W-Build Immo: what changed
What changed
W-Build Immo
NACE 41.001, General construction of residential buildings
filed annual accounts (NBB)
Net result for the year
€526,308
2024 · €251,351+€274,958
Equity
€1.5m
2024 · €936,443+€526,308
Cash
€676,259
2024 · €301,900+€374,359
Balance sheet total
€3.0m
2024 · €1.7m+€1.3m
Largest movements
Assets
- Tangible fixed assets +€956,952
up €956,952 (+112%), from €853,898 to €1.8m
of which Land and buildings: +€1.0m
- Cash +€374,359
up €374,359 (+124%), from €301,900 to €676,259
mainly Debts after one year (+€806,376) and Net result for the year (+€526,308)
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Receivables within one year +€165,199
up €165,199 (+51.9%), from €318,368 to €483,567
of which Other amounts receivable: +€88,576
Equity and liabilities
- Debts after one year +€806,376
up €806,376 (+163%), from €496,114 to €1.3m
- Profit (loss) carried forward +€526,308
up €526,308 (+57.5%), from €915,983 to €1.4m
- Tax, wage and social debts -€72,642
down €72,642 (-81.0%), from €89,685 to €17,042
of which Taxes: -€78,534
- Current portion of long-term debt +€46,732
up €46,732 (+107%), from €43,660 to €90,391
Income statement
- Gross operating margin +€422,929
up €422,929 (+69.0%), from €612,953 to €1.0m
- Taxes +€102,028
up €102,028 (+122%), from €83,818 to €185,846
- Depreciation +€34,794
up €34,794 (+50.5%), from €68,966 to €103,760
- Staff costs -€25,800
down €25,800 (-14.5%), from €177,549 to €151,749
- Other operating charges +€21,089
up €21,089 (+151%), from €13,982 to €35,071
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.
Result 2024
€251,351
Gross operating margin
+€422,929
Staff costs
+€25,800
Depreciation
-€34,794
Other operating charges
-€21,089
Financial income
+€4,975
Financial charges
-€20,835
Taxes
-€102,028
Result 2025
€526,308
raises the resultlowers the result
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.
From operations
+€377,693
Investment
-€856,442
Financing
+€853,108
Cash 2024
€301,900
From operations (derived)
+€377,693
Net result for the year
+€526,308
Depreciation
+€103,760
Receivables within one year
-€165,199
Deferred charges and accrued income
-€19,692
Trade debts
+€22,776
Tax, wage and social debts
-€72,642
Other debts
-€13,078
Accrued charges and deferred income
-€4,540
Investment (derived)
-€856,442
Investment in fixed assets (net)
-€1.1m
Current investments
+€200,000
Financing
+€853,108
Debts after one year
+€806,376
Current portion of long-term debt
+€46,732
Cash 2025
€676,259
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,708,420 | €3,020,353 | +€1.3m | +76.8% |
| Fixed assets | 21/28 | €872,814 | €1,825,496 | +€952,682 | +109% |
| Intangible fixed assets | 21 | €18,917 | €14,647 | -€4,270 | -22.6% |
| Tangible fixed assets | 22/27 | €853,898 | €1,810,849 | +€956,952 | +112% |
| Land and buildings | 22 | €673,494 | €1,676,519 | +€1.0m | +149% |
| Plant, machinery and equipment | 23 | - | €5,980 | +€5,980 | |
| Furniture and vehicles | 24 | €174,887 | €128,351 | -€46,536 | -26.6% |
| Leasing and similar rights | 25 | €5,518 | €0 | -€5,518 | -100% |
| Current assets | 29/58 | €835,606 | €1,194,857 | +€359,251 | +43.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €318,368 | €483,567 | +€165,199 | +51.9% |
| Trade receivables | 40 | €271,167 | €347,790 | +€76,623 | +28.3% |
| Other amounts receivable | 41 | €47,201 | €135,777 | +€88,576 | +188% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €301,900 | €676,259 | +€374,359 | +124% |
| Deferred charges and accrued income | 490/1 | €15,338 | €35,030 | +€19,692 | +128% |
| Total equity and liabilities | 10/49 | €1,708,420 | €3,020,353 | +€1.3m | +76.8% |
| Equity | 10/15 | €936,443 | €1,462,752 | +€526,308 | +56.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €915,983 | €1,442,292 | +€526,308 | +57.5% |
| Amounts payable | 17/49 | €771,977 | €1,557,601 | +€785,624 | +102% |
| Amounts payable after more than one year | 17 | €496,114 | €1,302,490 | +€806,376 | +163% |
| Financial debts | 170/4 | €496,114 | €1,302,490 | +€806,376 | +163% |
| Amounts payable within one year | 42/48 | €270,193 | €253,981 | -€16,212 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | €43,660 | €90,391 | +€46,732 | +107% |
| Trade debts | 44 | €116,587 | €139,364 | +€22,776 | +19.5% |
| Suppliers | 440/4 | €116,587 | €139,364 | +€22,776 | +19.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €89,685 | €17,042 | -€72,642 | -81.0% |
| Taxes | 450/3 | €78,541 | €7 | -€78,534 | -100.0% |
| Remuneration and social security | 454/9 | €11,143 | €17,035 | +€5,892 | +52.9% |
| Other amounts payable | 47/48 | €20,262 | €7,184 | -€13,078 | -64.5% |
| Accrued charges and deferred income | 492/3 | €5,670 | €1,130 | -€4,540 | -80.1% |
| Non-recurring operating income | 76A | - | €7,845 | +€7,845 | |
| Remuneration, social security and pensions | 62 | €177,549 | €151,749 | -€25,800 | -14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,966 | €103,760 | +€34,794 | +50.5% |
| Other operating charges | 640/8 | €13,982 | €35,071 | +€21,089 | +151% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €612,953 | €1,035,882 | +€422,929 | +69.0% |
| Operating profit (loss) | 9901 | €352,457 | €745,302 | +€392,845 | +111% |
| Financial income | 75/76B | €127 | €5,102 | +€4,975 | +3,931% |
| Recurring financial income | 75 | €127 | €5,102 | +€4,975 | +3,931% |
| Financial charges | 65/66B | €17,414 | €38,249 | +€20,835 | +120% |
| Recurring financial charges | 65 | €17,414 | €38,249 | +€20,835 | +120% |
| Profit (loss) for the period before taxes | 9903 | €335,169 | €712,155 | +€376,986 | +112% |
| Income taxes | 67/77 | €83,818 | €185,846 | +€102,028 | +122% |
| Profit (loss) for the period | 9904 | €251,351 | €526,308 | +€274,958 | +109% |
| Profit (loss) for the period to be appropriated | 9905 | €251,351 | €526,308 | +€274,958 | +109% |
Next steps
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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 7 November 2026 via checked.be.