W-Fin: 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-Fin
Largest movements
- Tangible fixed assets +€854,755
up €854,755 (+30.5%), from €2.8m to €3.7m
of which Land and buildings: +€855,877
- Receivables within one year +€313,257
up €313,257 (+166%), from €188,858 to €502,115
of which Other amounts receivable: +€259,134
- Stocks and contracts +€183,550
up €183,550 (+10.6%), from €1.7m to €1.9m
- Cash +€169,437
up €169,437 (+102%), from €166,924 to €336,361
mainly Debts after one year (+€1.5m) and Net result for the year (+€217,471)
- Debts after one year +€1.5m
up €1.5m (+64.9%), from €2.4m to €3.9m
of which Financial debts: +€1.5m
- Profit (loss) carried forward +€217,471
up €217,471 (+14.8%), from -€1.5m to -€1.3m
- Accrued charges and deferred income -€209,633
down €209,633 (-75.2%), from €278,583 to €68,950
- Financial income +€342,973
up €342,973 (+6,145%), from €5,582 to €348,555
of which Non-recurring financial income: +€345,511
- Depreciation -€90,045
down €90,045 (-57.6%), from €156,236 to €66,191
- Financial charges -€57,501
down €57,501 (-41.3%), from €139,331 to €81,830
- Staff costs +€28,205
new in 2025: €28,205
- Gross operating margin +€26,981
up €26,981 (+67.1%), from €40,200 to €67,180
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 | €5,053,191 | €6,559,247 | +€1.5m | +29.8% |
| Fixed assets | 21/28 | €2,806,839 | €3,661,593 | +€854,755 | +30.5% |
| Tangible fixed assets | 22/27 | €2,806,839 | €3,661,593 | +€854,755 | +30.5% |
| Land and buildings | 22 | €2,802,975 | €3,658,852 | +€855,877 | +30.5% |
| Plant, machinery and equipment | 23 | €2,955 | €2,446 | -€509 | -17.2% |
| Furniture and vehicles | 24 | €909 | €296 | -€613 | -67.5% |
| Current assets | 29/58 | €2,246,352 | €2,897,654 | +€651,302 | +29.0% |
| Amounts receivable after more than one year | 29 | €148,328 | €133,568 | -€14,760 | -10.0% |
| Other amounts receivable | 291 | €148,328 | €133,568 | -€14,760 | -10.0% |
| Stocks and contracts in progress | 3 | €1,734,764 | €1,918,314 | +€183,550 | +10.6% |
| Stocks | 30/36 | €1,734,764 | €1,918,314 | +€183,550 | +10.6% |
| Amounts receivable within one year | 40/41 | €188,858 | €502,115 | +€313,257 | +166% |
| Trade receivables | 40 | €74,377 | €128,500 | +€54,123 | +72.8% |
| Other amounts receivable | 41 | €114,482 | €373,615 | +€259,134 | +226% |
| Cash at bank and in hand | 54/58 | €166,924 | €336,361 | +€169,437 | +102% |
| Deferred charges and accrued income | 490/1 | €7,477 | €7,295 | -€182 | -2.4% |
| Total equity and liabilities | 10/49 | €5,053,191 | €6,559,247 | +€1.5m | +29.8% |
| Equity | 10/15 | €2,044,496 | €2,261,967 | +€217,471 | +10.6% |
| Contributions | 10/11 | €3,512,400 | €3,512,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,467,904 | -€1,250,433 | +€217,471 | +14.8% |
| Amounts payable | 17/49 | €3,008,695 | €4,297,280 | +€1.3m | +42.8% |
| Amounts payable after more than one year | 17 | €2,351,905 | €3,878,486 | +€1.5m | +64.9% |
| Financial debts | 170/4 | €2,351,905 | €3,869,136 | +€1.5m | +64.5% |
| Other amounts payable | 178/9 | - | €9,350 | +€9,350 | |
| Amounts payable within one year | 42/48 | €378,207 | €349,844 | -€28,363 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €36,936 | €37,597 | +€661 | +1.8% |
| Trade debts | 44 | €29,275 | €2,336 | -€26,939 | -92.0% |
| Suppliers | 440/4 | €29,275 | €2,336 | -€26,939 | -92.0% |
| Taxes, remuneration and social security | 45 | €715 | €4,441 | +€3,726 | +521% |
| Taxes | 450/3 | €715 | €242 | -€472 | -66.1% |
| Remuneration and social security | 454/9 | - | €4,199 | +€4,199 | |
| Other amounts payable | 47/48 | €311,281 | €305,470 | -€5,811 | -1.9% |
| Accrued charges and deferred income | 492/3 | €278,583 | €68,950 | -€209,633 | -75.2% |
| Remuneration, social security and pensions | 62 | - | €28,205 | +€28,205 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €156,236 | €66,191 | -€90,045 | -57.6% |
| Other operating charges | 640/8 | €18,950 | €22,038 | +€3,089 | +16.3% |
| Gross operating margin | 9900 | €40,200 | €67,180 | +€26,981 | +67.1% |
| Operating profit (loss) | 9901 | -€134,986 | -€49,254 | +€85,733 | +63.5% |
| Financial income | 75/76B | €5,582 | €348,555 | +€342,973 | +6,145% |
| Recurring financial income | 75 | €5,582 | €3,043 | -€2,539 | -45.5% |
| Non-recurring financial income | 76B | - | €345,511 | +€345,511 | |
| Financial charges | 65/66B | €139,331 | €81,830 | -€57,501 | -41.3% |
| Recurring financial charges | 65 | €139,331 | €81,830 | -€57,501 | -41.3% |
| Profit (loss) for the period before taxes | 9903 | -€268,735 | €217,471 | +€486,206 | |
| Profit (loss) for the period | 9904 | -€268,735 | €217,471 | +€486,206 | |
| Profit (loss) for the period to be appropriated | 9905 | -€268,735 | €217,471 | +€486,206 |
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 15 October 2026 via checked.be.