W.M.: 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.M.
Largest movements
- Stocks and contracts -€152,470
no longer reported in 2025 (was €152,470)
- Cash +€113,003
up €113,003 (+1400288.2%), from €8 to €113,011
mainly Stocks and contracts (+€152,470) and Trade debts (+€126,652)
- Receivables within one year +€57,990
up €57,990 (+96.6%), from €60,000 to €117,990
- Trade debts +€126,652
up €126,652 (+1024.8%), from €12,358 to €139,010
- Profit (loss) carried forward -€114,908
down €114,908 (-72.3%), from -€158,992 to -€273,901
- Tax, wage and social debts +€15,199
up €15,199 (+1927.5%), from €789 to €15,988
- Other debts -€6,572
down €6,572 (-5.3%), from €124,684 to €118,112
- Reserves -€6,000
down €6,000 (-3.3%), from €183,250 to €177,250
of which Tax-exempt reserves: -€6,000
- Gross operating margin -€45,014
down €45,014 (-84.3%), from -€53,390 to -€98,404
- Taxes +€14,037
up €14,037 (+9635.3%), from €146 to €14,182
- Other operating charges -€2,255
down €2,255 (-59.6%), from €3,783 to €1,528
- Depreciation -€1,999
down €1,999 (-70.5%), from €2,837 to €838
- Financial charges +€987
up €987 (+27.8%), from €3,548 to €4,535
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 | €215,681 | €231,097 | +€15,417 | +7.1% |
| Fixed assets | 21/28 | €2,259 | - | -€2,259 | |
| Tangible fixed assets | 22/27 | €2,259 | - | -€2,259 | |
| Plant, machinery and equipment | 23 | €2,259 | - | -€2,259 | |
| Current assets | 29/58 | €213,422 | €231,097 | +€17,675 | +8.3% |
| Stocks and contracts in progress | 3 | €152,470 | - | -€152,470 | |
| Stocks | 30/36 | €152,470 | - | -€152,470 | |
| Amounts receivable within one year | 40/41 | €60,000 | €117,990 | +€57,990 | +96.6% |
| Trade receivables | 40 | €60,000 | €117,990 | +€57,990 | +96.6% |
| Cash at bank and in hand | 54/58 | €8 | €113,011 | +€113,003 | +1400288.2% |
| Deferred charges and accrued income | 490/1 | €944 | €96 | -€848 | -89.8% |
| Total equity and liabilities | 10/49 | €215,681 | €231,097 | +€15,417 | +7.1% |
| Equity | 10/15 | €74,258 | -€46,651 | -€120,908 | |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €183,250 | €177,250 | -€6,000 | -3.3% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,000 | - | -€6,000 | |
| Distributable reserves | 133 | €172,250 | €172,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€158,992 | -€273,901 | -€114,908 | -72.3% |
| Amounts payable | 17/49 | €141,423 | €277,748 | +€136,325 | +96.4% |
| Amounts payable within one year | 42/48 | €137,831 | €273,110 | +€135,279 | +98.1% |
| Trade debts | 44 | €12,358 | €139,010 | +€126,652 | +1024.8% |
| Suppliers | 440/4 | €12,358 | €139,010 | +€126,652 | +1024.8% |
| Taxes, remuneration and social security | 45 | €789 | €15,988 | +€15,199 | +1927.5% |
| Taxes | 450/3 | €789 | €15,988 | +€15,199 | +1927.5% |
| Other amounts payable | 47/48 | €124,684 | €118,112 | -€6,572 | -5.3% |
| Accrued charges and deferred income | 492/3 | €3,592 | €4,638 | +€1,046 | +29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,837 | €838 | -€1,999 | -70.5% |
| Other operating charges | 640/8 | €3,783 | €1,528 | -€2,255 | -59.6% |
| Non-recurring operating charges | 66A | €13,694 | €1,421 | -€12,273 | -89.6% |
| Gross operating margin | 9900 | -€53,390 | -€98,404 | -€45,014 | -84.3% |
| Operating profit (loss) | 9901 | -€73,704 | -€102,191 | -€28,487 | -38.7% |
| Financial charges | 65/66B | €3,548 | €4,535 | +€987 | +27.8% |
| Recurring financial charges | 65 | €3,548 | €4,535 | +€987 | +27.8% |
| Profit (loss) for the period before taxes | 9903 | -€77,252 | -€106,726 | -€29,474 | -38.2% |
| Income taxes | 67/77 | €146 | €14,182 | +€14,037 | +9635.3% |
| Profit (loss) for the period | 9904 | -€77,398 | -€120,908 | -€43,511 | -56.2% |
| Transfer from tax-exempt reserves | 789 | - | €6,000 | +€6,000 | |
| Profit (loss) for the period to be appropriated | 9905 | -€77,398 | -€114,908 | -€37,511 | -48.5% |
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 6 October 2026 via checked.be.