Wendy Van Herck: 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.
Wendy Van Herck
Largest movements
- Receivables within one year +€206,011
up €206,011 (+191%), from €107,887 to €313,898
of which Other amounts receivable: +€211,627
- Stocks and contracts -€34,600
down €34,600 (-9.1%), from €379,600 to €345,000
- Current portion of long-term debt +€260,832
up €260,832 (+84.4%), from €308,910 to €569,742
- Short-term financial debts -€32,071
no longer reported in 2025 (was €32,071)
- Tax, wage and social debts -€29,723
down €29,723 (-77.3%), from €38,448 to €8,725
- Reserves -€23,654
down €23,654 (-16.0%), from €148,151 to €124,497
- Debts after one year -€16,724
down €16,724 (-6.5%), from €258,809 to €242,085
- Write-downs +€34,600
new in 2025: €34,600
- Gross operating margin -€12,150
down €12,150 (-17.0%), from €71,509 to €59,359
- Staff costs +€10,441
new in 2025: €10,441
- Taxes -€8,295
down €8,295 (-96.7%), from €8,574 to €280
- Financial income +€7,273
up €7,273 (+896%), from €812 to €8,085
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 | €1,010,184 | €1,172,431 | +€162,247 | +16.1% |
| Fixed assets | 21/28 | €518,374 | €509,404 | -€8,970 | -1.7% |
| Tangible fixed assets | 22/27 | €518,374 | €509,404 | -€8,970 | -1.7% |
| Land and buildings | 22 | €516,819 | €508,272 | -€8,547 | -1.7% |
| Plant, machinery and equipment | 23 | €1,555 | €1,132 | -€423 | -27.2% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €491,810 | €663,027 | +€171,217 | +34.8% |
| Stocks and contracts in progress | 3 | €379,600 | €345,000 | -€34,600 | -9.1% |
| Stocks | 30/36 | €379,600 | €345,000 | -€34,600 | -9.1% |
| Amounts receivable within one year | 40/41 | €107,887 | €313,898 | +€206,011 | +191% |
| Trade receivables | 40 | €63,632 | €58,016 | -€5,616 | -8.8% |
| Other amounts receivable | 41 | €44,255 | €255,882 | +€211,627 | +478% |
| Cash at bank and in hand | 54/58 | €79 | €217 | +€139 | +175% |
| Deferred charges and accrued income | 490/1 | €4,244 | €3,912 | -€332 | -7.8% |
| Total equity and liabilities | 10/49 | €1,010,184 | €1,172,431 | +€162,247 | +16.1% |
| Equity | 10/15 | €358,381 | €331,726 | -€26,654 | -7.4% |
| Contributions | 10/11 | €87,500 | €87,500 | = | 0.0% |
| Revaluation surpluses | 12 | €122,730 | €119,730 | -€3,000 | -2.4% |
| Reserves | 13 | €148,151 | €124,497 | -€23,654 | -16.0% |
| Distributable reserves | 133 | €148,151 | €124,497 | -€23,654 | -16.0% |
| Amounts payable | 17/49 | €651,804 | €840,705 | +€188,901 | +29.0% |
| Amounts payable after more than one year | 17 | €258,809 | €242,085 | -€16,724 | -6.5% |
| Financial debts | 170/4 | €258,809 | €242,085 | -€16,724 | -6.5% |
| Amounts payable within one year | 42/48 | €391,827 | €598,518 | +€206,691 | +52.8% |
| Current portion of amounts payable after more than one year | 42 | €308,910 | €569,742 | +€260,832 | +84.4% |
| Financial debts | 43 | €32,071 | - | -€32,071 | |
| Credit institutions | 430/8 | €32,071 | - | -€32,071 | |
| Trade debts | 44 | €12,397 | €20,050 | +€7,653 | +61.7% |
| Suppliers | 440/4 | €12,397 | €20,050 | +€7,653 | +61.7% |
| Taxes, remuneration and social security | 45 | €38,448 | €8,725 | -€29,723 | -77.3% |
| Taxes | 450/3 | €38,448 | €8,725 | -€29,723 | -77.3% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €1,168 | €102 | -€1,066 | -91.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €10,441 | +€10,441 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,774 | €8,970 | +€1,196 | +15.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €34,600 | +€34,600 | |
| Other operating charges | 640/8 | €6,755 | €7,115 | +€360 | +5.3% |
| Gross operating margin | 9900 | €71,509 | €59,359 | -€12,150 | -17.0% |
| Operating profit (loss) | 9901 | €56,980 | -€1,767 | -€58,747 | |
| Financial income | 75/76B | €812 | €8,085 | +€7,273 | +896% |
| Recurring financial income | 75 | €812 | €8,085 | +€7,273 | +896% |
| Financial charges | 65/66B | €37,049 | €32,692 | -€4,357 | -11.8% |
| Recurring financial charges | 65 | €37,049 | €32,692 | -€4,357 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €20,742 | -€26,374 | -€47,117 | |
| Income taxes | 67/77 | €8,574 | €280 | -€8,295 | -96.7% |
| Profit (loss) for the period | 9904 | €12,168 | -€26,654 | -€38,822 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,168 | -€26,654 | -€38,822 |
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 30 October 2026 via checked.be.