W.A.M.: 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.
W.A.M.
Largest movements
- Tangible fixed assets -€48,306
down €48,306 (-4.9%), from €979,173 to €930,867
of which Land and buildings: -€37,052
- Other debts -€594,368
down €594,368 (-93.8%), from €633,683 to €39,315
- Debts after one year +€550,000
new in 2025: €550,000
- Financial income -€5,026
no longer reported in 2025 (was €5,026)
- Gross operating margin +€4,816
up €4,816 (+9.9%), from €48,550 to €53,366
- Depreciation -€2,197
down €2,197 (-4.4%), from €50,503 to €48,306
- Taxes -€1,557
down €1,557, from €1,507 to -€50
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 | €2,412,025 | €2,369,944 | -€42,081 | -1.7% |
| Fixed assets | 21/28 | €2,312,369 | €2,264,063 | -€48,306 | -2.1% |
| Intangible fixed assets | 21 | €813,196 | €813,196 | = | 0.0% |
| Tangible fixed assets | 22/27 | €979,173 | €930,867 | -€48,306 | -4.9% |
| Land and buildings | 22 | €941,657 | €904,605 | -€37,052 | -3.9% |
| Furniture and vehicles | 24 | €37,516 | €26,262 | -€11,254 | -30.0% |
| Financial fixed assets | 28 | €520,000 | €520,000 | = | 0.0% |
| Current assets | 29/58 | €99,656 | €105,881 | +€6,225 | +6.2% |
| Current investments | 50/53 | €75,000 | €75,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €14,208 | €19,947 | +€5,739 | +40.4% |
| Deferred charges and accrued income | 490/1 | €10,448 | €10,934 | +€486 | +4.7% |
| Total equity and liabilities | 10/49 | €2,412,025 | €2,369,944 | -€42,081 | -1.7% |
| Equity | 10/15 | €1,776,297 | €1,778,584 | +€2,287 | +0.1% |
| Contributions | 10/11 | €1,133,200 | €1,133,200 | = | 0.0% |
| Reserves | 13 | €654,533 | €654,533 | = | 0.0% |
| Non-distributable reserves | 130/1 | €52,781 | €52,781 | = | 0.0% |
| Reserves not available under the articles | 1311 | €52,781 | €52,781 | = | 0.0% |
| Tax-exempt reserves | 132 | €210,500 | - | -€210,500 | |
| Distributable reserves | 133 | €391,252 | €601,752 | +€210,500 | +53.8% |
| Profit (loss) carried forward | 14 | -€11,436 | -€9,149 | +€2,287 | +20.0% |
| Amounts payable | 17/49 | €635,728 | €591,360 | -€44,368 | -7.0% |
| Amounts payable after more than one year | 17 | - | €550,000 | +€550,000 | |
| Other amounts payable | 178/9 | - | €550,000 | +€550,000 | |
| Amounts payable within one year | 42/48 | €635,728 | €41,360 | -€594,368 | -93.5% |
| Trade debts | 44 | €2,045 | €2,045 | = | 0.0% |
| Suppliers | 440/4 | €2,045 | €2,045 | = | 0.0% |
| Other amounts payable | 47/48 | €633,683 | €39,315 | -€594,368 | -93.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,503 | €48,306 | -€2,197 | -4.4% |
| Other operating charges | 640/8 | €2,550 | €2,706 | +€156 | +6.1% |
| Gross operating margin | 9900 | €48,550 | €53,366 | +€4,816 | +9.9% |
| Operating profit (loss) | 9901 | -€4,503 | €2,354 | +€6,857 | |
| Financial income | 75/76B | €5,026 | - | -€5,026 | |
| Recurring financial income | 75 | €5,026 | - | -€5,026 | |
| Financial charges | 65/66B | €122 | €117 | -€5 | -4.1% |
| Recurring financial charges | 65 | €122 | €117 | -€5 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €401 | €2,237 | +€1,836 | +457.9% |
| Income taxes | 67/77 | €1,507 | -€50 | -€1,557 | |
| Profit (loss) for the period | 9904 | -€1,106 | €2,287 | +€3,393 | |
| Transfer from tax-exempt reserves | 789 | - | €210,500 | +€210,500 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,106 | €212,787 | +€213,893 |
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 10 October 2026 via checked.be.