Wouter Goegebeur: 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 Goegebeur
Largest movements
- Tangible fixed assets -€80,831
down €80,831 (-23.0%), from €351,817 to €270,985
of which Plant, machinery and equipment: -€50,803
- Stocks and contracts +€65,665
up €65,665 (+74.7%), from €87,955 to €153,620
of which Contracts in progress: +€65,665
- Cash +€22,609
up €22,609 (+1,156%), from €1,956 to €24,565
mainly Depreciation (+€89,106) and Trade debts (+€60,505)
- Current investments -€18,497
no longer reported in 2025 (was €18,497)
- Receivables within one year -€14,652
down €14,652 (-21.8%), from €67,243 to €52,592
of which Trade receivables: -€22,701
- Trade debts +€60,505
up €60,505 (+89.3%), from €67,791 to €128,296
- Other debts -€39,410
down €39,410 (-39.9%), from €98,837 to €59,427
- Current portion of long-term debt -€39,177
down €39,177 (-69.2%), from €56,636 to €17,459
- Debts after one year -€16,434
down €16,434 (-6.3%), from €262,588 to €246,154
- Profit (loss) carried forward +€6,340
up €6,340 (+14.6%), from -€43,414 to -€37,073
- Gross operating margin +€66,063
up €66,063 (+18.8%), from €351,553 to €417,616
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 | €535,517 | €507,523 | -€27,994 | -5.2% |
| Fixed assets | 21/28 | €353,808 | €270,985 | -€82,823 | -23.4% |
| Intangible fixed assets | 21 | €1,991 | - | -€1,991 | |
| Tangible fixed assets | 22/27 | €351,817 | €270,985 | -€80,831 | -23.0% |
| Land and buildings | 22 | €194,047 | €176,148 | -€17,899 | -9.2% |
| Plant, machinery and equipment | 23 | €143,012 | €92,209 | -€50,803 | -35.5% |
| Furniture and vehicles | 24 | €14,757 | €2,628 | -€12,129 | -82.2% |
| Current assets | 29/58 | €181,709 | €236,538 | +€54,829 | +30.2% |
| Stocks and contracts in progress | 3 | €87,955 | €153,620 | +€65,665 | +74.7% |
| Stocks | 30/36 | €65,620 | €65,620 | = | 0.0% |
| Contracts in progress | 37 | €22,335 | €88,000 | +€65,665 | +294% |
| Amounts receivable within one year | 40/41 | €67,243 | €52,592 | -€14,652 | -21.8% |
| Trade receivables | 40 | €55,896 | €33,195 | -€22,701 | -40.6% |
| Other amounts receivable | 41 | €11,348 | €19,397 | +€8,049 | +70.9% |
| Current investments | 50/53 | €18,497 | - | -€18,497 | |
| Cash at bank and in hand | 54/58 | €1,956 | €24,565 | +€22,609 | +1,156% |
| Deferred charges and accrued income | 490/1 | €6,058 | €5,761 | -€298 | -4.9% |
| Total equity and liabilities | 10/49 | €535,517 | €507,523 | -€27,994 | -5.2% |
| Equity | 10/15 | €22,323 | €28,663 | +€6,340 | +28.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €53,336 | €53,336 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €51,476 | €51,476 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,414 | -€37,073 | +€6,340 | +14.6% |
| Amounts payable | 17/49 | €513,195 | €478,860 | -€34,334 | -6.7% |
| Amounts payable after more than one year | 17 | €262,588 | €246,154 | -€16,434 | -6.3% |
| Financial debts | 170/4 | €262,588 | €246,154 | -€16,434 | -6.3% |
| Amounts payable within one year | 42/48 | €250,607 | €232,707 | -€17,900 | -7.1% |
| Current portion of amounts payable after more than one year | 42 | €56,636 | €17,459 | -€39,177 | -69.2% |
| Financial debts | 43 | €10,984 | €8,360 | -€2,624 | -23.9% |
| Credit institutions | 430/8 | €10,984 | €8,360 | -€2,624 | -23.9% |
| Trade debts | 44 | €67,791 | €128,296 | +€60,505 | +89.3% |
| Suppliers | 440/4 | €67,791 | €128,296 | +€60,505 | +89.3% |
| Taxes, remuneration and social security | 45 | €16,359 | €19,165 | +€2,806 | +17.1% |
| Taxes | 450/3 | - | €9,366 | +€9,366 | |
| Remuneration and social security | 454/9 | €16,359 | €9,799 | -€6,561 | -40.1% |
| Other amounts payable | 47/48 | €98,837 | €59,427 | -€39,410 | -39.9% |
| Remuneration, social security and pensions | 62 | €311,237 | €312,644 | +€1,407 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,572 | €89,106 | -€467 | -0.5% |
| Other operating charges | 640/8 | €461 | €732 | +€270 | +58.6% |
| Non-recurring operating charges | 66A | €15 | - | -€15 | |
| Gross operating margin | 9900 | €351,553 | €417,616 | +€66,063 | +18.8% |
| Operating profit (loss) | 9901 | -€49,733 | €15,135 | +€64,868 | |
| Financial income | 75/76B | €945 | €364 | -€581 | -61.4% |
| Recurring financial income | 75 | €945 | €364 | -€581 | -61.4% |
| Financial charges | 65/66B | €12,212 | €8,669 | -€3,543 | -29.0% |
| Recurring financial charges | 65 | €12,212 | €8,669 | -€3,543 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | -€61,000 | €6,830 | +€67,830 | |
| Income taxes | 67/77 | €269 | €490 | +€221 | +82.3% |
| Profit (loss) for the period | 9904 | -€61,269 | €6,340 | +€67,609 | |
| Profit (loss) for the period to be appropriated | 9905 | -€61,269 | €6,340 | +€67,609 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.