Wouter Holbrecht Assets & Management: 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 Holbrecht Assets & Management
Largest movements
- Current investments +€25,000
up €25,000 (+100%), from €25,000 to €50,000
- Deferred charges and accrued income +€19,269
up €19,269 (+3,568%), from €540 to €19,809
- Receivables within one year -€18,294
down €18,294 (-74.5%), from €24,552 to €6,258
of which Trade receivables: -€13,464
- Cash +€1,707
up €1,707 (+2.1%), from €82,537 to €84,245
mainly Net result for the year (+€21,492) and Receivables within one year (+€18,294)
- Tangible fixed assets -€1,677
down €1,677 (-30.2%), from €5,549 to €3,872
- Reserves +€21,400
up €21,400 (+16.1%), from €132,750 to €154,150
- Tax, wage and social debts +€4,241
up €4,241 (+227%), from €1,866 to €6,108
- Gross operating margin +€23,240
up €23,240 (+221%), from €10,498 to €33,737
- Taxes +€7,671
up €7,671 (+264%), from €2,903 to €10,573
- Financial income +€626
up €626 (+582%), from €107 to €733
- Depreciation +€397
up €397 (+31.0%), from €1,280 to €1,677
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 | €138,179 | €164,184 | +€26,005 | +18.8% |
| Fixed assets | 21/28 | €5,549 | €3,872 | -€1,677 | -30.2% |
| Tangible fixed assets | 22/27 | €5,549 | €3,872 | -€1,677 | -30.2% |
| Plant, machinery and equipment | 23 | €215 | €133 | -€82 | -38.1% |
| Furniture and vehicles | 24 | €2,043 | €1,246 | -€797 | -39.0% |
| Other tangible fixed assets | 26 | €3,292 | €2,494 | -€798 | -24.2% |
| Current assets | 29/58 | €132,629 | €160,311 | +€27,682 | +20.9% |
| Amounts receivable within one year | 40/41 | €24,552 | €6,258 | -€18,294 | -74.5% |
| Trade receivables | 40 | €13,650 | €186 | -€13,464 | -98.6% |
| Other amounts receivable | 41 | €10,902 | €6,072 | -€4,831 | -44.3% |
| Current investments | 50/53 | €25,000 | €50,000 | +€25,000 | +100% |
| Cash at bank and in hand | 54/58 | €82,537 | €84,245 | +€1,707 | +2.1% |
| Deferred charges and accrued income | 490/1 | €540 | €19,809 | +€19,269 | +3,568% |
| Total equity and liabilities | 10/49 | €138,179 | €164,184 | +€26,005 | +18.8% |
| Equity | 10/15 | €135,513 | €157,005 | +€21,492 | +15.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €132,750 | €154,150 | +€21,400 | +16.1% |
| Distributable reserves | 133 | €132,750 | €154,150 | +€21,400 | +16.1% |
| Profit (loss) carried forward | 14 | €263 | €355 | +€92 | +35.0% |
| Amounts payable | 17/49 | €2,665 | €7,178 | +€4,513 | +169% |
| Amounts payable within one year | 42/48 | €2,351 | €6,711 | +€4,360 | +185% |
| Taxes, remuneration and social security | 45 | €1,866 | €6,108 | +€4,241 | +227% |
| Taxes | 450/3 | €1,866 | €6,108 | +€4,241 | +227% |
| Other amounts payable | 47/48 | €485 | €603 | +€118 | +24.4% |
| Accrued charges and deferred income | 492/3 | €314 | €467 | +€153 | +48.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,280 | €1,677 | +€397 | +31.0% |
| Other operating charges | 640/8 | €528 | €605 | +€77 | +14.6% |
| Gross operating margin | 9900 | €10,498 | €33,737 | +€23,240 | +221% |
| Operating profit (loss) | 9901 | €8,690 | €31,456 | +€22,765 | +262% |
| Financial income | 75/76B | €107 | €733 | +€626 | +582% |
| Recurring financial income | 75 | €107 | €733 | +€626 | +582% |
| Financial charges | 65/66B | €142 | €124 | -€18 | -12.5% |
| Recurring financial charges | 65 | €142 | €124 | -€18 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €8,656 | €32,065 | +€23,409 | +270% |
| Income taxes | 67/77 | €2,903 | €10,573 | +€7,671 | +264% |
| Profit (loss) for the period | 9904 | €5,754 | €21,492 | +€15,739 | +274% |
| Profit (loss) for the period to be appropriated | 9905 | €5,754 | €21,492 | +€15,739 | +274% |
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 26 October 2026 via checked.be.