W.P.H.: 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.H.
Largest movements
- Tangible fixed assets -€159,562
down €159,562 (-5.3%), from €3.0m to €2.8m
of which Land and buildings: -€148,562
- Receivables within one year +€57,718
up €57,718 (+52.4%), from €110,096 to €167,814
of which Trade receivables: +€56,259
- Debts after one year -€188,287
down €188,287 (-8.4%), from €2.2m to €2.1m
- Reserves +€78,185
up €78,185 (+14.5%), from €538,254 to €616,439
- Financial charges -€4,113
down €4,113 (-7.5%), from €54,638 to €50,524
- Gross operating margin +€3,767
up €3,767 (+1.1%), from €349,495 to €353,262
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 | €3,168,920 | €3,069,333 | -€99,587 | -3.1% |
| Fixed assets | 21/28 | €2,991,821 | €2,832,259 | -€159,562 | -5.3% |
| Tangible fixed assets | 22/27 | €2,991,821 | €2,832,259 | -€159,562 | -5.3% |
| Land and buildings | 22 | €2,951,156 | €2,802,594 | -€148,562 | -5.0% |
| Furniture and vehicles | 24 | €40,665 | €29,665 | -€11,000 | -27.1% |
| Current assets | 29/58 | €177,100 | €237,075 | +€59,975 | +33.9% |
| Amounts receivable within one year | 40/41 | €110,096 | €167,814 | +€57,718 | +52.4% |
| Trade receivables | 40 | €106,797 | €163,056 | +€56,259 | +52.7% |
| Other amounts receivable | 41 | €3,299 | €4,758 | +€1,459 | +44.2% |
| Cash at bank and in hand | 54/58 | €66,549 | €68,779 | +€2,230 | +3.4% |
| Deferred charges and accrued income | 490/1 | €455 | €482 | +€27 | +6.0% |
| Total equity and liabilities | 10/49 | €3,168,920 | €3,069,333 | -€99,587 | -3.1% |
| Equity | 10/15 | €608,254 | €686,439 | +€78,185 | +12.9% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €538,254 | €616,439 | +€78,185 | +14.5% |
| Distributable reserves | 133 | €538,254 | €616,439 | +€78,185 | +14.5% |
| Amounts payable | 17/49 | €2,560,666 | €2,382,894 | -€177,772 | -6.9% |
| Amounts payable after more than one year | 17 | €2,249,910 | €2,061,624 | -€188,287 | -8.4% |
| Financial debts | 170/4 | €2,249,910 | €2,061,624 | -€188,287 | -8.4% |
| Amounts payable within one year | 42/48 | €310,692 | €321,270 | +€10,578 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €184,179 | €188,287 | +€4,107 | +2.2% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €126,513 | €132,984 | +€6,471 | +5.1% |
| Accrued charges and deferred income | 492/3 | €64 | €0 | -€64 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €159,562 | €159,562 | +€0 | 0.0% |
| Other operating charges | 640/8 | €35,985 | €36,631 | +€645 | +1.8% |
| Gross operating margin | 9900 | €349,495 | €353,262 | +€3,767 | +1.1% |
| Operating profit (loss) | 9901 | €153,948 | €157,069 | +€3,121 | +2.0% |
| Financial income | 75/76B | €390 | €260 | -€131 | -33.5% |
| Recurring financial income | 75 | €390 | €260 | -€131 | -33.5% |
| Financial charges | 65/66B | €54,638 | €50,524 | -€4,113 | -7.5% |
| Recurring financial charges | 65 | €54,638 | €50,524 | -€4,113 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €99,700 | €106,804 | +€7,104 | +7.1% |
| Income taxes | 67/77 | €26,809 | €28,619 | +€1,810 | +6.8% |
| Profit (loss) for the period | 9904 | €72,891 | €78,185 | +€5,294 | +7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €72,891 | €78,185 | +€5,294 | +7.3% |
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.