W. PORTHE: 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. PORTHE
Largest movements
- Cash +€16,946
up €16,946 (+38.1%), from €44,518 to €61,464
mainly Receivables after one year (+€15,000) and Depreciation (+€12,320)
- Receivables after one year -€15,000
down €15,000 (-27.3%), from €55,000 to €40,000
- Tangible fixed assets -€12,320
down €12,320 (-18.2%), from €67,673 to €55,353
of which Furniture and vehicles: -€7,118
- Receivables within one year -€12,261
down €12,261 (-37.8%), from €32,464 to €20,203
of which Other amounts receivable: -€12,008
- Stocks and contracts -€5,474
no longer reported in 2025 (was €5,474)
- Profit (loss) carried forward -€24,257
down €24,257 (-90.2%), from €26,902 to €2,645
- Debts after one year -€5,745
down €5,745 (-33.8%), from €17,000 to €11,255
- Trade debts -€2,787
down €2,787 (-21.4%), from €12,998 to €10,211
- Other debts +€2,210
new in 2025: €2,210
- Gross operating margin -€104,253
down €104,253 (-90.0%), from €115,881 to €11,628
- Taxes -€34,526
down €34,526 (-98.9%), from €34,914 to €387
- Provisions +€26,492
no longer reported in 2025 (was -€26,492)
- Staff costs +€2,974
up €2,974 (+17.4%), from €17,111 to €20,085
- Other operating charges -€2,169
down €2,169 (-58.8%), from €3,689 to €1,521
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 | €206,681 | €177,982 | -€28,699 | -13.9% |
| Fixed assets | 21/28 | €67,724 | €55,404 | -€12,320 | -18.2% |
| Tangible fixed assets | 22/27 | €67,673 | €55,353 | -€12,320 | -18.2% |
| Land and buildings | 22 | €21,370 | €16,168 | -€5,202 | -24.3% |
| Furniture and vehicles | 24 | €46,303 | €39,186 | -€7,118 | -15.4% |
| Financial fixed assets | 28 | €51 | €51 | = | 0.0% |
| Current assets | 29/58 | €138,957 | €122,578 | -€16,379 | -11.8% |
| Amounts receivable after more than one year | 29 | €55,000 | €40,000 | -€15,000 | -27.3% |
| Other amounts receivable | 291 | €55,000 | €40,000 | -€15,000 | -27.3% |
| Stocks and contracts in progress | 3 | €5,474 | - | -€5,474 | |
| Stocks | 30/36 | €5,474 | - | -€5,474 | |
| Amounts receivable within one year | 40/41 | €32,464 | €20,203 | -€12,261 | -37.8% |
| Trade receivables | 40 | €15,300 | €15,047 | -€253 | -1.7% |
| Other amounts receivable | 41 | €17,164 | €5,157 | -€12,008 | -70.0% |
| Cash at bank and in hand | 54/58 | €44,518 | €61,464 | +€16,946 | +38.1% |
| Deferred charges and accrued income | 490/1 | €1,501 | €911 | -€590 | -39.3% |
| Total equity and liabilities | 10/49 | €206,681 | €177,982 | -€28,699 | -13.9% |
| Equity | 10/15 | €136,502 | €112,245 | -€24,257 | -17.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €91,000 | €91,000 | = | 0.0% |
| Distributable reserves | 133 | €91,000 | €91,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,902 | €2,645 | -€24,257 | -90.2% |
| Amounts payable | 17/49 | €70,179 | €65,737 | -€4,442 | -6.3% |
| Amounts payable after more than one year | 17 | €17,000 | €11,255 | -€5,745 | -33.8% |
| Financial debts | 170/4 | €17,000 | €11,255 | -€5,745 | -33.8% |
| Amounts payable within one year | 42/48 | €53,179 | €54,482 | +€1,303 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €5,483 | €5,745 | +€262 | +4.8% |
| Trade debts | 44 | €12,998 | €10,211 | -€2,787 | -21.4% |
| Suppliers | 440/4 | €12,998 | €10,211 | -€2,787 | -21.4% |
| Taxes, remuneration and social security | 45 | €34,697 | €36,315 | +€1,618 | +4.7% |
| Taxes | 450/3 | €34,615 | €34,263 | -€353 | -1.0% |
| Remuneration and social security | 454/9 | €82 | €2,052 | +€1,970 | +2,411% |
| Other amounts payable | 47/48 | - | €2,210 | +€2,210 | |
| Non-recurring operating income | 76A | - | €8,654 | +€8,654 | |
| Remuneration, social security and pensions | 62 | €17,111 | €20,085 | +€2,974 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,904 | €12,320 | +€1,416 | +13.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€26,492 | - | +€26,492 | |
| Other operating charges | 640/8 | €3,689 | €1,521 | -€2,169 | -58.8% |
| Gross operating margin | 9900 | €115,881 | €11,628 | -€104,253 | -90.0% |
| Operating profit (loss) | 9901 | €110,668 | -€22,298 | -€132,966 | |
| Financial income | 75/76B | €1 | €29 | +€28 | +3,765% |
| Recurring financial income | 75 | €1 | €29 | +€28 | +3,765% |
| Financial charges | 65/66B | €1,259 | €1,601 | +€341 | +27.1% |
| Recurring financial charges | 65 | €1,259 | €1,601 | +€341 | +27.1% |
| Profit (loss) for the period before taxes | 9903 | €109,409 | -€23,869 | -€133,279 | |
| Income taxes | 67/77 | €34,914 | €387 | -€34,526 | -98.9% |
| Profit (loss) for the period | 9904 | €74,496 | -€24,257 | -€98,752 | |
| Profit (loss) for the period to be appropriated | 9905 | €74,496 | -€24,257 | -€98,752 |
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 28 October 2026 via checked.be.