W&P: 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&P
Largest movements
- Cash -€159,810
down €159,810 (-69.2%), from €230,883 to €71,073
mainly Trade debts (-€165,204) and Receivables within one year (-€120,005)
- Receivables within one year +€120,005
up €120,005 (+506%), from €23,703 to €143,708
of which Trade receivables: +€123,082
- Trade debts -€165,204
down €165,204 (-100.0%), from €165,236 to €33
- Other debts +€152,234
up €152,234 (+110%), from €138,764 to €290,997
- Profit (loss) carried forward -€31,357
down €31,357 (-21.2%), from €147,721 to €116,363
- Gross operating margin -€15,499
down €15,499 (-311%), from -€4,990 to -€20,489
- Staff costs -€4,726
down €4,726 (-99.7%), from €4,743 to €16
- Depreciation -€2,310
down €2,310 (-37.5%), from €6,165 to €3,855
- Financial charges -€1,639
down €1,639 (-20.5%), from €7,983 to €6,343
- Other operating charges -€1,558
down €1,558 (-64.1%), from €2,428 to €871
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 | €570,181 | €525,957 | -€44,224 | -7.8% |
| Fixed assets | 21/28 | €28,001 | €24,146 | -€3,855 | -13.8% |
| Tangible fixed assets | 22/27 | €28,001 | €24,146 | -€3,855 | -13.8% |
| Plant, machinery and equipment | 23 | €3,826 | €1,128 | -€2,699 | -70.5% |
| Furniture and vehicles | 24 | €24,175 | €23,018 | -€1,157 | -4.8% |
| Current assets | 29/58 | €542,179 | €501,811 | -€40,369 | -7.4% |
| Stocks and contracts in progress | 3 | €285,823 | €284,445 | -€1,377 | -0.5% |
| Stocks | 30/36 | €285,823 | €284,445 | -€1,377 | -0.5% |
| Amounts receivable within one year | 40/41 | €23,703 | €143,708 | +€120,005 | +506% |
| Trade receivables | 40 | €18,785 | €141,867 | +€123,082 | +655% |
| Other amounts receivable | 41 | €4,918 | €1,841 | -€3,076 | -62.6% |
| Cash at bank and in hand | 54/58 | €230,883 | €71,073 | -€159,810 | -69.2% |
| Deferred charges and accrued income | 490/1 | €1,771 | €2,584 | +€813 | +45.9% |
| Total equity and liabilities | 10/49 | €570,181 | €525,957 | -€44,224 | -7.8% |
| Equity | 10/15 | €266,181 | €234,823 | -€31,357 | -11.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €99,860 | €99,860 | = | 0.0% |
| Distributable reserves | 133 | €99,860 | €99,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €147,721 | €116,363 | -€31,357 | -21.2% |
| Amounts payable | 17/49 | €304,000 | €291,134 | -€12,866 | -4.2% |
| Amounts payable within one year | 42/48 | €304,000 | €291,134 | -€12,866 | -4.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €165,236 | €33 | -€165,204 | -100.0% |
| Suppliers | 440/4 | €165,236 | €33 | -€165,204 | -100.0% |
| Taxes, remuneration and social security | 45 | - | €104 | +€104 | |
| Remuneration and social security | 454/9 | - | €104 | +€104 | |
| Other amounts payable | 47/48 | €138,764 | €290,997 | +€152,234 | +110% |
| Remuneration, social security and pensions | 62 | €4,743 | €16 | -€4,726 | -99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,165 | €3,855 | -€2,310 | -37.5% |
| Other operating charges | 640/8 | €2,428 | €871 | -€1,558 | -64.1% |
| Gross operating margin | 9900 | -€4,990 | -€20,489 | -€15,499 | -311% |
| Operating profit (loss) | 9901 | -€18,326 | -€25,231 | -€6,905 | -37.7% |
| Financial income | 75/76B | €0 | €217 | +€217 | |
| Recurring financial income | 75 | €0 | €217 | +€217 | |
| Financial charges | 65/66B | €7,983 | €6,343 | -€1,639 | -20.5% |
| Recurring financial charges | 65 | €7,983 | €6,343 | -€1,639 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | -€26,308 | -€31,357 | -€5,049 | -19.2% |
| Profit (loss) for the period | 9904 | -€26,308 | -€31,357 | -€5,049 | -19.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,308 | -€31,357 | -€5,049 | -19.2% |
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 24 October 2026 via checked.be.