WIM VELDEMAN: what changed
WIM VELDEMAN
Largest movements
- Receivables within one year +€47,923
up €47,923 (+169%), from €28,358 to €76,281
of which Trade receivables: +€35,798
- Deferred charges and accrued income +€27,131
up €27,131 (+29.6%), from €91,726 to €118,857
- Tangible fixed assets -€20,155
down €20,155 (-13.8%), from €145,872 to €125,717
of which Land and buildings: -€19,013
- Cash -€6,506
down €6,506 (-3.8%), from €172,209 to €165,703
mainly Receivables within one year (-€47,923) and Deferred charges and accrued income (-€27,131)
- Reserves +€77,303
up €77,303 (+25.6%), from €302,062 to €379,365
of which Distributable reserves: +€77,303
- Advances received -€21,310
down €21,310 (-100%), from €21,310 to €0
- Tax, wage and social debts +€13,131
up €13,131 (+401%), from €3,276 to €16,406
of which Taxes: +€11,031
- Trade debts -€10,454
down €10,454 (-63.3%), from €16,504 to €6,050
- Debts after one year -€7,167
down €7,167 (-24.4%), from €29,388 to €22,221
- Gross operating margin +€47,540
up €47,540 (+50.3%), from €94,497 to €142,037
- Taxes +€14,664
up €14,664 (+78.3%), from €18,718 to €33,381
- Financial income +€1,979
up €1,979 (+343%), from €577 to €2,556
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €438,816 | €487,208 | +€48,393 | +11.0% |
| Fixed assets | 21/28 | €146,522 | €126,367 | -€20,155 | -13.8% |
| Tangible fixed assets | 22/27 | €145,872 | €125,717 | -€20,155 | -13.8% |
| Land and buildings | 22 | €143,493 | €124,480 | -€19,013 | -13.3% |
| Plant, machinery and equipment | 23 | €2,379 | €1,237 | -€1,142 | -48.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €650 | €650 | = | 0.0% |
| Current assets | 29/58 | €292,294 | €360,841 | +€68,547 | +23.5% |
| Amounts receivable within one year | 40/41 | €28,358 | €76,281 | +€47,923 | +169% |
| Trade receivables | 40 | €17,389 | €53,188 | +€35,798 | +206% |
| Other amounts receivable | 41 | €10,969 | €23,093 | +€12,124 | +111% |
| Cash at bank and in hand | 54/58 | €172,209 | €165,703 | -€6,506 | -3.8% |
| Deferred charges and accrued income | 490/1 | €91,726 | €118,857 | +€27,131 | +29.6% |
| Total equity and liabilities | 10/49 | €438,816 | €487,208 | +€48,393 | +11.0% |
| Equity | 10/15 | €314,462 | €391,765 | +€77,303 | +24.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €302,062 | €379,365 | +€77,303 | +25.6% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €283,312 | €360,615 | +€77,303 | +27.3% |
| Provisions and deferred taxes | 16 | €14,957 | €14,957 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €14,957 | €14,957 | = | 0.0% |
| Pensions and similar obligations | 160 | €14,957 | €14,957 | = | 0.0% |
| Amounts payable | 17/49 | €109,396 | €80,485 | -€28,911 | -26.4% |
| Amounts payable after more than one year | 17 | €29,388 | €22,221 | -€7,167 | -24.4% |
| Financial debts | 170/4 | €29,388 | €22,221 | -€7,167 | -24.4% |
| Amounts payable within one year | 42/48 | €80,008 | €58,264 | -€21,744 | -27.2% |
| Current portion of amounts payable after more than one year | 42 | €7,050 | €7,167 | +€117 | +1.7% |
| Trade debts | 44 | €16,504 | €6,050 | -€10,454 | -63.3% |
| Suppliers | 440/4 | €16,504 | €6,050 | -€10,454 | -63.3% |
| Advances received on contracts in progress | 46 | €21,310 | €0 | -€21,310 | -100% |
| Taxes, remuneration and social security | 45 | €3,276 | €16,406 | +€13,131 | +401% |
| Taxes | 450/3 | €3,276 | €14,306 | +€11,031 | +337% |
| Remuneration and social security | 454/9 | - | €2,100 | +€2,100 | |
| Other amounts payable | 47/48 | €31,868 | €28,641 | -€3,227 | -10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,029 | €26,993 | +€964 | +3.7% |
| Other operating charges | 640/8 | €2,515 | €2,491 | -€24 | -1.0% |
| Gross operating margin | 9900 | €94,497 | €142,037 | +€47,540 | +50.3% |
| Operating profit (loss) | 9901 | €65,953 | €112,554 | +€46,601 | +70.7% |
| Financial income | 75/76B | €577 | €2,556 | +€1,979 | +343% |
| Recurring financial income | 75 | €577 | €2,556 | +€1,979 | +343% |
| Financial charges | 65/66B | €5,091 | €4,425 | -€665 | -13.1% |
| Recurring financial charges | 65 | €5,091 | €4,425 | -€665 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €61,440 | €110,684 | +€49,245 | +80.2% |
| Income taxes | 67/77 | €18,718 | €33,381 | +€14,664 | +78.3% |
| Profit (loss) for the period | 9904 | €42,722 | €77,303 | +€34,581 | +80.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,722 | €77,303 | +€34,581 | +80.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.