W CONCEPT: 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 CONCEPT
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€113,719
2024 · -€196,402+€82,683
Equity
€268,684
2024 · €382,402-€113,719
Cash
€68,291
2024 · €66,357+€1,934
Balance sheet total
€3.6m
2024 · €3.9m-€311,639
Largest movements
Assets
- Tangible fixed assets -€254,143
down €254,143 (-8.5%), from €3.0m to €2.7m
of which Land and buildings: -€253,489
- Intangible fixed assets -€79,245
down €79,245 (-12.1%), from €653,931 to €574,686
Equity and liabilities
- Debts after one year -€194,817
down €194,817 (-6.5%), from €3.0m to €2.8m
of which Financial debts: -€205,482
- Profit (loss) carried forward -€69,063
down €69,063 (-28.6%), from -€241,578 to -€310,642
- Reserves -€44,656
down €44,656 (-7.5%), from €598,981 to €554,325
of which Tax-exempt reserves: -€44,656
Income statement
- Gross operating margin +€84,144
up €84,144 (+28.5%), from €295,385 to €379,529
- Financial charges +€6,370
up €6,370 (+6.3%), from €100,778 to €107,147
- Depreciation -€5,236
down €5,236 (-1.5%), from €338,623 to €333,387
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
-€196,402
Gross operating margin
+€84,144
Staff costs
-€1,648
Depreciation
+€5,236
Other operating charges
+€1,022
Financial income
+€297
Financial charges
-€6,370
Taxes
+€2
Result 2025
-€113,719
raises the resultlowers the result
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
+€175,175
Investment
€0
Financing
-€173,241
Cash 2024
€66,357
From operations (derived)
+€175,175
Net result for the year
-€113,719
Depreciation
+€333,387
Stocks and contracts
-€19,285
Smaller working-capital items
-€529
Provisions
-€14,885
Trade debts
-€18,256
Tax, wage and social debts
+€10,212
Accrued charges and deferred income
-€1,750
Financing
-€173,241
Debts after one year
-€194,817
Current portion of long-term debt
+€23,332
Short-term financial debts
-€1,756
Cash 2025
€68,291
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,909,822 | €3,598,183 | -€311,639 | -8.0% |
| Fixed assets | 21/28 | €3,635,673 | €3,302,286 | -€333,387 | -9.2% |
| Intangible fixed assets | 21 | €653,931 | €574,686 | -€79,245 | -12.1% |
| Tangible fixed assets | 22/27 | €2,981,742 | €2,727,599 | -€254,143 | -8.5% |
| Land and buildings | 22 | €2,979,848 | €2,726,359 | -€253,489 | -8.5% |
| Furniture and vehicles | 24 | €1,894 | €1,241 | -€653 | -34.5% |
| Current assets | 29/58 | €274,149 | €295,897 | +€21,749 | +7.9% |
| Stocks and contracts in progress | 3 | €200,364 | €219,649 | +€19,285 | +9.6% |
| Stocks | 30/36 | €200,364 | €219,649 | +€19,285 | +9.6% |
| Amounts receivable within one year | 40/41 | €3,452 | €3,426 | -€25 | -0.7% |
| Other amounts receivable | 41 | €3,452 | €3,426 | -€25 | -0.7% |
| Cash at bank and in hand | 54/58 | €66,357 | €68,291 | +€1,934 | +2.9% |
| Deferred charges and accrued income | 490/1 | €3,976 | €4,531 | +€554 | +13.9% |
| Total equity and liabilities | 10/49 | €3,909,822 | €3,598,183 | -€311,639 | -8.0% |
| Equity | 10/15 | €382,402 | €268,684 | -€113,719 | -29.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €598,981 | €554,325 | -€44,656 | -7.5% |
| Tax-exempt reserves | 132 | €576,801 | €532,145 | -€44,656 | -7.7% |
| Distributable reserves | 133 | €22,180 | €22,180 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€241,578 | -€310,642 | -€69,063 | -28.6% |
| Provisions and deferred taxes | 16 | €192,267 | €177,382 | -€14,885 | -7.7% |
| Deferred taxes | 168 | €192,267 | €177,382 | -€14,885 | -7.7% |
| Amounts payable | 17/49 | €3,335,153 | €3,152,118 | -€183,035 | -5.5% |
| Amounts payable after more than one year | 17 | €2,978,605 | €2,783,788 | -€194,817 | -6.5% |
| Financial debts | 170/4 | €2,894,176 | €2,688,694 | -€205,482 | -7.1% |
| Other amounts payable | 178/9 | €84,429 | €95,094 | +€10,665 | +12.6% |
| Amounts payable within one year | 42/48 | €335,342 | €348,874 | +€13,532 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €225,450 | €248,782 | +€23,332 | +10.3% |
| Financial debts | 43 | €72,460 | €70,704 | -€1,756 | -2.4% |
| Credit institutions | 430/8 | €72,460 | €70,704 | -€1,756 | -2.4% |
| Trade debts | 44 | €24,424 | €6,168 | -€18,256 | -74.7% |
| Suppliers | 440/4 | €24,424 | €6,168 | -€18,256 | -74.7% |
| Taxes, remuneration and social security | 45 | €13,008 | €23,220 | +€10,212 | +78.5% |
| Taxes | 450/3 | €7,991 | €15,271 | +€7,280 | +91.1% |
| Remuneration and social security | 454/9 | €5,018 | €7,949 | +€2,932 | +58.4% |
| Accrued charges and deferred income | 492/3 | €21,205 | €19,455 | -€1,750 | -8.3% |
| Remuneration, social security and pensions | 62 | €32,089 | €33,737 | +€1,648 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €338,623 | €333,387 | -€5,236 | -1.5% |
| Other operating charges | 640/8 | €34,974 | €33,952 | -€1,022 | -2.9% |
| Gross operating margin | 9900 | €295,385 | €379,529 | +€84,144 | +28.5% |
| Operating profit (loss) | 9901 | -€110,301 | -€21,547 | +€88,754 | +80.5% |
| Financial income | 75/76B | €82 | €379 | +€297 | +362% |
| Recurring financial income | 75 | €82 | €379 | +€297 | +362% |
| Financial charges | 65/66B | €100,778 | €107,147 | +€6,370 | +6.3% |
| Recurring financial charges | 65 | €100,778 | €107,147 | +€6,370 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | -€210,997 | -€128,315 | +€82,681 | +39.2% |
| Transfer from deferred taxes | 780 | €14,885 | €14,885 | = | 0.0% |
| Income taxes | 67/77 | €290 | €289 | -€2 | -0.6% |
| Profit (loss) for the period | 9904 | -€196,402 | -€113,719 | +€82,683 | +42.1% |
| Transfer from tax-exempt reserves | 789 | €44,656 | €44,656 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€151,747 | -€69,063 | +€82,683 | +54.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.