W.M.A.: 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.A.
Largest movements
- Receivables within one year +€67,940
up €67,940 (+580%), from €11,719 to €79,659
- Cash -€21,067
down €21,067 (-84.7%), from €24,864 to €3,797
mainly Receivables within one year (-€67,940) and Investment in fixed assets (net) (-€29,069)
- Tangible fixed assets +€20,621
up €20,621 (+36.7%), from €56,211 to €76,833
of which Furniture and vehicles: +€23,693
- Stocks and contracts +€2,250
up €2,250 (+10.4%), from €21,535 to €23,785
- Trade debts +€52,965
up €52,965 (+15,051%), from €352 to €53,317
- Other debts +€26,961
up €26,961 (+194%), from €13,901 to €40,862
- Profit (loss) carried forward -€21,286
down €21,286 (-26.5%), from €80,206 to €58,920
- Tax, wage and social debts +€11,104
up €11,104 (+107%), from €10,357 to €21,461
- Gross operating margin -€65,881
down €65,881 (-30.6%), from €215,634 to €149,753
- Staff costs -€9,987
down €9,987 (-6.4%), from €157,175 to €147,189
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 | €125,276 | €195,020 | +€69,744 | +55.7% |
| Fixed assets | 21/28 | €56,211 | €76,833 | +€20,621 | +36.7% |
| Tangible fixed assets | 22/27 | €56,211 | €76,833 | +€20,621 | +36.7% |
| Plant, machinery and equipment | 23 | €56,211 | €53,140 | -€3,072 | -5.5% |
| Furniture and vehicles | 24 | - | €23,693 | +€23,693 | |
| Current assets | 29/58 | €69,064 | €118,187 | +€49,123 | +71.1% |
| Stocks and contracts in progress | 3 | €21,535 | €23,785 | +€2,250 | +10.4% |
| Stocks | 30/36 | €21,535 | €23,785 | +€2,250 | +10.4% |
| Amounts receivable within one year | 40/41 | €11,719 | €79,659 | +€67,940 | +580% |
| Other amounts receivable | 41 | €11,719 | €79,659 | +€67,940 | +580% |
| Current investments | 50/53 | €10,947 | €10,947 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €24,864 | €3,797 | -€21,067 | -84.7% |
| Total equity and liabilities | 10/49 | €125,276 | €195,020 | +€69,744 | +55.7% |
| Equity | 10/15 | €100,666 | €79,380 | -€21,286 | -21.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,206 | €58,920 | -€21,286 | -26.5% |
| Amounts payable | 17/49 | €24,610 | €115,639 | +€91,030 | +370% |
| Amounts payable within one year | 42/48 | €24,610 | €115,639 | +€91,030 | +370% |
| Trade debts | 44 | €352 | €53,317 | +€52,965 | +15,051% |
| Suppliers | 440/4 | €352 | €53,317 | +€52,965 | +15,051% |
| Taxes, remuneration and social security | 45 | €10,357 | €21,461 | +€11,104 | +107% |
| Taxes | 450/3 | €10,357 | €21,461 | +€11,104 | +107% |
| Other amounts payable | 47/48 | €13,901 | €40,862 | +€26,961 | +194% |
| Remuneration, social security and pensions | 62 | €157,175 | €147,189 | -€9,987 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,579 | €8,448 | -€131 | -1.5% |
| Other operating charges | 640/8 | €2,344 | €2,249 | -€95 | -4.0% |
| Gross operating margin | 9900 | €215,634 | €149,753 | -€65,881 | -30.6% |
| Operating profit (loss) | 9901 | €47,536 | -€8,132 | -€55,668 | |
| Financial income | 75/76B | €135 | €0 | -€135 | -100.0% |
| Recurring financial income | 75 | €135 | €0 | -€135 | -100.0% |
| Financial charges | 65/66B | €13,105 | €13,153 | +€49 | +0.4% |
| Recurring financial charges | 65 | €13,105 | €13,153 | +€49 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €34,566 | -€21,286 | -€55,852 | |
| Income taxes | 67/77 | €191 | - | -€191 | |
| Profit (loss) for the period | 9904 | €34,375 | -€21,286 | -€55,661 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,375 | -€21,286 | -€55,661 |
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 13 October 2026 via checked.be.