W-PROJECTS: 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-PROJECTS
Largest movements
- Tangible fixed assets -€15,954
down €15,954 (-7.9%), from €201,784 to €185,831
- Other debts -€18,000
down €18,000 (-39.9%), from €45,080 to €27,080
- Debts after one year -€11,667
down €11,667 (-21.9%), from €53,194 to €41,527
- Reserves +€10,228
up €10,228 (+10.2%), from €100,149 to €110,376
of which Distributable reserves: +€10,228
- Gross operating margin +€4,211
up €4,211 (+11.8%), from €35,798 to €40,009
- Taxes +€1,363
up €1,363 (+36.1%), from €3,782 to €5,145
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 | €230,140 | €212,647 | -€17,493 | -7.6% |
| Fixed assets | 21/28 | €201,784 | €185,831 | -€15,954 | -7.9% |
| Tangible fixed assets | 22/27 | €201,784 | €185,831 | -€15,954 | -7.9% |
| Land and buildings | 22 | €201,784 | €185,831 | -€15,954 | -7.9% |
| Current assets | 29/58 | €28,356 | €26,817 | -€1,539 | -5.4% |
| Cash at bank and in hand | 54/58 | €28,356 | €26,817 | -€1,539 | -5.4% |
| Total equity and liabilities | 10/49 | €230,140 | €212,647 | -€17,493 | -7.6% |
| Equity | 10/15 | €112,309 | €122,536 | +€10,228 | +9.1% |
| Contributions | 10/11 | €12,160 | €12,160 | = | 0.0% |
| Reserves | 13 | €100,149 | €110,376 | +€10,228 | +10.2% |
| Tax-exempt reserves | 132 | €12,268 | €12,268 | = | 0.0% |
| Distributable reserves | 133 | €87,881 | €98,108 | +€10,228 | +11.6% |
| Amounts payable | 17/49 | €117,831 | €90,111 | -€27,720 | -23.5% |
| Amounts payable after more than one year | 17 | €53,194 | €41,527 | -€11,667 | -21.9% |
| Financial debts | 170/4 | €53,194 | €41,527 | -€11,667 | -21.9% |
| Amounts payable within one year | 42/48 | €64,019 | €47,956 | -€16,063 | -25.1% |
| Current portion of amounts payable after more than one year | 42 | €11,667 | €11,667 | = | 0.0% |
| Trade debts | 44 | €281 | €283 | +€2 | +0.7% |
| Suppliers | 440/4 | €281 | €283 | +€2 | +0.7% |
| Taxes, remuneration and social security | 45 | €6,991 | €8,926 | +€1,935 | +27.7% |
| Taxes | 450/3 | €6,991 | €8,926 | +€1,935 | +27.7% |
| Other amounts payable | 47/48 | €45,080 | €27,080 | -€18,000 | -39.9% |
| Accrued charges and deferred income | 492/3 | €619 | €628 | +€9 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,548 | €19,664 | +€116 | +0.6% |
| Other operating charges | 640/8 | €3,659 | €3,772 | +€113 | +3.1% |
| Gross operating margin | 9900 | €35,798 | €40,009 | +€4,211 | +11.8% |
| Operating profit (loss) | 9901 | €12,591 | €16,573 | +€3,982 | +31.6% |
| Financial charges | 65/66B | €1,424 | €1,201 | -€224 | -15.7% |
| Recurring financial charges | 65 | €1,424 | €1,201 | -€224 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €11,167 | €15,373 | +€4,206 | +37.7% |
| Income taxes | 67/77 | €3,782 | €5,145 | +€1,363 | +36.1% |
| Profit (loss) for the period | 9904 | €7,385 | €10,228 | +€2,842 | +38.5% |
| Profit (loss) for the period to be appropriated | 9905 | €7,385 | €10,228 | +€2,842 | +38.5% |
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 12 October 2026 via checked.be.