W-R: 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-R
Largest movements
- Receivables within one year +€52,686
up €52,686 (+251%), from €20,999 to €73,685
of which Trade receivables: +€45,882
- Deferred charges and accrued income -€5,031
down €5,031 (-26.3%), from €19,134 to €14,103
- Cash -€1,129
down €1,129 (-12.5%), from €9,009 to €7,880
mainly Contributions, distributions and other (-€67,647) and Receivables within one year (-€52,686)
- Other debts +€43,756
up €43,756 (+1,219%), from €3,591 to €47,347
- Reserves -€18,133
down €18,133 (-85.9%), from €21,114 to €2,982
- Trade debts +€17,734
up €17,734 (+394%), from €4,496 to €22,230
- Tax, wage and social debts +€9,194
up €9,194 (+74.2%), from €12,395 to €21,589
of which Taxes: +€6,944
- Current portion of long-term debt -€6,684
no longer reported in 2025 (was €6,684)
- Gross operating margin +€10,438
up €10,438 (+15.8%), from €65,889 to €76,327
- Taxes -€2,722
down €2,722 (-41.0%), from €6,634 to €3,912
- Financial charges +€1,073
up €1,073 (+111%), from €962 to €2,035
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 | €51,279 | €97,147 | +€45,868 | +89.4% |
| Fixed assets | 21/28 | €2,137 | €1,479 | -€659 | -30.8% |
| Tangible fixed assets | 22/27 | €2,137 | €1,479 | -€659 | -30.8% |
| Plant, machinery and equipment | 23 | €2,137 | €1,479 | -€659 | -30.8% |
| Current assets | 29/58 | €49,142 | €95,668 | +€46,526 | +94.7% |
| Amounts receivable within one year | 40/41 | €20,999 | €73,685 | +€52,686 | +251% |
| Trade receivables | 40 | €11,022 | €56,903 | +€45,882 | +416% |
| Other amounts receivable | 41 | €9,978 | €16,781 | +€6,804 | +68.2% |
| Cash at bank and in hand | 54/58 | €9,009 | €7,880 | -€1,129 | -12.5% |
| Deferred charges and accrued income | 490/1 | €19,134 | €14,103 | -€5,031 | -26.3% |
| Total equity and liabilities | 10/49 | €51,279 | €97,147 | +€45,868 | +89.4% |
| Equity | 10/15 | €24,114 | €5,982 | -€18,133 | -75.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €21,114 | €2,982 | -€18,133 | -85.9% |
| Distributable reserves | 133 | €21,114 | €2,982 | -€18,133 | -85.9% |
| Amounts payable | 17/49 | €27,165 | €91,165 | +€64,000 | +236% |
| Amounts payable within one year | 42/48 | €27,165 | €91,165 | +€64,000 | +236% |
| Current portion of amounts payable after more than one year | 42 | €6,684 | - | -€6,684 | |
| Trade debts | 44 | €4,496 | €22,230 | +€17,734 | +394% |
| Suppliers | 440/4 | €4,496 | €22,230 | +€17,734 | +394% |
| Taxes, remuneration and social security | 45 | €12,395 | €21,589 | +€9,194 | +74.2% |
| Taxes | 450/3 | €9,998 | €16,942 | +€6,944 | +69.5% |
| Remuneration and social security | 454/9 | €2,397 | €4,647 | +€2,250 | +93.9% |
| Other amounts payable | 47/48 | €3,591 | €47,347 | +€43,756 | +1,219% |
| Remuneration, social security and pensions | 62 | €19,592 | €19,225 | -€367 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €659 | €659 | = | 0.0% |
| Other operating charges | 640/8 | €709 | €1,334 | +€625 | +88.2% |
| Gross operating margin | 9900 | €65,889 | €76,327 | +€10,438 | +15.8% |
| Operating profit (loss) | 9901 | €44,930 | €55,109 | +€10,179 | +22.7% |
| Financial income | 75/76B | €48 | €352 | +€304 | +633% |
| Recurring financial income | 75 | €48 | €352 | +€304 | +633% |
| Financial charges | 65/66B | €962 | €2,035 | +€1,073 | +111% |
| Recurring financial charges | 65 | €962 | €2,035 | +€1,073 | +111% |
| Profit (loss) for the period before taxes | 9903 | €44,016 | €53,426 | +€9,410 | +21.4% |
| Income taxes | 67/77 | €6,634 | €3,912 | -€2,722 | -41.0% |
| Profit (loss) for the period | 9904 | €37,382 | €49,514 | +€12,132 | +32.5% |
| Profit (loss) for the period to be appropriated | 9905 | €37,382 | €49,514 | +€12,132 | +32.5% |
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 20 October 2026 via checked.be.