W & M Projects and Stables: what changed
W & M Projects and Stables
Largest movements
- Tangible fixed assets +€48,231
up €48,231 (+97.7%), from €49,363 to €97,594
of which Plant, machinery and equipment: +€37,310
- Receivables within one year +€5,853
up €5,853 (+65.6%), from €8,927 to €14,780
of which Trade receivables: +€5,698
- Cash +€3,112
up €3,112 (+142%), from €2,191 to €5,304
mainly Short-term financial debts (+€60,000) and Depreciation (+€25,198)
- Short-term financial debts +€60,000
up €60,000 (+400%), from €15,000 to €75,000
- Other debts -€12,475
down €12,475 (-92.7%), from €13,459 to €984
- Profit (loss) carried forward +€9,595
up €9,595, from -€7,311 to €2,283
- Contributions -€5,386
down €5,386 (-26.4%), from €20,386 to €15,000
- Debts after one year +€4,091
up €4,091 (+33.9%), from €12,083 to €16,174
- Gross operating margin +€13,744
up €13,744 (+50.6%), from €27,179 to €40,923
- Depreciation +€7,547
up €7,547 (+42.8%), from €17,650 to €25,198
- Financial charges +€496
up €496 (+45.8%), from €1,082 to €1,578
- Taxes +€447
up €447 (+22.3%), from €2,004 to €2,451
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €62,319 | €119,773 | +€57,455 | +92.2% |
| Fixed assets | 21/28 | €49,363 | €97,594 | +€48,231 | +97.7% |
| Tangible fixed assets | 22/27 | €49,363 | €97,594 | +€48,231 | +97.7% |
| Plant, machinery and equipment | 23 | €17,082 | €54,392 | +€37,310 | +218% |
| Furniture and vehicles | 24 | €25,492 | €31,149 | +€5,657 | +22.2% |
| Other tangible fixed assets | 26 | €6,790 | €12,054 | +€5,264 | +77.5% |
| Current assets | 29/58 | €12,955 | €22,179 | +€9,224 | +71.2% |
| Amounts receivable within one year | 40/41 | €8,927 | €14,780 | +€5,853 | +65.6% |
| Trade receivables | 40 | €8,044 | €13,742 | +€5,698 | +70.8% |
| Other amounts receivable | 41 | €883 | €1,039 | +€156 | +17.6% |
| Cash at bank and in hand | 54/58 | €2,191 | €5,304 | +€3,112 | +142% |
| Deferred charges and accrued income | 490/1 | €1,837 | €2,095 | +€258 | +14.0% |
| Total equity and liabilities | 10/49 | €62,319 | €119,773 | +€57,455 | +92.2% |
| Equity | 10/15 | €13,074 | €17,283 | +€4,209 | +32.2% |
| Contributions | 10/11 | €20,386 | €15,000 | -€5,386 | -26.4% |
| Profit (loss) carried forward | 14 | -€7,311 | €2,283 | +€9,595 | |
| Amounts payable | 17/49 | €49,244 | €102,490 | +€53,245 | +108% |
| Amounts payable after more than one year | 17 | €12,083 | €16,174 | +€4,091 | +33.9% |
| Financial debts | 170/4 | €12,083 | €16,174 | +€4,091 | +33.9% |
| Amounts payable within one year | 42/48 | €37,161 | €86,315 | +€49,155 | +132% |
| Current portion of amounts payable after more than one year | 42 | €5,651 | €8,593 | +€2,943 | +52.1% |
| Financial debts | 43 | €15,000 | €75,000 | +€60,000 | +400% |
| Other loans | 439 | €15,000 | €75,000 | +€60,000 | +400% |
| Trade debts | 44 | €40 | €1,738 | +€1,698 | +4,214% |
| Suppliers | 440/4 | €40 | €1,738 | +€1,698 | +4,214% |
| Taxes, remuneration and social security | 45 | €3,011 | - | -€3,011 | |
| Taxes | 450/3 | €1,594 | - | -€1,594 | |
| Remuneration and social security | 454/9 | €1,416 | - | -€1,416 | |
| Other amounts payable | 47/48 | €13,459 | €984 | -€12,475 | -92.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,650 | €25,198 | +€7,547 | +42.8% |
| Other operating charges | 640/8 | €936 | €942 | +€5 | +0.6% |
| Non-recurring operating charges | 66A | - | €1,160 | +€1,160 | |
| Gross operating margin | 9900 | €27,179 | €40,923 | +€13,744 | +50.6% |
| Operating profit (loss) | 9901 | €8,592 | €13,623 | +€5,031 | +58.6% |
| Financial income | 75/76B | €30 | €0 | -€30 | -99.8% |
| Recurring financial income | 75 | €30 | €0 | -€30 | -99.8% |
| Financial charges | 65/66B | €1,082 | €1,578 | +€496 | +45.8% |
| Recurring financial charges | 65 | €1,082 | €1,578 | +€496 | +45.8% |
| Profit (loss) for the period before taxes | 9903 | €7,540 | €12,046 | +€4,505 | +59.8% |
| Income taxes | 67/77 | €2,004 | €2,451 | +€447 | +22.3% |
| Profit (loss) for the period | 9904 | €5,536 | €9,595 | +€4,058 | +73.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,536 | €9,595 | +€4,058 | +73.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.