W. VAN TILBORG: 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. VAN TILBORG
Largest movements
- Receivables within one year +€17,466
up €17,466 (+26.5%), from €65,940 to €83,406
of which Trade receivables: +€17,353
- Tangible fixed assets -€17,416
down €17,416 (-5.2%), from €335,236 to €317,821
of which Land and buildings: -€11,503
- Cash +€14,940
up €14,940 (+37.9%), from €39,446 to €54,386
mainly Depreciation (+€29,888) and Net result for the year (+€27,314)
- Reserves +€26,481
up €26,481 (+218.9%), from €12,100 to €38,581
of which Distributable reserves: +€26,481
- Debts after one year -€25,439
down €25,439 (-9.8%), from €259,108 to €233,669
of which Other amounts payable: -€135,000
- Trade debts +€20,487
up €20,487 (+66.0%), from €31,039 to €51,527
- Other debts -€13,136
down €13,136 (-14.8%), from €88,617 to €75,481
- Tax, wage and social debts +€5,220
up €5,220 (+64.5%), from €8,087 to €13,308
- Gross operating margin +€3,948
up €3,948 (+5.3%), from €75,014 to €78,962
- Taxes +€2,748
up €2,748 (+22.6%), from €12,169 to €14,917
- Financial charges -€1,275
down €1,275 (-16.4%), from €7,793 to €6,518
- Depreciation +€905
up €905 (+3.1%), from €28,983 to €29,888
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 | €442,550 | €457,321 | +€14,771 | +3.3% |
| Fixed assets | 21/28 | €335,236 | €317,821 | -€17,416 | -5.2% |
| Tangible fixed assets | 22/27 | €335,236 | €317,821 | -€17,416 | -5.2% |
| Land and buildings | 22 | €124,852 | €113,349 | -€11,503 | -9.2% |
| Plant, machinery and equipment | 23 | €7,340 | €6,546 | -€794 | -10.8% |
| Other tangible fixed assets | 26 | €203,044 | €197,926 | -€5,118 | -2.5% |
| Current assets | 29/58 | €107,313 | €139,500 | +€32,187 | +30.0% |
| Stocks and contracts in progress | 3 | €475 | €133 | -€341 | -71.9% |
| Stocks | 30/36 | €475 | €133 | -€341 | -71.9% |
| Amounts receivable within one year | 40/41 | €65,940 | €83,406 | +€17,466 | +26.5% |
| Trade receivables | 40 | €62,558 | €79,911 | +€17,353 | +27.7% |
| Other amounts receivable | 41 | €3,382 | €3,495 | +€113 | +3.3% |
| Cash at bank and in hand | 54/58 | €39,446 | €54,386 | +€14,940 | +37.9% |
| Deferred charges and accrued income | 490/1 | €1,453 | €1,575 | +€122 | +8.4% |
| Total equity and liabilities | 10/49 | €442,550 | €457,321 | +€14,771 | +3.3% |
| Equity | 10/15 | €30,692 | €57,173 | +€26,481 | +86.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €12,100 | €38,581 | +€26,481 | +218.9% |
| Tax-exempt reserves | 132 | €124 | €124 | = | 0.0% |
| Distributable reserves | 133 | €11,976 | €38,457 | +€26,481 | +221.1% |
| Amounts payable | 17/49 | €411,858 | €400,147 | -€11,710 | -2.8% |
| Amounts payable after more than one year | 17 | €259,108 | €233,669 | -€25,439 | -9.8% |
| Financial debts | 170/4 | €124,108 | €233,669 | +€109,561 | +88.3% |
| Other amounts payable | 178/9 | €135,000 | - | -€135,000 | |
| Amounts payable within one year | 42/48 | €152,026 | €165,754 | +€13,728 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €24,282 | €25,439 | +€1,156 | +4.8% |
| Trade debts | 44 | €31,039 | €51,527 | +€20,487 | +66.0% |
| Suppliers | 440/4 | €31,039 | €51,527 | +€20,487 | +66.0% |
| Taxes, remuneration and social security | 45 | €8,087 | €13,308 | +€5,220 | +64.5% |
| Taxes | 450/3 | €8,087 | €13,308 | +€5,220 | +64.5% |
| Other amounts payable | 47/48 | €88,617 | €75,481 | -€13,136 | -14.8% |
| Accrued charges and deferred income | 492/3 | €724 | €724 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,983 | €29,888 | +€905 | +3.1% |
| Other operating charges | 640/8 | €772 | €567 | -€205 | -26.6% |
| Gross operating margin | 9900 | €75,014 | €78,962 | +€3,948 | +5.3% |
| Operating profit (loss) | 9901 | €45,258 | €48,507 | +€3,249 | +7.2% |
| Financial income | 75/76B | €372 | €242 | -€129 | -34.8% |
| Recurring financial income | 75 | €372 | €242 | -€129 | -34.8% |
| Financial charges | 65/66B | €7,793 | €6,518 | -€1,275 | -16.4% |
| Recurring financial charges | 65 | €7,793 | €6,518 | -€1,275 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €37,838 | €42,232 | +€4,394 | +11.6% |
| Income taxes | 67/77 | €12,169 | €14,917 | +€2,748 | +22.6% |
| Profit (loss) for the period | 9904 | €25,669 | €27,314 | +€1,646 | +6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €25,669 | €27,314 | +€1,646 | +6.4% |
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 10 October 2026 via checked.be.