W²: what changed
Two fiscal 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.
W²
Largest movements
- Tangible fixed assets +€1.8m
up €1.8m (+179.8%), from €1.0m to €2.9m
of which Assets under construction and advance payments: +€1.8m
- Short-term financial debts +€1.7m
up €1.7m (+199.3%), from €855,000 to €2.6m
- Trade debts +€210,751
up €210,751 (+2634387.5%), from €8 to €210,759
- Profit (loss) carried forward -€65,732
down €65,732 (-54.7%), from -€120,222 to -€185,954
- Gross operating margin -€7,293
down €7,293 (-218.0%), from -€3,345 to -€10,638
- Financial charges +€1,842
up €1,842 (+3.6%), from €50,795 to €52,637
- Other operating charges -€494
down €494 (-16.7%), from €2,951 to €2,457
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.
Cash bridge derived
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 | €1,051,615 | €2,899,115 | +€1.8m | +175.7% |
| Fixed assets | 21/28 | €1,027,032 | €2,873,925 | +€1.8m | +179.8% |
| Tangible fixed assets | 22/27 | €1,027,032 | €2,873,925 | +€1.8m | +179.8% |
| Land and buildings | 22 | €958,647 | €958,647 | = | 0.0% |
| Assets under construction and advance payments | 27 | €68,385 | €1,915,278 | +€1.8m | +2700.7% |
| Current assets | 29/58 | €24,583 | €25,190 | +€607 | +2.5% |
| Amounts receivable within one year | 40/41 | €17,057 | €2,964 | -€14,093 | -82.6% |
| Other amounts receivable | 41 | €17,057 | €2,964 | -€14,093 | -82.6% |
| Cash at bank and in hand | 54/58 | €7,526 | €16,791 | +€9,265 | +123.1% |
| Deferred charges and accrued income | 490/1 | - | €5,435 | +€5,435 | |
| Total equity and liabilities | 10/49 | €1,051,615 | €2,899,115 | +€1.8m | +175.7% |
| Equity | 10/15 | -€110,222 | -€175,954 | -€65,732 | -59.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€120,222 | -€185,954 | -€65,732 | -54.7% |
| Amounts payable | 17/49 | €1,161,837 | €3,075,069 | +€1.9m | +164.7% |
| Amounts payable within one year | 42/48 | €1,161,837 | €3,075,069 | +€1.9m | +164.7% |
| Financial debts | 43 | €855,000 | €2,559,362 | +€1.7m | +199.3% |
| Credit institutions | 430/8 | €855,000 | €2,559,362 | +€1.7m | +199.3% |
| Trade debts | 44 | €8 | €210,759 | +€210,751 | +2634387.5% |
| Suppliers | 440/4 | €8 | €210,759 | +€210,751 | +2634387.5% |
| Other amounts payable | 47/48 | €306,829 | €304,948 | -€1,881 | -0.6% |
| Other operating charges | 640/8 | €2,951 | €2,457 | -€494 | -16.7% |
| Gross operating margin | 9900 | -€3,345 | -€10,638 | -€7,293 | -218.0% |
| Operating profit (loss) | 9901 | -€6,296 | -€13,095 | -€6,799 | -108.0% |
| Financial charges | 65/66B | €50,795 | €52,637 | +€1,842 | +3.6% |
| Recurring financial charges | 65 | €50,795 | €52,637 | +€1,842 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | -€57,091 | -€65,732 | -€8,641 | -15.1% |
| Profit (loss) for the period | 9904 | -€57,091 | -€65,732 | -€8,641 | -15.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€57,091 | -€65,732 | -€8,641 | -15.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.