Ward De Wachter: 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.
Ward De Wachter
Largest movements
- Receivables within one year +€16,991
new in 2025: €16,991
of which Trade receivables: +€16,427
- Tangible fixed assets +€2,361
new in 2025: €2,361
- Cash -€503
down €503 (-1.7%), from €29,307 to €28,805
mainly Receivables within one year (-€16,991) and Investment in fixed assets (net) (-€2,872)
- Reserves +€16,433
up €16,433 (+90.3%), from €18,194 to €34,627
- Trade debts +€1,086
up €1,086 (+49.4%), from €2,197 to €3,284
- Other debts +€1,056
up €1,056 (+6,902%), from €15 to €1,071
- Taxes +€1,325
up €1,325 (+25.9%), from €5,110 to €6,435
- Gross operating margin +€518
up €518 (+2.2%), from €23,514 to €24,032
- Depreciation +€511
new in 2025: €511
- Financial charges +€443
up €443 (+211%), from €210 to €652
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 | €29,307 | €48,254 | +€18,947 | +64.6% |
| Fixed assets | 21/28 | - | €2,361 | +€2,361 | |
| Tangible fixed assets | 22/27 | - | €2,361 | +€2,361 | |
| Furniture and vehicles | 24 | - | €2,361 | +€2,361 | |
| Current assets | 29/58 | €29,307 | €45,893 | +€16,586 | +56.6% |
| Amounts receivable within one year | 40/41 | - | €16,991 | +€16,991 | |
| Trade receivables | 40 | - | €16,427 | +€16,427 | |
| Other amounts receivable | 41 | - | €565 | +€565 | |
| Cash at bank and in hand | 54/58 | €29,307 | €28,805 | -€503 | -1.7% |
| Deferred charges and accrued income | 490/1 | - | €97 | +€97 | |
| Total equity and liabilities | 10/49 | €29,307 | €48,254 | +€18,947 | +64.6% |
| Equity | 10/15 | €19,694 | €36,127 | +€16,433 | +83.4% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €18,194 | €34,627 | +€16,433 | +90.3% |
| Distributable reserves | 133 | €18,194 | €34,627 | +€16,433 | +90.3% |
| Amounts payable | 17/49 | €9,614 | €12,127 | +€2,513 | +26.1% |
| Amounts payable within one year | 42/48 | €9,614 | €12,127 | +€2,513 | +26.1% |
| Trade debts | 44 | €2,197 | €3,284 | +€1,086 | +49.4% |
| Suppliers | 440/4 | €2,197 | €3,284 | +€1,086 | +49.4% |
| Taxes, remuneration and social security | 45 | €7,401 | €7,772 | +€371 | +5.0% |
| Taxes | 450/3 | €7,401 | €7,772 | +€371 | +5.0% |
| Other amounts payable | 47/48 | €15 | €1,071 | +€1,056 | +6,902% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €511 | +€511 | |
| Gross operating margin | 9900 | €23,514 | €24,032 | +€518 | +2.2% |
| Operating profit (loss) | 9901 | €23,514 | €23,521 | +€7 | 0.0% |
| Financial charges | 65/66B | €210 | €652 | +€443 | +211% |
| Recurring financial charges | 65 | €210 | €652 | +€443 | +211% |
| Profit (loss) for the period before taxes | 9903 | €23,304 | €22,868 | -€436 | -1.9% |
| Income taxes | 67/77 | €5,110 | €6,435 | +€1,325 | +25.9% |
| Profit (loss) for the period | 9904 | €18,194 | €16,433 | -€1,761 | -9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €18,194 | €16,433 | -€1,761 | -9.7% |
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 27 October 2026 via checked.be.