Wouter Moonen: 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 Moonen
Largest movements
- Receivables within one year -€233,205
down €233,205 (-61.5%), from €379,165 to €145,960
of which Trade receivables: -€235,824
- Cash +€70,135
up €70,135 (+86.0%), from €81,583 to €151,719
mainly Other debts (+€618,652) and Receivables within one year (+€233,205)
- Deferred charges and accrued income +€45,151
up €45,151 (+2,513%), from €1,796 to €46,947
- Receivables after one year +€30,000
up €30,000 (+70.8%), from €42,400 to €72,400
- Reserves -€643,925
down €643,925 (-65.2%), from €987,294 to €343,368
- Other debts +€618,652
new in 2025: €618,652
- Debts after one year -€59,279
down €59,279 (-5.3%), from €1.1m to €1.1m
- Gross operating margin -€203,827
down €203,827 (-40.3%), from €506,381 to €302,554
- Taxes -€62,215
down €62,215 (-62.1%), from €100,254 to €38,039
- Depreciation +€26,545
up €26,545 (+32.8%), from €80,929 to €107,474
- Financial charges +€20,759
up €20,759 (+57.2%), from €36,281 to €57,040
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 | €2,367,781 | €2,293,292 | -€74,489 | -3.1% |
| Fixed assets | 21/28 | €1,787,837 | €1,798,753 | +€10,917 | +0.6% |
| Tangible fixed assets | 22/27 | €1,772,837 | €1,783,753 | +€10,917 | +0.6% |
| Land and buildings | 22 | €1,744,012 | €1,773,698 | +€29,686 | +1.7% |
| Plant, machinery and equipment | 23 | €203 | - | -€203 | |
| Furniture and vehicles | 24 | €28,622 | €10,055 | -€18,566 | -64.9% |
| Financial fixed assets | 28 | €15,000 | €15,000 | = | 0.0% |
| Current assets | 29/58 | €579,945 | €494,539 | -€85,406 | -14.7% |
| Amounts receivable after more than one year | 29 | €42,400 | €72,400 | +€30,000 | +70.8% |
| Other amounts receivable | 291 | €42,400 | €72,400 | +€30,000 | +70.8% |
| Amounts receivable within one year | 40/41 | €379,165 | €145,960 | -€233,205 | -61.5% |
| Trade receivables | 40 | €373,615 | €137,791 | -€235,824 | -63.1% |
| Other amounts receivable | 41 | €5,550 | €8,169 | +€2,619 | +47.2% |
| Current investments | 50/53 | €75,000 | €77,513 | +€2,513 | +3.4% |
| Cash at bank and in hand | 54/58 | €81,583 | €151,719 | +€70,135 | +86.0% |
| Deferred charges and accrued income | 490/1 | €1,796 | €46,947 | +€45,151 | +2,513% |
| Total equity and liabilities | 10/49 | €2,367,781 | €2,293,292 | -€74,489 | -3.1% |
| Equity | 10/15 | €1,102,218 | €453,406 | -€648,812 | -58.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €987,294 | €343,368 | -€643,925 | -65.2% |
| Distributable reserves | 133 | €987,294 | €343,368 | -€643,925 | -65.2% |
| Investment grants | 15 | €96,324 | €91,437 | -€4,887 | -5.1% |
| Provisions and deferred taxes | 16 | €32,108 | €30,479 | -€1,629 | -5.1% |
| Deferred taxes | 168 | €32,108 | €30,479 | -€1,629 | -5.1% |
| Amounts payable | 17/49 | €1,233,455 | €1,809,407 | +€575,952 | +46.7% |
| Amounts payable after more than one year | 17 | €1,126,701 | €1,067,422 | -€59,279 | -5.3% |
| Financial debts | 170/4 | €1,126,701 | €1,067,422 | -€59,279 | -5.3% |
| Amounts payable within one year | 42/48 | €103,075 | €740,210 | +€637,135 | +618% |
| Current portion of amounts payable after more than one year | 42 | €48,172 | €61,806 | +€13,633 | +28.3% |
| Financial debts | 43 | €8,555 | €30,348 | +€21,793 | +255% |
| Credit institutions | 430/8 | €8,555 | €30,348 | +€21,793 | +255% |
| Trade debts | 44 | €23,632 | €7,973 | -€15,660 | -66.3% |
| Suppliers | 440/4 | €23,632 | €7,973 | -€15,660 | -66.3% |
| Taxes, remuneration and social security | 45 | €22,716 | €21,432 | -€1,284 | -5.7% |
| Taxes | 450/3 | €22,716 | €21,432 | -€1,284 | -5.7% |
| Other amounts payable | 47/48 | - | €618,652 | +€618,652 | |
| Accrued charges and deferred income | 492/3 | €3,679 | €1,776 | -€1,904 | -51.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,929 | €107,474 | +€26,545 | +32.8% |
| Other operating charges | 640/8 | €4,787 | €4,963 | +€176 | +3.7% |
| Gross operating margin | 9900 | €506,381 | €302,554 | -€203,827 | -40.3% |
| Operating profit (loss) | 9901 | €420,665 | €190,117 | -€230,548 | -54.8% |
| Financial income | 75/76B | €5,841 | €9,408 | +€3,567 | +61.1% |
| Recurring financial income | 75 | €5,841 | €9,408 | +€3,567 | +61.1% |
| Financial charges | 65/66B | €36,281 | €57,040 | +€20,759 | +57.2% |
| Recurring financial charges | 65 | €36,281 | €57,040 | +€20,759 | +57.2% |
| Profit (loss) for the period before taxes | 9903 | €390,225 | €142,485 | -€247,740 | -63.5% |
| Transfer from deferred taxes | 780 | €1,637 | €1,629 | -€8 | -0.5% |
| Income taxes | 67/77 | €100,254 | €38,039 | -€62,215 | -62.1% |
| Profit (loss) for the period | 9904 | €291,608 | €106,075 | -€185,533 | -63.6% |
| Profit (loss) for the period to be appropriated | 9905 | €291,608 | €106,075 | -€185,533 | -63.6% |
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 20 October 2026 via checked.be.