SYLVAIN WILLENZ: 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.
SYLVAIN WILLENZ
Largest movements
- Stocks and contracts -€13,870
down €13,870 (-78.3%), from €17,711 to €3,841
- Cash -€6,954
down €6,954 (-13.8%), from €50,571 to €43,617
mainly Other debts (-€31,523) and Investment in fixed assets (net) (-€5,000)
- Receivables within one year +€1,852
up €1,852 (+32.2%), from €5,758 to €7,610
- Tangible fixed assets +€1,249
up €1,249 (+34.1%), from €3,667 to €4,917
of which Other tangible fixed assets: +€4,917
- Other debts -€31,523
down €31,523 (-96.4%), from €32,699 to €1,176
- Tax, wage and social debts +€8,747
up €8,747 (+93.1%), from €9,392 to €18,139
- Trade debts +€5,680
up €5,680 (+75.8%), from €7,495 to €13,175
- Current portion of long-term debt -€3,189
no longer reported in 2025 (was €3,189)
- Profit (loss) carried forward +€2,562
up €2,562 (+10.7%), from €23,934 to €26,495
- Depreciation -€4,813
down €4,813 (-56.2%), from €8,564 to €3,751
- Gross operating margin -€1,280
down €1,280 (-11.3%), from €11,342 to €10,063
- Taxes +€609
up €609 (+33.0%), from €1,846 to €2,455
- Financial charges -€266
down €266 (-62.0%), from €428 to €163
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 | €77,708 | €59,985 | -€17,723 | -22.8% |
| Fixed assets | 21/28 | €3,667 | €4,917 | +€1,249 | +34.1% |
| Tangible fixed assets | 22/27 | €3,667 | €4,917 | +€1,249 | +34.1% |
| Furniture and vehicles | 24 | €3,667 | - | -€3,667 | |
| Other tangible fixed assets | 26 | - | €4,917 | +€4,917 | |
| Current assets | 29/58 | €74,040 | €55,068 | -€18,972 | -25.6% |
| Stocks and contracts in progress | 3 | €17,711 | €3,841 | -€13,870 | -78.3% |
| Stocks | 30/36 | €17,711 | €3,841 | -€13,870 | -78.3% |
| Amounts receivable within one year | 40/41 | €5,758 | €7,610 | +€1,852 | +32.2% |
| Other amounts receivable | 41 | €5,758 | €7,610 | +€1,852 | +32.2% |
| Cash at bank and in hand | 54/58 | €50,571 | €43,617 | -€6,954 | -13.8% |
| Total equity and liabilities | 10/49 | €77,708 | €59,985 | -€17,723 | -22.8% |
| Equity | 10/15 | €24,934 | €27,495 | +€2,562 | +10.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Capital | 10 | €1,000 | €1,000 | = | 0.0% |
| Issued capital | 100 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,934 | €26,495 | +€2,562 | +10.7% |
| Amounts payable | 17/49 | €52,774 | €32,489 | -€20,285 | -38.4% |
| Amounts payable within one year | 42/48 | €52,774 | €32,489 | -€20,285 | -38.4% |
| Current portion of amounts payable after more than one year | 42 | €3,189 | - | -€3,189 | |
| Trade debts | 44 | €7,495 | €13,175 | +€5,680 | +75.8% |
| Suppliers | 440/4 | €7,495 | €13,175 | +€5,680 | +75.8% |
| Taxes, remuneration and social security | 45 | €9,392 | €18,139 | +€8,747 | +93.1% |
| Taxes | 450/3 | €9,392 | €18,139 | +€8,747 | +93.1% |
| Other amounts payable | 47/48 | €32,699 | €1,176 | -€31,523 | -96.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,564 | €3,751 | -€4,813 | -56.2% |
| Other operating charges | 640/8 | €1,161 | €1,197 | +€35 | +3.0% |
| Gross operating margin | 9900 | €11,342 | €10,063 | -€1,280 | -11.3% |
| Operating profit (loss) | 9901 | €1,617 | €5,115 | +€3,498 | +216.3% |
| Financial income | 75/76B | €11 | €64 | +€53 | +500.3% |
| Recurring financial income | 75 | €11 | €64 | +€53 | +500.3% |
| Financial charges | 65/66B | €428 | €163 | -€266 | -62.0% |
| Recurring financial charges | 65 | €428 | €163 | -€266 | -62.0% |
| Profit (loss) for the period before taxes | 9903 | €1,200 | €5,016 | +€3,817 | +318.2% |
| Income taxes | 67/77 | €1,846 | €2,455 | +€609 | +33.0% |
| Profit (loss) for the period | 9904 | -€646 | €2,562 | +€3,208 | |
| Profit (loss) for the period to be appropriated | 9905 | -€646 | €2,562 | +€3,208 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.