Wouter Ghijsels - Advocaat: 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.
Wouter Ghijsels - Advocaat
Largest movements
- Current investments +€193,083
up €193,083 (+28.3%), from €681,635 to €874,718
- Cash +€64,797
up €64,797 (+216%), from €30,057 to €94,854
mainly Net result for the year (+€659,890) and Depreciation (+€178,998)
- Tangible fixed assets +€52,296
up €52,296 (+3.0%), from €1.7m to €1.8m
of which Land and buildings: +€52,459
- Reserves +€539,890
up €539,890 (+23.0%), from €2.3m to €2.9m
of which Distributable reserves: +€539,890
- Debts after one year -€182,214
down €182,214 (-52.4%), from €347,547 to €165,333
- Tax, wage and social debts -€45,457
down €45,457 (-38.3%), from €118,549 to €73,092
of which Taxes: -€46,956
- Gross operating margin +€162,486
up €162,486 (+16.1%), from €1.0m to €1.2m
- Taxes +€43,998
up €43,998 (+16.7%), from €264,202 to €308,201
- Other operating charges +€20,462
up €20,462 (+300%), from €6,824 to €27,286
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 | €2,903,264 | €3,202,792 | +€299,528 | +10.3% |
| Fixed assets | 21/28 | €1,848,126 | €1,900,421 | +€52,296 | +2.8% |
| Tangible fixed assets | 22/27 | €1,728,126 | €1,780,421 | +€52,296 | +3.0% |
| Land and buildings | 22 | €1,296,286 | €1,348,745 | +€52,459 | +4.0% |
| Plant, machinery and equipment | 23 | €2,491 | €3,328 | +€837 | +33.6% |
| Furniture and vehicles | 24 | €89,757 | €132,086 | +€42,329 | +47.2% |
| Other tangible fixed assets | 26 | €339,592 | €296,262 | -€43,330 | -12.8% |
| Financial fixed assets | 28 | €120,000 | €120,000 | = | 0.0% |
| Current assets | 29/58 | €1,055,138 | €1,302,370 | +€247,232 | +23.4% |
| Amounts receivable after more than one year | 29 | €240,348 | €240,348 | = | 0.0% |
| Other amounts receivable | 291 | €240,348 | €240,348 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €86,556 | €74,764 | -€11,792 | -13.6% |
| Trade receivables | 40 | €28,900 | €0 | -€28,900 | -100% |
| Other amounts receivable | 41 | €57,656 | €74,764 | +€17,108 | +29.7% |
| Current investments | 50/53 | €681,635 | €874,718 | +€193,083 | +28.3% |
| Cash at bank and in hand | 54/58 | €30,057 | €94,854 | +€64,797 | +216% |
| Deferred charges and accrued income | 490/1 | €16,543 | €17,687 | +€1,144 | +6.9% |
| Total equity and liabilities | 10/49 | €2,903,264 | €3,202,792 | +€299,528 | +10.3% |
| Equity | 10/15 | €2,358,025 | €2,897,915 | +€539,890 | +22.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,345,625 | €2,885,515 | +€539,890 | +23.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,345,625 | €2,885,515 | +€539,890 | +23.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €545,238 | €304,876 | -€240,362 | -44.1% |
| Amounts payable after more than one year | 17 | €347,547 | €165,333 | -€182,214 | -52.4% |
| Financial debts | 170/4 | €347,547 | €165,333 | -€182,214 | -52.4% |
| Amounts payable within one year | 42/48 | €196,891 | €139,543 | -€57,348 | -29.1% |
| Current portion of amounts payable after more than one year | 42 | €48,093 | €24,965 | -€23,128 | -48.1% |
| Trade debts | 44 | €30,249 | €41,486 | +€11,237 | +37.1% |
| Suppliers | 440/4 | €30,249 | €41,486 | +€11,237 | +37.1% |
| Taxes, remuneration and social security | 45 | €118,549 | €73,092 | -€45,457 | -38.3% |
| Taxes | 450/3 | €118,549 | €71,593 | -€46,956 | -39.6% |
| Remuneration and social security | 454/9 | €0 | €1,499 | +€1,499 | |
| Accrued charges and deferred income | 492/3 | €800 | €0 | -€800 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €169,335 | €178,998 | +€9,663 | +5.7% |
| Other operating charges | 640/8 | €6,824 | €27,286 | +€20,462 | +300% |
| Gross operating margin | 9900 | €1,006,767 | €1,169,253 | +€162,486 | +16.1% |
| Operating profit (loss) | 9901 | €830,608 | €962,969 | +€132,361 | +15.9% |
| Financial income | 75/76B | €13,884 | €22,782 | +€8,898 | +64.1% |
| Recurring financial income | 75 | €13,884 | €22,782 | +€8,898 | +64.1% |
| Financial charges | 65/66B | €12,423 | €17,660 | +€5,237 | +42.2% |
| Recurring financial charges | 65 | €12,423 | €17,660 | +€5,237 | +42.2% |
| Profit (loss) for the period before taxes | 9903 | €832,069 | €968,091 | +€136,022 | +16.3% |
| Income taxes | 67/77 | €264,202 | €308,201 | +€43,998 | +16.7% |
| Profit (loss) for the period | 9904 | €567,867 | €659,890 | +€92,023 | +16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €567,867 | €659,890 | +€92,023 | +16.2% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.