VWORX: what changed
VWORX
Largest movements
- Tangible fixed assets -€18,669
down €18,669 (-81.5%), from €22,898 to €4,230
of which Leasing and similar rights: -€13,980
- Receivables within one year +€5,551
up €5,551 (+149%), from €3,717 to €9,268
of which Trade receivables: +€5,611
- Cash +€4,301
up €4,301 (+68.4%), from €6,286 to €10,587
mainly Investment in fixed assets (net) (+€14,719) and Depreciation (+€3,949)
- Deferred charges and accrued income +€1,109
up €1,109, from €0 to €1,109
- Current portion of long-term debt -€7,970
down €7,970 (-100%), from €7,970 to €0
- Profit (loss) carried forward -€3,355
down €3,355 (-22.5%), from -€14,910 to -€18,266
- Accrued charges and deferred income +€1,764
up €1,764 (+83.2%), from €2,121 to €3,885
- Trade debts +€800
up €800, from €0 to €800
- Other debts +€547
up €547 (+2.8%), from €19,516 to €20,063
- Depreciation -€9,417
down €9,417 (-70.5%), from €13,366 to €3,949
- Gross operating margin -€7,959
down €7,959 (-76.1%), from €10,459 to €2,500
- Other operating charges -€2,956
down €2,956 (-76.7%), from €3,855 to €899
- Financial charges +€819
up €819 (+436%), from €188 to €1,007
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €32,901 | €25,193 | -€7,708 | -23.4% |
| Fixed assets | 21/28 | €22,898 | €4,230 | -€18,669 | -81.5% |
| Tangible fixed assets | 22/27 | €22,898 | €4,230 | -€18,669 | -81.5% |
| Plant, machinery and equipment | 23 | €4,332 | €1,839 | -€2,492 | -57.5% |
| Furniture and vehicles | 24 | €4,586 | €2,390 | -€2,196 | -47.9% |
| Leasing and similar rights | 25 | €13,980 | €0 | -€13,980 | -100% |
| Current assets | 29/58 | €10,003 | €20,964 | +€10,961 | +110% |
| Amounts receivable within one year | 40/41 | €3,717 | €9,268 | +€5,551 | +149% |
| Trade receivables | 40 | €3,656 | €9,268 | +€5,611 | +153% |
| Other amounts receivable | 41 | €60 | €0 | -€60 | -100% |
| Cash at bank and in hand | 54/58 | €6,286 | €10,587 | +€4,301 | +68.4% |
| Deferred charges and accrued income | 490/1 | €0 | €1,109 | +€1,109 | |
| Total equity and liabilities | 10/49 | €32,901 | €25,193 | -€7,708 | -23.4% |
| Equity | 10/15 | €3,294 | -€61 | -€3,355 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €13,205 | €13,205 | = | 0.0% |
| Distributable reserves | 133 | €13,205 | €13,205 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,910 | -€18,266 | -€3,355 | -22.5% |
| Amounts payable | 17/49 | €29,607 | €25,254 | -€4,353 | -14.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €27,486 | €21,369 | -€6,117 | -22.3% |
| Current portion of amounts payable after more than one year | 42 | €7,970 | €0 | -€7,970 | -100% |
| Trade debts | 44 | €0 | €800 | +€800 | |
| Suppliers | 440/4 | €0 | €800 | +€800 | |
| Taxes, remuneration and social security | 45 | €0 | €505 | +€505 | |
| Taxes | 450/3 | €0 | €505 | +€505 | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €19,516 | €20,063 | +€547 | +2.8% |
| Accrued charges and deferred income | 492/3 | €2,121 | €3,885 | +€1,764 | +83.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,366 | €3,949 | -€9,417 | -70.5% |
| Other operating charges | 640/8 | €3,855 | €899 | -€2,956 | -76.7% |
| Gross operating margin | 9900 | €10,459 | €2,500 | -€7,959 | -76.1% |
| Operating profit (loss) | 9901 | -€6,763 | -€2,349 | +€4,414 | +65.3% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €188 | €1,007 | +€819 | +436% |
| Recurring financial charges | 65 | €188 | €1,007 | +€819 | +436% |
| Profit (loss) for the period before taxes | 9903 | -€6,950 | -€3,355 | +€3,595 | +51.7% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€6,950 | -€3,355 | +€3,595 | +51.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,950 | -€3,355 | +€3,595 | +51.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.