W-Hold: 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-Hold
Largest movements
- Receivables within one year -€753,990
down €753,990 (-69.4%), from €1.1m to €332,153
- Tangible fixed assets +€397,938
up €397,938 (+340.4%), from €116,904 to €514,842
of which Other tangible fixed assets: +€427,446
- Cash -€212,627
down €212,627 (-61.7%), from €344,778 to €132,152
mainly Other debts (-€716,301) and Investment in fixed assets (net) (-€427,446)
- Other debts -€716,301
down €716,301 (-97.0%), from €738,541 to €22,241
- Reserves +€188,903
up €188,903 (+7.6%), from €2.5m to €2.7m
- Current portion of long-term debt -€65,415
down €65,415 (-94.5%), from €69,248 to €3,833
- Financial income -€91,877
down €91,877 (-15.3%), from €602,411 to €510,533
- Provisions +€31,200
new in 2025: €31,200
- Taxes -€15,557
down €15,557 (-21.4%), from €72,661 to €57,103
- Gross operating margin -€9,506
down €9,506 (-7.6%), from €125,371 to €115,865
- Financial charges +€5,003
up €5,003 (+33.7%), from €14,836 to €19,839
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,568,958 | €3,002,644 | -€566,314 | -15.9% |
| Fixed assets | 21/28 | €2,137,379 | €2,535,317 | +€397,938 | +18.6% |
| Tangible fixed assets | 22/27 | €116,904 | €514,842 | +€397,938 | +340.4% |
| Furniture and vehicles | 24 | €116,904 | €87,397 | -€29,507 | -25.2% |
| Other tangible fixed assets | 26 | - | €427,446 | +€427,446 | |
| Financial fixed assets | 28 | €2,020,475 | €2,020,475 | = | 0.0% |
| Current assets | 29/58 | €1,431,579 | €467,327 | -€964,252 | -67.4% |
| Amounts receivable within one year | 40/41 | €1,086,143 | €332,153 | -€753,990 | -69.4% |
| Other amounts receivable | 41 | €1,086,143 | €332,153 | -€753,990 | -69.4% |
| Cash at bank and in hand | 54/58 | €344,778 | €132,152 | -€212,627 | -61.7% |
| Deferred charges and accrued income | 490/1 | €658 | €3,022 | +€2,364 | +359.6% |
| Total equity and liabilities | 10/49 | €3,568,958 | €3,002,644 | -€566,314 | -15.9% |
| Equity | 10/15 | €2,502,547 | €2,691,450 | +€188,903 | +7.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,482,547 | €2,671,450 | +€188,903 | +7.6% |
| Distributable reserves | 133 | €2,482,547 | €2,671,450 | +€188,903 | +7.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €196,397 | €229,353 | +€32,956 | +16.8% |
| Provisions for liabilities and charges | 160/5 | €196,397 | €229,353 | +€32,956 | +16.8% |
| Other liabilities and charges | 164/5 | €196,397 | €229,353 | +€32,956 | +16.8% |
| Amounts payable | 17/49 | €870,014 | €81,841 | -€788,173 | -90.6% |
| Amounts payable after more than one year | 17 | €3,833 | €0 | -€3,833 | -100.0% |
| Financial debts | 170/4 | €3,833 | €0 | -€3,833 | -100.0% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €866,181 | €81,841 | -€784,340 | -90.6% |
| Current portion of amounts payable after more than one year | 42 | €69,248 | €3,833 | -€65,415 | -94.5% |
| Financial debts | 43 | €13,525 | €6,760 | -€6,765 | -50.0% |
| Credit institutions | 430/8 | €13,525 | €6,760 | -€6,765 | -50.0% |
| Trade debts | 44 | €567 | €7,531 | +€6,964 | +1228.7% |
| Suppliers | 440/4 | €567 | €7,531 | +€6,964 | +1228.7% |
| Taxes, remuneration and social security | 45 | €44,300 | €41,476 | -€2,824 | -6.4% |
| Taxes | 450/3 | €39,650 | €36,826 | -€2,824 | -7.1% |
| Remuneration and social security | 454/9 | €4,650 | €4,650 | = | 0.0% |
| Other amounts payable | 47/48 | €738,541 | €22,241 | -€716,301 | -97.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,507 | €29,507 | = | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €31,200 | +€31,200 | |
| Other operating charges | 640/8 | €1,651 | €1,873 | +€223 | +13.5% |
| Non-recurring operating charges | 66A | €3,302 | €0 | -€3,302 | -100.0% |
| Gross operating margin | 9900 | €125,371 | €115,865 | -€9,506 | -7.6% |
| Operating profit (loss) | 9901 | €90,911 | €53,285 | -€37,626 | -41.4% |
| Financial income | 75/76B | €602,411 | €510,533 | -€91,877 | -15.3% |
| Recurring financial income | 75 | €602,411 | €510,533 | -€91,877 | -15.3% |
| Financial charges | 65/66B | €14,836 | €19,839 | +€5,003 | +33.7% |
| Recurring financial charges | 65 | €14,836 | €19,839 | +€5,003 | +33.7% |
| Profit (loss) for the period before taxes | 9903 | €678,486 | €543,979 | -€134,507 | -19.8% |
| Income taxes | 67/77 | €72,661 | €57,103 | -€15,557 | -21.4% |
| Profit (loss) for the period | 9904 | €605,825 | €486,876 | -€118,950 | -19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €605,825 | €486,876 | -€118,950 | -19.6% |
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 7 October 2026 via checked.be.