WILFRIED VEKEMANS: 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.
WILFRIED VEKEMANS
Largest movements
- Cash +€65,398
up €65,398 (+64.6%), from €101,287 to €166,686
mainly Net result for the year (+€24,319) and Current investments (+€20,153)
- Current investments -€20,153
down €20,153 (-32.0%), from €62,895 to €42,743
- Tangible fixed assets -€11,389
down €11,389 (-82.6%), from €13,791 to €2,402
of which Furniture and vehicles: -€10,884
- Receivables within one year -€2,751
down €2,751 (-38.3%), from €7,180 to €4,429
of which Trade receivables: -€5,042
- Reserves +€24,319
up €24,319 (+14.8%), from €164,045 to €188,364
of which Distributable reserves: +€24,319
- Tax, wage and social debts +€10,560
up €10,560 (+154%), from €6,875 to €17,435
- Other debts -€3,595
down €3,595 (-44.4%), from €8,091 to €4,496
- Gross operating margin +€27,181
up €27,181 (+142%), from €19,186 to €46,367
- Taxes +€8,292
up €8,292 (+191%), from €4,344 to €12,636
- Depreciation -€6,989
down €6,989 (-93.1%), from €7,504 to €515
- Financial charges +€856
up €856 (+914%), from €94 to €950
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 | €186,603 | €217,307 | +€30,704 | +16.5% |
| Fixed assets | 21/28 | €13,791 | €2,402 | -€11,389 | -82.6% |
| Tangible fixed assets | 22/27 | €13,791 | €2,402 | -€11,389 | -82.6% |
| Furniture and vehicles | 24 | €12,235 | €1,351 | -€10,884 | -89.0% |
| Other tangible fixed assets | 26 | €1,556 | €1,051 | -€504 | -32.4% |
| Current assets | 29/58 | €172,812 | €214,905 | +€42,093 | +24.4% |
| Amounts receivable within one year | 40/41 | €7,180 | €4,429 | -€2,751 | -38.3% |
| Trade receivables | 40 | €6,629 | €1,587 | -€5,042 | -76.1% |
| Other amounts receivable | 41 | €550 | €2,842 | +€2,291 | +416% |
| Current investments | 50/53 | €62,895 | €42,743 | -€20,153 | -32.0% |
| Cash at bank and in hand | 54/58 | €101,287 | €166,686 | +€65,398 | +64.6% |
| Deferred charges and accrued income | 490/1 | €1,450 | €1,048 | -€402 | -27.7% |
| Total equity and liabilities | 10/49 | €186,603 | €217,307 | +€30,704 | +16.5% |
| Equity | 10/15 | €170,247 | €194,566 | +€24,319 | +14.3% |
| Contributions | 10/11 | €6,202 | €6,202 | = | 0.0% |
| Reserves | 13 | €164,045 | €188,364 | +€24,319 | +14.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €162,186 | €186,505 | +€24,319 | +15.0% |
| Amounts payable | 17/49 | €16,356 | €22,741 | +€6,385 | +39.0% |
| Amounts payable within one year | 42/48 | €16,356 | €22,741 | +€6,385 | +39.0% |
| Trade debts | 44 | €1,390 | €810 | -€580 | -41.7% |
| Suppliers | 440/4 | €1,390 | €810 | -€580 | -41.7% |
| Taxes, remuneration and social security | 45 | €6,875 | €17,435 | +€10,560 | +154% |
| Taxes | 450/3 | €6,875 | €17,435 | +€10,560 | +154% |
| Other amounts payable | 47/48 | €8,091 | €4,496 | -€3,595 | -44.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,504 | €515 | -€6,989 | -93.1% |
| Other operating charges | 640/8 | €724 | €829 | +€105 | +14.4% |
| Non-recurring operating charges | 66A | - | €7,710 | +€7,710 | |
| Gross operating margin | 9900 | €19,186 | €46,367 | +€27,181 | +142% |
| Operating profit (loss) | 9901 | €10,958 | €37,313 | +€26,355 | +241% |
| Financial income | 75/76B | €786 | €593 | -€193 | -24.5% |
| Recurring financial income | 75 | €786 | €593 | -€193 | -24.5% |
| Financial charges | 65/66B | €94 | €950 | +€856 | +914% |
| Recurring financial charges | 65 | €94 | €950 | +€856 | +914% |
| Profit (loss) for the period before taxes | 9903 | €11,650 | €36,956 | +€25,305 | +217% |
| Income taxes | 67/77 | €4,344 | €12,636 | +€8,292 | +191% |
| Profit (loss) for the period | 9904 | €7,306 | €24,319 | +€17,013 | +233% |
| Profit (loss) for the period to be appropriated | 9905 | €7,306 | €24,319 | +€17,013 | +233% |
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 31 October 2026 via checked.be.