W.T.E.: 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.T.E.
Largest movements
- Current investments +€24,229
up €24,229 (+22.9%), from €106,009 to €130,238
- Cash +€15,306
up €15,306 (+214%), from €7,152 to €22,458
mainly Net result for the year (+€45,082) and Depreciation (+€13,719)
- Receivables within one year -€11,276
down €11,276 (-42.0%), from €26,843 to €15,567
of which Trade receivables: -€12,711
- Tangible fixed assets -€8,875
down €8,875 (-5.5%), from €160,792 to €151,917
of which Land and buildings: -€11,293
- Reserves +€39,082
up €39,082 (+21.2%), from €184,122 to €223,205
of which Distributable reserves: +€39,082
- Other debts -€15,834
down €15,834 (-22.1%), from €71,620 to €55,786
- Gross operating margin -€27,506
down €27,506 (-26.0%), from €105,846 to €78,340
- Financial income +€10,323
up €10,323 (+723%), from €1,429 to €11,751
- Taxes -€2,936
down €2,936 (-10.1%), from €29,099 to €26,163
- Financial charges -€2,135
down €2,135 (-33.2%), from €6,423 to €4,288
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 | €303,388 | €322,641 | +€19,253 | +6.3% |
| Fixed assets | 21/28 | €160,792 | €151,917 | -€8,875 | -5.5% |
| Tangible fixed assets | 22/27 | €160,792 | €151,917 | -€8,875 | -5.5% |
| Land and buildings | 22 | €153,430 | €142,137 | -€11,293 | -7.4% |
| Plant, machinery and equipment | 23 | €956 | €2,022 | +€1,066 | +111% |
| Furniture and vehicles | 24 | €6,406 | €7,758 | +€1,352 | +21.1% |
| Current assets | 29/58 | €142,596 | €170,724 | +€28,128 | +19.7% |
| Amounts receivable within one year | 40/41 | €26,843 | €15,567 | -€11,276 | -42.0% |
| Trade receivables | 40 | €26,574 | €13,862 | -€12,711 | -47.8% |
| Other amounts receivable | 41 | €269 | €1,705 | +€1,436 | +533% |
| Current investments | 50/53 | €106,009 | €130,238 | +€24,229 | +22.9% |
| Cash at bank and in hand | 54/58 | €7,152 | €22,458 | +€15,306 | +214% |
| Deferred charges and accrued income | 490/1 | €2,592 | €2,461 | -€131 | -5.1% |
| Total equity and liabilities | 10/49 | €303,388 | €322,641 | +€19,253 | +6.3% |
| Equity | 10/15 | €202,722 | €241,805 | +€39,082 | +19.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €184,122 | €223,205 | +€39,082 | +21.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €182,262 | €221,345 | +€39,082 | +21.4% |
| Amounts payable | 17/49 | €100,665 | €80,836 | -€19,830 | -19.7% |
| Amounts payable after more than one year | 17 | €1,085 | - | -€1,085 | |
| Financial debts | 170/4 | €1,085 | - | -€1,085 | |
| Amounts payable within one year | 42/48 | €93,889 | €76,910 | -€16,978 | -18.1% |
| Current portion of amounts payable after more than one year | 42 | €6,451 | €5,617 | -€834 | -12.9% |
| Trade debts | 44 | €1,735 | €2,809 | +€1,074 | +61.9% |
| Suppliers | 440/4 | €1,735 | €2,809 | +€1,074 | +61.9% |
| Taxes, remuneration and social security | 45 | €14,084 | €12,699 | -€1,384 | -9.8% |
| Taxes | 450/3 | €14,084 | €12,699 | -€1,384 | -9.8% |
| Other amounts payable | 47/48 | €71,620 | €55,786 | -€15,834 | -22.1% |
| Accrued charges and deferred income | 492/3 | €5,691 | €3,925 | -€1,766 | -31.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,764 | €13,719 | +€955 | +7.5% |
| Other operating charges | 640/8 | €650 | €838 | +€188 | +28.9% |
| Non-recurring operating charges | 66A | €449 | - | -€449 | |
| Gross operating margin | 9900 | €105,846 | €78,340 | -€27,506 | -26.0% |
| Operating profit (loss) | 9901 | €91,982 | €63,783 | -€28,200 | -30.7% |
| Financial income | 75/76B | €1,429 | €11,751 | +€10,323 | +723% |
| Recurring financial income | 75 | €1,429 | €11,751 | +€10,323 | +723% |
| Financial charges | 65/66B | €6,423 | €4,288 | -€2,135 | -33.2% |
| Recurring financial charges | 65 | €6,423 | €4,288 | -€2,135 | -33.2% |
| Profit (loss) for the period before taxes | 9903 | €86,988 | €71,246 | -€15,743 | -18.1% |
| Income taxes | 67/77 | €29,099 | €26,163 | -€2,936 | -10.1% |
| Profit (loss) for the period | 9904 | €57,889 | €45,082 | -€12,807 | -22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €57,889 | €45,082 | -€12,807 | -22.1% |
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 14 October 2026 via checked.be.