WOUTER SPEGELAERE: 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 SPEGELAERE
Largest movements
- Deferred charges and accrued income +€1.2m
up €1.2m (+19,507%), from €6,136 to €1.2m
- Financial fixed assets -€1.0m
down €1.0m (-54.5%), from €1.9m to €852,367
- Tangible fixed assets -€33,681
down €33,681 (-5.9%), from €570,010 to €536,330
of which Furniture and vehicles: -€19,514
- Reserves +€114,550
up €114,550 (+10.6%), from €1.1m to €1.2m
- Debts after one year +€34,143
up €34,143 (+2.5%), from €1.4m to €1.4m
- Financial income -€527,081
down €527,081 (-74.9%), from €703,975 to €176,895
- Financial charges +€20,347
up €20,347 (+65.7%), from €30,964 to €51,311
- Gross operating margin +€13,018
up €13,018 (+8.8%), from €148,003 to €161,021
- Taxes -€9,601
down €9,601 (-10.5%), from €91,491 to €81,890
- Depreciation +€5,476
up €5,476 (+18.7%), from €29,285 to €34,761
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 | €2,607,706 | €2,727,099 | +€119,393 | +4.6% |
| Fixed assets | 21/28 | €2,442,745 | €1,388,697 | -€1.1m | -43.2% |
| Tangible fixed assets | 22/27 | €570,010 | €536,330 | -€33,681 | -5.9% |
| Land and buildings | 22 | €479,362 | €466,047 | -€13,314 | -2.8% |
| Plant, machinery and equipment | 23 | €3,128 | €2,276 | -€852 | -27.2% |
| Furniture and vehicles | 24 | €87,521 | €68,006 | -€19,514 | -22.3% |
| Financial fixed assets | 28 | €1,872,735 | €852,367 | -€1.0m | -54.5% |
| Current assets | 29/58 | €164,961 | €1,338,403 | +€1.2m | +711% |
| Amounts receivable within one year | 40/41 | €28,361 | €23,811 | -€4,550 | -16.0% |
| Trade receivables | 40 | €24,728 | €23,811 | -€916 | -3.7% |
| Other amounts receivable | 41 | €3,634 | - | -€3,634 | |
| Cash at bank and in hand | 54/58 | €130,464 | €111,568 | -€18,895 | -14.5% |
| Deferred charges and accrued income | 490/1 | €6,136 | €1,203,023 | +€1.2m | +19,507% |
| Total equity and liabilities | 10/49 | €2,607,706 | €2,727,099 | +€119,393 | +4.6% |
| Equity | 10/15 | €1,102,619 | €1,217,169 | +€114,550 | +10.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,084,019 | €1,198,569 | +€114,550 | +10.6% |
| Distributable reserves | 133 | €1,084,019 | €1,198,569 | +€114,550 | +10.6% |
| Amounts payable | 17/49 | €1,505,087 | €1,509,930 | +€4,843 | +0.3% |
| Amounts payable after more than one year | 17 | €1,376,009 | €1,410,152 | +€34,143 | +2.5% |
| Financial debts | 170/4 | €1,376,009 | €1,410,152 | +€34,143 | +2.5% |
| Amounts payable within one year | 42/48 | €106,938 | €99,778 | -€7,160 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €30,542 | €30,899 | +€357 | +1.2% |
| Trade debts | 44 | €4,663 | €2,631 | -€2,032 | -43.6% |
| Suppliers | 440/4 | €4,663 | €2,631 | -€2,032 | -43.6% |
| Taxes, remuneration and social security | 45 | €71,733 | €62,421 | -€9,312 | -13.0% |
| Taxes | 450/3 | €71,733 | €62,421 | -€9,312 | -13.0% |
| Other amounts payable | 47/48 | - | €3,827 | +€3,827 | |
| Accrued charges and deferred income | 492/3 | €22,140 | - | -€22,140 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,285 | €34,761 | +€5,476 | +18.7% |
| Other operating charges | 640/8 | €2,613 | €3,925 | +€1,312 | +50.2% |
| Gross operating margin | 9900 | €148,003 | €161,021 | +€13,018 | +8.8% |
| Operating profit (loss) | 9901 | €116,105 | €122,336 | +€6,231 | +5.4% |
| Financial income | 75/76B | €703,975 | €176,895 | -€527,081 | -74.9% |
| Recurring financial income | 75 | €703,975 | €176,895 | -€527,081 | -74.9% |
| Financial charges | 65/66B | €30,964 | €51,311 | +€20,347 | +65.7% |
| Recurring financial charges | 65 | €30,964 | €51,311 | +€20,347 | +65.7% |
| Profit (loss) for the period before taxes | 9903 | €789,116 | €247,919 | -€541,197 | -68.6% |
| Income taxes | 67/77 | €91,491 | €81,890 | -€9,601 | -10.5% |
| Profit (loss) for the period | 9904 | €697,625 | €166,030 | -€531,595 | -76.2% |
| Profit (loss) for the period to be appropriated | 9905 | €697,625 | €166,030 | -€531,595 | -76.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.