THOMAS WERTZ: 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.
THOMAS WERTZ
Largest movements
- Receivables within one year +€54,261
up €54,261 (+5,164%), from €1,051 to €55,311
- Tangible fixed assets +€35,405
up €35,405 (+55.2%), from €64,180 to €99,585
of which Land and buildings: +€41,459
- Cash -€18,192
down €18,192 (-38.3%), from €47,514 to €29,322
mainly Receivables within one year (-€54,261) and Investment in fixed assets (net) (-€53,698)
- Reserves +€32,000
up €32,000 (+84.2%), from €38,000 to €70,000
- Other debts +€21,316
up €21,316 (+61.4%), from €34,711 to €56,027
- Trade debts +€15,473
up €15,473 (+119%), from €13,005 to €28,477
- Tax, wage and social debts +€7,465
up €7,465 (+85.1%), from €8,769 to €16,234
of which Remuneration and social security: +€4,588
- Debts after one year -€5,775
down €5,775 (-41.4%), from €13,935 to €8,161
- Gross operating margin +€72,841
up €72,841 (+228%), from €32,000 to €104,841
- Staff costs +€41,022
up €41,022, from -€1,093 to €39,930
- Taxes +€8,738
up €8,738 (+287%), from €3,047 to €11,785
- Depreciation +€2,821
up €2,821 (+17.6%), from €16,072 to €18,893
- Financial charges -€1,211
down €1,211 (-48.2%), from €2,510 to €1,299
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €118,945 | €189,819 | +€70,874 | +59.6% |
| Fixed assets | 21/28 | €65,380 | €100,185 | +€34,805 | +53.2% |
| Intangible fixed assets | 21 | €700 | €600 | -€100 | -14.3% |
| Tangible fixed assets | 22/27 | €64,180 | €99,585 | +€35,405 | +55.2% |
| Land and buildings | 22 | €16,980 | €58,439 | +€41,459 | +244% |
| Plant, machinery and equipment | 23 | €1,269 | €3,553 | +€2,284 | +180% |
| Furniture and vehicles | 24 | €25,793 | €19,512 | -€6,282 | -24.4% |
| Other tangible fixed assets | 26 | €20,138 | €18,082 | -€2,057 | -10.2% |
| Financial fixed assets | 28 | €500 | - | -€500 | |
| Current assets | 29/58 | €53,565 | €89,634 | +€36,069 | +67.3% |
| Stocks and contracts in progress | 3 | €5,000 | €5,000 | = | 0.0% |
| Stocks | 30/36 | €5,000 | €5,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,051 | €55,311 | +€54,261 | +5,164% |
| Trade receivables | 40 | €1,051 | €55,311 | +€54,261 | +5,164% |
| Cash at bank and in hand | 54/58 | €47,514 | €29,322 | -€18,192 | -38.3% |
| Total equity and liabilities | 10/49 | €118,945 | €189,819 | +€70,874 | +59.6% |
| Equity | 10/15 | €43,031 | €75,145 | +€32,115 | +74.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Issued capital | 100 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €38,000 | €70,000 | +€32,000 | +84.2% |
| Distributable reserves | 133 | €38,000 | €70,000 | +€32,000 | +84.2% |
| Profit (loss) carried forward | 14 | €31 | €145 | +€115 | +376% |
| Amounts payable | 17/49 | €75,914 | €114,674 | +€38,760 | +51.1% |
| Amounts payable after more than one year | 17 | €13,935 | €8,161 | -€5,775 | -41.4% |
| Financial debts | 170/4 | €13,935 | €8,161 | -€5,775 | -41.4% |
| Amounts payable within one year | 42/48 | €61,979 | €106,513 | +€44,534 | +71.9% |
| Current portion of amounts payable after more than one year | 42 | €5,494 | €5,775 | +€281 | +5.1% |
| Trade debts | 44 | €13,005 | €28,477 | +€15,473 | +119% |
| Suppliers | 440/4 | €13,005 | €28,477 | +€15,473 | +119% |
| Taxes, remuneration and social security | 45 | €8,769 | €16,234 | +€7,465 | +85.1% |
| Taxes | 450/3 | €8,769 | €11,646 | +€2,877 | +32.8% |
| Remuneration and social security | 454/9 | - | €4,588 | +€4,588 | |
| Other amounts payable | 47/48 | €34,711 | €56,027 | +€21,316 | +61.4% |
| Remuneration, social security and pensions | 62 | -€1,093 | €39,930 | +€41,022 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,072 | €18,893 | +€2,821 | +17.6% |
| Other operating charges | 640/8 | €1,460 | €820 | -€640 | -43.8% |
| Non-recurring operating charges | 66A | €835 | - | -€835 | |
| Gross operating margin | 9900 | €32,000 | €104,841 | +€72,841 | +228% |
| Operating profit (loss) | 9901 | €14,726 | €45,198 | +€30,473 | +207% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €2,510 | €1,299 | -€1,211 | -48.2% |
| Recurring financial charges | 65 | €2,510 | €1,299 | -€1,211 | -48.2% |
| Profit (loss) for the period before taxes | 9903 | €12,216 | €43,900 | +€31,684 | +259% |
| Income taxes | 67/77 | €3,047 | €11,785 | +€8,738 | +287% |
| Profit (loss) for the period | 9904 | €9,169 | €32,115 | +€22,946 | +250% |
| Profit (loss) for the period to be appropriated | 9905 | €9,169 | €32,115 | +€22,946 | +250% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.