VC – WDS: 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.
VC – WDS
Largest movements
- Cash +€119,646
up €119,646 (+743%), from €16,093 to €135,738
mainly Trade debts (+€189,733) and Receivables within one year (+€76,850)
- Receivables within one year -€76,850
down €76,850 (-13.6%), from €564,607 to €487,757
of which Trade receivables: -€104,879
- Deferred charges and accrued income +€61,327
up €61,327 (+144%), from €42,598 to €103,925
- Trade debts +€189,733
up €189,733 (+90.8%), from €208,976 to €398,710
- Provisions -€110,000
down €110,000 (-32.8%), from €335,000 to €225,000
- Accrued charges and deferred income +€16,091
up €16,091 (+955%), from €1,684 to €17,776
- Gross operating margin -€151,509
down €151,509, from €135,525 to -€15,984
- Provisions -€138,000
down €138,000, from €28,000 to -€110,000
- Write-downs +€17,531
up €17,531, from -€15,420 to €2,111
- Taxes +€9,918
no longer reported in 2025 (was -€9,918)
- Financial charges -€4,987
down €4,987 (-47.9%), from €10,416 to €5,428
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 | €626,773 | €730,453 | +€103,679 | +16.5% |
| Fixed assets | 21/28 | €3,476 | €3,032 | -€444 | -12.8% |
| Tangible fixed assets | 22/27 | €1,924 | €1,480 | -€444 | -23.1% |
| Other tangible fixed assets | 26 | €1,924 | €1,480 | -€444 | -23.1% |
| Financial fixed assets | 28 | €1,552 | €1,552 | = | 0.0% |
| Current assets | 29/58 | €623,297 | €727,420 | +€104,123 | +16.7% |
| Amounts receivable within one year | 40/41 | €564,607 | €487,757 | -€76,850 | -13.6% |
| Trade receivables | 40 | €479,983 | €375,104 | -€104,879 | -21.9% |
| Other amounts receivable | 41 | €84,624 | €112,653 | +€28,029 | +33.1% |
| Cash at bank and in hand | 54/58 | €16,093 | €135,738 | +€119,646 | +743% |
| Deferred charges and accrued income | 490/1 | €42,598 | €103,925 | +€61,327 | +144% |
| Total equity and liabilities | 10/49 | €626,773 | €730,453 | +€103,679 | +16.5% |
| Equity | 10/15 | €12,062 | €19,356 | +€7,294 | +60.5% |
| Contributions | 10/11 | €3,001 | €3,001 | = | 0.0% |
| Reserves | 13 | €4,501 | €4,501 | = | 0.0% |
| Distributable reserves | 133 | €4,501 | €4,501 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,560 | €11,854 | +€7,294 | +160% |
| Provisions and deferred taxes | 16 | €335,000 | €225,000 | -€110,000 | -32.8% |
| Provisions for liabilities and charges | 160/5 | €335,000 | €225,000 | -€110,000 | -32.8% |
| Other liabilities and charges | 164/5 | €335,000 | €225,000 | -€110,000 | -32.8% |
| Amounts payable | 17/49 | €279,711 | €486,097 | +€206,386 | +73.8% |
| Amounts payable within one year | 42/48 | €278,027 | €468,321 | +€190,294 | +68.4% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €208,976 | €398,710 | +€189,733 | +90.8% |
| Suppliers | 440/4 | €208,976 | €398,710 | +€189,733 | +90.8% |
| Taxes, remuneration and social security | 45 | €19,051 | €19,612 | +€561 | +2.9% |
| Taxes | 450/3 | €2,369 | €2,447 | +€78 | +3.3% |
| Remuneration and social security | 454/9 | €16,682 | €17,165 | +€482 | +2.9% |
| Accrued charges and deferred income | 492/3 | €1,684 | €17,776 | +€16,091 | +955% |
| Non-recurring operating income | 76A | €3,005 | - | -€3,005 | |
| Remuneration, social security and pensions | 62 | €76,104 | €78,407 | +€2,302 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €444 | €444 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€15,420 | €2,111 | +€17,531 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €28,000 | -€110,000 | -€138,000 | |
| Other operating charges | 640/8 | €968 | €400 | -€568 | -58.7% |
| Non-recurring operating charges | 66A | €41,945 | - | -€41,945 | |
| Gross operating margin | 9900 | €135,525 | -€15,984 | -€151,509 | |
| Operating profit (loss) | 9901 | €3,484 | €12,655 | +€9,171 | +263% |
| Financial income | 75/76B | €103 | €67 | -€36 | -35.2% |
| Recurring financial income | 75 | €103 | €67 | -€36 | -35.2% |
| Financial charges | 65/66B | €10,416 | €5,428 | -€4,987 | -47.9% |
| Recurring financial charges | 65 | €10,416 | €5,428 | -€4,987 | -47.9% |
| Profit (loss) for the period before taxes | 9903 | -€6,828 | €7,294 | +€14,122 | |
| Income taxes | 67/77 | -€9,918 | - | +€9,918 | |
| Profit (loss) for the period | 9904 | €3,089 | €7,294 | +€4,204 | +136% |
| Profit (loss) for the period to be appropriated | 9905 | €3,089 | €7,294 | +€4,204 | +136% |
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.