W&Ko: 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&Ko
Largest movements
- Current investments -€200,000
down €200,000 (-88.9%), from €225,000 to €25,000
- Cash +€157,272
up €157,272 (+88.3%), from €178,065 to €335,337
mainly Current investments (+€200,000) and Net result for the year (+€192,159)
- Receivables within one year +€71,500
up €71,500 (+70.4%), from €101,586 to €173,086
of which Other amounts receivable: +€66,259
- Tangible fixed assets -€25,719
down €25,719 (-2.6%), from €989,871 to €964,152
of which Land and buildings: -€23,811
- Reserves +€139,342
up €139,342 (+17.2%), from €809,522 to €948,864
- Other debts -€84,793
down €84,793 (-24.6%), from €344,849 to €260,057
- Debts after one year -€46,727
down €46,727 (-6.3%), from €739,538 to €692,811
of which Financial debts: -€46,727
- Gross operating margin +€44,360
up €44,360 (+28.2%), from €157,143 to €201,503
- Financial income +€17,200
up €17,200 (+18.2%), from €94,411 to €111,611
- Taxes +€10,681
up €10,681 (+31.1%), from €34,319 to €45,000
- Financial charges -€3,076
down €3,076 (-6.1%), from €50,797 to €47,721
- Depreciation +€3,017
up €3,017 (+13.3%), from €22,703 to €25,719
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 | €1,996,445 | €1,998,320 | +€1,874 | +0.1% |
| Fixed assets | 21/28 | €1,489,871 | €1,464,152 | -€25,719 | -1.7% |
| Tangible fixed assets | 22/27 | €989,871 | €964,152 | -€25,719 | -2.6% |
| Land and buildings | 22 | €986,316 | €962,505 | -€23,811 | -2.4% |
| Plant, machinery and equipment | 23 | €3,555 | €1,647 | -€1,908 | -53.7% |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €506,574 | €534,168 | +€27,594 | +5.4% |
| Amounts receivable within one year | 40/41 | €101,586 | €173,086 | +€71,500 | +70.4% |
| Trade receivables | 40 | €38,783 | €44,024 | +€5,241 | +13.5% |
| Other amounts receivable | 41 | €62,803 | €129,062 | +€66,259 | +105.5% |
| Current investments | 50/53 | €225,000 | €25,000 | -€200,000 | -88.9% |
| Cash at bank and in hand | 54/58 | €178,065 | €335,337 | +€157,272 | +88.3% |
| Deferred charges and accrued income | 490/1 | €1,923 | €745 | -€1,178 | -61.3% |
| Total equity and liabilities | 10/49 | €1,996,445 | €1,998,320 | +€1,874 | +0.1% |
| Equity | 10/15 | €828,072 | €967,414 | +€139,342 | +16.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €809,522 | €948,864 | +€139,342 | +17.2% |
| Distributable reserves | 133 | €809,522 | €948,864 | +€139,342 | +17.2% |
| Amounts payable | 17/49 | €1,168,373 | €1,030,906 | -€137,467 | -11.8% |
| Amounts payable after more than one year | 17 | €739,538 | €692,811 | -€46,727 | -6.3% |
| Financial debts | 170/4 | €589,538 | €542,811 | -€46,727 | -7.9% |
| Other amounts payable | 178/9 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €408,016 | €323,188 | -€84,829 | -20.8% |
| Current portion of amounts payable after more than one year | 42 | €46,727 | €46,727 | = | 0.0% |
| Trade debts | 44 | €4,325 | €1,198 | -€3,127 | -72.3% |
| Suppliers | 440/4 | €4,325 | €1,198 | -€3,127 | -72.3% |
| Taxes, remuneration and social security | 45 | €12,115 | €15,206 | +€3,091 | +25.5% |
| Taxes | 450/3 | €12,115 | €15,206 | +€3,091 | +25.5% |
| Other amounts payable | 47/48 | €344,849 | €260,057 | -€84,793 | -24.6% |
| Accrued charges and deferred income | 492/3 | €20,819 | €14,907 | -€5,912 | -28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,703 | €25,719 | +€3,017 | +13.3% |
| Other operating charges | 640/8 | €1,939 | €2,515 | +€576 | +29.7% |
| Gross operating margin | 9900 | €157,143 | €201,503 | +€44,360 | +28.2% |
| Operating profit (loss) | 9901 | €132,501 | €173,269 | +€40,768 | +30.8% |
| Financial income | 75/76B | €94,411 | €111,611 | +€17,200 | +18.2% |
| Recurring financial income | 75 | €94,411 | €111,611 | +€17,200 | +18.2% |
| Financial charges | 65/66B | €50,797 | €47,721 | -€3,076 | -6.1% |
| Recurring financial charges | 65 | €50,797 | €47,721 | -€3,076 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €176,115 | €237,160 | +€61,045 | +34.7% |
| Income taxes | 67/77 | €34,319 | €45,000 | +€10,681 | +31.1% |
| Profit (loss) for the period | 9904 | €141,796 | €192,159 | +€50,363 | +35.5% |
| Profit (loss) for the period to be appropriated | 9905 | €141,796 | €192,159 | +€50,363 | +35.5% |
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 4 October 2026 via checked.be.