,263 | +€22,168 | +34.6% |
| Total equity and liabilities | 10/49 | €3,688,077 | €3,641,095 | -€46,982 | -1.3% |
| Equity | 10/15 | €3,201,191 | €2,916,039 | -€285,152 | -8.9% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €1,478,427 | €1,193,275 | -€285,152 | -19.3% |
| Non-distributable reserves | 130/1 | €78,360 | €78,360 | = | 0.0% |
| Other | 1319 | €78,360 | €78,360 | = | 0.0% |
| Tax-exempt reserves | 132 | €66,862 | €62,253 | -€4,609 | -6.9% |
| Distributable reserves | 133 | €1,333,205 | €1,052,662 | -€280,543 | -21.0% |
| Profit (loss) carried forward | 14 | €1,710,369 | €1,710,369 | = | 0.0% |
| Provisions and deferred taxes | 16 | €104,242 | - | -€104,242 | |
| Provisions for liabilities and charges | 160/5 | €104,242 | - | -€104,242 | |
| Pensions and similar obligations | 160 | €104,242 | - | -€104,242 | |
| Amounts payable | 17/49 | €382,644 | €725,056 | +€342,412 | +89.5% |
| Amounts payable within one year | 42/48 | €382,644 | €725,056 | +€342,412 | +89.5% |
| Trade debts | 44 | €60,754 | €8,742 | -€52,012 | -85.6% |
| Suppliers | 440/4 | €60,754 | €8,742 | -€52,012 | -85.6% |
| Taxes, remuneration and social security | 45 | €77,880 | €80,534 | +€2,654 | +3.4% |
| Taxes | 450/3 | €42,516 | €48,551 | +€6,035 | +14.2% |
| Remuneration and social security | 454/9 | €35,364 | €31,983 | -€3,381 | -9.6% |
| Other amounts payable | 47/48 | €244,010 | €635,780 | +€391,770 | +161% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,330 | €80,100 | +€770 | +1.0% |
| Other operating charges | 640/8 | €3,616 | €4,040 | +€424 | +11.7% |
| Gross operating margin | 9900 | €228,637 | €229,320 | +€683 | +0.3% |
| Operating profit (loss) | 9901 | €145,691 | €145,180 | -€511 | -0.4% |
| Financial income | 75/76B | €41,835 | €62,334 | +€20,499 | +49.0% |
| Recurring financial income | 75 | €41,835 | €62,334 | +€20,499 | +49.0% |
| Financial charges | 65/66B | €4,567 | €24,202 | +€19,635 | +430% |
| Recurring financial charges | 65 | €4,567 | €24,202 | +€19,635 | +430% |
| Profit (loss) for the period before taxes | 9903 | €182,959 | €183,312 | +€353 | +0.2% |
| Transfer from deferred taxes | 780 | €4,609 | €4,609 | = | 0.0% |
| Income taxes | 67/77 | €52,683 | €56,074 | +€3,391 | +6.4% |
| Profit (loss) for the period | 9904 | €134,885 | €131,847 | -€3,038 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €134,885 | €131,847 | -€3,038 | -2.3% |
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 4 November 2026 via checked.be.