WOUT MAES: 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.
WOUT MAES
Largest movements
- Tangible fixed assets -€59,849
down €59,849 (-13.9%), from €429,506 to €369,656
- Cash +€14,836
up €14,836 (+60.0%), from €24,731 to €39,567
mainly Depreciation (+€64,049) and Receivables within one year (+€6,126)
- Stocks and contracts +€10,000
new in 2025: €10,000
- Receivables within one year -€6,126
down €6,126 (-13.6%), from €44,990 to €38,864
- Debts after one year -€30,558
down €30,558 (-26.7%), from €114,251 to €83,693
- Trade debts -€13,071
down €13,071 (-20.6%), from €63,322 to €50,251
- Gross operating margin +€95,749
up €95,749, from -€22,823 to €72,926
- Depreciation +€2,986
up €2,986 (+4.9%), from €61,063 to €64,049
- Financial income +€2,713
up €2,713 (+1,356,650%), from €0 to €2,714
of which Non-recurring financial income: +€2,692
- Other operating charges +€731
up €731 (+12.7%), from €5,742 to €6,474
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 | €500,516 | €460,473 | -€40,043 | -8.0% |
| Fixed assets | 21/28 | €429,506 | €369,656 | -€59,849 | -13.9% |
| Tangible fixed assets | 22/27 | €429,506 | €369,656 | -€59,849 | -13.9% |
| Land and buildings | 22 | €315,574 | €289,261 | -€26,314 | -8.3% |
| Plant, machinery and equipment | 23 | €11,666 | - | -€11,666 | |
| Furniture and vehicles | 24 | €12,203 | €11,740 | -€463 | -3.8% |
| Other tangible fixed assets | 26 | €90,062 | €68,656 | -€21,406 | -23.8% |
| Current assets | 29/58 | €71,010 | €90,817 | +€19,807 | +27.9% |
| Stocks and contracts in progress | 3 | - | €10,000 | +€10,000 | |
| Stocks | 30/36 | - | €10,000 | +€10,000 | |
| Amounts receivable within one year | 40/41 | €44,990 | €38,864 | -€6,126 | -13.6% |
| Trade receivables | 40 | €44,990 | €38,864 | -€6,126 | -13.6% |
| Cash at bank and in hand | 54/58 | €24,731 | €39,567 | +€14,836 | +60.0% |
| Deferred charges and accrued income | 490/1 | €1,290 | €2,386 | +€1,097 | +85.0% |
| Total equity and liabilities | 10/49 | €500,516 | €460,473 | -€40,043 | -8.0% |
| Equity | 10/15 | -€58,616 | -€57,700 | +€917 | +1.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €133,485 | €133,485 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €131,630 | €131,630 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€204,502 | -€203,585 | +€917 | +0.4% |
| Amounts payable | 17/49 | €559,132 | €518,173 | -€40,959 | -7.3% |
| Amounts payable after more than one year | 17 | €114,251 | €83,693 | -€30,558 | -26.7% |
| Financial debts | 170/4 | €114,251 | €83,693 | -€30,558 | -26.7% |
| Amounts payable within one year | 42/48 | €444,881 | €434,480 | -€10,401 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €33,166 | €30,353 | -€2,813 | -8.5% |
| Financial debts | 43 | - | €2,752 | +€2,752 | |
| Other loans | 439 | - | €2,752 | +€2,752 | |
| Trade debts | 44 | €63,322 | €50,251 | -€13,071 | -20.6% |
| Suppliers | 440/4 | €63,322 | €50,251 | -€13,071 | -20.6% |
| Taxes, remuneration and social security | 45 | €9,277 | €11,733 | +€2,456 | +26.5% |
| Taxes | 450/3 | €9,277 | €11,733 | +€2,456 | +26.5% |
| Other amounts payable | 47/48 | €339,117 | €339,391 | +€275 | +0.1% |
| Non-recurring operating income | 76A | - | €992 | +€992 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,063 | €64,049 | +€2,986 | +4.9% |
| Other operating charges | 640/8 | €5,742 | €6,474 | +€731 | +12.7% |
| Gross operating margin | 9900 | -€22,823 | €72,926 | +€95,749 | |
| Operating profit (loss) | 9901 | -€89,629 | €2,404 | +€92,032 | |
| Financial income | 75/76B | €0 | €2,714 | +€2,713 | +1,356,650% |
| Recurring financial income | 75 | €0 | €21 | +€21 | +10,500% |
| Non-recurring financial income | 76B | - | €2,692 | +€2,692 | |
| Financial charges | 65/66B | €3,887 | €3,536 | -€351 | -9.0% |
| Recurring financial charges | 65 | €3,887 | €3,536 | -€351 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | -€93,515 | €1,581 | +€95,096 | |
| Income taxes | 67/77 | €538 | €665 | +€127 | +23.6% |
| Profit (loss) for the period | 9904 | -€94,053 | €917 | +€94,969 | |
| Profit (loss) for the period to be appropriated | 9905 | -€94,053 | €917 | +€94,969 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.