W.E.R.: 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.R.
Largest movements
- Tangible fixed assets -€40,378
down €40,378 (-1.9%), from €2.2m to €2.1m
of which Land and buildings: -€39,334
- Profit (loss) carried forward +€422,405
up €422,405 (+94.7%), from -€445,902 to -€23,497
- Reserves -€412,445
down €412,445 (-62.9%), from €656,107 to €243,662
- Provisions -€144,744
down €144,744 (-34.3%), from €421,742 to €276,998
of which Deferred taxes: -€139,428
- Tax, wage and social debts +€77,636
up €77,636 (+52481.7%), from €148 to €77,784
- Taxes +€77,784
new in 2025: €77,784
- Gross operating margin -€2,199
down €2,199 (-6.5%), from €34,069 to €31,870
- Other operating charges +€1,088
up €1,088 (+10.1%), from €10,730 to €11,818
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 | €2,894,893 | €2,861,150 | -€33,742 | -1.2% |
| Fixed assets | 21/28 | €2,166,729 | €2,126,352 | -€40,378 | -1.9% |
| Tangible fixed assets | 22/27 | €2,166,729 | €2,126,352 | -€40,378 | -1.9% |
| Land and buildings | 22 | €2,160,788 | €2,121,453 | -€39,334 | -1.8% |
| Plant, machinery and equipment | 23 | €5,941 | €3,939 | -€2,002 | -33.7% |
| Furniture and vehicles | 24 | - | €959 | +€959 | |
| Current assets | 29/58 | €728,163 | €734,799 | +€6,635 | +0.9% |
| Amounts receivable within one year | 40/41 | - | €2,468 | +€2,468 | |
| Trade receivables | 40 | - | €2,287 | +€2,287 | |
| Other amounts receivable | 41 | - | €181 | +€181 | |
| Current investments | 50/53 | €727,938 | €727,938 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €226 | €4,393 | +€4,167 | +1845.8% |
| Total equity and liabilities | 10/49 | €2,894,893 | €2,861,150 | -€33,742 | -1.2% |
| Equity | 10/15 | €1,727,005 | €1,736,965 | +€9,960 | +0.6% |
| Contributions | 10/11 | €1,516,800 | €1,516,800 | = | 0.0% |
| Capital | 10 | €1,516,800 | €1,516,800 | = | 0.0% |
| Issued capital | 100 | €1,516,800 | €1,516,800 | = | 0.0% |
| Reserves | 13 | €656,107 | €243,662 | -€412,445 | -62.9% |
| Tax-exempt reserves | 132 | €656,107 | €243,662 | -€412,445 | -62.9% |
| Profit (loss) carried forward | 14 | -€445,902 | -€23,497 | +€422,405 | +94.7% |
| Provisions and deferred taxes | 16 | €421,742 | €276,998 | -€144,744 | -34.3% |
| Provisions for liabilities and charges | 160/5 | €156,847 | €151,531 | -€5,316 | -3.4% |
| Other liabilities and charges | 164/5 | €156,847 | €151,531 | -€5,316 | -3.4% |
| Deferred taxes | 168 | €264,895 | €125,467 | -€139,428 | -52.6% |
| Amounts payable | 17/49 | €746,146 | €847,188 | +€101,042 | +13.5% |
| Amounts payable after more than one year | 17 | €484,942 | €484,942 | = | 0.0% |
| Financial debts | 170/4 | €484,942 | €484,942 | = | 0.0% |
| Amounts payable within one year | 42/48 | €261,204 | €362,246 | +€101,042 | +38.7% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €56 | €2,828 | +€2,772 | +4950.4% |
| Suppliers | 440/4 | €56 | €2,828 | +€2,772 | +4950.4% |
| Taxes, remuneration and social security | 45 | €148 | €77,784 | +€77,636 | +52481.7% |
| Taxes | 450/3 | €148 | €77,784 | +€77,636 | +52481.7% |
| Other amounts payable | 47/48 | €161,000 | €181,634 | +€20,634 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,336 | €41,434 | +€97 | +0.2% |
| Other operating charges | 640/8 | €10,730 | €11,818 | +€1,088 | +10.1% |
| Gross operating margin | 9900 | €34,069 | €31,870 | -€2,199 | -6.5% |
| Operating profit (loss) | 9901 | -€17,997 | -€21,381 | -€3,384 | -18.8% |
| Financial charges | 65/66B | €30,241 | €30,303 | +€62 | +0.2% |
| Recurring financial charges | 65 | €30,241 | €30,303 | +€62 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | -€48,237 | -€51,684 | -€3,447 | -7.1% |
| Transfer from deferred taxes | 780 | €5,519 | €139,428 | +€133,908 | +2426.1% |
| Income taxes | 67/77 | - | €77,784 | +€77,784 | |
| Profit (loss) for the period | 9904 | -€42,718 | €9,960 | +€52,678 | |
| Transfer from tax-exempt reserves | 789 | €10,719 | €412,445 | +€401,726 | +3747.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,999 | €422,405 | +€454,404 |
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 9 October 2026 via checked.be.