W Group: what changed
Two fiscal 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 Group
Largest movements
- Tangible fixed assets +€747,234
up €747,234 (+14.3%), from €5.2m to €6.0m
of which Land and buildings: +€929,759
- Short-term financial debts +€520,292
up €520,292 (+10.9%), from €4.8m to €5.3m
- Other debts +€206,261
up €206,261 (+13.9%), from €1.5m to €1.7m
- Profit (loss) carried forward +€103,513
up €103,513 (+8.7%), from -€1.2m to -€1.1m
- Gross operating margin +€559,942
up €559,942 (+220.4%), from €254,105 to €814,047
- Depreciation -€349,715
down €349,715 (-59.5%), from €587,956 to €238,241
- Write-downs +€276,806
new in 2025: €276,806
- Financial charges -€22,048
down €22,048 (-11.2%), from €197,425 to €175,378
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 | €5,277,313 | €6,097,345 | +€820,032 | +15.5% |
| Fixed assets | 21/28 | €5,243,051 | €5,990,285 | +€747,234 | +14.3% |
| Tangible fixed assets | 22/27 | €5,243,051 | €5,990,285 | +€747,234 | +14.3% |
| Land and buildings | 22 | €3,967,886 | €4,897,645 | +€929,759 | +23.4% |
| Plant, machinery and equipment | 23 | €1,275,164 | €1,092,640 | -€182,525 | -14.3% |
| Current assets | 29/58 | €34,262 | €107,061 | +€72,798 | +212.5% |
| Amounts receivable within one year | 40/41 | €29,508 | €74,646 | +€45,138 | +153.0% |
| Trade receivables | 40 | €10,795 | €21,845 | +€11,049 | +102.4% |
| Other amounts receivable | 41 | €18,713 | €52,802 | +€34,089 | +182.2% |
| Cash at bank and in hand | 54/58 | €1,285 | €25,723 | +€24,437 | +1901.3% |
| Deferred charges and accrued income | 490/1 | €3,469 | €6,692 | +€3,223 | +92.9% |
| Total equity and liabilities | 10/49 | €5,277,313 | €6,097,345 | +€820,032 | +15.5% |
| Equity | 10/15 | -€1,086,787 | -€994,077 | +€92,710 | +8.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,190,014 | -€1,086,501 | +€103,513 | +8.7% |
| Investment grants | 15 | €97,227 | €86,424 | -€10,803 | -11.1% |
| Amounts payable | 17/49 | €6,364,100 | €7,091,422 | +€727,323 | +11.4% |
| Amounts payable after more than one year | 17 | €75,000 | €75,000 | = | 0.0% |
| Other amounts payable | 178/9 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €6,280,269 | €6,995,626 | +€715,357 | +11.4% |
| Financial debts | 43 | €4,773,364 | €5,293,656 | +€520,292 | +10.9% |
| Credit institutions | 430/8 | €4,773,364 | €5,293,656 | +€520,292 | +10.9% |
| Trade debts | 44 | €26,653 | €15,457 | -€11,196 | -42.0% |
| Suppliers | 440/4 | €26,653 | €15,457 | -€11,196 | -42.0% |
| Other amounts payable | 47/48 | €1,480,252 | €1,686,512 | +€206,261 | +13.9% |
| Accrued charges and deferred income | 492/3 | €8,831 | €20,797 | +€11,966 | +135.5% |
| Non-recurring operating income | 76A | - | €23,537 | +€23,537 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €587,956 | €238,241 | -€349,715 | -59.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €276,806 | +€276,806 | |
| Other operating charges | 640/8 | €22,919 | €30,916 | +€7,997 | +34.9% |
| Gross operating margin | 9900 | €254,105 | €814,047 | +€559,942 | +220.4% |
| Operating profit (loss) | 9901 | -€356,770 | €268,084 | +€624,853 | |
| Financial income | 75/76B | €11,405 | €10,807 | -€598 | -5.2% |
| Recurring financial income | 75 | €11,405 | €10,807 | -€598 | -5.2% |
| Financial charges | 65/66B | €197,425 | €175,378 | -€22,048 | -11.2% |
| Recurring financial charges | 65 | €197,425 | €175,378 | -€22,048 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | -€542,790 | €103,513 | +€646,303 | |
| Income taxes | 67/77 | €161 | €0 | -€161 | -100.0% |
| Profit (loss) for the period | 9904 | -€542,951 | €103,513 | +€646,464 | |
| Profit (loss) for the period to be appropriated | 9905 | -€542,951 | €103,513 | +€646,464 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.