W.N.B.: 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.N.B.
Largest movements
- Tangible fixed assets +€141,539
up €141,539 (+65.1%), from €217,457 to €358,996
of which Plant, machinery and equipment: +€173,759
- Cash +€28,028
up €28,028 (+221.0%), from €12,682 to €40,710
mainly Trade debts (+€279,267) and Depreciation (+€70,546)
- Trade debts +€279,267
up €279,267 (+983.6%), from €28,393 to €307,660
- Profit (loss) carried forward -€35,722
down €35,722 (-79.7%), from -€44,824 to -€80,546
- Debts after one year -€31,669
down €31,669 (-39.0%), from €81,116 to €49,447
- Tax, wage and social debts -€23,318
down €23,318 (-85.5%), from €27,279 to €3,962
of which Taxes: -€23,318
- Current portion of long-term debt -€15,226
down €15,226 (-32.5%), from €46,895 to €31,669
- Depreciation -€19,789
down €19,789 (-21.9%), from €90,334 to €70,546
- Staff costs +€17,549
up €17,549 (+10.5%), from €167,654 to €185,203
- Gross operating margin -€13,746
down €13,746 (-5.3%), from €259,728 to €245,981
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 | €437,779 | €611,322 | +€173,544 | +39.6% |
| Fixed assets | 21/28 | €219,123 | €358,996 | +€139,873 | +63.8% |
| Intangible fixed assets | 21 | €1,666 | €0 | -€1,666 | -100.0% |
| Tangible fixed assets | 22/27 | €217,457 | €358,996 | +€141,539 | +65.1% |
| Land and buildings | 22 | €67,510 | €70,162 | +€2,652 | +3.9% |
| Plant, machinery and equipment | 23 | €88,571 | €262,331 | +€173,759 | +196.2% |
| Furniture and vehicles | 24 | €44,119 | €17,923 | -€26,196 | -59.4% |
| Leasing and similar rights | 25 | €17,257 | €8,581 | -€8,677 | -50.3% |
| Current assets | 29/58 | €218,656 | €252,326 | +€33,670 | +15.4% |
| Stocks and contracts in progress | 3 | €73,498 | €75,095 | +€1,597 | +2.2% |
| Stocks | 30/36 | €61,200 | €49,244 | -€11,956 | -19.5% |
| Contracts in progress | 37 | €12,297 | €25,851 | +€13,553 | +110.2% |
| Amounts receivable within one year | 40/41 | €129,484 | €134,233 | +€4,749 | +3.7% |
| Trade receivables | 40 | €106,451 | €88,480 | -€17,971 | -16.9% |
| Other amounts receivable | 41 | €23,033 | €45,754 | +€22,720 | +98.6% |
| Cash at bank and in hand | 54/58 | €12,682 | €40,710 | +€28,028 | +221.0% |
| Deferred charges and accrued income | 490/1 | €2,992 | €2,288 | -€705 | -23.5% |
| Total equity and liabilities | 10/49 | €437,779 | €611,322 | +€173,544 | +39.6% |
| Equity | 10/15 | €79,679 | €43,957 | -€35,722 | -44.8% |
| Contributions | 10/11 | €96,735 | €96,735 | = | 0.0% |
| Reserves | 13 | €27,768 | €27,768 | = | 0.0% |
| Distributable reserves | 133 | €27,768 | €27,768 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,824 | -€80,546 | -€35,722 | -79.7% |
| Provisions and deferred taxes | 16 | €173,863 | €174,616 | +€753 | +0.4% |
| Provisions for liabilities and charges | 160/5 | €173,863 | €174,616 | +€753 | +0.4% |
| Other liabilities and charges | 164/5 | €173,863 | €174,616 | +€753 | +0.4% |
| Amounts payable | 17/49 | €184,237 | €392,749 | +€208,512 | +113.2% |
| Amounts payable after more than one year | 17 | €81,116 | €49,447 | -€31,669 | -39.0% |
| Financial debts | 170/4 | €81,116 | €49,447 | -€31,669 | -39.0% |
| Amounts payable within one year | 42/48 | €103,121 | €343,302 | +€240,182 | +232.9% |
| Current portion of amounts payable after more than one year | 42 | €46,895 | €31,669 | -€15,226 | -32.5% |
| Financial debts | 43 | €553 | €11 | -€542 | -98.0% |
| Credit institutions | 430/8 | €553 | €11 | -€542 | -98.0% |
| Trade debts | 44 | €28,393 | €307,660 | +€279,267 | +983.6% |
| Suppliers | 440/4 | €28,393 | €307,660 | +€279,267 | +983.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €27,279 | €3,962 | -€23,318 | -85.5% |
| Taxes | 450/3 | €27,279 | €3,962 | -€23,318 | -85.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Non-recurring operating income | 76A | €165 | €0 | -€165 | -100.0% |
| Remuneration, social security and pensions | 62 | €167,654 | €185,203 | +€17,549 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,334 | €70,546 | -€19,789 | -21.9% |
| Other operating charges | 640/8 | €7,543 | €7,918 | +€375 | +5.0% |
| Non-recurring operating charges | 66A | €140 | €160 | +€20 | +14.5% |
| Gross operating margin | 9900 | €259,728 | €245,981 | -€13,746 | -5.3% |
| Operating profit (loss) | 9901 | -€5,943 | -€17,846 | -€11,903 | -200.3% |
| Financial income | 75/76B | €1,381 | €1,876 | +€495 | +35.8% |
| Recurring financial income | 75 | €1,381 | €1,876 | +€495 | +35.8% |
| Financial charges | 65/66B | €20,588 | €19,527 | -€1,061 | -5.2% |
| Recurring financial charges | 65 | €20,588 | €19,527 | -€1,061 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | -€25,150 | -€35,497 | -€10,347 | -41.1% |
| Income taxes | 67/77 | €248 | €225 | -€23 | -9.1% |
| Profit (loss) for the period | 9904 | -€25,397 | -€35,722 | -€10,324 | -40.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,397 | -€35,722 | -€10,324 | -40.7% |
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 7 October 2026 via checked.be.