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 -€8,975
down €8,975 (-7.1%), from €127,077 to €118,102
- Trade debts -€47,650
down €47,650 (-77.4%), from €61,574 to €13,924
- Other debts +€40,748
up €40,748 (+240.9%), from €16,914 to €57,662
- Short-term financial debts +€15,471
up €15,471 (+244.7%), from €6,322 to €21,793
- Debts after one year -€13,195
no longer reported in 2025 (was €13,195)
- Tax, wage and social debts -€4,868
no longer reported in 2025 (was €4,868)
- Financial income -€82
no longer reported in 2025 (was €82)
- Other operating charges -€64
down €64 (-2.1%), from €2,992 to €2,928
- Financial charges -€48
down €48 (-5.5%), from €877 to €828
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 | €129,625 | €120,487 | -€9,138 | -7.0% |
| Fixed assets | 21/28 | €135 | €135 | = | 0.0% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €129,490 | €120,352 | -€9,138 | -7.1% |
| Stocks and contracts in progress | 3 | €127,077 | €118,102 | -€8,975 | -7.1% |
| Stocks | 30/36 | €127,077 | €118,102 | -€8,975 | -7.1% |
| Amounts receivable within one year | 40/41 | €191 | €193 | +€2 | +1.0% |
| Other amounts receivable | 41 | €191 | €193 | +€2 | +1.0% |
| Cash at bank and in hand | 54/58 | €722 | €557 | -€165 | -22.8% |
| Deferred charges and accrued income | 490/1 | €1,500 | €1,500 | = | 0.0% |
| Total equity and liabilities | 10/49 | €129,625 | €120,487 | -€9,138 | -7.0% |
| Equity | 10/15 | €26,752 | €27,108 | +€356 | +1.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Capital | 10 | €18,550 | €18,550 | = | 0.0% |
| Issued capital | 100 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €8,202 | €8,558 | +€356 | +4.3% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Legal reserve | 130 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €6,347 | €6,703 | +€356 | +5.6% |
| Amounts payable | 17/49 | €102,872 | €93,379 | -€9,494 | -9.2% |
| Amounts payable after more than one year | 17 | €13,195 | - | -€13,195 | |
| Financial debts | 170/4 | €13,195 | - | -€13,195 | |
| Amounts payable within one year | 42/48 | €89,678 | €93,379 | +€3,701 | +4.1% |
| Financial debts | 43 | €6,322 | €21,793 | +€15,471 | +244.7% |
| Credit institutions | 430/8 | €6,322 | €21,793 | +€15,471 | +244.7% |
| Trade debts | 44 | €61,574 | €13,924 | -€47,650 | -77.4% |
| Suppliers | 440/4 | €61,574 | €13,924 | -€47,650 | -77.4% |
| Taxes, remuneration and social security | 45 | €4,868 | - | -€4,868 | |
| Taxes | 450/3 | €4,868 | - | -€4,868 | |
| Other amounts payable | 47/48 | €16,914 | €57,662 | +€40,748 | +240.9% |
| Other operating charges | 640/8 | €2,992 | €2,928 | -€64 | -2.1% |
| Gross operating margin | 9900 | €4,261 | €4,241 | -€19 | -0.5% |
| Operating profit (loss) | 9901 | €1,268 | €1,313 | +€45 | +3.5% |
| Financial income | 75/76B | €82 | - | -€82 | |
| Recurring financial income | 75 | €82 | - | -€82 | |
| Financial charges | 65/66B | €877 | €828 | -€48 | -5.5% |
| Recurring financial charges | 65 | €877 | €828 | -€48 | -5.5% |
| Profit (loss) for the period before taxes | 9903 | €473 | €485 | +€11 | +2.4% |
| Income taxes | 67/77 | €110 | €129 | +€19 | +17.2% |
| Profit (loss) for the period | 9904 | €363 | €356 | -€8 | -2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €363 | €356 | -€8 | -2.1% |
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 29 September 2026 via checked.be.