W.B.I.: 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.
What changed
W.B.I.
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€63,187
2024 · €294,047-€357,234
Equity
€855,489
2024 · €918,676-€63,187
Cash
€12
2024 · €4,157-€4,144
Balance sheet total
€2.9m
2024 · €2.6m+€289,822
Largest movements
Assets
- Receivables within one year +€365,993
up €365,993 (+22.8%), from €1.6m to €2.0m
of which Trade receivables: +€403,274
- Tangible fixed assets -€72,630
down €72,630 (-11.1%), from €655,011 to €582,381
of which Land and buildings: -€55,077
Equity and liabilities
- Advances received +€646,000
up €646,000 (+1,538%), from €42,000 to €688,000
- Current portion of long-term debt -€187,779
down €187,779 (-33.1%), from €567,671 to €379,891
- Debts after one year -€104,968
down €104,968 (-14.5%), from €725,902 to €620,934
- Profit (loss) carried forward -€41,962
down €41,962 (-122%), from -€34,471 to -€76,433
Income statement
- Gross operating margin -€506,694
down €506,694 (-90.0%), from €562,728 to €56,034
- Financial charges -€39,367
down €39,367 (-50.5%), from €78,002 to €38,635
of which Financial charges: -€42,007
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.
Result 2024
€294,047
Gross operating margin
-€506,694
Depreciation
-€135
Other operating charges
+€2,841
Financial income
+€23
Financial charges
+€39,367
Taxes
-€145
Deferred taxes and other
+€107,508
Result 2025
-€63,187
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€288,604
Investment
€0
Financing
-€292,748
Cash 2024
€4,157
From operations (derived)
+€288,604
Net result for the year
-€63,187
Depreciation
+€72,630
Receivables within one year
-€365,993
Smaller working-capital items
-€196
Provisions
-€8,050
Trade debts
+€15,393
Advances received
+€646,000
Other debts
-€5,652
Accrued charges and deferred income
-€2,341
Financing
-€292,748
Debts after one year
-€104,968
Current portion of long-term debt
-€187,779
Cash 2025
€12
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,621,529 | €2,911,351 | +€289,822 | +11.1% |
| Fixed assets | 21/28 | €993,760 | €921,130 | -€72,630 | -7.3% |
| Tangible fixed assets | 22/27 | €655,011 | €582,381 | -€72,630 | -11.1% |
| Land and buildings | 22 | €585,733 | €530,656 | -€55,077 | -9.4% |
| Furniture and vehicles | 24 | €17,245 | €12,680 | -€4,564 | -26.5% |
| Other tangible fixed assets | 26 | €52,033 | €39,045 | -€12,988 | -25.0% |
| Financial fixed assets | 28 | €338,749 | €338,749 | = | 0.0% |
| Current assets | 29/58 | €1,627,770 | €1,990,221 | +€362,452 | +22.3% |
| Amounts receivable within one year | 40/41 | €1,608,534 | €1,974,526 | +€365,993 | +22.8% |
| Trade receivables | 40 | €1,192,276 | €1,595,550 | +€403,274 | +33.8% |
| Other amounts receivable | 41 | €416,258 | €378,977 | -€37,281 | -9.0% |
| Cash at bank and in hand | 54/58 | €4,157 | €12 | -€4,144 | -99.7% |
| Deferred charges and accrued income | 490/1 | €15,080 | €15,683 | +€603 | +4.0% |
| Total equity and liabilities | 10/49 | €2,621,529 | €2,911,351 | +€289,822 | +11.1% |
| Equity | 10/15 | €918,676 | €855,489 | -€63,187 | -6.9% |
| Contributions | 10/11 | €371,840 | €371,840 | = | 0.0% |
| Capital | 10 | €371,840 | €371,840 | = | 0.0% |
| Issued capital | 100 | €371,840 | €371,840 | = | 0.0% |
| Reserves | 13 | €581,307 | €560,081 | -€21,225 | -3.7% |
| Non-distributable reserves | 130/1 | €1,056 | €1,056 | = | 0.0% |
| Legal reserve | 130 | €1,056 | €1,056 | = | 0.0% |
| Tax-exempt reserves | 132 | €580,251 | €559,026 | -€21,225 | -3.7% |
| Profit (loss) carried forward | 14 | -€34,471 | -€76,433 | -€41,962 | -122% |
| Provisions and deferred taxes | 16 | €202,980 | €194,930 | -€8,050 | -4.0% |
| Deferred taxes | 168 | €202,980 | €194,930 | -€8,050 | -4.0% |
| Amounts payable | 17/49 | €1,499,873 | €1,860,933 | +€361,059 | +24.1% |
| Amounts payable after more than one year | 17 | €725,902 | €620,934 | -€104,968 | -14.5% |
| Financial debts | 170/4 | €725,902 | €620,934 | -€104,968 | -14.5% |
| Amounts payable within one year | 42/48 | €687,771 | €1,156,140 | +€468,369 | +68.1% |
| Current portion of amounts payable after more than one year | 42 | €567,671 | €379,891 | -€187,779 | -33.1% |
| Trade debts | 44 | €28,868 | €44,261 | +€15,393 | +53.3% |
| Suppliers | 440/4 | €28,868 | €44,261 | +€15,393 | +53.3% |
| Advances received on contracts in progress | 46 | €42,000 | €688,000 | +€646,000 | +1,538% |
| Taxes, remuneration and social security | 45 | €263 | €671 | +€408 | +155% |
| Taxes | 450/3 | €263 | €671 | +€408 | +155% |
| Other amounts payable | 47/48 | €48,970 | €43,318 | -€5,652 | -11.5% |
| Accrued charges and deferred income | 492/3 | €86,200 | €83,858 | -€2,341 | -2.7% |
| Non-recurring operating income | 76A | - | €2,106 | +€2,106 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,495 | €72,630 | +€135 | +0.2% |
| Other operating charges | 640/8 | €18,463 | €15,623 | -€2,841 | -15.4% |
| Gross operating margin | 9900 | €562,728 | €56,034 | -€506,694 | -90.0% |
| Operating profit (loss) | 9901 | €471,770 | -€32,218 | -€503,988 | |
| Financial income | 75/76B | €0 | €24 | +€23 | +23,420% |
| Recurring financial income | 75 | €0 | €24 | +€23 | +23,420% |
| Financial charges | 65/66B | €78,002 | €38,635 | -€39,367 | -50.5% |
| Recurring financial charges | 65 | €78,002 | €35,996 | -€42,007 | -53.9% |
| Non-recurring financial charges | 66B | - | €2,639 | +€2,639 | |
| Profit (loss) for the period before taxes | 9903 | €393,768 | -€70,829 | -€464,597 | |
| Transfer from deferred taxes | 780 | €18,201 | €8,050 | -€10,151 | -55.8% |
| Transfer to deferred taxes | 680 | €117,659 | - | -€117,659 | |
| Income taxes | 67/77 | €263 | €408 | +€145 | +55.2% |
| Profit (loss) for the period | 9904 | €294,047 | -€63,187 | -€357,234 | |
| Transfer from tax-exempt reserves | 789 | €46,273 | €21,225 | -€25,048 | -54.1% |
| Transfer to tax-exempt reserves | 689 | €352,978 | - | -€352,978 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,658 | -€41,962 | -€29,303 | -231% |
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.