W.H.Y.: 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.H.Y.
Largest movements
- Cash -€67,959
down €67,959 (-81.6%), from €83,308 to €15,349
mainly Contributions, distributions and other (-€80,000) and Receivables within one year (-€67,596)
- Receivables within one year +€67,596
up €67,596 (+109%), from €61,804 to €129,400
of which Trade receivables: +€64,995
- Receivables after one year -€28,500
down €28,500 (-39.9%), from €71,500 to €43,000
- Reserves -€30,000
down €30,000 (-9.1%), from €330,161 to €300,161
- Short-term financial debts +€6,874
new in 2025: €6,874
of which Other loans: +€5,755
- Gross operating margin -€51,629
down €51,629 (-36.9%), from €139,959 to €88,331
- Taxes -€18,615
down €18,615 (-56.3%), from €33,044 to €14,429
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 | €467,804 | €442,462 | -€25,342 | -5.4% |
| Fixed assets | 21/28 | €247,275 | €249,723 | +€2,449 | +1.0% |
| Tangible fixed assets | 22/27 | €198,827 | €201,336 | +€2,509 | +1.3% |
| Land and buildings | 22 | €197,291 | €193,584 | -€3,708 | -1.9% |
| Plant, machinery and equipment | 23 | - | €4,273 | +€4,273 | |
| Furniture and vehicles | 24 | €1,536 | €3,479 | +€1,943 | +126% |
| Financial fixed assets | 28 | €48,447 | €48,387 | -€60 | -0.1% |
| Current assets | 29/58 | €220,529 | €192,739 | -€27,791 | -12.6% |
| Amounts receivable after more than one year | 29 | €71,500 | €43,000 | -€28,500 | -39.9% |
| Other amounts receivable | 291 | €71,500 | €43,000 | -€28,500 | -39.9% |
| Amounts receivable within one year | 40/41 | €61,804 | €129,400 | +€67,596 | +109% |
| Trade receivables | 40 | €61,804 | €126,799 | +€64,995 | +105% |
| Other amounts receivable | 41 | - | €2,601 | +€2,601 | |
| Cash at bank and in hand | 54/58 | €83,308 | €15,349 | -€67,959 | -81.6% |
| Deferred charges and accrued income | 490/1 | €3,917 | €4,990 | +€1,073 | +27.4% |
| Total equity and liabilities | 10/49 | €467,804 | €442,462 | -€25,342 | -5.4% |
| Equity | 10/15 | €369,077 | €340,796 | -€28,280 | -7.7% |
| Contributions | 10/11 | €3,859 | €3,859 | = | 0.0% |
| Reserves | 13 | €330,161 | €300,161 | -€30,000 | -9.1% |
| Distributable reserves | 133 | €330,161 | €300,161 | -€30,000 | -9.1% |
| Profit (loss) carried forward | 14 | €35,057 | €36,776 | +€1,720 | +4.9% |
| Amounts payable | 17/49 | €98,727 | €101,666 | +€2,938 | +3.0% |
| Amounts payable within one year | 42/48 | €98,727 | €101,666 | +€2,938 | +3.0% |
| Financial debts | 43 | - | €6,874 | +€6,874 | |
| Credit institutions | 430/8 | - | €1,119 | +€1,119 | |
| Other loans | 439 | - | €5,755 | +€5,755 | |
| Trade debts | 44 | €9,365 | €10,329 | +€964 | +10.3% |
| Suppliers | 440/4 | €6,765 | €7,729 | +€964 | +14.2% |
| Bills of exchange payable | 441 | €2,600 | €2,600 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €35,685 | €31,942 | -€3,743 | -10.5% |
| Taxes | 450/3 | €34,904 | €31,230 | -€3,674 | -10.5% |
| Remuneration and social security | 454/9 | €781 | €712 | -€69 | -8.9% |
| Other amounts payable | 47/48 | €53,678 | €52,521 | -€1,157 | -2.2% |
| Remuneration, social security and pensions | 62 | €14,760 | €13,590 | -€1,170 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,542 | €5,483 | +€941 | +20.7% |
| Other operating charges | 640/8 | €2,564 | €2,556 | -€8 | -0.3% |
| Gross operating margin | 9900 | €139,959 | €88,331 | -€51,629 | -36.9% |
| Operating profit (loss) | 9901 | €118,093 | €66,701 | -€51,392 | -43.5% |
| Financial income | 75/76B | €293 | €101 | -€192 | -65.4% |
| Recurring financial income | 75 | €293 | €101 | -€192 | -65.4% |
| Financial charges | 65/66B | €531 | €655 | +€124 | +23.3% |
| Recurring financial charges | 65 | €531 | €655 | +€124 | +23.3% |
| Profit (loss) for the period before taxes | 9903 | €117,855 | €66,148 | -€51,707 | -43.9% |
| Income taxes | 67/77 | €33,044 | €14,429 | -€18,615 | -56.3% |
| Profit (loss) for the period | 9904 | €84,811 | €51,720 | -€33,091 | -39.0% |
| Profit (loss) for the period to be appropriated | 9905 | €84,811 | €51,720 | -€33,091 | -39.0% |
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 29 October 2026 via checked.be.