Yannick Wautot: 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.
Yannick Wautot
Largest movements
- Cash +€80,808
up €80,808 (+126%), from €64,025 to €144,833
mainly Net result for the year (+€59,536) and Depreciation (+€32,306)
- Tangible fixed assets -€30,754
down €30,754 (-19.7%), from €156,337 to €125,584
of which Leasing and similar rights: -€17,357
- Deferred charges and accrued income +€3,877
up €3,877 (+46.4%), from €8,355 to €12,232
- Profit (loss) carried forward +€59,536
up €59,536 (+90.2%), from €66,001 to €125,536
- Debts after one year -€24,180
down €24,180 (-21.2%), from €114,250 to €90,070
- Trade debts +€6,726
up €6,726 (+429%), from €1,570 to €8,296
- Tax, wage and social debts +€5,608
up €5,608 (+58.9%), from €9,523 to €15,131
of which Remuneration and social security: +€9,271
- Investment grants +€4,698
new in 2025: €4,698
- Gross operating margin +€96,699
up €96,699 (+71.9%), from €134,566 to €231,264
- Staff costs +€57,052
up €57,052 (+86.8%), from €65,760 to €122,812
- Depreciation +€7,016
up €7,016 (+27.7%), from €25,290 to €32,306
- Taxes +€5,584
up €5,584 (+80.0%), from €6,982 to €12,566
- Financial income +€2,594
new in 2025: €2,594
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 | €243,618 | €298,693 | +€55,075 | +22.6% |
| Fixed assets | 21/28 | €157,146 | €126,393 | -€30,754 | -19.6% |
| Tangible fixed assets | 22/27 | €156,337 | €125,584 | -€30,754 | -19.7% |
| Plant, machinery and equipment | 23 | €5,707 | €1,523 | -€4,185 | -73.3% |
| Furniture and vehicles | 24 | €43,230 | €35,281 | -€7,949 | -18.4% |
| Leasing and similar rights | 25 | €95,676 | €78,319 | -€17,357 | -18.1% |
| Other tangible fixed assets | 26 | €11,724 | €10,461 | -€1,263 | -10.8% |
| Financial fixed assets | 28 | €809 | €809 | = | 0.0% |
| Current assets | 29/58 | €86,472 | €172,300 | +€85,829 | +99.3% |
| Stocks and contracts in progress | 3 | €4,710 | €4,649 | -€61 | -1.3% |
| Stocks | 30/36 | €4,710 | €4,649 | -€61 | -1.3% |
| Amounts receivable within one year | 40/41 | €9,381 | €10,586 | +€1,205 | +12.8% |
| Trade receivables | 40 | €5,761 | €4,892 | -€869 | -15.1% |
| Other amounts receivable | 41 | €3,620 | €5,694 | +€2,074 | +57.3% |
| Cash at bank and in hand | 54/58 | €64,025 | €144,833 | +€80,808 | +126% |
| Deferred charges and accrued income | 490/1 | €8,355 | €12,232 | +€3,877 | +46.4% |
| Total equity and liabilities | 10/49 | €243,618 | €298,693 | +€55,075 | +22.6% |
| Equity | 10/15 | €81,001 | €145,235 | +€64,234 | +79.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,001 | €125,536 | +€59,536 | +90.2% |
| Investment grants | 15 | - | €4,698 | +€4,698 | |
| Amounts payable | 17/49 | €162,618 | €153,459 | -€9,159 | -5.6% |
| Amounts payable after more than one year | 17 | €114,250 | €90,070 | -€24,180 | -21.2% |
| Financial debts | 170/4 | €114,250 | €90,070 | -€24,180 | -21.2% |
| Amounts payable within one year | 42/48 | €46,583 | €60,105 | +€13,523 | +29.0% |
| Current portion of amounts payable after more than one year | 42 | €23,244 | €24,180 | +€936 | +4.0% |
| Trade debts | 44 | €1,570 | €8,296 | +€6,726 | +429% |
| Suppliers | 440/4 | €1,570 | €8,296 | +€6,726 | +429% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €9,523 | €15,131 | +€5,608 | +58.9% |
| Taxes | 450/3 | €3,711 | €47 | -€3,664 | -98.7% |
| Remuneration and social security | 454/9 | €5,813 | €15,084 | +€9,271 | +160% |
| Other amounts payable | 47/48 | €12,246 | €12,498 | +€252 | +2.1% |
| Accrued charges and deferred income | 492/3 | €1,785 | €3,284 | +€1,498 | +83.9% |
| Remuneration, social security and pensions | 62 | €65,760 | €122,812 | +€57,052 | +86.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,290 | €32,306 | +€7,016 | +27.7% |
| Other operating charges | 640/8 | €670 | €340 | -€330 | -49.2% |
| Non-recurring operating charges | 66A | €2,690 | €0 | -€2,690 | -100% |
| Gross operating margin | 9900 | €134,566 | €231,264 | +€96,699 | +71.9% |
| Operating profit (loss) | 9901 | €40,156 | €75,806 | +€35,650 | +88.8% |
| Financial income | 75/76B | - | €2,594 | +€2,594 | |
| Recurring financial income | 75 | - | €2,594 | +€2,594 | |
| Financial charges | 65/66B | €6,220 | €6,299 | +€79 | +1.3% |
| Recurring financial charges | 65 | €6,220 | €6,299 | +€79 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €33,937 | €72,102 | +€38,165 | +112% |
| Income taxes | 67/77 | €6,982 | €12,566 | +€5,584 | +80.0% |
| Profit (loss) for the period | 9904 | €26,955 | €59,536 | +€32,581 | +121% |
| Profit (loss) for the period to be appropriated | 9905 | €26,955 | €59,536 | +€32,581 | +121% |
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 30 October 2026 via checked.be.