W.G.: 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.G.
Largest movements
- Cash -€86,011
down €86,011 (-93.8%), from €91,672 to €5,661
mainly Other debts (-€29,132) and Stocks and contracts (-€28,116)
- Stocks and contracts +€28,116
up €28,116 (+30.8%), from €91,332 to €119,448
of which Stocks: +€28,116
- Receivables within one year -€8,677
down €8,677 (-44.5%), from €19,484 to €10,807
of which Trade receivables: -€11,164
- Other debts -€29,132
down €29,132 (-69.0%), from €42,210 to €13,078
- Reserves -€13,078
down €13,078 (-86.7%), from €15,078 to €2,000
- Profit (loss) carried forward -€12,916
down €12,916 (-9.8%), from -€131,598 to -€144,515
- Debts after one year -€7,842
down €7,842 (-7.2%), from €108,257 to €100,415
- Trade debts -€4,050
down €4,050 (-20.9%), from €19,364 to €15,315
- Gross operating margin -€10,695
down €10,695 (-80.1%), from €13,352 to €2,658
- Financial charges +€5,031
up €5,031 (+126%), from €3,986 to €9,017
- Staff costs +€624
up €624, from -€624 to €0
- Depreciation +€260
up €260 (+6.4%), from €4,060 to €4,320
- Other operating charges +€221
up €221 (+15.1%), from €1,460 to €1,680
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 | €226,470 | €158,647 | -€67,823 | -29.9% |
| Fixed assets | 21/28 | €21,707 | €20,586 | -€1,120 | -5.2% |
| Tangible fixed assets | 22/27 | €21,707 | €20,586 | -€1,120 | -5.2% |
| Land and buildings | 22 | €18,235 | €15,970 | -€2,265 | -12.4% |
| Plant, machinery and equipment | 23 | - | €2,713 | +€2,713 | |
| Furniture and vehicles | 24 | €3,472 | €1,903 | -€1,569 | -45.2% |
| Current assets | 29/58 | €204,764 | €138,061 | -€66,703 | -32.6% |
| Stocks and contracts in progress | 3 | €91,332 | €119,448 | +€28,116 | +30.8% |
| Stocks | 30/36 | €27,978 | €56,095 | +€28,116 | +100% |
| Contracts in progress | 37 | €63,354 | €63,354 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €19,484 | €10,807 | -€8,677 | -44.5% |
| Trade receivables | 40 | €12,365 | €1,202 | -€11,164 | -90.3% |
| Other amounts receivable | 41 | €7,119 | €9,606 | +€2,487 | +34.9% |
| Cash at bank and in hand | 54/58 | €91,672 | €5,661 | -€86,011 | -93.8% |
| Deferred charges and accrued income | 490/1 | €2,275 | €2,144 | -€131 | -5.8% |
| Total equity and liabilities | 10/49 | €226,470 | €158,647 | -€67,823 | -29.9% |
| Equity | 10/15 | €45,880 | €19,885 | -€25,994 | -56.7% |
| Contributions | 10/11 | €162,400 | €162,400 | = | 0.0% |
| Reserves | 13 | €15,078 | €2,000 | -€13,078 | -86.7% |
| Distributable reserves | 133 | €15,078 | €2,000 | -€13,078 | -86.7% |
| Profit (loss) carried forward | 14 | -€131,598 | -€144,515 | -€12,916 | -9.8% |
| Amounts payable | 17/49 | €180,591 | €138,761 | -€41,829 | -23.2% |
| Amounts payable after more than one year | 17 | €108,257 | €100,415 | -€7,842 | -7.2% |
| Financial debts | 170/4 | €108,257 | €100,415 | -€7,842 | -7.2% |
| Amounts payable within one year | 42/48 | €69,250 | €38,106 | -€31,145 | -45.0% |
| Current portion of amounts payable after more than one year | 42 | €7,510 | €7,204 | -€306 | -4.1% |
| Trade debts | 44 | €19,364 | €15,315 | -€4,050 | -20.9% |
| Suppliers | 440/4 | €19,364 | €15,315 | -€4,050 | -20.9% |
| Taxes, remuneration and social security | 45 | €166 | €2,509 | +€2,343 | +1,407% |
| Taxes | 450/3 | €166 | €2,509 | +€2,343 | +1,407% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €42,210 | €13,078 | -€29,132 | -69.0% |
| Accrued charges and deferred income | 492/3 | €3,083 | €240 | -€2,842 | -92.2% |
| Remuneration, social security and pensions | 62 | -€624 | €0 | +€624 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,060 | €4,320 | +€260 | +6.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €400 | €600 | +€200 | +50.0% |
| Other operating charges | 640/8 | €1,460 | €1,680 | +€221 | +15.1% |
| Gross operating margin | 9900 | €13,352 | €2,658 | -€10,695 | -80.1% |
| Operating profit (loss) | 9901 | €8,056 | -€3,943 | -€11,999 | |
| Financial income | 75/76B | €159 | €215 | +€57 | +35.7% |
| Recurring financial income | 75 | €159 | €215 | +€57 | +35.7% |
| Financial charges | 65/66B | €3,986 | €9,017 | +€5,031 | +126% |
| Recurring financial charges | 65 | €3,986 | €9,017 | +€5,031 | +126% |
| Profit (loss) for the period before taxes | 9903 | €4,229 | -€12,745 | -€16,974 | |
| Income taxes | 67/77 | €166 | €171 | +€5 | +2.9% |
| Profit (loss) for the period | 9904 | €4,063 | -€12,916 | -€16,979 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,063 | -€12,916 | -€16,979 |
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 26 October 2026 via checked.be.