W.P.E.: 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.E.
Largest movements
- Receivables within one year +€702,629
up €702,629 (+381.5%), from €184,189 to €886,818
of which Other amounts receivable: +€699,000
- Cash -€238,730
down €238,730 (-94.9%), from €251,506 to €12,775
mainly Receivables within one year (-€702,629) and Debts after one year (-€567,500)
- Tangible fixed assets +€156,597
up €156,597 (+3.1%), from €5.1m to €5.2m
of which Assets under construction and advance payments: +€170,659
- Other debts +€1.2m
up €1.2m (+13510.7%), from €8,900 to €1.2m
- Debts after one year -€567,500
down €567,500 (-73.7%), from €770,182 to €202,682
- Depreciation +€4,200
up €4,200 (+42.6%), from €9,862 to €14,063
- Financial charges -€3,047
down €3,047 (-9.9%), from €30,811 to €27,765
- Other operating charges +€2,401
up €2,401 (+2035.0%), from €118 to €2,519
- Gross operating margin +€506
up €506 (+1.1%), from €46,490 to €46,996
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 | €5,528,754 | €6,150,999 | +€622,245 | +11.3% |
| Fixed assets | 21/28 | €5,093,060 | €5,249,656 | +€156,597 | +3.1% |
| Tangible fixed assets | 22/27 | €5,093,060 | €5,249,656 | +€156,597 | +3.1% |
| Land and buildings | 22 | €670,000 | €655,938 | -€14,063 | -2.1% |
| Assets under construction and advance payments | 27 | €4,423,060 | €4,593,719 | +€170,659 | +3.9% |
| Current assets | 29/58 | €435,695 | €901,343 | +€465,648 | +106.9% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €184,189 | €886,818 | +€702,629 | +381.5% |
| Trade receivables | 40 | - | €3,629 | +€3,629 | |
| Other amounts receivable | 41 | €184,189 | €883,189 | +€699,000 | +379.5% |
| Cash at bank and in hand | 54/58 | €251,506 | €12,775 | -€238,730 | -94.9% |
| Deferred charges and accrued income | 490/1 | €0 | €1,750 | +€1,750 | |
| Total equity and liabilities | 10/49 | €5,528,754 | €6,150,999 | +€622,245 | +11.3% |
| Equity | 10/15 | €1,546,293 | €1,547,230 | +€937 | +0.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,458,917 | €1,454,717 | -€4,200 | -0.3% |
| Reserves | 13 | €37,375 | €41,576 | +€4,200 | +11.2% |
| Distributable reserves | 133 | €37,375 | €41,576 | +€4,200 | +11.2% |
| Profit (loss) carried forward | 14 | - | €937 | +€937 | |
| Amounts payable | 17/49 | €3,982,462 | €4,603,769 | +€621,308 | +15.6% |
| Amounts payable after more than one year | 17 | €770,182 | €202,682 | -€567,500 | -73.7% |
| Financial debts | 170/4 | €770,182 | €202,682 | -€567,500 | -73.7% |
| Amounts payable within one year | 42/48 | €3,211,030 | €4,399,487 | +€1.2m | +37.0% |
| Current portion of amounts payable after more than one year | 42 | €370,000 | €370,000 | = | 0.0% |
| Financial debts | 43 | €2,815,000 | €2,815,000 | = | 0.0% |
| Credit institutions | 430/8 | €2,815,000 | €2,815,000 | = | 0.0% |
| Trade debts | 44 | €4,671 | €0 | -€4,671 | -100.0% |
| Suppliers | 440/4 | €4,671 | €0 | -€4,671 | -100.0% |
| Taxes, remuneration and social security | 45 | €12,458 | €3,137 | -€9,321 | -74.8% |
| Taxes | 450/3 | €12,458 | €3,137 | -€9,321 | -74.8% |
| Other amounts payable | 47/48 | €8,900 | €1,211,350 | +€1.2m | +13510.7% |
| Accrued charges and deferred income | 492/3 | €1,250 | €1,600 | +€350 | +28.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,862 | €14,063 | +€4,200 | +42.6% |
| Other operating charges | 640/8 | €118 | €2,519 | +€2,401 | +2035.0% |
| Gross operating margin | 9900 | €46,490 | €46,996 | +€506 | +1.1% |
| Operating profit (loss) | 9901 | €36,510 | €30,414 | -€6,096 | -16.7% |
| Financial charges | 65/66B | €30,811 | €27,765 | -€3,047 | -9.9% |
| Recurring financial charges | 65 | €30,811 | €27,765 | -€3,047 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €5,699 | €2,650 | -€3,049 | -53.5% |
| Income taxes | 67/77 | €1,425 | €1,713 | +€288 | +20.2% |
| Profit (loss) for the period | 9904 | €4,274 | €937 | -€3,337 | -78.1% |
| Profit (loss) for the period to be appropriated | 9905 | €4,274 | €937 | -€3,337 | -78.1% |
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.