W.S. MANAGEMENT: 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.S. MANAGEMENT
Largest movements
- Financial fixed assets +€1.0m
up €1.0m (+68.7%), from €1.5m to €2.5m
- Cash +€95,969
up €95,969 (+112%), from €85,710 to €181,679
mainly Contributions, distributions and other (+€956,889) and Net result for the year (+€203,136)
- Receivables within one year +€79,980
up €79,980 (+46.2%), from €173,000 to €252,980
of which Other amounts receivable: +€41,865
- Tangible fixed assets -€34,742
down €34,742 (-23.2%), from €149,799 to €115,057
of which Leasing and similar rights: -€31,095
- Revaluation surpluses +€1.0m
new in 2025: €1.0m
- Reserves +€150,118
up €150,118 (+15.1%), from €991,915 to €1.1m
of which Distributable reserves: +€150,118
- Other debts +€31,500
up €31,500 (+37.4%), from €84,282 to €115,782
- Debts after one year -€30,753
down €30,753 (-29.4%), from €104,539 to €73,786
- Financial income +€41,865
up €41,865 (+24.2%), from €173,000 to €214,865
- Gross operating margin -€19,933
down €19,933 (-24.8%), from €80,291 to €60,358
- Depreciation +€10,917
up €10,917 (+45.8%), from €23,825 to €34,742
- Taxes -€6,357
down €6,357 (-22.1%), from €28,727 to €22,370
- Financial charges +€3,136
up €3,136 (+31.0%), from €10,103 to €13,240
of which Non-recurring financial charges: +€3,460
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 | €1,880,030 | €3,032,014 | +€1.2m | +61.3% |
| Fixed assets | 21/28 | €1,619,799 | €2,594,964 | +€975,165 | +60.2% |
| Tangible fixed assets | 22/27 | €149,799 | €115,057 | -€34,742 | -23.2% |
| Land and buildings | 22 | €4,289 | €4,123 | -€166 | -3.9% |
| Furniture and vehicles | 24 | €11,138 | €7,657 | -€3,481 | -31.3% |
| Leasing and similar rights | 25 | €134,372 | €103,277 | -€31,095 | -23.1% |
| Financial fixed assets | 28 | €1,470,000 | €2,479,907 | +€1.0m | +68.7% |
| Current assets | 29/58 | €260,231 | €437,050 | +€176,819 | +67.9% |
| Amounts receivable within one year | 40/41 | €173,000 | €252,980 | +€79,980 | +46.2% |
| Trade receivables | 40 | - | €38,115 | +€38,115 | |
| Other amounts receivable | 41 | €173,000 | €214,865 | +€41,865 | +24.2% |
| Cash at bank and in hand | 54/58 | €85,710 | €181,679 | +€95,969 | +112% |
| Deferred charges and accrued income | 490/1 | €1,521 | €2,391 | +€870 | +57.2% |
| Total equity and liabilities | 10/49 | €1,880,030 | €3,032,014 | +€1.2m | +61.3% |
| Equity | 10/15 | €1,626,915 | €2,786,940 | +€1.2m | +71.3% |
| Contributions | 10/11 | €635,000 | €635,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,009,907 | +€1.0m | |
| Reserves | 13 | €991,915 | €1,142,033 | +€150,118 | +15.1% |
| Non-distributable reserves | 130/1 | €63,500 | €63,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €63,500 | €63,500 | = | 0.0% |
| Distributable reserves | 133 | €928,415 | €1,078,533 | +€150,118 | +16.2% |
| Amounts payable | 17/49 | €253,116 | €245,074 | -€8,041 | -3.2% |
| Amounts payable after more than one year | 17 | €104,539 | €73,786 | -€30,753 | -29.4% |
| Financial debts | 170/4 | €104,539 | €73,786 | -€30,753 | -29.4% |
| Amounts payable within one year | 42/48 | €142,246 | €166,438 | +€24,192 | +17.0% |
| Current portion of amounts payable after more than one year | 42 | €29,614 | €30,753 | +€1,138 | +3.8% |
| Trade debts | 44 | €4,708 | €1,571 | -€3,137 | -66.6% |
| Suppliers | 440/4 | €4,708 | €1,571 | -€3,137 | -66.6% |
| Taxes, remuneration and social security | 45 | €23,642 | €18,333 | -€5,310 | -22.5% |
| Taxes | 450/3 | €23,642 | €18,333 | -€5,310 | -22.5% |
| Other amounts payable | 47/48 | €84,282 | €115,782 | +€31,500 | +37.4% |
| Accrued charges and deferred income | 492/3 | €6,330 | €4,850 | -€1,481 | -23.4% |
| Non-recurring operating income | 76A | €18,714 | - | -€18,714 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,825 | €34,742 | +€10,917 | +45.8% |
| Other operating charges | 640/8 | €2,703 | €1,735 | -€967 | -35.8% |
| Gross operating margin | 9900 | €80,291 | €60,358 | -€19,933 | -24.8% |
| Operating profit (loss) | 9901 | €53,763 | €23,881 | -€29,882 | -55.6% |
| Financial income | 75/76B | €173,000 | €214,865 | +€41,865 | +24.2% |
| Recurring financial income | 75 | €173,000 | €214,865 | +€41,865 | +24.2% |
| Financial charges | 65/66B | €10,103 | €13,240 | +€3,136 | +31.0% |
| Recurring financial charges | 65 | €10,103 | €9,780 | -€324 | -3.2% |
| Non-recurring financial charges | 66B | - | €3,460 | +€3,460 | |
| Profit (loss) for the period before taxes | 9903 | €216,660 | €225,506 | +€8,847 | +4.1% |
| Income taxes | 67/77 | €28,727 | €22,370 | -€6,357 | -22.1% |
| Profit (loss) for the period | 9904 | €187,933 | €203,136 | +€15,203 | +8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €187,933 | €203,136 | +€15,203 | +8.1% |
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 19 October 2026 via checked.be.