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.
What changed
W Projects
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€314,077
2024 · €383,957-€69,880
Equity
€1.4m
2024 · €1.1m+€235,779
Cash
€134,382
2024 · €164,139-€29,757
Balance sheet total
€2.9m
2024 · €3.0m-€171,211
Largest movements
Assets
- Current investments -€274,665
down €274,665 (-37.4%), from €734,250 to €459,585
- Tangible fixed assets +€105,602
up €105,602 (+6.6%), from €1.6m to €1.7m
of which Land and buildings: +€89,154
Equity and liabilities
- Reserves +€235,779
up €235,779 (+21.1%), from €1.1m to €1.4m
of which Distributable reserves: +€241,724
- Trade debts -€201,137
down €201,137 (-92.1%), from €218,332 to €17,195
- Debts after one year -€130,947
down €130,947 (-11.0%), from €1.2m to €1.1m
- Advances received -€75,000
down €75,000 (-33.3%), from €225,000 to €150,000
Income statement
- Other operating charges +€41,740
up €41,740 (+341.6%), from €12,218 to €53,957
- Gross operating margin -€31,500
down €31,500 (-4.7%), from €671,700 to €640,199
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.
Result 2024
€383,957
Gross operating margin
-€31,500
Depreciation
+€3,231
Other operating charges
-€41,740
Financial income
-€6,056
Financial charges
+€1,651
Taxes
+€4,400
Deferred taxes and other
+€134
Result 2025
€314,077
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.
From operations
+€118,705
Investment
+€57,442
Financing
-€205,904
Cash 2024
€164,139
From operations (derived)
+€118,705
Net result for the year
+€314,077
Depreciation
+€111,621
Receivables within one year
-€29,179
Deferred charges and accrued income
+€1,570
Provisions
-€1,982
Trade debts
-€201,137
Smaller working-capital items
+€249
Advances received
-€75,000
Other debts
-€1,514
Investment (derived)
+€57,442
Investment in fixed assets (net)
-€217,223
Current investments
+€274,665
Financing
-€205,904
Debts after one year
-€130,947
Current portion of long-term debt
+€3,341
Contributions, distributions and other
-€78,298
Cash 2025
€134,382
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,041,398 | €2,870,187 | -€171,211 | -5.6% |
| Fixed assets | 21/28 | €2,110,563 | €2,216,165 | +€105,602 | +5.0% |
| Tangible fixed assets | 22/27 | €1,610,563 | €1,716,165 | +€105,602 | +6.6% |
| Land and buildings | 22 | €1,430,726 | €1,519,880 | +€89,154 | +6.2% |
| Plant, machinery and equipment | 23 | €710 | €300 | -€410 | -57.8% |
| Furniture and vehicles | 24 | €58,557 | €101,497 | +€42,940 | +73.3% |
| Leasing and similar rights | 25 | €120,529 | €94,488 | -€26,041 | -21.6% |
| Other tangible fixed assets | 26 | €40 | €0 | -€40 | -100.0% |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €930,834 | €654,022 | -€276,813 | -29.7% |
| Amounts receivable within one year | 40/41 | €20,626 | €49,805 | +€29,179 | +141.5% |
| Trade receivables | 40 | €19,613 | €7,659 | -€11,954 | -60.9% |
| Other amounts receivable | 41 | €1,013 | €42,146 | +€41,133 | +4061.6% |
| Current investments | 50/53 | €734,250 | €459,585 | -€274,665 | -37.4% |
| Cash at bank and in hand | 54/58 | €164,139 | €134,382 | -€29,757 | -18.1% |
| Deferred charges and accrued income | 490/1 | €11,819 | €10,249 | -€1,570 | -13.3% |
| Total equity and liabilities | 10/49 | €3,041,398 | €2,870,187 | -€171,211 | -5.6% |
| Equity | 10/15 | €1,134,662 | €1,370,441 | +€235,779 | +20.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,116,062 | €1,351,841 | +€235,779 | +21.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €169,463 | €163,518 | -€5,946 | -3.5% |
| Distributable reserves | 133 | €944,739 | €1,186,463 | +€241,724 | +25.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €56,488 | €54,506 | -€1,982 | -3.5% |
| Deferred taxes | 168 | €56,488 | €54,506 | -€1,982 | -3.5% |
| Amounts payable | 17/49 | €1,850,248 | €1,445,240 | -€405,008 | -21.9% |
| Amounts payable after more than one year | 17 | €1,185,804 | €1,054,858 | -€130,947 | -11.0% |
| Financial debts | 170/4 | €1,185,804 | €1,054,858 | -€130,947 | -11.0% |
| Amounts payable within one year | 42/48 | €663,468 | €388,982 | -€274,486 | -41.4% |
| Current portion of amounts payable after more than one year | 42 | €166,123 | €169,464 | +€3,341 | +2.0% |
| Trade debts | 44 | €218,332 | €17,195 | -€201,137 | -92.1% |
| Suppliers | 440/4 | €218,332 | €17,195 | -€201,137 | -92.1% |
| Advances received on contracts in progress | 46 | €225,000 | €150,000 | -€75,000 | -33.3% |
| Taxes, remuneration and social security | 45 | €16,501 | €16,325 | -€176 | -1.1% |
| Taxes | 450/3 | €16,501 | €16,325 | -€176 | -1.1% |
| Other amounts payable | 47/48 | €37,512 | €35,998 | -€1,514 | -4.0% |
| Accrued charges and deferred income | 492/3 | €975 | €1,400 | +€425 | +43.6% |
| Non-recurring operating income | 76A | €0 | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,853 | €111,621 | -€3,231 | -2.8% |
| Other operating charges | 640/8 | €12,218 | €53,957 | +€41,740 | +341.6% |
| Gross operating margin | 9900 | €671,700 | €640,199 | -€31,500 | -4.7% |
| Operating profit (loss) | 9901 | €544,630 | €474,621 | -€70,009 | -12.9% |
| Financial income | 75/76B | €65,389 | €59,332 | -€6,056 | -9.3% |
| Recurring financial income | 75 | €65,389 | €59,332 | -€6,056 | -9.3% |
| Financial charges | 65/66B | €51,194 | €49,543 | -€1,651 | -3.2% |
| Recurring financial charges | 65 | €51,194 | €49,543 | -€1,651 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €558,825 | €484,410 | -€74,415 | -13.3% |
| Transfer from deferred taxes | 780 | €1,848 | €1,982 | +€134 | +7.3% |
| Income taxes | 67/77 | €176,716 | €172,315 | -€4,400 | -2.5% |
| Profit (loss) for the period | 9904 | €383,957 | €314,077 | -€69,880 | -18.2% |
| Transfer from tax-exempt reserves | 789 | €5,543 | €5,946 | +€402 | +7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €389,500 | €320,022 | -€69,478 | -17.8% |
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 11 October 2026 via checked.be.