WOUTERS: 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.
WOUTERS
Largest movements
- Stocks and contracts +€568,064
up €568,064 (+98.0%), from €579,717 to €1.1m
- Tangible fixed assets +€147,228
up €147,228 (+130.6%), from €112,694 to €259,922
of which Other tangible fixed assets: +€140,809
- Cash -€126,839
down €126,839 (-48.9%), from €259,466 to €132,628
mainly Stocks and contracts (-€568,064) and Investment in fixed assets (net) (-€184,396)
- Receivables within one year -€37,696
down €37,696 (-13.9%), from €270,427 to €232,732
of which Other amounts receivable: -€53,549
- Short-term financial debts +€367,610
up €367,610 (+525.2%), from €70,000 to €437,610
- Profit (loss) carried forward +€57,896
up €57,896 (+15.0%), from €385,825 to €443,722
- Advances received +€39,831
new in 2025: €39,831
- Trade debts +€30,702
up €30,702 (+10.9%), from €281,664 to €312,366
- Tax, wage and social debts +€23,504
up €23,504 (+21.0%), from €112,155 to €135,659
of which Taxes: +€19,243
- Gross operating margin +€119,447
up €119,447 (+17.2%), from €692,532 to €811,979
- Staff costs +€52,913
up €52,913 (+10.5%), from €501,681 to €554,594
- Financial charges +€23,471
up €23,471 (+83.5%), from €28,113 to €51,584
- Depreciation +€13,430
up €13,430 (+56.6%), from €23,737 to €37,167
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 | €1,256,499 | €1,802,322 | +€545,822 | +43.4% |
| Fixed assets | 21/28 | €112,694 | €259,922 | +€147,228 | +130.6% |
| Tangible fixed assets | 22/27 | €112,694 | €259,922 | +€147,228 | +130.6% |
| Plant, machinery and equipment | 23 | €50,373 | €58,214 | +€7,841 | +15.6% |
| Furniture and vehicles | 24 | €5,878 | €4,456 | -€1,422 | -24.2% |
| Other tangible fixed assets | 26 | €56,443 | €197,253 | +€140,809 | +249.5% |
| Current assets | 29/58 | €1,143,805 | €1,542,399 | +€398,594 | +34.8% |
| Stocks and contracts in progress | 3 | €579,717 | €1,147,780 | +€568,064 | +98.0% |
| Stocks | 30/36 | €579,717 | €1,147,780 | +€568,064 | +98.0% |
| Amounts receivable within one year | 40/41 | €270,427 | €232,732 | -€37,696 | -13.9% |
| Trade receivables | 40 | €202,480 | €218,334 | +€15,854 | +7.8% |
| Other amounts receivable | 41 | €67,947 | €14,398 | -€53,549 | -78.8% |
| Cash at bank and in hand | 54/58 | €259,466 | €132,628 | -€126,839 | -48.9% |
| Deferred charges and accrued income | 490/1 | €34,195 | €29,259 | -€4,936 | -14.4% |
| Total equity and liabilities | 10/49 | €1,256,499 | €1,802,322 | +€545,822 | +43.4% |
| Equity | 10/15 | €454,025 | €511,922 | +€57,896 | +12.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €385,825 | €443,722 | +€57,896 | +15.0% |
| Amounts payable | 17/49 | €802,474 | €1,290,400 | +€487,926 | +60.8% |
| Amounts payable after more than one year | 17 | €200,967 | €213,626 | +€12,659 | +6.3% |
| Financial debts | 170/4 | €200,967 | €213,626 | +€12,659 | +6.3% |
| Amounts payable within one year | 42/48 | €596,258 | €1,070,219 | +€473,961 | +79.5% |
| Current portion of amounts payable after more than one year | 42 | €39,978 | €58,063 | +€18,085 | +45.2% |
| Financial debts | 43 | €70,000 | €437,610 | +€367,610 | +525.2% |
| Credit institutions | 430/8 | €70,000 | €437,610 | +€367,610 | +525.2% |
| Trade debts | 44 | €281,664 | €312,366 | +€30,702 | +10.9% |
| Suppliers | 440/4 | €281,664 | €312,366 | +€30,702 | +10.9% |
| Advances received on contracts in progress | 46 | - | €39,831 | +€39,831 | |
| Taxes, remuneration and social security | 45 | €112,155 | €135,659 | +€23,504 | +21.0% |
| Taxes | 450/3 | €43,334 | €62,577 | +€19,243 | +44.4% |
| Remuneration and social security | 454/9 | €68,820 | €73,082 | +€4,262 | +6.2% |
| Other amounts payable | 47/48 | €92,461 | €86,692 | -€5,769 | -6.2% |
| Accrued charges and deferred income | 492/3 | €5,249 | €6,554 | +€1,305 | +24.9% |
| Non-recurring operating income | 76A | €3,248 | - | -€3,248 | |
| Remuneration, social security and pensions | 62 | €501,681 | €554,594 | +€52,913 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,737 | €37,167 | +€13,430 | +56.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€765 | -€765 | |
| Other operating charges | 640/8 | €18,060 | €24,308 | +€6,248 | +34.6% |
| Gross operating margin | 9900 | €692,532 | €811,979 | +€119,447 | +17.2% |
| Operating profit (loss) | 9901 | €149,054 | €196,675 | +€47,621 | +31.9% |
| Financial income | 75/76B | €3,792 | €3,408 | -€385 | -10.1% |
| Recurring financial income | 75 | €3,792 | €3,408 | -€385 | -10.1% |
| Financial charges | 65/66B | €28,113 | €51,584 | +€23,471 | +83.5% |
| Recurring financial charges | 65 | €28,113 | €51,584 | +€23,471 | +83.5% |
| Profit (loss) for the period before taxes | 9903 | €124,733 | €148,498 | +€23,765 | +19.1% |
| Income taxes | 67/77 | €33,153 | €40,602 | +€7,449 | +22.5% |
| Profit (loss) for the period | 9904 | €91,580 | €107,896 | +€16,316 | +17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €91,580 | €107,896 | +€16,316 | +17.8% |
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 5 October 2026 via checked.be.