W & I: 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 & I
Largest movements
- Tangible fixed assets +€115,321
up €115,321 (+50.9%), from €226,585 to €341,906
of which Land and buildings: +€128,174
- Stocks and contracts -€39,289
no longer reported in 2025 (was €39,289)
- Current investments +€33,000
up €33,000 (+22.5%), from €146,490 to €179,490
- Cash -€10,824
down €10,824 (-4.0%), from €267,583 to €256,759
mainly Investment in fixed assets (net) (-€191,695) and Contributions, distributions and other (-€47,175)
- Accrued charges and deferred income +€157,315
new in 2025: €157,315
- Tax, wage and social debts -€28,487
down €28,487 (-87.0%), from €32,750 to €4,263
of which Remuneration and social security: -€25,005
- Current portion of long-term debt -€21,997
down €21,997 (-53.9%), from €40,798 to €18,801
- Debts after one year -€18,801
no longer reported in 2025 (was €18,801)
- Reserves +€18,459
up €18,459 (+2.2%), from €842,348 to €860,808
of which Distributable reserves: +€18,459
- Gross operating margin -€138,768
down €138,768 (-26.1%), from €532,013 to €393,245
- Staff costs +€75,939
up €75,939 (+45.5%), from €167,004 to €242,942
- Taxes -€58,716
down €58,716 (-69.2%), from €84,867 to €26,151
- Financial income +€17,184
up €17,184 (+310.5%), from €5,535 to €22,718
- Other operating charges -€12,613
down €12,613 (-74.6%), from €16,900 to €4,287
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 | €979,366 | €1,078,084 | +€98,718 | +10.1% |
| Fixed assets | 21/28 | €226,585 | €341,906 | +€115,321 | +50.9% |
| Tangible fixed assets | 22/27 | €226,585 | €341,906 | +€115,321 | +50.9% |
| Land and buildings | 22 | €187,778 | €315,952 | +€128,174 | +68.3% |
| Plant, machinery and equipment | 23 | €31,993 | €23,492 | -€8,502 | -26.6% |
| Furniture and vehicles | 24 | €6,814 | €2,463 | -€4,351 | -63.9% |
| Current assets | 29/58 | €752,781 | €736,177 | -€16,603 | -2.2% |
| Amounts receivable after more than one year | 29 | €250,000 | €250,000 | = | 0.0% |
| Other amounts receivable | 291 | €250,000 | €250,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €39,289 | - | -€39,289 | |
| Stocks | 30/36 | €39,289 | - | -€39,289 | |
| Amounts receivable within one year | 40/41 | €47,748 | €48,813 | +€1,066 | +2.2% |
| Trade receivables | 40 | €5,541 | €7,459 | +€1,918 | +34.6% |
| Other amounts receivable | 41 | €42,207 | €41,354 | -€853 | -2.0% |
| Current investments | 50/53 | €146,490 | €179,490 | +€33,000 | +22.5% |
| Cash at bank and in hand | 54/58 | €267,583 | €256,759 | -€10,824 | -4.0% |
| Deferred charges and accrued income | 490/1 | €1,671 | €1,115 | -€556 | -33.3% |
| Total equity and liabilities | 10/49 | €979,366 | €1,078,084 | +€98,718 | +10.1% |
| Equity | 10/15 | €848,548 | €867,008 | +€18,459 | +2.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €842,348 | €860,808 | +€18,459 | +2.2% |
| Tax-exempt reserves | 132 | €12,579 | €12,579 | = | 0.0% |
| Distributable reserves | 133 | €829,770 | €848,229 | +€18,459 | +2.2% |
| Amounts payable | 17/49 | €130,818 | €211,076 | +€80,258 | +61.4% |
| Amounts payable after more than one year | 17 | €18,801 | - | -€18,801 | |
| Financial debts | 170/4 | €18,801 | - | -€18,801 | |
| Amounts payable within one year | 42/48 | €112,017 | €53,761 | -€58,256 | -52.0% |
| Current portion of amounts payable after more than one year | 42 | €40,798 | €18,801 | -€21,997 | -53.9% |
| Trade debts | 44 | €38,468 | €30,696 | -€7,772 | -20.2% |
| Suppliers | 440/4 | €38,468 | €30,696 | -€7,772 | -20.2% |
| Taxes, remuneration and social security | 45 | €32,750 | €4,263 | -€28,487 | -87.0% |
| Taxes | 450/3 | €6,957 | €3,476 | -€3,482 | -50.0% |
| Remuneration and social security | 454/9 | €25,793 | €788 | -€25,005 | -96.9% |
| Accrued charges and deferred income | 492/3 | - | €157,315 | +€157,315 | |
| Remuneration, social security and pensions | 62 | €167,004 | €242,942 | +€75,939 | +45.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,999 | €76,374 | +€375 | +0.5% |
| Other operating charges | 640/8 | €16,900 | €4,287 | -€12,613 | -74.6% |
| Gross operating margin | 9900 | €532,013 | €393,245 | -€138,768 | -26.1% |
| Operating profit (loss) | 9901 | €272,111 | €69,642 | -€202,469 | -74.4% |
| Financial income | 75/76B | €5,535 | €22,718 | +€17,184 | +310.5% |
| Recurring financial income | 75 | €5,535 | €22,718 | +€17,184 | +310.5% |
| Financial charges | 65/66B | €1,624 | €575 | -€1,049 | -64.6% |
| Recurring financial charges | 65 | €1,624 | €575 | -€1,049 | -64.6% |
| Profit (loss) for the period before taxes | 9903 | €276,022 | €91,785 | -€184,237 | -66.7% |
| Income taxes | 67/77 | €84,867 | €26,151 | -€58,716 | -69.2% |
| Profit (loss) for the period | 9904 | €191,155 | €65,634 | -€125,520 | -65.7% |
| Profit (loss) for the period to be appropriated | 9905 | €191,155 | €65,634 | -€125,520 | -65.7% |
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 8 October 2026 via checked.be.