Wouter Vlaeminck: 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 Vlaeminck
Largest movements
- Cash -€200,825
down €200,825 (-68.2%), from €294,512 to €93,686
mainly Investment in fixed assets (net) (-€166,382) and Current investments (-€150,000)
- Financial fixed assets +€150,746
up €150,746 (+129%), from €116,667 to €267,413
- Current investments +€150,000
up €150,000, from €0 to €150,000
- Receivables within one year -€20,392
down €20,392 (-52.5%), from €38,870 to €18,479
of which Other amounts receivable: -€21,241
- Tangible fixed assets -€10,645
down €10,645 (-14.1%), from €75,271 to €64,627
of which Furniture and vehicles: -€12,705
- Other debts +€112,294
up €112,294 (+91.3%), from €122,997 to €235,291
- Reserves -€30,970
down €30,970 (-13.9%), from €223,407 to €192,437
- Debts after one year -€17,525
down €17,525 (-14.4%), from €121,939 to €104,413
- Taxes +€10,911
up €10,911 (+34.4%), from €31,699 to €42,610
- Gross operating margin +€5,590
up €5,590 (+3.5%), from €160,544 to €166,134
- Depreciation -€4,308
down €4,308 (-14.1%), from €30,588 to €26,280
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €528,786 | €598,254 | +€69,468 | +13.1% |
| Fixed assets | 21/28 | €191,938 | €332,040 | +€140,102 | +73.0% |
| Tangible fixed assets | 22/27 | €75,271 | €64,627 | -€10,645 | -14.1% |
| Land and buildings | 22 | €21,575 | €23,646 | +€2,071 | +9.6% |
| Plant, machinery and equipment | 23 | €13,162 | €13,151 | -€11 | -0.1% |
| Furniture and vehicles | 24 | €40,535 | €27,830 | -€12,705 | -31.3% |
| Financial fixed assets | 28 | €116,667 | €267,413 | +€150,746 | +129% |
| Current assets | 29/58 | €336,848 | €266,215 | -€70,634 | -21.0% |
| Amounts receivable within one year | 40/41 | €38,870 | €18,479 | -€20,392 | -52.5% |
| Trade receivables | 40 | €17,320 | €18,170 | +€849 | +4.9% |
| Other amounts receivable | 41 | €21,550 | €309 | -€21,241 | -98.6% |
| Current investments | 50/53 | €0 | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €294,512 | €93,686 | -€200,825 | -68.2% |
| Deferred charges and accrued income | 490/1 | €3,466 | €4,050 | +€584 | +16.8% |
| Total equity and liabilities | 10/49 | €528,786 | €598,254 | +€69,468 | +13.1% |
| Equity | 10/15 | €242,007 | €211,037 | -€30,970 | -12.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €223,407 | €192,437 | -€30,970 | -13.9% |
| Distributable reserves | 133 | €223,407 | €192,437 | -€30,970 | -13.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €286,779 | €387,217 | +€100,438 | +35.0% |
| Amounts payable after more than one year | 17 | €121,939 | €104,413 | -€17,525 | -14.4% |
| Financial debts | 170/4 | €121,939 | €104,413 | -€17,525 | -14.4% |
| Amounts payable within one year | 42/48 | €155,886 | €274,692 | +€118,807 | +76.2% |
| Current portion of amounts payable after more than one year | 42 | €21,439 | €17,525 | -€3,913 | -18.3% |
| Trade debts | 44 | €696 | €5,981 | +€5,286 | +760% |
| Suppliers | 440/4 | €696 | €5,981 | +€5,286 | +760% |
| Taxes, remuneration and social security | 45 | €10,755 | €15,895 | +€5,140 | +47.8% |
| Taxes | 450/3 | €8,656 | €13,825 | +€5,169 | +59.7% |
| Remuneration and social security | 454/9 | €2,099 | €2,070 | -€29 | -1.4% |
| Other amounts payable | 47/48 | €122,997 | €235,291 | +€112,294 | +91.3% |
| Accrued charges and deferred income | 492/3 | €8,955 | €8,111 | -€844 | -9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,588 | €26,280 | -€4,308 | -14.1% |
| Other operating charges | 640/8 | €1,828 | €1,857 | +€29 | +1.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €160,544 | €166,134 | +€5,590 | +3.5% |
| Operating profit (loss) | 9901 | €128,128 | €137,996 | +€9,869 | +7.7% |
| Financial income | 75/76B | €2,758 | €3,205 | +€447 | +16.2% |
| Recurring financial income | 75 | €2,758 | €3,205 | +€447 | +16.2% |
| Financial charges | 65/66B | €10,663 | €9,560 | -€1,102 | -10.3% |
| Recurring financial charges | 65 | €10,663 | €9,560 | -€1,102 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €120,223 | €131,641 | +€11,418 | +9.5% |
| Income taxes | 67/77 | €31,699 | €42,610 | +€10,911 | +34.4% |
| Profit (loss) for the period | 9904 | €88,524 | €89,030 | +€506 | +0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €88,524 | €89,030 | +€506 | +0.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.