W-MANAGEMENT: 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-MANAGEMENT
Largest movements
- Cash -€102,378
down €102,378 (-50.3%), from €203,643 to €101,265
mainly Receivables within one year (-€59,662) and Contributions, distributions and other (-€40,000)
- Receivables within one year +€59,662
up €59,662 (+764.0%), from €7,809 to €67,471
of which Other amounts receivable: +€63,519
- Deferred charges and accrued income -€3,532
no longer reported in 2025 (was €3,532)
- Tangible fixed assets -€2,753
down €2,753 (-59.1%), from €4,659 to €1,906
of which Furniture and vehicles: -€1,378
- Profit (loss) carried forward -€22,076
down €22,076 (-88.4%), from €24,982 to €2,906
- Other debts -€20,000
down €20,000 (-33.1%), from €60,395 to €40,395
- Tax, wage and social debts -€4,612
down €4,612 (-15.2%), from €30,287 to €25,676
of which Taxes: -€11,102
- Advances received -€2,313
no longer reported in 2025 (was €2,313)
- Gross operating margin -€62,681
down €62,681 (-70.5%), from €88,851 to €26,170
- Taxes -€17,153
down €17,153 (-79.3%), from €21,634 to €4,481
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 | €219,642 | €170,642 | -€49,000 | -22.3% |
| Fixed assets | 21/28 | €4,659 | €1,906 | -€2,753 | -59.1% |
| Tangible fixed assets | 22/27 | €4,659 | €1,906 | -€2,753 | -59.1% |
| Plant, machinery and equipment | 23 | €2,354 | €979 | -€1,375 | -58.4% |
| Furniture and vehicles | 24 | €2,305 | €928 | -€1,378 | -59.8% |
| Current assets | 29/58 | €214,983 | €168,736 | -€46,247 | -21.5% |
| Amounts receivable within one year | 40/41 | €7,809 | €67,471 | +€59,662 | +764.0% |
| Trade receivables | 40 | €7,109 | €3,252 | -€3,857 | -54.3% |
| Other amounts receivable | 41 | €700 | €64,219 | +€63,519 | +9074.5% |
| Cash at bank and in hand | 54/58 | €203,643 | €101,265 | -€102,378 | -50.3% |
| Deferred charges and accrued income | 490/1 | €3,532 | - | -€3,532 | |
| Total equity and liabilities | 10/49 | €219,642 | €170,642 | -€49,000 | -22.3% |
| Equity | 10/15 | €126,182 | €104,106 | -€22,076 | -17.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €95,000 | €95,000 | = | 0.0% |
| Distributable reserves | 133 | €95,000 | €95,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,982 | €2,906 | -€22,076 | -88.4% |
| Amounts payable | 17/49 | €93,460 | €66,537 | -€26,924 | -28.8% |
| Amounts payable within one year | 42/48 | €93,460 | €66,537 | -€26,924 | -28.8% |
| Trade debts | 44 | €466 | €466 | +€0 | +0.1% |
| Suppliers | 440/4 | €466 | €466 | +€0 | +0.1% |
| Advances received on contracts in progress | 46 | €2,313 | - | -€2,313 | |
| Taxes, remuneration and social security | 45 | €30,287 | €25,676 | -€4,612 | -15.2% |
| Taxes | 450/3 | €25,877 | €14,776 | -€11,102 | -42.9% |
| Remuneration and social security | 454/9 | €4,410 | €10,900 | +€6,490 | +147.2% |
| Other amounts payable | 47/48 | €60,395 | €40,395 | -€20,000 | -33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,753 | €2,753 | = | 0.0% |
| Other operating charges | 640/8 | €406 | €400 | -€6 | -1.5% |
| Gross operating margin | 9900 | €88,851 | €26,170 | -€62,681 | -70.5% |
| Operating profit (loss) | 9901 | €85,693 | €23,017 | -€62,675 | -73.1% |
| Financial charges | 65/66B | €493 | €613 | +€120 | +24.4% |
| Recurring financial charges | 65 | €493 | €613 | +€120 | +24.4% |
| Profit (loss) for the period before taxes | 9903 | €85,200 | €22,405 | -€62,795 | -73.7% |
| Income taxes | 67/77 | €21,634 | €4,481 | -€17,153 | -79.3% |
| Profit (loss) for the period | 9904 | €63,566 | €17,924 | -€45,642 | -71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €63,566 | €17,924 | -€45,642 | -71.8% |
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 10 October 2026 via checked.be.