Wouter Van de Voorde: 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 Van de Voorde
Largest movements
- Current investments +€60,000
up €60,000 (+42.9%), from €140,000 to €200,000
- Cash +€57,708
up €57,708 (+18.9%), from €305,399 to €363,108
mainly Net result for the year (+€897,966) and Other debts (+€475,994)
- Tangible fixed assets -€52,476
down €52,476 (-13.2%), from €396,654 to €344,179
of which Land and buildings: -€27,948
- Receivables within one year +€26,985
up €26,985 (+7.0%), from €387,517 to €414,502
of which Trade receivables: +€44,651
- Other debts +€475,994
up €475,994 (+77.2%), from €616,549 to €1.1m
- Profit (loss) carried forward -€319,101
down €319,101 (-99.7%), from €319,990 to €888
- Debts after one year -€87,735
down €87,735 (-76.9%), from €114,120 to €26,386
- Tax, wage and social debts +€27,846
up €27,846 (+48.5%), from €57,368 to €85,215
of which Taxes: +€27,746
- Gross operating margin +€140,023
up €140,023 (+12.1%), from €1.2m to €1.3m
- Taxes +€46,161
up €46,161 (+17.0%), from €271,419 to €317,580
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 | €1,231,417 | €1,328,672 | +€97,255 | +7.9% |
| Fixed assets | 21/28 | €396,654 | €344,179 | -€52,476 | -13.2% |
| Tangible fixed assets | 22/27 | €396,654 | €344,179 | -€52,476 | -13.2% |
| Land and buildings | 22 | €329,297 | €301,349 | -€27,948 | -8.5% |
| Plant, machinery and equipment | 23 | €402 | €39 | -€363 | -90.3% |
| Furniture and vehicles | 24 | €66,955 | €42,791 | -€24,164 | -36.1% |
| Current assets | 29/58 | €834,762 | €984,494 | +€149,731 | +17.9% |
| Amounts receivable within one year | 40/41 | €387,517 | €414,502 | +€26,985 | +7.0% |
| Trade receivables | 40 | €369,544 | €414,195 | +€44,651 | +12.1% |
| Other amounts receivable | 41 | €17,973 | €307 | -€17,666 | -98.3% |
| Current investments | 50/53 | €140,000 | €200,000 | +€60,000 | +42.9% |
| Cash at bank and in hand | 54/58 | €305,399 | €363,108 | +€57,708 | +18.9% |
| Deferred charges and accrued income | 490/1 | €1,847 | €6,884 | +€5,037 | +273% |
| Total equity and liabilities | 10/49 | €1,231,417 | €1,328,672 | +€97,255 | +7.9% |
| Equity | 10/15 | €339,990 | €20,888 | -€319,101 | -93.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €319,990 | €888 | -€319,101 | -99.7% |
| Amounts payable | 17/49 | €891,427 | €1,307,784 | +€416,357 | +46.7% |
| Amounts payable after more than one year | 17 | €114,120 | €26,386 | -€87,735 | -76.9% |
| Financial debts | 170/4 | €114,120 | €26,386 | -€87,735 | -76.9% |
| Amounts payable within one year | 42/48 | €768,371 | €1,278,873 | +€510,502 | +66.4% |
| Current portion of amounts payable after more than one year | 42 | €90,279 | €87,735 | -€2,544 | -2.8% |
| Trade debts | 44 | €4,175 | €13,381 | +€9,207 | +221% |
| Suppliers | 440/4 | €4,175 | €13,381 | +€9,207 | +221% |
| Taxes, remuneration and social security | 45 | €57,368 | €85,215 | +€27,846 | +48.5% |
| Taxes | 450/3 | €55,868 | €83,615 | +€27,746 | +49.7% |
| Remuneration and social security | 454/9 | €1,500 | €1,600 | +€100 | +6.7% |
| Other amounts payable | 47/48 | €616,549 | €1,092,542 | +€475,994 | +77.2% |
| Accrued charges and deferred income | 492/3 | €8,936 | €2,525 | -€6,411 | -71.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,628 | €53,614 | -€14 | 0.0% |
| Other operating charges | 640/8 | €22,050 | €27,145 | +€5,095 | +23.1% |
| Gross operating margin | 9900 | €1,155,967 | €1,295,989 | +€140,023 | +12.1% |
| Operating profit (loss) | 9901 | €1,080,288 | €1,215,230 | +€134,942 | +12.5% |
| Financial income | 75/76B | €495 | €7,198 | +€6,703 | +1,353% |
| Recurring financial income | 75 | €495 | €7,198 | +€6,703 | +1,353% |
| Financial charges | 65/66B | €16,680 | €6,882 | -€9,797 | -58.7% |
| Recurring financial charges | 65 | €16,680 | €6,882 | -€9,797 | -58.7% |
| Profit (loss) for the period before taxes | 9903 | €1,064,104 | €1,215,546 | +€151,442 | +14.2% |
| Income taxes | 67/77 | €271,419 | €317,580 | +€46,161 | +17.0% |
| Profit (loss) for the period | 9904 | €792,685 | €897,966 | +€105,280 | +13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €792,685 | €897,966 | +€105,280 | +13.3% |
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 17 October 2026 via checked.be.