W.E.C.: 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.E.C.
Largest movements
- Cash -€196,812
down €196,812 (-86.6%), from €227,185 to €30,373
mainly Net result for the year (-€116,300) and Receivables within one year (-€84,558)
- Receivables within one year +€84,558
up €84,558 (+27.1%), from €311,856 to €396,414
of which Other amounts receivable: +€71,419
- Profit (loss) carried forward -€114,064
down €114,064 (-9.4%), from €1.2m to €1.1m
- Gross operating margin +€34,346
up €34,346 (+43.1%), from -€79,708 to -€45,362
- Depreciation -€23,763
down €23,763 (-30.9%), from €76,974 to €53,210
- Other operating charges +€7,146
up €7,146 (+108.9%), from €6,561 to €13,708
- Financial charges +€4,060
up €4,060, from -€2,408 to €1,652
- Financial income +€1,037
up €1,037 (+6.6%), from €15,605 to €16,642
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 | €1,546,495 | €1,430,149 | -€116,347 | -7.5% |
| Fixed assets | 21/28 | €823,738 | €821,513 | -€2,225 | -0.3% |
| Tangible fixed assets | 22/27 | €823,738 | €821,513 | -€2,225 | -0.3% |
| Land and buildings | 22 | €749,899 | €706,603 | -€43,295 | -5.8% |
| Plant, machinery and equipment | 23 | €1,805 | €4,016 | +€2,210 | +122.5% |
| Furniture and vehicles | 24 | €72,034 | €110,894 | +€38,860 | +53.9% |
| Current assets | 29/58 | €722,758 | €608,636 | -€114,122 | -15.8% |
| Amounts receivable within one year | 40/41 | €311,856 | €396,414 | +€84,558 | +27.1% |
| Trade receivables | 40 | €64,906 | €78,044 | +€13,138 | +20.2% |
| Other amounts receivable | 41 | €246,950 | €318,370 | +€71,419 | +28.9% |
| Current investments | 50/53 | €180,000 | €180,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €227,185 | €30,373 | -€196,812 | -86.6% |
| Deferred charges and accrued income | 490/1 | €3,716 | €1,849 | -€1,868 | -50.3% |
| Total equity and liabilities | 10/49 | €1,546,495 | €1,430,149 | -€116,347 | -7.5% |
| Equity | 10/15 | €1,528,419 | €1,412,119 | -€116,300 | -7.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €290,216 | €287,980 | -€2,236 | -0.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €47,020 | €44,784 | -€2,236 | -4.8% |
| Distributable reserves | 133 | €241,336 | €241,336 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,219,603 | €1,105,539 | -€114,064 | -9.4% |
| Provisions and deferred taxes | 16 | €15,655 | €14,910 | -€745 | -4.8% |
| Deferred taxes | 168 | €15,655 | €14,910 | -€745 | -4.8% |
| Amounts payable | 17/49 | €2,421 | €3,120 | +€699 | +28.9% |
| Amounts payable within one year | 42/48 | €1,183 | €1,054 | -€129 | -10.9% |
| Taxes, remuneration and social security | 45 | €1,183 | €1,054 | -€129 | -10.9% |
| Taxes | 450/3 | €1,183 | €1,054 | -€129 | -10.9% |
| Accrued charges and deferred income | 492/3 | €1,238 | €2,065 | +€827 | +66.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,974 | €53,210 | -€23,763 | -30.9% |
| Other operating charges | 640/8 | €6,561 | €13,708 | +€7,146 | +108.9% |
| Non-recurring operating charges | 66A | - | €18,400 | +€18,400 | |
| Gross operating margin | 9900 | -€79,708 | -€45,362 | +€34,346 | +43.1% |
| Operating profit (loss) | 9901 | -€163,242 | -€130,680 | +€32,563 | +19.9% |
| Financial income | 75/76B | €15,605 | €16,642 | +€1,037 | +6.6% |
| Recurring financial income | 75 | €15,605 | €16,642 | +€1,037 | +6.6% |
| Financial charges | 65/66B | -€2,408 | €1,652 | +€4,060 | |
| Recurring financial charges | 65 | -€2,408 | €1,652 | +€4,060 | |
| Profit (loss) for the period before taxes | 9903 | -€145,229 | -€115,690 | +€29,539 | +20.3% |
| Transfer from deferred taxes | 780 | €745 | €745 | = | 0.0% |
| Income taxes | 67/77 | €398 | €1,355 | +€958 | +240.7% |
| Profit (loss) for the period | 9904 | -€144,882 | -€116,300 | +€28,582 | +19.7% |
| Transfer from tax-exempt reserves | 789 | €2,236 | €2,236 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€142,646 | -€114,064 | +€28,582 | +20.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.