W & M: 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 & M
Largest movements
- Receivables within one year +€18,406
up €18,406 (+158.5%), from €11,615 to €30,022
of which Other amounts receivable: +€18,386
- Cash -€12,246
down €12,246 (-34.3%), from €35,695 to €23,448
mainly Receivables within one year (-€18,406) and Net result for the year (-€8,942)
- Receivables after one year -€8,091
down €8,091 (-42.9%), from €18,878 to €10,788
- Deferred charges and accrued income -€4,920
down €4,920 (-11.1%), from €44,280 to €39,360
- Tangible fixed assets -€4,619
down €4,619 (-31.7%), from €14,572 to €9,953
of which Plant, machinery and equipment: -€3,866
- Reserves -€8,942
down €8,942 (-12.2%), from €73,498 to €64,555
- Tax, wage and social debts -€3,109
down €3,109 (-12.2%), from €25,585 to €22,475
of which Taxes: -€1,930
- Trade debts +€1,752
up €1,752 (+11.2%), from €15,601 to €17,353
- Gross operating margin -€8,254
down €8,254 (-6.5%), from €127,417 to €119,163
- Staff costs +€8,223
up €8,223 (+9.1%), from €90,327 to €98,550
- Financial charges +€8,094
up €8,094 (+67.8%), from €11,946 to €20,040
- Taxes -€3,571
down €3,571 (-99.7%), from €3,582 to €11
- Depreciation -€1,421
down €1,421 (-23.5%), from €6,040 to €4,619
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 | €133,915 | €123,375 | -€10,540 | -7.9% |
| Fixed assets | 21/28 | €14,572 | €9,953 | -€4,619 | -31.7% |
| Tangible fixed assets | 22/27 | €14,572 | €9,953 | -€4,619 | -31.7% |
| Land and buildings | 22 | €879 | €742 | -€137 | -15.6% |
| Plant, machinery and equipment | 23 | €13,076 | €9,210 | -€3,866 | -29.6% |
| Furniture and vehicles | 24 | €164 | €0 | -€164 | -100.0% |
| Other tangible fixed assets | 26 | €452 | €0 | -€452 | -100.0% |
| Current assets | 29/58 | €119,343 | €113,422 | -€5,920 | -5.0% |
| Amounts receivable after more than one year | 29 | €18,878 | €10,788 | -€8,091 | -42.9% |
| Other amounts receivable | 291 | €18,878 | €10,788 | -€8,091 | -42.9% |
| Stocks and contracts in progress | 3 | €8,875 | €9,805 | +€930 | +10.5% |
| Stocks | 30/36 | €8,875 | €9,805 | +€930 | +10.5% |
| Amounts receivable within one year | 40/41 | €11,615 | €30,022 | +€18,406 | +158.5% |
| Trade receivables | 40 | €640 | €661 | +€20 | +3.2% |
| Other amounts receivable | 41 | €10,975 | €29,361 | +€18,386 | +167.5% |
| Cash at bank and in hand | 54/58 | €35,695 | €23,448 | -€12,246 | -34.3% |
| Deferred charges and accrued income | 490/1 | €44,280 | €39,360 | -€4,920 | -11.1% |
| Total equity and liabilities | 10/49 | €133,915 | €123,375 | -€10,540 | -7.9% |
| Equity | 10/15 | €92,098 | €83,155 | -€8,942 | -9.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €73,498 | €64,555 | -€8,942 | -12.2% |
| Distributable reserves | 133 | €73,498 | €64,555 | -€8,942 | -12.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €41,817 | €40,220 | -€1,597 | -3.8% |
| Amounts payable within one year | 42/48 | €41,186 | €39,828 | -€1,358 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €15,601 | €17,353 | +€1,752 | +11.2% |
| Suppliers | 440/4 | €15,601 | €17,353 | +€1,752 | +11.2% |
| Taxes, remuneration and social security | 45 | €25,585 | €22,475 | -€3,109 | -12.2% |
| Taxes | 450/3 | €16,139 | €14,209 | -€1,930 | -12.0% |
| Remuneration and social security | 454/9 | €9,445 | €8,266 | -€1,179 | -12.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €631 | €392 | -€240 | -38.0% |
| Remuneration, social security and pensions | 62 | €90,327 | €98,550 | +€8,223 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,040 | €4,619 | -€1,421 | -23.5% |
| Other operating charges | 640/8 | €5,881 | €4,920 | -€961 | -16.3% |
| Gross operating margin | 9900 | €127,417 | €119,163 | -€8,254 | -6.5% |
| Operating profit (loss) | 9901 | €25,168 | €11,073 | -€14,095 | -56.0% |
| Financial income | 75/76B | €23 | €36 | +€13 | +56.3% |
| Recurring financial income | 75 | €23 | €36 | +€13 | +56.3% |
| Financial charges | 65/66B | €11,946 | €20,040 | +€8,094 | +67.8% |
| Recurring financial charges | 65 | €11,946 | €20,040 | +€8,094 | +67.8% |
| Profit (loss) for the period before taxes | 9903 | €13,245 | -€8,932 | -€22,177 | |
| Income taxes | 67/77 | €3,582 | €11 | -€3,571 | -99.7% |
| Profit (loss) for the period | 9904 | €9,663 | -€8,942 | -€18,606 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,663 | -€8,942 | -€18,606 |
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 9 October 2026 via checked.be.