W & D: 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 & D
Largest movements
- Cash +€120,989
up €120,989 (+31.5%), from €384,380 to €505,369
mainly Net result for the year (+€119,570) and Depreciation (+€61,923)
- Receivables within one year -€13,026
down €13,026 (-11.1%), from €117,171 to €104,145
of which Trade receivables: -€17,262
- Reserves +€119,570
up €119,570 (+38.4%), from €311,322 to €430,892
- Current portion of long-term debt -€11,072
down €11,072 (-74.7%), from €14,817 to €3,745
- Gross operating margin +€39,270
up €39,270 (+20.2%), from €194,098 to €233,369
- Depreciation +€17,265
up €17,265 (+38.7%), from €44,658 to €61,923
- Taxes +€4,721
up €4,721 (+10.9%), from €43,196 to €47,917
- Other operating charges +€4,620
up €4,620 (+519%), from €890 to €5,510
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €710,528 | €809,763 | +€99,235 | +14.0% |
| Fixed assets | 21/28 | €166,846 | €160,612 | -€6,235 | -3.7% |
| Tangible fixed assets | 22/27 | €166,846 | €160,612 | -€6,235 | -3.7% |
| Plant, machinery and equipment | 23 | €75,154 | €68,710 | -€6,445 | -8.6% |
| Furniture and vehicles | 24 | €91,692 | €91,902 | +€210 | +0.2% |
| Current assets | 29/58 | €543,682 | €649,151 | +€105,469 | +19.4% |
| Stocks and contracts in progress | 3 | €35,740 | €36,335 | +€595 | +1.7% |
| Stocks | 30/36 | €35,740 | €36,335 | +€595 | +1.7% |
| Amounts receivable within one year | 40/41 | €117,171 | €104,145 | -€13,026 | -11.1% |
| Trade receivables | 40 | €100,616 | €83,354 | -€17,262 | -17.2% |
| Other amounts receivable | 41 | €16,555 | €20,791 | +€4,236 | +25.6% |
| Cash at bank and in hand | 54/58 | €384,380 | €505,369 | +€120,989 | +31.5% |
| Deferred charges and accrued income | 490/1 | €6,391 | €3,303 | -€3,089 | -48.3% |
| Total equity and liabilities | 10/49 | €710,528 | €809,763 | +€99,235 | +14.0% |
| Equity | 10/15 | €331,322 | €450,892 | +€119,570 | +36.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €311,322 | €430,892 | +€119,570 | +38.4% |
| Distributable reserves | 133 | €311,322 | €430,892 | +€119,570 | +38.4% |
| Amounts payable | 17/49 | €379,206 | €358,871 | -€20,335 | -5.4% |
| Amounts payable after more than one year | 17 | €3,745 | - | -€3,745 | |
| Financial debts | 170/4 | €3,745 | - | -€3,745 | |
| Amounts payable within one year | 42/48 | €375,462 | €358,871 | -€16,590 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €14,817 | €3,745 | -€11,072 | -74.7% |
| Trade debts | 44 | €326,800 | €329,672 | +€2,872 | +0.9% |
| Suppliers | 440/4 | €326,800 | €329,672 | +€2,872 | +0.9% |
| Taxes, remuneration and social security | 45 | €26,205 | €25,185 | -€1,021 | -3.9% |
| Taxes | 450/3 | €26,205 | €25,185 | -€1,021 | -3.9% |
| Other amounts payable | 47/48 | €7,639 | €270 | -€7,369 | -96.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,658 | €61,923 | +€17,265 | +38.7% |
| Other operating charges | 640/8 | €890 | €5,510 | +€4,620 | +519% |
| Gross operating margin | 9900 | €194,098 | €233,369 | +€39,270 | +20.2% |
| Operating profit (loss) | 9901 | €148,550 | €165,935 | +€17,385 | +11.7% |
| Financial income | 75/76B | €2,474 | €2,332 | -€142 | -5.7% |
| Recurring financial income | 75 | €2,474 | €2,332 | -€142 | -5.7% |
| Financial charges | 65/66B | €598 | €780 | +€182 | +30.5% |
| Recurring financial charges | 65 | €598 | €780 | +€182 | +30.5% |
| Profit (loss) for the period before taxes | 9903 | €150,426 | €167,487 | +€17,061 | +11.3% |
| Income taxes | 67/77 | €43,196 | €47,917 | +€4,721 | +10.9% |
| Profit (loss) for the period | 9904 | €107,230 | €119,570 | +€12,339 | +11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €107,230 | €119,570 | +€12,339 | +11.5% |
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 16 October 2026 via checked.be.