GROUP W: 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.
GROUP W
Largest movements
- Receivables within one year -€61,029
down €61,029 (-17.9%), from €340,235 to €279,205
- Cash -€56,167
down €56,167 (-61.2%), from €91,841 to €35,674
mainly Other debts (-€131,973) and Current portion of long-term debt (-€2,596)
- Other debts -€131,973
down €131,973 (-41.0%), from €321,703 to €189,730
- Tax, wage and social debts +€16,130
up €16,130 (+187%), from €8,637 to €24,767
of which Remuneration and social security: +€15,986
- Gross operating margin -€11,355
down €11,355 (-17.6%), from €64,486 to €53,132
- Depreciation -€3,237
down €3,237 (-96.3%), from €3,360 to €123
- Staff costs -€2,790
down €2,790 (-5.5%), from €50,713 to €47,923
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 | €532,178 | €414,859 | -€117,319 | -22.0% |
| Fixed assets | 21/28 | €100,103 | €99,980 | -€123 | -0.1% |
| Tangible fixed assets | 22/27 | €100,103 | €99,980 | -€123 | -0.1% |
| Land and buildings | 22 | €99,980 | €99,980 | = | 0.0% |
| Furniture and vehicles | 24 | €123 | - | -€123 | |
| Current assets | 29/58 | €432,076 | €314,879 | -€117,196 | -27.1% |
| Amounts receivable within one year | 40/41 | €340,235 | €279,205 | -€61,029 | -17.9% |
| Other amounts receivable | 41 | €340,235 | €279,205 | -€61,029 | -17.9% |
| Cash at bank and in hand | 54/58 | €91,841 | €35,674 | -€56,167 | -61.2% |
| Total equity and liabilities | 10/49 | €532,178 | €414,859 | -€117,319 | -22.0% |
| Equity | 10/15 | €194,348 | €197,970 | +€3,622 | +1.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €68,480 | €68,480 | = | 0.0% |
| Reserves | 13 | €111,595 | €111,595 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €109,736 | €109,736 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,319 | -€697 | +€3,622 | +83.9% |
| Amounts payable | 17/49 | €337,831 | €216,889 | -€120,941 | -35.8% |
| Amounts payable after more than one year | 17 | €880 | - | -€880 | |
| Financial debts | 170/4 | €880 | - | -€880 | |
| Amounts payable within one year | 42/48 | €336,951 | €216,889 | -€120,061 | -35.6% |
| Current portion of amounts payable after more than one year | 42 | €3,476 | €880 | -€2,596 | -74.7% |
| Trade debts | 44 | €3,134 | €1,512 | -€1,622 | -51.8% |
| Suppliers | 440/4 | €3,134 | €1,512 | -€1,622 | -51.8% |
| Taxes, remuneration and social security | 45 | €8,637 | €24,767 | +€16,130 | +187% |
| Taxes | 450/3 | €1,887 | €2,031 | +€144 | +7.6% |
| Remuneration and social security | 454/9 | €6,751 | €22,736 | +€15,986 | +237% |
| Other amounts payable | 47/48 | €321,703 | €189,730 | -€131,973 | -41.0% |
| Remuneration, social security and pensions | 62 | €50,713 | €47,923 | -€2,790 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,360 | €123 | -€3,237 | -96.3% |
| Other operating charges | 640/8 | €364 | €193 | -€171 | -46.9% |
| Gross operating margin | 9900 | €64,486 | €53,132 | -€11,355 | -17.6% |
| Operating profit (loss) | 9901 | €10,049 | €4,892 | -€5,157 | -51.3% |
| Financial charges | 65/66B | €122 | €109 | -€14 | -11.2% |
| Recurring financial charges | 65 | €122 | €109 | -€14 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €9,927 | €4,784 | -€5,143 | -51.8% |
| Income taxes | 67/77 | €1,722 | €1,161 | -€561 | -32.6% |
| Profit (loss) for the period | 9904 | €8,205 | €3,622 | -€4,582 | -55.8% |
| Profit (loss) for the period to be appropriated | 9905 | €8,205 | €3,622 | -€4,582 | -55.8% |
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 28 October 2026 via checked.be.