W.F.: 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.F.
Largest movements
- Tangible fixed assets -€28,686
down €28,686 (-3.6%), from €788,154 to €759,468
of which Land and buildings: -€28,042
- Reserves -€17,824
down €17,824 (-7.7%), from €231,552 to €213,728
of which Tax-exempt reserves: -€17,824
- Profit (loss) carried forward -€11,566
down €11,566 (-23.1%), from €50,116 to €38,550
- Gross operating margin -€8,312
down €8,312 (-19.3%), from €43,081 to €34,769
- Depreciation +€1,652
up €1,652 (+3.5%), from €46,811 to €48,463
- Other operating charges +€925
up €925 (+4.5%), from €20,673 to €21,598
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €956,931 | €920,910 | -€36,021 | -3.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €788,154 | €759,468 | -€28,686 | -3.6% |
| Tangible fixed assets | 22/27 | €788,154 | €759,468 | -€28,686 | -3.6% |
| Land and buildings | 22 | €785,575 | €757,533 | -€28,042 | -3.6% |
| Other tangible fixed assets | 26 | €2,579 | €1,934 | -€645 | -25.0% |
| Current assets | 29/58 | €168,777 | €161,443 | -€7,335 | -4.3% |
| Amounts receivable within one year | 40/41 | €107,348 | €102,514 | -€4,834 | -4.5% |
| Other amounts receivable | 41 | €107,348 | €102,514 | -€4,834 | -4.5% |
| Current investments | 50/53 | €60,350 | €57,918 | -€2,432 | -4.0% |
| Deferred charges and accrued income | 490/1 | €1,080 | €1,011 | -€69 | -6.4% |
| Total equity and liabilities | 10/49 | €956,931 | €920,910 | -€36,021 | -3.8% |
| Equity | 10/15 | €858,667 | €829,278 | -€29,390 | -3.4% |
| Contributions | 10/11 | €577,000 | €577,000 | = | 0.0% |
| Capital | 10 | €577,000 | €577,000 | = | 0.0% |
| Issued capital | 100 | €577,000 | €577,000 | = | 0.0% |
| Reserves | 13 | €231,552 | €213,728 | -€17,824 | -7.7% |
| Non-distributable reserves | 130/1 | €7,130 | €7,130 | = | 0.0% |
| Legal reserve | 130 | €7,130 | €7,130 | = | 0.0% |
| Tax-exempt reserves | 132 | €140,422 | €122,598 | -€17,824 | -12.7% |
| Distributable reserves | 133 | €84,000 | €84,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,116 | €38,550 | -€11,566 | -23.1% |
| Provisions and deferred taxes | 16 | €88,565 | €82,624 | -€5,941 | -6.7% |
| Deferred taxes | 168 | €88,565 | €82,624 | -€5,941 | -6.7% |
| Amounts payable | 17/49 | €9,699 | €9,008 | -€690 | -7.1% |
| Amounts payable within one year | 42/48 | €8,667 | €7,788 | -€878 | -10.1% |
| Trade debts | 44 | €4,811 | €4,246 | -€564 | -11.7% |
| Suppliers | 440/4 | €4,811 | €4,246 | -€564 | -11.7% |
| Taxes, remuneration and social security | 45 | €193 | - | -€193 | |
| Taxes | 450/3 | €193 | - | -€193 | |
| Other amounts payable | 47/48 | €3,663 | €3,542 | -€121 | -3.3% |
| Accrued charges and deferred income | 492/3 | €1,032 | €1,220 | +€188 | +18.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,811 | €48,463 | +€1,652 | +3.5% |
| Other operating charges | 640/8 | €20,673 | €21,598 | +€925 | +4.5% |
| Gross operating margin | 9900 | €43,081 | €34,769 | -€8,312 | -19.3% |
| Operating profit (loss) | 9901 | -€24,403 | -€35,292 | -€10,889 | -44.6% |
| Financial charges | 65/66B | €38 | €39 | +€2 | +4.2% |
| Recurring financial charges | 65 | €38 | €39 | +€2 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | -€24,441 | -€35,331 | -€10,890 | -44.6% |
| Transfer from deferred taxes | 780 | €5,941 | €5,941 | = | 0.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€18,499 | -€29,390 | -€10,890 | -58.9% |
| Transfer from tax-exempt reserves | 789 | €17,824 | €17,824 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€675 | -€11,566 | -€10,890 | -1,612% |
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 24 October 2026 via checked.be.