Wouter Mistiaen: 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 Mistiaen
Largest movements
- Current investments +€48,635
up €48,635 (+73.6%), from €66,094 to €114,729
- Cash +€39,962
up €39,962 (+48.2%), from €82,961 to €122,923
mainly Net result for the year (+€171,903) and Deferred charges and accrued income (+€26,032)
- Deferred charges and accrued income -€26,032
down €26,032 (-90.9%), from €28,635 to €2,602
- Tangible fixed assets +€12,248
up €12,248 (+11.6%), from €105,855 to €118,103
of which Other tangible fixed assets: +€14,252
- Receivables within one year +€10,470
up €10,470 (+51.8%), from €20,207 to €30,676
of which Other amounts receivable: +€7,470
- Reserves +€129,426
up €129,426 (+30.5%), from €424,046 to €553,472
- Trade debts -€26,656
down €26,656 (-90.0%), from €29,605 to €2,949
- Other debts -€15,863
down €15,863 (-44.2%), from €35,863 to €20,000
- Gross operating margin -€45,242
down €45,242 (-15.3%), from €295,420 to €250,177
- Financial income +€14,779
up €14,779 (+4,201%), from €352 to €15,131
- Taxes -€8,243
down €8,243 (-10.1%), from €81,813 to €73,570
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 | €498,751 | €589,033 | +€90,282 | +18.1% |
| Fixed assets | 21/28 | €105,855 | €118,103 | +€12,248 | +11.6% |
| Tangible fixed assets | 22/27 | €105,855 | €118,103 | +€12,248 | +11.6% |
| Plant, machinery and equipment | 23 | €28,002 | €26,197 | -€1,805 | -6.4% |
| Furniture and vehicles | 24 | €15,928 | €15,729 | -€199 | -1.3% |
| Other tangible fixed assets | 26 | €61,925 | €76,177 | +€14,252 | +23.0% |
| Current assets | 29/58 | €392,896 | €470,931 | +€78,034 | +19.9% |
| Amounts receivable after more than one year | 29 | €195,000 | €200,000 | +€5,000 | +2.6% |
| Other amounts receivable | 291 | €195,000 | €200,000 | +€5,000 | +2.6% |
| Amounts receivable within one year | 40/41 | €20,207 | €30,676 | +€10,470 | +51.8% |
| Trade receivables | 40 | - | €3,000 | +€3,000 | |
| Other amounts receivable | 41 | €20,207 | €27,676 | +€7,470 | +37.0% |
| Current investments | 50/53 | €66,094 | €114,729 | +€48,635 | +73.6% |
| Cash at bank and in hand | 54/58 | €82,961 | €122,923 | +€39,962 | +48.2% |
| Deferred charges and accrued income | 490/1 | €28,635 | €2,602 | -€26,032 | -90.9% |
| Total equity and liabilities | 10/49 | €498,751 | €589,033 | +€90,282 | +18.1% |
| Equity | 10/15 | €431,546 | €560,972 | +€129,426 | +30.0% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €424,046 | €553,472 | +€129,426 | +30.5% |
| Distributable reserves | 133 | €424,046 | €553,472 | +€129,426 | +30.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €67,205 | €28,061 | -€39,144 | -58.2% |
| Amounts payable within one year | 42/48 | €67,205 | €28,061 | -€39,144 | -58.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €29,605 | €2,949 | -€26,656 | -90.0% |
| Suppliers | 440/4 | €29,605 | €2,949 | -€26,656 | -90.0% |
| Taxes, remuneration and social security | 45 | €1,737 | €5,112 | +€3,376 | +194% |
| Taxes | 450/3 | €1,737 | €5,112 | +€3,376 | +194% |
| Other amounts payable | 47/48 | €35,863 | €20,000 | -€15,863 | -44.2% |
| Non-recurring operating income | 76A | €4,881 | €0 | -€4,881 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,565 | €16,775 | +€210 | +1.3% |
| Other operating charges | 640/8 | €1,632 | €764 | -€868 | -53.2% |
| Gross operating margin | 9900 | €295,420 | €250,177 | -€45,242 | -15.3% |
| Operating profit (loss) | 9901 | €277,222 | €232,637 | -€44,585 | -16.1% |
| Financial income | 75/76B | €352 | €15,131 | +€14,779 | +4,201% |
| Recurring financial income | 75 | €352 | €15,131 | +€14,779 | +4,201% |
| Financial charges | 65/66B | €127 | €2,295 | +€2,169 | +1,712% |
| Recurring financial charges | 65 | €127 | €2,295 | +€2,169 | +1,712% |
| Profit (loss) for the period before taxes | 9903 | €277,447 | €245,473 | -€31,974 | -11.5% |
| Income taxes | 67/77 | €81,813 | €73,570 | -€8,243 | -10.1% |
| Profit (loss) for the period | 9904 | €195,634 | €171,903 | -€23,732 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €195,634 | €171,903 | -€23,732 | -12.1% |
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 22 October 2026 via checked.be.