An Willems: 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.
An Willems
Largest movements
- Intangible fixed assets -€45,638
down €45,638 (-16.6%), from €274,454 to €228,816
- Stocks and contracts +€9,881
up €9,881 (+25.7%), from €38,472 to €48,353
- Receivables within one year -€6,173
down €6,173 (-18.6%), from €33,201 to €27,028
of which Other amounts receivable: -€3,188
- Debts after one year -€61,410
down €61,410 (-23.8%), from €257,906 to €196,497
- Profit (loss) carried forward -€50,030
down €50,030 (-67.3%), from -€74,329 to -€124,359
- Short-term financial debts +€23,624
up €23,624 (+73,412%), from €32 to €23,656
- Trade debts +€20,103
up €20,103 (+41.2%), from €48,773 to €68,876
- Other debts +€19,525
up €19,525 (+27.5%), from €70,951 to €90,475
- Gross operating margin +€27,540
up €27,540, from -€12,710 to €14,830
- Financial charges +€1,500
up €1,500 (+13.0%), from €11,549 to €13,049
- Other operating charges +€725
up €725 (+52.7%), from €1,376 to €2,101
- Depreciation +€722
up €722 (+1.5%), from €48,718 to €49,440
- Taxes +€270
new in 2025: €270
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 | €365,490 | €319,825 | -€45,665 | -12.5% |
| Fixed assets | 21/28 | €290,749 | €242,706 | -€48,042 | -16.5% |
| Intangible fixed assets | 21 | €274,454 | €228,816 | -€45,638 | -16.6% |
| Tangible fixed assets | 22/27 | €16,295 | €13,891 | -€2,404 | -14.8% |
| Plant, machinery and equipment | 23 | €16,295 | €12,913 | -€3,382 | -20.8% |
| Furniture and vehicles | 24 | - | €978 | +€978 | |
| Current assets | 29/58 | €74,741 | €77,119 | +€2,378 | +3.2% |
| Stocks and contracts in progress | 3 | €38,472 | €48,353 | +€9,881 | +25.7% |
| Stocks | 30/36 | €38,472 | €48,353 | +€9,881 | +25.7% |
| Amounts receivable within one year | 40/41 | €33,201 | €27,028 | -€6,173 | -18.6% |
| Trade receivables | 40 | €27,905 | €24,920 | -€2,985 | -10.7% |
| Other amounts receivable | 41 | €5,296 | €2,108 | -€3,188 | -60.2% |
| Cash at bank and in hand | 54/58 | €3,068 | €1,738 | -€1,330 | -43.4% |
| Total equity and liabilities | 10/49 | €365,490 | €319,825 | -€45,665 | -12.5% |
| Equity | 10/15 | -€71,329 | -€121,359 | -€50,030 | -70.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€74,329 | -€124,359 | -€50,030 | -67.3% |
| Amounts payable | 17/49 | €436,818 | €441,184 | +€4,365 | +1.0% |
| Amounts payable after more than one year | 17 | €257,906 | €196,497 | -€61,410 | -23.8% |
| Financial debts | 170/4 | €257,906 | €196,497 | -€61,410 | -23.8% |
| Amounts payable within one year | 42/48 | €178,912 | €244,687 | +€65,775 | +36.8% |
| Current portion of amounts payable after more than one year | 42 | €59,156 | €61,410 | +€2,254 | +3.8% |
| Financial debts | 43 | €32 | €23,656 | +€23,624 | +73,412% |
| Credit institutions | 430/8 | €32 | €23,656 | +€23,624 | +73,412% |
| Trade debts | 44 | €48,773 | €68,876 | +€20,103 | +41.2% |
| Suppliers | 440/4 | €48,773 | €68,876 | +€20,103 | +41.2% |
| Taxes, remuneration and social security | 45 | - | €270 | +€270 | |
| Taxes | 450/3 | - | €270 | +€270 | |
| Other amounts payable | 47/48 | €70,951 | €90,475 | +€19,525 | +27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,718 | €49,440 | +€722 | +1.5% |
| Other operating charges | 640/8 | €1,376 | €2,101 | +€725 | +52.7% |
| Gross operating margin | 9900 | -€12,710 | €14,830 | +€27,540 | |
| Operating profit (loss) | 9901 | -€62,804 | -€36,712 | +€26,092 | +41.5% |
| Financial income | 75/76B | €24 | - | -€24 | |
| Recurring financial income | 75 | €24 | - | -€24 | |
| Financial charges | 65/66B | €11,549 | €13,049 | +€1,500 | +13.0% |
| Recurring financial charges | 65 | €11,549 | €13,049 | +€1,500 | +13.0% |
| Profit (loss) for the period before taxes | 9903 | -€74,329 | -€49,760 | +€24,568 | +33.1% |
| Income taxes | 67/77 | - | €270 | +€270 | |
| Profit (loss) for the period | 9904 | -€74,329 | -€50,030 | +€24,298 | +32.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€74,329 | -€50,030 | +€24,298 | +32.7% |
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.