W-CONSTRUCT: 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-CONSTRUCT
Largest movements
- Tangible fixed assets +€18,819
up €18,819 (+8.6%), from €218,529 to €237,348
of which Furniture and vehicles: +€33,675
- Receivables within one year -€13,748
down €13,748 (-22.9%), from €59,940 to €46,192
of which Trade receivables: -€18,616
- Reserves +€45,000
up €45,000 (+66.2%), from €67,932 to €112,932
- Trade debts -€25,091
down €25,091 (-55.7%), from €45,042 to €19,951
- Debts after one year -€21,915
down €21,915 (-66.3%), from €33,066 to €11,151
- Profit (loss) carried forward +€13,395
up €13,395 (+5.9%), from €227,440 to €240,835
- Other debts -€6,254
down €6,254 (-25.9%), from €24,131 to €17,877
- Gross operating margin -€112,883
down €112,883 (-45.2%), from €249,534 to €136,651
- Taxes -€26,515
down €26,515 (-53.5%), from €49,527 to €23,012
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 | €431,704 | €437,690 | +€5,986 | +1.4% |
| Fixed assets | 21/28 | €219,229 | €238,048 | +€18,819 | +8.6% |
| Tangible fixed assets | 22/27 | €218,529 | €237,348 | +€18,819 | +8.6% |
| Land and buildings | 22 | €161,109 | €147,569 | -€13,540 | -8.4% |
| Plant, machinery and equipment | 23 | €10,532 | €9,216 | -€1,316 | -12.5% |
| Furniture and vehicles | 24 | €46,888 | €80,563 | +€33,675 | +71.8% |
| Financial fixed assets | 28 | €700 | €700 | = | 0.0% |
| Current assets | 29/58 | €212,475 | €199,642 | -€12,833 | -6.0% |
| Amounts receivable within one year | 40/41 | €59,940 | €46,192 | -€13,748 | -22.9% |
| Trade receivables | 40 | €40,918 | €22,302 | -€18,616 | -45.5% |
| Other amounts receivable | 41 | €19,022 | €23,890 | +€4,868 | +25.6% |
| Cash at bank and in hand | 54/58 | €142,799 | €145,308 | +€2,509 | +1.8% |
| Deferred charges and accrued income | 490/1 | €9,736 | €8,142 | -€1,594 | -16.4% |
| Total equity and liabilities | 10/49 | €431,704 | €437,690 | +€5,986 | +1.4% |
| Equity | 10/15 | €307,772 | €366,167 | +€58,395 | +19.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €67,932 | €112,932 | +€45,000 | +66.2% |
| Distributable reserves | 133 | €67,932 | €112,932 | +€45,000 | +66.2% |
| Profit (loss) carried forward | 14 | €227,440 | €240,835 | +€13,395 | +5.9% |
| Amounts payable | 17/49 | €123,932 | €71,523 | -€52,409 | -42.3% |
| Amounts payable after more than one year | 17 | €33,066 | €11,151 | -€21,915 | -66.3% |
| Financial debts | 170/4 | €33,066 | €11,151 | -€21,915 | -66.3% |
| Amounts payable within one year | 42/48 | €90,581 | €60,091 | -€30,490 | -33.7% |
| Current portion of amounts payable after more than one year | 42 | €21,408 | €21,915 | +€507 | +2.4% |
| Trade debts | 44 | €45,042 | €19,951 | -€25,091 | -55.7% |
| Suppliers | 440/4 | €45,042 | €19,951 | -€25,091 | -55.7% |
| Taxes, remuneration and social security | 45 | - | €348 | +€348 | |
| Taxes | 450/3 | - | €348 | +€348 | |
| Other amounts payable | 47/48 | €24,131 | €17,877 | -€6,254 | -25.9% |
| Accrued charges and deferred income | 492/3 | €285 | €281 | -€4 | -1.4% |
| Non-recurring operating income | 76A | €242 | - | -€242 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,184 | €32,937 | -€2,247 | -6.4% |
| Other operating charges | 640/8 | €4,351 | €4,928 | +€577 | +13.3% |
| Gross operating margin | 9900 | €249,534 | €136,651 | -€112,883 | -45.2% |
| Operating profit (loss) | 9901 | €209,999 | €98,786 | -€111,213 | -53.0% |
| Financial income | 75/76B | €359 | €669 | +€310 | +86.4% |
| Recurring financial income | 75 | €359 | €669 | +€310 | +86.4% |
| Financial charges | 65/66B | €2,293 | €2,189 | -€104 | -4.5% |
| Recurring financial charges | 65 | €2,293 | €1,689 | -€604 | -26.3% |
| Non-recurring financial charges | 66B | - | €500 | +€500 | |
| Profit (loss) for the period before taxes | 9903 | €208,065 | €97,266 | -€110,799 | -53.3% |
| Income taxes | 67/77 | €49,527 | €23,012 | -€26,515 | -53.5% |
| Profit (loss) for the period | 9904 | €158,538 | €74,254 | -€84,284 | -53.2% |
| Profit (loss) for the period to be appropriated | 9905 | €158,538 | €74,254 | -€84,284 | -53.2% |
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 11 October 2026 via checked.be.