W & D: what changed
Two fiscal 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
- Tangible fixed assets +€12,596
up €12,596 (+93.2%), from €13,518 to €26,113
of which Furniture and vehicles: +€16,560
- Cash -€3,078
down €3,078 (-23.0%), from €13,353 to €10,275
mainly Investment in fixed assets (net) (-€19,673) and Net result for the year (-€10,182)
- Receivables within one year +€2,553
up €2,553 (+36.3%), from €7,035 to €9,588
of which Trade receivables: +€2,559
- Stocks and contracts +€2,396
up €2,396 (+45.3%), from €5,284 to €7,680
- Deferred charges and accrued income -€1,802
down €1,802 (-63.1%), from €2,854 to €1,052
- Debts after one year +€12,000
new in 2025: €12,000
- Profit (loss) carried forward -€10,182
down €10,182 (-48.4%), from -€21,028 to -€31,211
- Other debts +€6,663
up €6,663 (+35.5%), from €18,747 to €25,410
- Trade debts +€4,457
up €4,457 (+48.9%), from €9,113 to €13,570
- Staff costs +€17,331
up €17,331 (+42.9%), from €40,403 to €57,734
- Gross operating margin -€6,659
down €6,659 (-9.6%), from €69,258 to €62,599
- Depreciation +€3,113
up €3,113 (+78.5%), from €3,965 to €7,077
- Financial charges -€1,522
down €1,522 (-47.9%), from €3,179 to €1,657
- Other operating charges +€918
up €918 (+19.3%), from €4,755 to €5,673
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 | €42,044 | €54,709 | +€12,665 | +30.1% |
| Fixed assets | 21/28 | €13,518 | €26,113 | +€12,596 | +93.2% |
| Tangible fixed assets | 22/27 | €13,518 | €26,113 | +€12,596 | +93.2% |
| Plant, machinery and equipment | 23 | €12,435 | €8,780 | -€3,655 | -29.4% |
| Furniture and vehicles | 24 | - | €16,560 | +€16,560 | |
| Other tangible fixed assets | 26 | €1,083 | €773 | -€310 | -28.6% |
| Current assets | 29/58 | €28,526 | €28,596 | +€69 | +0.2% |
| Stocks and contracts in progress | 3 | €5,284 | €7,680 | +€2,396 | +45.3% |
| Stocks | 30/36 | €5,284 | €7,680 | +€2,396 | +45.3% |
| Amounts receivable within one year | 40/41 | €7,035 | €9,588 | +€2,553 | +36.3% |
| Trade receivables | 40 | €0 | €2,559 | +€2,559 | |
| Other amounts receivable | 41 | €7,035 | €7,029 | -€6 | -0.1% |
| Cash at bank and in hand | 54/58 | €13,353 | €10,275 | -€3,078 | -23.0% |
| Deferred charges and accrued income | 490/1 | €2,854 | €1,052 | -€1,802 | -63.1% |
| Total equity and liabilities | 10/49 | €42,044 | €54,709 | +€12,665 | +30.1% |
| Equity | 10/15 | -€2,428 | -€12,611 | -€10,182 | -419.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,028 | -€31,211 | -€10,182 | -48.4% |
| Amounts payable | 17/49 | €44,472 | €67,320 | +€22,847 | +51.4% |
| Amounts payable after more than one year | 17 | - | €12,000 | +€12,000 | |
| Financial debts | 170/4 | - | €12,000 | +€12,000 | |
| Amounts payable within one year | 42/48 | €44,251 | €55,320 | +€11,068 | +25.0% |
| Trade debts | 44 | €9,113 | €13,570 | +€4,457 | +48.9% |
| Suppliers | 440/4 | €9,113 | €13,570 | +€4,457 | +48.9% |
| Advances received on contracts in progress | 46 | €670 | €920 | +€250 | +37.3% |
| Taxes, remuneration and social security | 45 | €15,722 | €15,420 | -€302 | -1.9% |
| Taxes | 450/3 | €4,039 | €4,226 | +€187 | +4.6% |
| Remuneration and social security | 454/9 | €11,683 | €11,195 | -€488 | -4.2% |
| Other amounts payable | 47/48 | €18,747 | €25,410 | +€6,663 | +35.5% |
| Accrued charges and deferred income | 492/3 | €221 | - | -€221 | |
| Remuneration, social security and pensions | 62 | €40,403 | €57,734 | +€17,331 | +42.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,965 | €7,077 | +€3,113 | +78.5% |
| Other operating charges | 640/8 | €4,755 | €5,673 | +€918 | +19.3% |
| Gross operating margin | 9900 | €69,258 | €62,599 | -€6,659 | -9.6% |
| Operating profit (loss) | 9901 | €20,136 | -€7,885 | -€28,021 | |
| Financial income | 75/76B | €8 | €168 | +€160 | +2054.5% |
| Recurring financial income | 75 | €8 | €168 | +€160 | +2054.5% |
| Financial charges | 65/66B | €3,179 | €1,657 | -€1,522 | -47.9% |
| Recurring financial charges | 65 | €3,179 | €1,657 | -€1,522 | -47.9% |
| Profit (loss) for the period before taxes | 9903 | €16,965 | -€9,374 | -€26,339 | |
| Income taxes | 67/77 | €199 | €808 | +€609 | +305.5% |
| Profit (loss) for the period | 9904 | €16,765 | -€10,182 | -€26,948 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,765 | -€10,182 | -€26,948 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.