W.D.M.: 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.M.
Largest movements
- Tangible fixed assets -€22,165
down €22,165 (-44.9%), from €49,404 to €27,239
of which Land and buildings: -€22,273
- Cash -€12,521
down €12,521 (-56.9%), from €22,013 to €9,492
mainly Debts after one year (-€60,723) and Tax, wage and social debts (-€38,353)
- Deferred charges and accrued income -€10,729
down €10,729 (-13.6%), from €78,849 to €68,119
- Receivables within one year +€9,898
up €9,898 (+6.3%), from €158,154 to €168,052
of which Other amounts receivable: +€29,775
- Debts after one year -€60,723
down €60,723 (-22.7%), from €267,864 to €207,141
of which Financial debts: -€77,899
- Profit (loss) carried forward +€48,667
up €48,667 (+32.1%), from -€151,461 to -€102,793
- Tax, wage and social debts -€38,353
down €38,353 (-34.4%), from €111,346 to €72,993
of which Taxes: -€26,347
- Current portion of long-term debt -€20,575
down €20,575 (-14.1%), from €145,511 to €124,937
- Trade debts +€19,683
up €19,683 (+9.4%), from €208,557 to €228,240
- Gross operating margin -€117,667
down €117,667 (-30.0%), from €392,648 to €274,981
- Taxes -€16,088
down €16,088 (-51.8%), from €31,067 to €14,979
- Financial charges -€8,375
down €8,375 (-47.7%), from €17,539 to €9,164
- Staff costs -€8,291
down €8,291 (-4.5%), from €186,248 to €177,957
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 | €626,254 | €592,245 | -€34,009 | -5.4% |
| Fixed assets | 21/28 | €49,404 | €27,239 | -€22,165 | -44.9% |
| Tangible fixed assets | 22/27 | €49,404 | €27,239 | -€22,165 | -44.9% |
| Land and buildings | 22 | €45,928 | €23,654 | -€22,273 | -48.5% |
| Plant, machinery and equipment | 23 | €2,948 | €2,088 | -€860 | -29.2% |
| Furniture and vehicles | 24 | €528 | €318 | -€210 | -39.7% |
| Other tangible fixed assets | 26 | - | €1,179 | +€1,179 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €576,850 | €565,006 | -€11,844 | -2.1% |
| Amounts receivable after more than one year | 29 | €136,512 | €140,088 | +€3,576 | +2.6% |
| Other amounts receivable | 291 | €136,512 | €140,088 | +€3,576 | +2.6% |
| Stocks and contracts in progress | 3 | €181,323 | €179,255 | -€2,068 | -1.1% |
| Stocks | 30/36 | €181,323 | €179,255 | -€2,068 | -1.1% |
| Amounts receivable within one year | 40/41 | €158,154 | €168,052 | +€9,898 | +6.3% |
| Trade receivables | 40 | €27,546 | €7,669 | -€19,877 | -72.2% |
| Other amounts receivable | 41 | €130,608 | €160,383 | +€29,775 | +22.8% |
| Cash at bank and in hand | 54/58 | €22,013 | €9,492 | -€12,521 | -56.9% |
| Deferred charges and accrued income | 490/1 | €78,849 | €68,119 | -€10,729 | -13.6% |
| Total equity and liabilities | 10/49 | €626,254 | €592,245 | -€34,009 | -5.4% |
| Equity | 10/15 | -€126,671 | -€78,004 | +€48,667 | +38.4% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€151,461 | -€102,793 | +€48,667 | +32.1% |
| Amounts payable | 17/49 | €752,926 | €670,249 | -€82,677 | -11.0% |
| Amounts payable after more than one year | 17 | €267,864 | €207,141 | -€60,723 | -22.7% |
| Financial debts | 170/4 | €267,864 | €189,965 | -€77,899 | -29.1% |
| Other amounts payable | 178/9 | - | €17,176 | +€17,176 | |
| Amounts payable within one year | 42/48 | €485,061 | €462,869 | -€22,192 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €145,511 | €124,937 | -€20,575 | -14.1% |
| Financial debts | 43 | €3,000 | €3,000 | = | 0.0% |
| Credit institutions | 430/8 | €3,000 | €3,000 | = | 0.0% |
| Trade debts | 44 | €208,557 | €228,240 | +€19,683 | +9.4% |
| Suppliers | 440/4 | €208,557 | €228,240 | +€19,683 | +9.4% |
| Taxes, remuneration and social security | 45 | €111,346 | €72,993 | -€38,353 | -34.4% |
| Taxes | 450/3 | €82,317 | €55,969 | -€26,347 | -32.0% |
| Remuneration and social security | 454/9 | €29,029 | €17,023 | -€12,006 | -41.4% |
| Other amounts payable | 47/48 | €16,647 | €33,700 | +€17,053 | +102.4% |
| Accrued charges and deferred income | 492/3 | €0 | €239 | +€239 | |
| Non-recurring operating income | 76A | €159,156 | €0 | -€159,156 | -100.0% |
| Remuneration, social security and pensions | 62 | €186,248 | €177,957 | -€8,291 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,401 | €23,402 | +€1 | 0.0% |
| Other operating charges | 640/8 | €5,636 | €4,148 | -€1,488 | -26.4% |
| Non-recurring operating charges | 66A | €29,661 | €0 | -€29,661 | -100.0% |
| Gross operating margin | 9900 | €392,648 | €274,981 | -€117,667 | -30.0% |
| Operating profit (loss) | 9901 | €147,702 | €69,474 | -€78,228 | -53.0% |
| Financial income | 75/76B | €6,900 | €3,337 | -€3,564 | -51.6% |
| Recurring financial income | 75 | €6,900 | €3,337 | -€3,564 | -51.6% |
| Financial charges | 65/66B | €17,539 | €9,164 | -€8,375 | -47.7% |
| Recurring financial charges | 65 | €17,539 | €9,164 | -€8,375 | -47.7% |
| Profit (loss) for the period before taxes | 9903 | €137,064 | €63,647 | -€73,417 | -53.6% |
| Income taxes | 67/77 | €31,067 | €14,979 | -€16,088 | -51.8% |
| Profit (loss) for the period | 9904 | €105,997 | €48,667 | -€57,330 | -54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €105,997 | €48,667 | -€57,330 | -54.1% |
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 12 October 2026 via checked.be.