WOUTERS JOEL: what changed
WOUTERS JOEL
Largest movements
- Receivables within one year -€28,961
down €28,961 (-60.6%), from €47,776 to €18,815
of which Trade receivables: -€27,546
- Stocks and contracts +€13,152
up €13,152 (+192%), from €6,861 to €20,013
of which Contracts in progress: +€13,470
- Cash -€2,909
down €2,909 (-2.6%), from €110,358 to €107,449
mainly Contributions, distributions and other (-€104,186) and Stocks and contracts (-€13,152)
- Tangible fixed assets -€2,603
down €2,603 (-13.6%), from €19,143 to €16,540
of which Furniture and vehicles: -€7,834
- Reserves -€79,316
down €79,316 (-71.5%), from €111,004 to €31,688
- Other debts +€57,369
up €57,369 (+146%), from €39,184 to €96,554
- Trade debts +€8,902
new in 2025: €8,902
- Debts after one year -€6,026
down €6,026 (-92.3%), from €6,532 to €506
- Gross operating margin +€33,659
up €33,659 (+24.2%), from €139,066 to €172,725
- Staff costs +€9,594
up €9,594 (+8.5%), from €112,826 to €122,420
- Taxes +€8,051
up €8,051 (+2,308%), from €349 to €8,400
- Depreciation -€3,893
down €3,893 (-25.8%), from €15,110 to €11,217
- Other operating charges +€2,213
up €2,213 (+80.1%), from €2,764 to €4,976
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €185,036 | €163,378 | -€21,658 | -11.7% |
| Fixed assets | 21/28 | €19,278 | €16,675 | -€2,603 | -13.5% |
| Tangible fixed assets | 22/27 | €19,143 | €16,540 | -€2,603 | -13.6% |
| Plant, machinery and equipment | 23 | €4,621 | €9,853 | +€5,232 | +113% |
| Furniture and vehicles | 24 | €14,522 | €6,688 | -€7,834 | -53.9% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €165,758 | €146,703 | -€19,055 | -11.5% |
| Stocks and contracts in progress | 3 | €6,861 | €20,013 | +€13,152 | +192% |
| Stocks | 30/36 | €4,211 | €3,893 | -€318 | -7.5% |
| Contracts in progress | 37 | €2,650 | €16,120 | +€13,470 | +508% |
| Amounts receivable within one year | 40/41 | €47,776 | €18,815 | -€28,961 | -60.6% |
| Trade receivables | 40 | €39,483 | €11,937 | -€27,546 | -69.8% |
| Other amounts receivable | 41 | €8,293 | €6,878 | -€1,415 | -17.1% |
| Cash at bank and in hand | 54/58 | €110,358 | €107,449 | -€2,909 | -2.6% |
| Deferred charges and accrued income | 490/1 | €763 | €425 | -€338 | -44.3% |
| Total equity and liabilities | 10/49 | €185,036 | €163,378 | -€21,658 | -11.7% |
| Equity | 10/15 | €129,604 | €50,288 | -€79,316 | -61.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €111,004 | €31,688 | -€79,316 | -71.5% |
| Distributable reserves | 133 | €111,004 | €31,688 | -€79,316 | -71.5% |
| Amounts payable | 17/49 | €55,433 | €113,090 | +€57,657 | +104% |
| Amounts payable after more than one year | 17 | €6,532 | €506 | -€6,026 | -92.3% |
| Financial debts | 170/4 | €6,532 | €506 | -€6,026 | -92.3% |
| Amounts payable within one year | 42/48 | €48,885 | €112,568 | +€63,683 | +130% |
| Current portion of amounts payable after more than one year | 42 | €5,938 | €6,026 | +€88 | +1.5% |
| Financial debts | 43 | €1,369 | - | -€1,369 | |
| Other loans | 439 | €1,369 | - | -€1,369 | |
| Trade debts | 44 | - | €8,902 | +€8,902 | |
| Suppliers | 440/4 | - | €8,902 | +€8,902 | |
| Taxes, remuneration and social security | 45 | €2,394 | €1,086 | -€1,307 | -54.6% |
| Remuneration and social security | 454/9 | €2,394 | €1,086 | -€1,307 | -54.6% |
| Other amounts payable | 47/48 | €39,184 | €96,554 | +€57,369 | +146% |
| Accrued charges and deferred income | 492/3 | €16 | €16 | +€0 | +2.0% |
| Non-recurring operating income | 76A | - | €36,199 | +€36,199 | |
| Remuneration, social security and pensions | 62 | €112,826 | €122,420 | +€9,594 | +8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,110 | €11,217 | -€3,893 | -25.8% |
| Other operating charges | 640/8 | €2,764 | €4,976 | +€2,213 | +80.1% |
| Gross operating margin | 9900 | €139,066 | €172,725 | +€33,659 | +24.2% |
| Operating profit (loss) | 9901 | €8,367 | €34,112 | +€25,745 | +308% |
| Financial income | 75/76B | €36 | €0 | -€36 | -99.7% |
| Recurring financial income | 75 | €36 | €0 | -€36 | -99.7% |
| Financial charges | 65/66B | €955 | €841 | -€113 | -11.9% |
| Recurring financial charges | 65 | €955 | €841 | -€113 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €7,448 | €33,271 | +€25,823 | +347% |
| Income taxes | 67/77 | €349 | €8,400 | +€8,051 | +2,308% |
| Profit (loss) for the period | 9904 | €7,099 | €24,871 | +€17,772 | +250% |
| Profit (loss) for the period to be appropriated | 9905 | €7,099 | €24,871 | +€17,772 | +250% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.