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
- Cash +€47,423
up €47,423 (+63.7%), from €74,473 to €121,896
mainly Depreciation (+€127,190) and Net result for the year (+€34,259)
- Tangible fixed assets -€32,488
down €32,488 (-4.8%), from €674,054 to €641,566
of which Furniture and vehicles: -€85,009
- Receivables within one year -€21,992
down €21,992 (-27.8%), from €79,182 to €57,189
of which Trade receivables: -€18,370
- Debts after one year -€66,088
down €66,088 (-22.9%), from €288,605 to €222,517
- Reserves +€34,250
up €34,250 (+9.9%), from €347,710 to €381,960
of which Distributable reserves: +€34,250
- Trade debts +€18,786
up €18,786 (+157%), from €11,986 to €30,772
- Tax, wage and social debts +€13,445
up €13,445 (+187%), from €7,201 to €20,646
- Depreciation +€8,147
up €8,147 (+6.8%), from €119,043 to €127,190
- Financial charges +€7,709
up €7,709 (+57.2%), from €13,478 to €21,187
- Taxes -€3,036
down €3,036 (-16.8%), from €18,091 to €15,054
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 | €847,390 | €848,123 | +€734 | +0.1% |
| Fixed assets | 21/28 | €693,054 | €660,566 | -€32,488 | -4.7% |
| Tangible fixed assets | 22/27 | €674,054 | €641,566 | -€32,488 | -4.8% |
| Land and buildings | 22 | €335,371 | €382,120 | +€46,749 | +13.9% |
| Plant, machinery and equipment | 23 | €22,707 | €28,479 | +€5,772 | +25.4% |
| Furniture and vehicles | 24 | €315,976 | €230,967 | -€85,009 | -26.9% |
| Financial fixed assets | 28 | €19,000 | €19,000 | = | 0.0% |
| Current assets | 29/58 | €154,336 | €187,557 | +€33,222 | +21.5% |
| Amounts receivable within one year | 40/41 | €79,182 | €57,189 | -€21,992 | -27.8% |
| Trade receivables | 40 | €75,560 | €57,189 | -€18,370 | -24.3% |
| Other amounts receivable | 41 | €3,622 | - | -€3,622 | |
| Cash at bank and in hand | 54/58 | €74,473 | €121,896 | +€47,423 | +63.7% |
| Deferred charges and accrued income | 490/1 | €681 | €8,472 | +€7,791 | +1,145% |
| Total equity and liabilities | 10/49 | €847,390 | €848,123 | +€734 | +0.1% |
| Equity | 10/15 | €367,976 | €400,901 | +€32,925 | +8.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €347,710 | €381,960 | +€34,250 | +9.9% |
| Non-distributable reserves | 130/1 | €2,480 | €2,480 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,480 | €2,480 | = | 0.0% |
| Distributable reserves | 133 | €345,230 | €379,480 | +€34,250 | +9.9% |
| Profit (loss) carried forward | 14 | €1,666 | €341 | -€1,325 | -79.5% |
| Amounts payable | 17/49 | €479,414 | €447,222 | -€32,192 | -6.7% |
| Amounts payable after more than one year | 17 | €288,605 | €222,517 | -€66,088 | -22.9% |
| Financial debts | 170/4 | €288,605 | €222,517 | -€66,088 | -22.9% |
| Amounts payable within one year | 42/48 | €190,809 | €224,705 | +€33,896 | +17.8% |
| Current portion of amounts payable after more than one year | 42 | €68,646 | €66,088 | -€2,558 | -3.7% |
| Trade debts | 44 | €11,986 | €30,772 | +€18,786 | +157% |
| Suppliers | 440/4 | €11,986 | €30,772 | +€18,786 | +157% |
| Taxes, remuneration and social security | 45 | €7,201 | €20,646 | +€13,445 | +187% |
| Taxes | 450/3 | €7,201 | €20,646 | +€13,445 | +187% |
| Other amounts payable | 47/48 | €102,977 | €107,200 | +€4,223 | +4.1% |
| Non-recurring operating income | 76A | - | €4,589 | +€4,589 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,043 | €127,190 | +€8,147 | +6.8% |
| Other operating charges | 640/8 | €3,693 | €2,853 | -€840 | -22.8% |
| Gross operating margin | 9900 | €200,031 | €200,493 | +€463 | +0.2% |
| Operating profit (loss) | 9901 | €77,295 | €70,451 | -€6,844 | -8.9% |
| Financial income | 75/76B | €6 | €49 | +€43 | +704% |
| Recurring financial income | 75 | €6 | €49 | +€43 | +704% |
| Financial charges | 65/66B | €13,478 | €21,187 | +€7,709 | +57.2% |
| Recurring financial charges | 65 | €13,478 | €21,187 | +€7,709 | +57.2% |
| Profit (loss) for the period before taxes | 9903 | €63,823 | €49,313 | -€14,510 | -22.7% |
| Income taxes | 67/77 | €18,091 | €15,054 | -€3,036 | -16.8% |
| Profit (loss) for the period | 9904 | €45,732 | €34,259 | -€11,473 | -25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €45,732 | €34,259 | -€11,473 | -25.1% |
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 25 October 2026 via checked.be.