WOUTER FRANSOO: what changed
Two fiscal 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.
WOUTER FRANSOO
Largest movements
- Current investments +€1.2m
up €1.2m (+215.9%), from €538,183 to €1.7m
- Cash -€914,882
down €914,882 (-75.5%), from €1.2m to €296,977
mainly Contributions, distributions and other (-€1.4m) and Current investments (-€1.2m)
- Tangible fixed assets +€455,945
up €455,945 (+18.9%), from €2.4m to €2.9m
of which Land and buildings: +€270,248
- Receivables within one year -€152,762
down €152,762 (-2.1%), from €7.3m to €7.1m
of which Other amounts receivable: -€152,512
- Financial fixed assets +€151,394
up €151,394 (+78.7%), from €192,256 to €343,650
- Other debts +€1.5m
up €1.5m (+45990.7%), from €3,193 to €1.5m
- Reserves -€352,317
down €352,317 (-4.6%), from €7.7m to €7.4m
of which Distributable reserves: -€727,358
- Tax, wage and social debts -€324,760
down €324,760 (-95.0%), from €341,766 to €17,006
- Gross operating margin -€1.2m
down €1.2m (-50.1%), from €2.4m to €1.2m
- Taxes -€413,360
down €413,360 (-49.4%), from €836,660 to €423,301
- Financial charges -€63,131
down €63,131 (-76.1%), from €82,913 to €19,782
- Other operating charges -€37,141
down €37,141 (-46.3%), from €80,241 to €43,100
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.
Cash bridge derived
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 | €12,078,014 | €12,774,197 | +€696,183 | +5.8% |
| Fixed assets | 21/28 | €2,601,324 | €3,208,662 | +€607,338 | +23.3% |
| Tangible fixed assets | 22/27 | €2,409,067 | €2,865,012 | +€455,945 | +18.9% |
| Land and buildings | 22 | €2,275,442 | €2,545,691 | +€270,248 | +11.9% |
| Plant, machinery and equipment | 23 | €14,035 | €9,357 | -€4,678 | -33.3% |
| Furniture and vehicles | 24 | €119,590 | €309,965 | +€190,375 | +159.2% |
| Financial fixed assets | 28 | €192,256 | €343,650 | +€151,394 | +78.7% |
| Current assets | 29/58 | €9,476,691 | €9,565,535 | +€88,844 | +0.9% |
| Amounts receivable within one year | 40/41 | €7,283,630 | €7,130,867 | -€152,762 | -2.1% |
| Trade receivables | 40 | €250 | - | -€250 | |
| Other amounts receivable | 41 | €7,283,380 | €7,130,867 | -€152,512 | -2.1% |
| Current investments | 50/53 | €538,183 | €1,699,907 | +€1.2m | +215.9% |
| Cash at bank and in hand | 54/58 | €1,211,859 | €296,977 | -€914,882 | -75.5% |
| Deferred charges and accrued income | 490/1 | €443,019 | €437,784 | -€5,235 | -1.2% |
| Total equity and liabilities | 10/49 | €12,078,014 | €12,774,197 | +€696,183 | +5.8% |
| Equity | 10/15 | €10,805,997 | €10,453,680 | -€352,317 | -3.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,721,089 | €7,368,772 | -€352,317 | -4.6% |
| Tax-exempt reserves | 132 | €46,306 | €421,347 | +€375,041 | +809.9% |
| Distributable reserves | 133 | €7,674,783 | €6,947,425 | -€727,358 | -9.5% |
| Profit (loss) carried forward | 14 | €3,066,308 | €3,066,308 | = | 0.0% |
| Provisions and deferred taxes | 16 | €55,135 | €53,849 | -€1,286 | -2.3% |
| Provisions for liabilities and charges | 160/5 | €39,700 | €39,700 | = | 0.0% |
| Pensions and similar obligations | 160 | €39,700 | €39,700 | = | 0.0% |
| Deferred taxes | 168 | €15,435 | €14,149 | -€1,286 | -8.3% |
| Amounts payable | 17/49 | €1,216,882 | €2,266,669 | +€1.0m | +86.3% |
| Amounts payable after more than one year | 17 | €385,850 | €286,058 | -€99,791 | -25.9% |
| Financial debts | 170/4 | €385,850 | €286,058 | -€99,791 | -25.9% |
| Amounts payable within one year | 42/48 | €826,072 | €1,972,259 | +€1.1m | +138.8% |
| Current portion of amounts payable after more than one year | 42 | €242,740 | €242,756 | +€16 | 0.0% |
| Financial debts | 43 | €229,167 | €229,167 | -€0 | 0.0% |
| Other loans | 439 | €229,167 | €229,167 | -€0 | 0.0% |
| Trade debts | 44 | €9,207 | €11,842 | +€2,635 | +28.6% |
| Suppliers | 440/4 | €9,207 | €11,842 | +€2,635 | +28.6% |
| Taxes, remuneration and social security | 45 | €341,766 | €17,006 | -€324,760 | -95.0% |
| Taxes | 450/3 | €341,766 | €17,006 | -€324,760 | -95.0% |
| Other amounts payable | 47/48 | €3,193 | €1,471,488 | +€1.5m | +45990.7% |
| Accrued charges and deferred income | 492/3 | €4,961 | €8,351 | +€3,390 | +68.3% |
| Non-recurring operating income | 76A | €331 | - | -€331 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,469 | €129,803 | +€21,334 | +19.7% |
| Other operating charges | 640/8 | €80,241 | €43,100 | -€37,141 | -46.3% |
| Non-recurring operating charges | 66A | €11,500 | €227 | -€11,273 | -98.0% |
| Gross operating margin | 9900 | €2,407,027 | €1,201,549 | -€1.2m | -50.1% |
| Operating profit (loss) | 9901 | €2,206,817 | €1,028,420 | -€1.2m | -53.4% |
| Financial income | 75/76B | €432,411 | €437,681 | +€5,270 | +1.2% |
| Recurring financial income | 75 | €432,411 | €430,390 | -€2,020 | -0.5% |
| Non-recurring financial income | 76B | - | €7,290 | +€7,290 | |
| Financial charges | 65/66B | €82,913 | €19,782 | -€63,131 | -76.1% |
| Recurring financial charges | 65 | €82,913 | €19,782 | -€63,131 | -76.1% |
| Profit (loss) for the period before taxes | 9903 | €2,556,315 | €1,446,318 | -€1.1m | -43.4% |
| Transfer from deferred taxes | 780 | €1,286 | €1,286 | = | 0.0% |
| Income taxes | 67/77 | €836,660 | €423,301 | -€413,360 | -49.4% |
| Profit (loss) for the period | 9904 | €1,720,941 | €1,024,304 | -€696,637 | -40.5% |
| Transfer from tax-exempt reserves | 789 | €3,859 | €3,859 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €378,900 | +€378,900 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,724,799 | €649,263 | -€1.1m | -62.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.