Wouter Vanbussel: 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 Vanbussel
Largest movements
- Current investments -€52,554
down €52,554 (-100%), from €52,554 to €0
- Cash +€31,141
up €31,141 (+376%), from €8,282 to €39,422
mainly Net result for the year (+€59,887) and Current investments (+€52,554)
- Financial fixed assets -€16,339
down €16,339 (-33.3%), from €49,018 to €32,678
- Tangible fixed assets -€10,301
down €10,301 (-30.2%), from €34,108 to €23,807
of which Leasing and similar rights: -€8,160
- Deferred charges and accrued income -€1,641
down €1,641 (-59.7%), from €2,746 to €1,106
- Reserves -€38,613
down €38,613 (-34.4%), from €112,109 to €73,496
- Current portion of long-term debt -€10,005
down €10,005 (-68.4%), from €14,618 to €4,613
- Debts after one year -€4,613
down €4,613 (-100%), from €4,613 to €0
- Other debts +€2,554
up €2,554 (+507%), from €504 to €3,058
- Accrued charges and deferred income +€1,572
up €1,572 (+982%), from €160 to €1,732
- Gross operating margin +€15,032
up €15,032 (+161%), from €9,322 to €24,354
- Financial income +€8,808
up €8,808 (+20.0%), from €43,990 to €52,798
- Financial charges +€1,514
up €1,514 (+252%), from €601 to €2,114
- Other operating charges +€563
up €563 (+26.4%), from €2,130 to €2,693
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 | €147,302 | €98,748 | -€48,554 | -33.0% |
| Fixed assets | 21/28 | €83,125 | €56,485 | -€26,640 | -32.0% |
| Tangible fixed assets | 22/27 | €34,108 | €23,807 | -€10,301 | -30.2% |
| Land and buildings | 22 | €23,981 | €19,896 | -€4,084 | -17.0% |
| Furniture and vehicles | 24 | - | €1,943 | +€1,943 | |
| Leasing and similar rights | 25 | €10,127 | €1,967 | -€8,160 | -80.6% |
| Financial fixed assets | 28 | €49,018 | €32,678 | -€16,339 | -33.3% |
| Current assets | 29/58 | €64,177 | €42,263 | -€21,914 | -34.1% |
| Amounts receivable within one year | 40/41 | €595 | €1,735 | +€1,139 | +191% |
| Other amounts receivable | 41 | €595 | €1,735 | +€1,139 | +191% |
| Current investments | 50/53 | €52,554 | €0 | -€52,554 | -100% |
| Cash at bank and in hand | 54/58 | €8,282 | €39,422 | +€31,141 | +376% |
| Deferred charges and accrued income | 490/1 | €2,746 | €1,106 | -€1,641 | -59.7% |
| Total equity and liabilities | 10/49 | €147,302 | €98,748 | -€48,554 | -33.0% |
| Equity | 10/15 | €127,109 | €88,496 | -€38,613 | -30.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €112,109 | €73,496 | -€38,613 | -34.4% |
| Distributable reserves | 133 | €112,109 | €73,496 | -€38,613 | -34.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €20,193 | €10,252 | -€9,942 | -49.2% |
| Amounts payable after more than one year | 17 | €4,613 | €0 | -€4,613 | -100% |
| Financial debts | 170/4 | €4,613 | €0 | -€4,613 | -100% |
| Amounts payable within one year | 42/48 | €15,420 | €8,520 | -€6,900 | -44.7% |
| Current portion of amounts payable after more than one year | 42 | €14,618 | €4,613 | -€10,005 | -68.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €298 | €848 | +€550 | +184% |
| Suppliers | 440/4 | €298 | €848 | +€550 | +184% |
| Other amounts payable | 47/48 | €504 | €3,058 | +€2,554 | +507% |
| Accrued charges and deferred income | 492/3 | €160 | €1,732 | +€1,572 | +982% |
| Non-recurring operating income | 76A | - | €10,958 | +€10,958 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,244 | €12,325 | +€81 | +0.7% |
| Other operating charges | 640/8 | €2,130 | €2,693 | +€563 | +26.4% |
| Gross operating margin | 9900 | €9,322 | €24,354 | +€15,032 | +161% |
| Operating profit (loss) | 9901 | -€5,052 | €9,336 | +€14,388 | |
| Financial income | 75/76B | €43,990 | €52,798 | +€8,808 | +20.0% |
| Recurring financial income | 75 | €43,990 | €52,798 | +€8,808 | +20.0% |
| Financial charges | 65/66B | €601 | €2,114 | +€1,514 | +252% |
| Recurring financial charges | 65 | €601 | €2,114 | +€1,514 | +252% |
| Profit (loss) for the period before taxes | 9903 | €38,337 | €60,019 | +€21,682 | +56.6% |
| Income taxes | 67/77 | €128 | €132 | +€4 | +3.1% |
| Profit (loss) for the period | 9904 | €38,209 | €59,887 | +€21,678 | +56.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,209 | €59,887 | +€21,678 | +56.7% |
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 23 October 2026 via checked.be.