Virginie DE WINTER- AVOCAT: 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.
Virginie DE WINTER- AVOCAT
Largest movements
- Receivables within one year +€70,981
up €70,981 (+58.0%), from €122,441 to €193,422
of which Trade receivables: +€37,184
- Cash +€15,270
up €15,270 (+56.8%), from €26,860 to €42,130
mainly Net result for the year (+€118,856) and Tax, wage and social debts (+€8,722)
- Profit (loss) carried forward +€118,856
new in 2025: €118,856
- Reserves -€32,108
down €32,108 (-34.5%), from €93,054 to €60,946
- Tax, wage and social debts +€8,722
up €8,722 (+32.2%), from €27,085 to €35,808
of which Taxes: +€12,024
- Trade debts -€4,142
down €4,142 (-73.0%), from €5,676 to €1,534
- Other debts -€3,370
down €3,370 (-9.9%), from €33,872 to €30,503
- Gross operating margin +€75,300
up €75,300 (+74.1%), from €101,605 to €176,905
- Financial income +€20,611
up €20,611 (+299%), from €6,898 to €27,509
of which Non-recurring financial income: +€20,571
- Taxes +€20,534
up €20,534 (+145%), from €14,159 to €34,693
- Depreciation -€8,394
down €8,394 (-68.4%), from €12,274 to €3,880
- Staff costs +€3,060
up €3,060 (+7.7%), from €39,818 to €42,877
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 | €167,735 | €253,372 | +€85,638 | +51.1% |
| Fixed assets | 21/28 | €17,709 | €17,024 | -€685 | -3.9% |
| Tangible fixed assets | 22/27 | €17,709 | €17,024 | -€685 | -3.9% |
| Land and buildings | 22 | €8,102 | €6,564 | -€1,538 | -19.0% |
| Furniture and vehicles | 24 | €9,607 | €10,460 | +€853 | +8.9% |
| Current assets | 29/58 | €150,026 | €236,349 | +€86,323 | +57.5% |
| Amounts receivable within one year | 40/41 | €122,441 | €193,422 | +€70,981 | +58.0% |
| Trade receivables | 40 | €10,746 | €47,930 | +€37,184 | +346% |
| Other amounts receivable | 41 | €111,695 | €145,493 | +€33,797 | +30.3% |
| Cash at bank and in hand | 54/58 | €26,860 | €42,130 | +€15,270 | +56.8% |
| Deferred charges and accrued income | 490/1 | €724 | €796 | +€72 | +9.9% |
| Total equity and liabilities | 10/49 | €167,735 | €253,372 | +€85,638 | +51.1% |
| Equity | 10/15 | €96,054 | €182,801 | +€86,748 | +90.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €93,054 | €60,946 | -€32,108 | -34.5% |
| Distributable reserves | 133 | €93,054 | €60,946 | -€32,108 | -34.5% |
| Profit (loss) carried forward | 14 | - | €118,856 | +€118,856 | |
| Amounts payable | 17/49 | €71,681 | €70,571 | -€1,110 | -1.5% |
| Amounts payable within one year | 42/48 | €71,681 | €70,571 | -€1,110 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €5,048 | €2,727 | -€2,321 | -46.0% |
| Trade debts | 44 | €5,676 | €1,534 | -€4,142 | -73.0% |
| Suppliers | 440/4 | €5,676 | €1,534 | -€4,142 | -73.0% |
| Taxes, remuneration and social security | 45 | €27,085 | €35,808 | +€8,722 | +32.2% |
| Taxes | 450/3 | €19,136 | €31,160 | +€12,024 | +62.8% |
| Remuneration and social security | 454/9 | €7,950 | €4,648 | -€3,301 | -41.5% |
| Other amounts payable | 47/48 | €33,872 | €30,503 | -€3,370 | -9.9% |
| Remuneration, social security and pensions | 62 | €39,818 | €42,877 | +€3,060 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,274 | €3,880 | -€8,394 | -68.4% |
| Other operating charges | 640/8 | €1,159 | €1,140 | -€18 | -1.6% |
| Gross operating margin | 9900 | €101,605 | €176,905 | +€75,300 | +74.1% |
| Operating profit (loss) | 9901 | €48,355 | €129,007 | +€80,652 | +167% |
| Financial income | 75/76B | €6,898 | €27,509 | +€20,611 | +299% |
| Recurring financial income | 75 | €6,898 | €6,938 | +€40 | +0.6% |
| Non-recurring financial income | 76B | - | €20,571 | +€20,571 | |
| Financial charges | 65/66B | €1,245 | €2,968 | +€1,723 | +138% |
| Recurring financial charges | 65 | €1,245 | €2,968 | +€1,723 | +138% |
| Profit (loss) for the period before taxes | 9903 | €54,009 | €153,548 | +€99,540 | +184% |
| Income taxes | 67/77 | €14,159 | €34,693 | +€20,534 | +145% |
| Profit (loss) for the period | 9904 | €39,850 | €118,856 | +€79,006 | +198% |
| Profit (loss) for the period to be appropriated | 9905 | €39,850 | €118,856 | +€79,006 | +198% |
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 24 October 2026 via checked.be.