Wim De Baets: 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.
Wim De Baets
Largest movements
- Tangible fixed assets +€25,674
up €25,674 (+6.1%), from €418,403 to €444,077
of which Land and buildings: +€26,243
- Receivables within one year +€20,801
up €20,801 (+61.7%), from €33,714 to €54,515
of which Trade receivables: +€42,974
- Trade debts +€45,598
up €45,598 (+1,874%), from €2,433 to €48,032
- Other debts -€42,183
down €42,183 (-89.8%), from €47,000 to €4,817
- Reserves +€24,758
up €24,758 (+43.6%), from €56,822 to €81,581
of which Distributable reserves: +€26,613
- Debts after one year +€12,643
up €12,643 (+4.0%), from €319,762 to €332,405
- Current portion of long-term debt +€7,090
up €7,090 (+23.7%), from €29,921 to €37,011
- Gross operating margin -€25,541
down €25,541 (-32.1%), from €79,557 to €54,016
- Taxes -€4,209
down €4,209 (-43.1%), from €9,756 to €5,547
- Depreciation +€1,442
up €1,442 (+9.9%), from €14,644 to €16,086
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 | €483,569 | €534,726 | +€51,157 | +10.6% |
| Fixed assets | 21/28 | €418,403 | €444,077 | +€25,674 | +6.1% |
| Tangible fixed assets | 22/27 | €418,403 | €444,077 | +€25,674 | +6.1% |
| Land and buildings | 22 | €416,625 | €442,869 | +€26,243 | +6.3% |
| Other tangible fixed assets | 26 | €1,778 | €1,208 | -€570 | -32.0% |
| Current assets | 29/58 | €65,166 | €90,649 | +€25,483 | +39.1% |
| Amounts receivable within one year | 40/41 | €33,714 | €54,515 | +€20,801 | +61.7% |
| Trade receivables | 40 | €6,732 | €49,706 | +€42,974 | +638% |
| Other amounts receivable | 41 | €26,983 | €4,810 | -€22,173 | -82.2% |
| Cash at bank and in hand | 54/58 | €30,589 | €34,358 | +€3,769 | +12.3% |
| Deferred charges and accrued income | 490/1 | €862 | €1,775 | +€913 | +106% |
| Total equity and liabilities | 10/49 | €483,569 | €534,726 | +€51,157 | +10.6% |
| Equity | 10/15 | €75,372 | €100,131 | +€24,758 | +32.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €56,822 | €81,581 | +€24,758 | +43.6% |
| Non-distributable reserves | 130/1 | €1,855 | €0 | -€1,855 | -100% |
| Other | 1319 | €1,855 | €0 | -€1,855 | -100% |
| Distributable reserves | 133 | €54,967 | €81,581 | +€26,613 | +48.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €408,197 | €434,595 | +€26,398 | +6.5% |
| Amounts payable after more than one year | 17 | €319,762 | €332,405 | +€12,643 | +4.0% |
| Financial debts | 170/4 | €319,762 | €332,405 | +€12,643 | +4.0% |
| Amounts payable within one year | 42/48 | €88,315 | €101,877 | +€13,561 | +15.4% |
| Current portion of amounts payable after more than one year | 42 | €29,921 | €37,011 | +€7,090 | +23.7% |
| Trade debts | 44 | €2,433 | €48,032 | +€45,598 | +1,874% |
| Suppliers | 440/4 | €2,433 | €48,032 | +€45,598 | +1,874% |
| Taxes, remuneration and social security | 45 | €8,961 | €12,016 | +€3,055 | +34.1% |
| Taxes | 450/3 | €8,961 | €12,016 | +€3,055 | +34.1% |
| Other amounts payable | 47/48 | €47,000 | €4,817 | -€42,183 | -89.8% |
| Accrued charges and deferred income | 492/3 | €119 | €313 | +€194 | +162% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,644 | €16,086 | +€1,442 | +9.9% |
| Other operating charges | 640/8 | €2,662 | €2,491 | -€172 | -6.4% |
| Gross operating margin | 9900 | €79,557 | €54,016 | -€25,541 | -32.1% |
| Operating profit (loss) | 9901 | €62,250 | €35,439 | -€26,812 | -43.1% |
| Financial income | 75/76B | €1,019 | €928 | -€92 | -9.0% |
| Recurring financial income | 75 | €1,019 | €928 | -€92 | -9.0% |
| Financial charges | 65/66B | €5,771 | €6,061 | +€289 | +5.0% |
| Recurring financial charges | 65 | €5,771 | €6,061 | +€289 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | €57,498 | €30,306 | -€27,193 | -47.3% |
| Income taxes | 67/77 | €9,756 | €5,547 | -€4,209 | -43.1% |
| Profit (loss) for the period | 9904 | €47,742 | €24,758 | -€22,984 | -48.1% |
| Profit (loss) for the period to be appropriated | 9905 | €47,742 | €24,758 | -€22,984 | -48.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.