W.J.: 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.J.
Largest movements
- Tangible fixed assets -€41,069
down €41,069 (-3.7%), from €1.1m to €1.1m
of which Other tangible fixed assets: -€56,400
- Cash -€20,016
down €20,016 (-77.9%), from €25,691 to €5,675
mainly Other debts (-€198,621) and Debts after one year (-€114,199)
- Reserves +€246,055
up €246,055 (+48.9%), from €503,587 to €749,642
of which Distributable reserves: +€246,055
- Other debts -€198,621
down €198,621 (-31.1%), from €638,311 to €439,689
- Debts after one year -€114,199
down €114,199 (-26.0%), from €439,819 to €325,620
of which Financial debts: -€114,199
- Gross operating margin -€62,592
down €62,592 (-27.6%), from €227,170 to €164,577
- Financial income +€17,831
up €17,831 (+6.9%), from €258,891 to €276,722
of which Non-recurring financial income: +€10,294
- Depreciation +€13,756
up €13,756 (+12.8%), from €107,264 to €121,021
- Financial charges -€4,540
down €4,540 (-11.4%), from €39,906 to €35,366
of which Non-recurring financial charges: -€4,915
- Other operating charges +€2,897
up €2,897 (+19.4%), from €14,914 to €17,810
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 | €1,937,686 | €1,864,542 | -€73,143 | -3.8% |
| Fixed assets | 21/28 | €1,854,561 | €1,813,492 | -€41,069 | -2.2% |
| Tangible fixed assets | 22/27 | €1,104,561 | €1,063,492 | -€41,069 | -3.7% |
| Land and buildings | 22 | €233,951 | €214,250 | -€19,700 | -8.4% |
| Plant, machinery and equipment | 23 | €16,485 | €19,272 | +€2,787 | +16.9% |
| Furniture and vehicles | 24 | €36,295 | €68,538 | +€32,244 | +88.8% |
| Other tangible fixed assets | 26 | €817,832 | €761,432 | -€56,400 | -6.9% |
| Financial fixed assets | 28 | €750,000 | €750,000 | = | 0.0% |
| Current assets | 29/58 | €83,124 | €51,050 | -€32,074 | -38.6% |
| Stocks and contracts in progress | 3 | €2,008 | €2,008 | = | 0.0% |
| Stocks | 30/36 | €2,008 | €2,008 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €50,082 | €39,733 | -€10,349 | -20.7% |
| Trade receivables | 40 | €47,855 | €16,954 | -€30,901 | -64.6% |
| Other amounts receivable | 41 | €2,227 | €22,779 | +€20,552 | +923% |
| Cash at bank and in hand | 54/58 | €25,691 | €5,675 | -€20,016 | -77.9% |
| Deferred charges and accrued income | 490/1 | €5,343 | €3,634 | -€1,709 | -32.0% |
| Total equity and liabilities | 10/49 | €1,937,686 | €1,864,542 | -€73,143 | -3.8% |
| Equity | 10/15 | €703,587 | €949,642 | +€246,055 | +35.0% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €503,587 | €749,642 | +€246,055 | +48.9% |
| Non-distributable reserves | 130/1 | €3,652 | €3,652 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,652 | €3,652 | = | 0.0% |
| Distributable reserves | 133 | €499,935 | €745,990 | +€246,055 | +49.2% |
| Amounts payable | 17/49 | €1,234,099 | €914,901 | -€319,198 | -25.9% |
| Amounts payable after more than one year | 17 | €439,819 | €325,620 | -€114,199 | -26.0% |
| Financial debts | 170/4 | €439,369 | €325,170 | -€114,199 | -26.0% |
| Other amounts payable | 178/9 | €450 | €450 | = | 0.0% |
| Amounts payable within one year | 42/48 | €794,280 | €588,507 | -€205,772 | -25.9% |
| Current portion of amounts payable after more than one year | 42 | €138,756 | €134,199 | -€4,557 | -3.3% |
| Trade debts | 44 | €3,582 | €7,265 | +€3,683 | +103% |
| Suppliers | 440/4 | €3,582 | €7,265 | +€3,683 | +103% |
| Advances received on contracts in progress | 46 | €413 | €468 | +€55 | +13.3% |
| Taxes, remuneration and social security | 45 | €13,218 | €6,886 | -€6,331 | -47.9% |
| Taxes | 450/3 | €10,266 | €3,930 | -€6,337 | -61.7% |
| Remuneration and social security | 454/9 | €2,951 | €2,956 | +€5 | +0.2% |
| Other amounts payable | 47/48 | €638,311 | €439,689 | -€198,621 | -31.1% |
| Accrued charges and deferred income | 492/3 | - | €773 | +€773 | |
| Remuneration, social security and pensions | 62 | €19,524 | €21,048 | +€1,524 | +7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,264 | €121,021 | +€13,756 | +12.8% |
| Other operating charges | 640/8 | €14,914 | €17,810 | +€2,897 | +19.4% |
| Gross operating margin | 9900 | €227,170 | €164,577 | -€62,592 | -27.6% |
| Operating profit (loss) | 9901 | €85,468 | €4,698 | -€80,770 | -94.5% |
| Financial income | 75/76B | €258,891 | €276,722 | +€17,831 | +6.9% |
| Recurring financial income | 75 | €258,891 | €266,428 | +€7,536 | +2.9% |
| Non-recurring financial income | 76B | - | €10,294 | +€10,294 | |
| Financial charges | 65/66B | €39,906 | €35,366 | -€4,540 | -11.4% |
| Recurring financial charges | 65 | €34,441 | €34,816 | +€375 | +1.1% |
| Non-recurring financial charges | 66B | €5,465 | €550 | -€4,915 | -89.9% |
| Profit (loss) for the period before taxes | 9903 | €304,453 | €246,055 | -€58,399 | -19.2% |
| Profit (loss) for the period | 9904 | €304,453 | €246,055 | -€58,399 | -19.2% |
| Profit (loss) for the period to be appropriated | 9905 | €304,453 | €246,055 | -€58,399 | -19.2% |
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 18 October 2026 via checked.be.