WOUTER SYSMANS: what changed
Two fiscal 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 SYSMANS
Largest movements
- Receivables within one year -€24,047
down €24,047 (-57.6%), from €41,762 to €17,714
of which Trade receivables: -€15,169
- Tangible fixed assets +€23,349
up €23,349 (+11.2%), from €208,827 to €232,176
of which Leasing and similar rights: +€30,672
- Receivables after one year +€15,000
new in 2025: €15,000
- Cash +€9,415
up €9,415 (+16.1%), from €58,400 to €67,815
mainly Depreciation (+€30,630) and Receivables within one year (+€24,047)
- Debts after one year +€14,397
up €14,397 (+12.6%), from €114,473 to €128,870
- Current portion of long-term debt +€13,721
up €13,721 (+62.2%), from €22,075 to €35,796
- Reserves +€8,750
up €8,750 (+6.0%), from €144,989 to €153,738
- Trade debts -€7,869
down €7,869 (-40.4%), from €19,491 to €11,622
- Gross operating margin -€23,775
down €23,775 (-30.5%), from €77,856 to €54,081
- Taxes -€6,043
down €6,043 (-65.7%), from €9,195 to €3,152
- Other operating charges +€1,236
up €1,236 (+244.7%), from €505 to €1,742
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.
Cash bridge derived
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 | €316,130 | €339,247 | +€23,117 | +7.3% |
| Fixed assets | 21/28 | €208,827 | €232,176 | +€23,349 | +11.2% |
| Tangible fixed assets | 22/27 | €208,827 | €232,176 | +€23,349 | +11.2% |
| Land and buildings | 22 | €143,362 | €135,031 | -€8,331 | -5.8% |
| Plant, machinery and equipment | 23 | €2,801 | €2,067 | -€734 | -26.2% |
| Furniture and vehicles | 24 | €8,335 | €10,608 | +€2,273 | +27.3% |
| Leasing and similar rights | 25 | €46,891 | €77,562 | +€30,672 | +65.4% |
| Other tangible fixed assets | 26 | €7,439 | €6,907 | -€531 | -7.1% |
| Current assets | 29/58 | €107,303 | €107,071 | -€232 | -0.2% |
| Amounts receivable after more than one year | 29 | - | €15,000 | +€15,000 | |
| Other amounts receivable | 291 | - | €15,000 | +€15,000 | |
| Stocks and contracts in progress | 3 | €3,479 | €3,935 | +€456 | +13.1% |
| Stocks | 30/36 | €3,479 | €3,935 | +€456 | +13.1% |
| Amounts receivable within one year | 40/41 | €41,762 | €17,714 | -€24,047 | -57.6% |
| Trade receivables | 40 | €23,649 | €8,481 | -€15,169 | -64.1% |
| Other amounts receivable | 41 | €18,112 | €9,234 | -€8,879 | -49.0% |
| Cash at bank and in hand | 54/58 | €58,400 | €67,815 | +€9,415 | +16.1% |
| Deferred charges and accrued income | 490/1 | €3,663 | €2,607 | -€1,057 | -28.8% |
| Total equity and liabilities | 10/49 | €316,130 | €339,247 | +€23,117 | +7.3% |
| Equity | 10/15 | €144,989 | €153,738 | +€8,750 | +6.0% |
| Reserves | 13 | €144,989 | €153,738 | +€8,750 | +6.0% |
| Distributable reserves | 133 | €144,989 | €153,738 | +€8,750 | +6.0% |
| Amounts payable | 17/49 | €171,142 | €185,509 | +€14,367 | +8.4% |
| Amounts payable after more than one year | 17 | €114,473 | €128,870 | +€14,397 | +12.6% |
| Financial debts | 170/4 | €114,473 | €128,870 | +€14,397 | +12.6% |
| Amounts payable within one year | 42/48 | €56,668 | €56,639 | -€30 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €22,075 | €35,796 | +€13,721 | +62.2% |
| Trade debts | 44 | €19,491 | €11,622 | -€7,869 | -40.4% |
| Suppliers | 440/4 | €19,491 | €11,622 | -€7,869 | -40.4% |
| Taxes, remuneration and social security | 45 | €12,102 | €9,195 | -€2,907 | -24.0% |
| Taxes | 450/3 | €12,102 | €9,195 | -€2,907 | -24.0% |
| Other amounts payable | 47/48 | €3,000 | €26 | -€2,974 | -99.1% |
| Remuneration, social security and pensions | 62 | - | €410 | +€410 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,214 | €30,630 | -€584 | -1.9% |
| Other operating charges | 640/8 | €505 | €1,742 | +€1,236 | +244.7% |
| Non-recurring operating charges | 66A | - | €4,900 | +€4,900 | |
| Gross operating margin | 9900 | €77,856 | €54,081 | -€23,775 | -30.5% |
| Operating profit (loss) | 9901 | €46,137 | €16,398 | -€29,738 | -64.5% |
| Financial income | 75/76B | €1,771 | €1,790 | +€18 | +1.0% |
| Recurring financial income | 75 | €1,771 | €1,790 | +€18 | +1.0% |
| Financial charges | 65/66B | €6,837 | €6,287 | -€550 | -8.1% |
| Recurring financial charges | 65 | €6,837 | €6,287 | -€550 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €41,071 | €11,902 | -€29,169 | -71.0% |
| Income taxes | 67/77 | €9,195 | €3,152 | -€6,043 | -65.7% |
| Profit (loss) for the period | 9904 | €31,876 | €8,750 | -€23,126 | -72.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,876 | €8,750 | -€23,126 | -72.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.