W-SPECS: what changed
Two fiscal 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-SPECS
Largest movements
- Stocks and contracts +€91,710
up €91,710 (+52.7%), from €173,864 to €265,574
- Cash +€10,980
up €10,980 (+271.7%), from €4,041 to €15,021
mainly Advances received (+€32,500) and Short-term financial debts (+€31,894)
- Tangible fixed assets -€8,082
down €8,082 (-14.0%), from €57,546 to €49,464
of which Plant, machinery and equipment: -€11,814
- Advances received +€32,500
new in 2025: €32,500
- Short-term financial debts +€31,894
up €31,894 (+54.9%), from €58,106 to €90,000
- Debts after one year +€22,260
up €22,260 (+32.1%), from €69,429 to €91,689
of which Other amounts payable: +€28,422
- Staff costs +€15,694
up €15,694 (+25.5%), from €61,479 to €77,173
- Gross operating margin +€5,518
up €5,518 (+5.6%), from €98,250 to €103,768
- Depreciation +€3,078
up €3,078 (+22.9%), from €13,460 to €16,538
- Financial income +€2,512
up €2,512 (+337.4%), from €745 to €3,257
- Other operating charges -€1,322
down €1,322 (-23.0%), from €5,748 to €4,426
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 | €269,826 | €361,548 | +€91,722 | +34.0% |
| Fixed assets | 21/28 | €57,934 | €49,464 | -€8,471 | -14.6% |
| Intangible fixed assets | 21 | €389 | - | -€389 | |
| Tangible fixed assets | 22/27 | €57,546 | €49,464 | -€8,082 | -14.0% |
| Land and buildings | 22 | €16,790 | €22,754 | +€5,964 | +35.5% |
| Plant, machinery and equipment | 23 | €35,927 | €24,113 | -€11,814 | -32.9% |
| Furniture and vehicles | 24 | €4,829 | €2,597 | -€2,232 | -46.2% |
| Current assets | 29/58 | €211,891 | €312,084 | +€100,193 | +47.3% |
| Stocks and contracts in progress | 3 | €173,864 | €265,574 | +€91,710 | +52.7% |
| Stocks | 30/36 | €173,864 | €265,574 | +€91,710 | +52.7% |
| Amounts receivable within one year | 40/41 | €30,998 | €28,756 | -€2,241 | -7.2% |
| Trade receivables | 40 | €30,998 | €28,756 | -€2,241 | -7.2% |
| Cash at bank and in hand | 54/58 | €4,041 | €15,021 | +€10,980 | +271.7% |
| Deferred charges and accrued income | 490/1 | €2,989 | €2,733 | -€255 | -8.5% |
| Total equity and liabilities | 10/49 | €269,826 | €361,548 | +€91,722 | +34.0% |
| Equity | 10/15 | €111,832 | €114,222 | +€2,390 | +2.1% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €57,583 | €57,583 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,500 | €3,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,500 | €3,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,350 | €6,350 | = | 0.0% |
| Distributable reserves | 133 | €47,733 | €47,733 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,249 | €21,640 | +€2,390 | +12.4% |
| Amounts payable | 17/49 | €157,993 | €247,326 | +€89,332 | +56.5% |
| Amounts payable after more than one year | 17 | €69,429 | €91,689 | +€22,260 | +32.1% |
| Financial debts | 170/4 | €18,115 | €11,953 | -€6,162 | -34.0% |
| Other amounts payable | 178/9 | €51,314 | €79,736 | +€28,422 | +55.4% |
| Amounts payable within one year | 42/48 | €88,565 | €155,637 | +€67,072 | +75.7% |
| Current portion of amounts payable after more than one year | 42 | €7,912 | €6,162 | -€1,750 | -22.1% |
| Financial debts | 43 | €58,106 | €90,000 | +€31,894 | +54.9% |
| Credit institutions | 430/8 | €58,106 | €90,000 | +€31,894 | +54.9% |
| Trade debts | 44 | €8,628 | €10,918 | +€2,290 | +26.5% |
| Suppliers | 440/4 | €8,628 | €10,918 | +€2,290 | +26.5% |
| Advances received on contracts in progress | 46 | - | €32,500 | +€32,500 | |
| Taxes, remuneration and social security | 45 | €13,919 | €16,057 | +€2,138 | +15.4% |
| Taxes | 450/3 | €6,820 | €4,261 | -€2,559 | -37.5% |
| Remuneration and social security | 454/9 | €7,098 | €11,796 | +€4,697 | +66.2% |
| Remuneration, social security and pensions | 62 | €61,479 | €77,173 | +€15,694 | +25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,460 | €16,538 | +€3,078 | +22.9% |
| Other operating charges | 640/8 | €5,748 | €4,426 | -€1,322 | -23.0% |
| Gross operating margin | 9900 | €98,250 | €103,768 | +€5,518 | +5.6% |
| Operating profit (loss) | 9901 | €17,563 | €5,632 | -€11,931 | -67.9% |
| Financial income | 75/76B | €745 | €3,257 | +€2,512 | +337.4% |
| Recurring financial income | 75 | €745 | €3,257 | +€2,512 | +337.4% |
| Financial charges | 65/66B | €5,981 | €6,499 | +€517 | +8.7% |
| Recurring financial charges | 65 | €5,981 | €6,499 | +€517 | +8.7% |
| Profit (loss) for the period before taxes | 9903 | €12,326 | €2,390 | -€9,936 | -80.6% |
| Profit (loss) for the period | 9904 | €12,326 | €2,390 | -€9,936 | -80.6% |
| Profit (loss) for the period to be appropriated | 9905 | €12,326 | €2,390 | -€9,936 | -80.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.