W.E.C. BELGIUM: 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.E.C. BELGIUM
Largest movements
- Receivables within one year +€76,015
up €76,015 (+18.4%), from €413,226 to €489,241
of which Trade receivables: +€84,614
- Cash -€37,807
down €37,807 (-45.4%), from €83,368 to €45,560
mainly Receivables within one year (-€76,015) and Trade debts (-€17,441)
- Deferred charges and accrued income -€8,301
down €8,301 (-54.7%), from €15,189 to €6,887
- Tax, wage and social debts +€25,647
up €25,647 (+13.0%), from €197,391 to €223,038
of which Remuneration and social security: +€20,721
- Profit (loss) carried forward +€23,682
up €23,682 (+8.8%), from €270,022 to €293,704
- Trade debts -€17,441
down €17,441 (-47.6%), from €36,611 to €19,170
- Gross operating margin +€113,420
up €113,420 (+9.3%), from €1.2m to €1.3m
- Staff costs +€97,185
up €97,185 (+8.3%), from €1.2m to €1.3m
- Other operating charges +€13,381
up €13,381 (+383%), from €3,493 to €16,874
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 | €524,430 | €556,317 | +€31,887 | +6.1% |
| Fixed assets | 21/28 | €12,647 | €14,628 | +€1,981 | +15.7% |
| Tangible fixed assets | 22/27 | €4,775 | €3,234 | -€1,541 | -32.3% |
| Plant, machinery and equipment | 23 | €4,775 | €2,560 | -€2,215 | -46.4% |
| Furniture and vehicles | 24 | - | €674 | +€674 | |
| Financial fixed assets | 28 | €7,872 | €11,394 | +€3,522 | +44.7% |
| Current assets | 29/58 | €511,782 | €541,689 | +€29,906 | +5.8% |
| Amounts receivable within one year | 40/41 | €413,226 | €489,241 | +€76,015 | +18.4% |
| Trade receivables | 40 | €398,214 | €482,829 | +€84,614 | +21.2% |
| Other amounts receivable | 41 | €15,012 | €6,413 | -€8,599 | -57.3% |
| Cash at bank and in hand | 54/58 | €83,368 | €45,560 | -€37,807 | -45.4% |
| Deferred charges and accrued income | 490/1 | €15,189 | €6,887 | -€8,301 | -54.7% |
| Total equity and liabilities | 10/49 | €524,430 | €556,317 | +€31,887 | +6.1% |
| Equity | 10/15 | €290,427 | €314,109 | +€23,682 | +8.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €270,022 | €293,704 | +€23,682 | +8.8% |
| Amounts payable | 17/49 | €234,003 | €242,208 | +€8,205 | +3.5% |
| Amounts payable within one year | 42/48 | €234,003 | €242,208 | +€8,205 | +3.5% |
| Trade debts | 44 | €36,611 | €19,170 | -€17,441 | -47.6% |
| Suppliers | 440/4 | €36,611 | €19,170 | -€17,441 | -47.6% |
| Taxes, remuneration and social security | 45 | €197,391 | €223,038 | +€25,647 | +13.0% |
| Taxes | 450/3 | €43,548 | €48,474 | +€4,926 | +11.3% |
| Remuneration and social security | 454/9 | €153,844 | €174,564 | +€20,721 | +13.5% |
| Remuneration, social security and pensions | 62 | €1,169,033 | €1,266,217 | +€97,185 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,091 | €3,831 | -€260 | -6.4% |
| Other operating charges | 640/8 | €3,493 | €16,874 | +€13,381 | +383% |
| Gross operating margin | 9900 | €1,215,987 | €1,329,407 | +€113,420 | +9.3% |
| Operating profit (loss) | 9901 | €39,371 | €42,484 | +€3,113 | +7.9% |
| Financial income | 75/76B | - | €87 | +€87 | |
| Recurring financial income | 75 | - | €87 | +€87 | |
| Financial charges | 65/66B | €2,840 | €3,039 | +€199 | +7.0% |
| Recurring financial charges | 65 | €2,840 | €3,039 | +€199 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €36,531 | €39,532 | +€3,001 | +8.2% |
| Income taxes | 67/77 | €15,147 | €15,850 | +€703 | +4.6% |
| Profit (loss) for the period | 9904 | €21,384 | €23,682 | +€2,298 | +10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,384 | €23,682 | +€2,298 | +10.7% |
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 23 October 2026 via checked.be.