W & D ELE-SEC: 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 ELE-SEC
Largest movements
- Cash +€21,418
new in 2025: €21,418
mainly Net result for the year (+€19,759) and Depreciation (+€9,174)
- Tangible fixed assets -€9,174
down €9,174 (-37.1%), from €24,723 to €15,549
of which Furniture and vehicles: -€9,174
- Receivables within one year +€6,640
up €6,640 (+41.9%), from €15,834 to €22,474
of which Trade receivables: +€4,658
- Reserves +€15,464
up €15,464 (+127%), from €12,152 to €27,616
- Other debts +€5,704
up €5,704 (+447%), from €1,275 to €6,979
- Short-term financial debts -€2,823
no longer reported in 2025 (was €2,823)
- Trade debts +€641
new in 2025: €641
- Gross operating margin +€17,784
up €17,784 (+118%), from €15,078 to €32,862
- Taxes +€2,339
up €2,339 (+741%), from €316 to €2,654
- Financial charges -€1,124
down €1,124 (-69.3%), from €1,621 to €498
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 | €40,556 | €59,440 | +€18,884 | +46.6% |
| Fixed assets | 21/28 | €24,723 | €15,549 | -€9,174 | -37.1% |
| Tangible fixed assets | 22/27 | €24,723 | €15,549 | -€9,174 | -37.1% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €24,723 | €15,549 | -€9,174 | -37.1% |
| Current assets | 29/58 | €15,834 | €43,891 | +€28,058 | +177% |
| Amounts receivable within one year | 40/41 | €15,834 | €22,474 | +€6,640 | +41.9% |
| Trade receivables | 40 | €14,934 | €19,591 | +€4,658 | +31.2% |
| Other amounts receivable | 41 | €900 | €2,882 | +€1,983 | +220% |
| Cash at bank and in hand | 54/58 | - | €21,418 | +€21,418 | |
| Total equity and liabilities | 10/49 | €40,556 | €59,440 | +€18,884 | +46.6% |
| Equity | 10/15 | €36,142 | €51,606 | +€15,464 | +42.8% |
| Contributions | 10/11 | €0 | €0 | = | |
| Reserves | 13 | €12,152 | €27,616 | +€15,464 | +127% |
| Distributable reserves | 133 | €12,152 | €27,616 | +€15,464 | +127% |
| Profit (loss) carried forward | 14 | €23,990 | €23,990 | = | 0.0% |
| Amounts payable | 17/49 | €4,414 | €7,834 | +€3,420 | +77.5% |
| Amounts payable within one year | 42/48 | €4,414 | €7,834 | +€3,420 | +77.5% |
| Financial debts | 43 | €2,823 | - | -€2,823 | |
| Credit institutions | 430/8 | €2,823 | - | -€2,823 | |
| Trade debts | 44 | - | €641 | +€641 | |
| Suppliers | 440/4 | - | €641 | +€641 | |
| Taxes, remuneration and social security | 45 | €316 | €215 | -€101 | -32.0% |
| Taxes | 450/3 | €316 | €215 | -€101 | -32.0% |
| Other amounts payable | 47/48 | €1,275 | €6,979 | +€5,704 | +447% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,174 | €9,174 | = | 0.0% |
| Other operating charges | 640/8 | €812 | €821 | +€10 | +1.2% |
| Gross operating margin | 9900 | €15,078 | €32,862 | +€17,784 | +118% |
| Operating profit (loss) | 9901 | €5,093 | €22,867 | +€17,774 | +349% |
| Financial income | 75/76B | - | €44 | +€44 | |
| Recurring financial income | 75 | - | €44 | +€44 | |
| Financial charges | 65/66B | €1,621 | €498 | -€1,124 | -69.3% |
| Recurring financial charges | 65 | €1,621 | €498 | -€1,124 | -69.3% |
| Profit (loss) for the period before taxes | 9903 | €3,472 | €22,413 | +€18,941 | +546% |
| Income taxes | 67/77 | €316 | €2,654 | +€2,339 | +741% |
| Profit (loss) for the period | 9904 | €3,156 | €19,759 | +€16,603 | +526% |
| Profit (loss) for the period to be appropriated | 9905 | €3,156 | €19,759 | +€16,603 | +526% |
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 19 October 2026 via checked.be.