W-DRAW: what changed
W-DRAW
Largest movements
- Cash +€15,661
up €15,661 (+7.3%), from €215,317 to €230,978
mainly Net result for the year (+€55,054) and Depreciation (+€26,912)
- Receivables within one year +€12,579
up €12,579 (+15.4%), from €81,455 to €94,034
of which Other amounts receivable: +€13,000
- Tangible fixed assets -€11,232
down €11,232 (-13.9%), from €80,994 to €69,762
of which Furniture and vehicles: -€15,173
- Current investments +€6,854
up €6,854 (+350%), from €1,958 to €8,813
- Reserves +€55,054
up €55,054 (+17.9%), from €307,224 to €362,278
- Debts after one year -€19,540
no longer reported in 2025 (was €19,540)
- Tax, wage and social debts -€10,893
down €10,893 (-28.8%), from €37,880 to €26,987
of which Remuneration and social security: -€9,032
- Current portion of long-term debt -€5,970
no longer reported in 2025 (was €5,970)
- Financial charges +€39,749
up €39,749 (+2,539%), from €1,566 to €41,315
- Gross operating margin -€22,897
down €22,897 (-11.6%), from €197,282 to €174,385
- Staff costs -€17,060
down €17,060 (-38.6%), from €44,201 to €27,141
- Taxes -€14,853
down €14,853 (-41.0%), from €36,226 to €21,373
- Depreciation +€2,840
up €2,840 (+11.8%), from €24,072 to €26,912
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €387,372 | €408,125 | +€20,753 | +5.4% |
| Fixed assets | 21/28 | €88,642 | €74,300 | -€14,342 | -16.2% |
| Intangible fixed assets | 21 | €7,648 | €4,538 | -€3,110 | -40.7% |
| Tangible fixed assets | 22/27 | €80,994 | €69,762 | -€11,232 | -13.9% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €56,050 | €40,877 | -€15,173 | -27.1% |
| Leasing and similar rights | 25 | €24,944 | €22,785 | -€2,159 | -8.7% |
| Other tangible fixed assets | 26 | - | €6,100 | +€6,100 | |
| Current assets | 29/58 | €298,731 | €333,825 | +€35,095 | +11.7% |
| Amounts receivable within one year | 40/41 | €81,455 | €94,034 | +€12,579 | +15.4% |
| Trade receivables | 40 | €81,455 | €81,034 | -€421 | -0.5% |
| Other amounts receivable | 41 | - | €13,000 | +€13,000 | |
| Current investments | 50/53 | €1,958 | €8,813 | +€6,854 | +350% |
| Cash at bank and in hand | 54/58 | €215,317 | €230,978 | +€15,661 | +7.3% |
| Total equity and liabilities | 10/49 | €387,372 | €408,125 | +€20,753 | +5.4% |
| Equity | 10/15 | €315,284 | €370,338 | +€55,054 | +17.5% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €307,224 | €362,278 | +€55,054 | +17.9% |
| Distributable reserves | 133 | €307,224 | €362,278 | +€55,054 | +17.9% |
| Amounts payable | 17/49 | €72,088 | €37,787 | -€34,301 | -47.6% |
| Amounts payable after more than one year | 17 | €19,540 | - | -€19,540 | |
| Financial debts | 170/4 | €19,540 | - | -€19,540 | |
| Amounts payable within one year | 42/48 | €52,548 | €37,787 | -€14,760 | -28.1% |
| Current portion of amounts payable after more than one year | 42 | €5,970 | - | -€5,970 | |
| Trade debts | 44 | €619 | €2,578 | +€1,959 | +317% |
| Suppliers | 440/4 | €619 | €2,578 | +€1,959 | +317% |
| Taxes, remuneration and social security | 45 | €37,880 | €26,987 | -€10,893 | -28.8% |
| Taxes | 450/3 | €28,848 | €26,987 | -€1,862 | -6.5% |
| Remuneration and social security | 454/9 | €9,032 | - | -€9,032 | |
| Other amounts payable | 47/48 | €8,079 | €8,223 | +€143 | +1.8% |
| Remuneration, social security and pensions | 62 | €44,201 | €27,141 | -€17,060 | -38.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,072 | €26,912 | +€2,840 | +11.8% |
| Other operating charges | 640/8 | €1,030 | €2,679 | +€1,649 | +160% |
| Gross operating margin | 9900 | €197,282 | €174,385 | -€22,897 | -11.6% |
| Operating profit (loss) | 9901 | €127,978 | €117,652 | -€10,326 | -8.1% |
| Financial income | 75/76B | €0 | €89 | +€89 | +889,000% |
| Recurring financial income | 75 | €0 | €89 | +€89 | +889,000% |
| Financial charges | 65/66B | €1,566 | €41,315 | +€39,749 | +2,539% |
| Recurring financial charges | 65 | €1,566 | €41,315 | +€39,749 | +2,539% |
| Profit (loss) for the period before taxes | 9903 | €126,413 | €76,426 | -€49,986 | -39.5% |
| Income taxes | 67/77 | €36,226 | €21,373 | -€14,853 | -41.0% |
| Profit (loss) for the period | 9904 | €90,187 | €55,054 | -€35,133 | -39.0% |
| Profit (loss) for the period to be appropriated | 9905 | €90,187 | €55,054 | -€35,133 | -39.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.