THE 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.
THE W
Largest movements
- Financial fixed assets -€1.9m
down €1.9m (-22.5%), from €8.5m to €6.6m
- Debts after one year -€1.3m
down €1.3m (-65.3%), from €2.0m to €700,000
- Short-term financial debts -€700,000
no longer reported in 2025 (was €700,000)
No income-statement line moved by more than 1% of the activity.
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 | €8,615,589 | €6,665,773 | -€1.9m | -22.6% |
| Fixed assets | 21/28 | €8,509,628 | €6,594,742 | -€1.9m | -22.5% |
| Financial fixed assets | 28 | €8,509,628 | €6,594,742 | -€1.9m | -22.5% |
| Affiliated companies | 280/1 | €8,509,628 | €6,594,742 | -€1.9m | -22.5% |
| Participating interests | 280 | €3,715,602 | €3,715,602 | = | 0.0% |
| Amounts receivable | 281 | €4,794,027 | €2,879,141 | -€1.9m | -39.9% |
| Current assets | 29/58 | €105,961 | €71,031 | -€34,931 | -33.0% |
| Cash at bank and in hand | 54/58 | €105,961 | €71,031 | -€34,931 | -33.0% |
| Total equity and liabilities | 10/49 | €8,615,589 | €6,665,773 | -€1.9m | -22.6% |
| Equity | 10/15 | €5,887,056 | €5,922,557 | +€35,501 | +0.6% |
| Contributions | 10/11 | €6,090,000 | €6,090,000 | = | 0.0% |
| Capital | 10 | €6,090,000 | €6,090,000 | = | 0.0% |
| Issued capital | 100 | €6,090,000 | €6,090,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€202,944 | -€167,443 | +€35,501 | +17.5% |
| Amounts payable | 17/49 | €2,728,533 | €743,216 | -€2.0m | -72.8% |
| Amounts payable after more than one year | 17 | €2,016,792 | €700,000 | -€1.3m | -65.3% |
| Financial debts | 170/4 | €2,016,792 | €700,000 | -€1.3m | -65.3% |
| Credit institutions | 173 | - | €700,000 | +€700,000 | |
| Other loans | 174 | €2,016,792 | - | -€2.0m | |
| Amounts payable within one year | 42/48 | €711,741 | €43,216 | -€668,525 | -93.9% |
| Financial debts | 43 | €700,000 | - | -€700,000 | |
| Credit institutions | 430/8 | €700,000 | - | -€700,000 | |
| Trade debts | 44 | €11,741 | €43,216 | +€31,475 | +268% |
| Suppliers | 440/4 | €11,741 | €43,216 | +€31,475 | +268% |
| Operating charges | 60/66A | €43,825 | €47,531 | +€3,706 | +8.5% |
| Services and other goods | 61 | €41,876 | €46,533 | +€4,656 | +11.1% |
| Other operating charges | 640/8 | €1,949 | €998 | -€951 | -48.8% |
| Operating profit (loss) | 9901 | -€43,825 | -€47,531 | -€3,706 | -8.5% |
| Financial income | 75/76B | €198,313 | €152,709 | -€45,605 | -23.0% |
| Recurring financial income | 75 | €198,313 | €152,709 | -€45,605 | -23.0% |
| Income from financial fixed assets | 750 | €198,313 | €152,709 | -€45,605 | -23.0% |
| Financial charges | 65/66B | €131,123 | €69,677 | -€61,446 | -46.9% |
| Recurring financial charges | 65 | €131,123 | €69,677 | -€61,446 | -46.9% |
| Debt charges | 650 | €130,621 | €68,146 | -€62,475 | -47.8% |
| Other financial charges | 652/9 | €502 | €1,531 | +€1,029 | +205% |
| Profit (loss) for the period before taxes | 9903 | €23,365 | €35,501 | +€12,135 | +51.9% |
| Profit (loss) for the period | 9904 | €23,365 | €35,501 | +€12,135 | +51.9% |
| Profit (loss) for the period to be appropriated | 9905 | €23,365 | €35,501 | +€12,135 | +51.9% |
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 17 October 2026 via checked.be.