W-VG: 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-VG
Largest movements
- Cash +€39,958
up €39,958 (+40.3%), from €99,075 to €139,034
mainly Net result for the year (+€64,263) and Receivables within one year (+€25,356)
- Receivables within one year -€25,356
down €25,356 (-24.4%), from €103,856 to €78,499
of which Other amounts receivable: -€24,531
- Reserves +€64,263
up €64,263 (+18.4%), from €349,548 to €413,811
- Other debts -€36,145
down €36,145 (-98.9%), from €36,560 to €415
- Debts after one year -€9,162
down €9,162 (-14.1%), from €64,787 to €55,625
- Tax, wage and social debts -€5,609
down €5,609 (-20.9%), from €26,852 to €21,243
- Write-downs +€22,197
new in 2025: €22,197
- Taxes -€6,643
down €6,643 (-17.6%), from €37,666 to €31,023
- Depreciation +€2,962
up €2,962 (+43.3%), from €6,846 to €9,807
- Gross operating margin +€2,846
up €2,846 (+2.2%), from €127,760 to €130,606
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 | €507,256 | €520,336 | +€13,081 | +2.6% |
| Fixed assets | 21/28 | €303,643 | €302,075 | -€1,568 | -0.5% |
| Tangible fixed assets | 22/27 | €303,643 | €302,075 | -€1,568 | -0.5% |
| Land and buildings | 22 | €301,805 | €295,296 | -€6,509 | -2.2% |
| Furniture and vehicles | 24 | €1,839 | €6,779 | +€4,941 | +269% |
| Current assets | 29/58 | €203,613 | €218,261 | +€14,649 | +7.2% |
| Amounts receivable within one year | 40/41 | €103,856 | €78,499 | -€25,356 | -24.4% |
| Trade receivables | 40 | €12,733 | €11,908 | -€825 | -6.5% |
| Other amounts receivable | 41 | €91,122 | €66,591 | -€24,531 | -26.9% |
| Cash at bank and in hand | 54/58 | €99,075 | €139,034 | +€39,958 | +40.3% |
| Deferred charges and accrued income | 490/1 | €682 | €728 | +€47 | +6.8% |
| Total equity and liabilities | 10/49 | €507,256 | €520,336 | +€13,081 | +2.6% |
| Equity | 10/15 | €368,148 | €432,411 | +€64,263 | +17.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €349,548 | €413,811 | +€64,263 | +18.4% |
| Distributable reserves | 133 | €349,548 | €413,811 | +€64,263 | +18.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | 0.0% |
| Amounts payable | 17/49 | €139,108 | €87,925 | -€51,183 | -36.8% |
| Amounts payable after more than one year | 17 | €64,787 | €55,625 | -€9,162 | -14.1% |
| Financial debts | 170/4 | €64,787 | €55,625 | -€9,162 | -14.1% |
| Amounts payable within one year | 42/48 | €74,321 | €32,300 | -€42,021 | -56.5% |
| Current portion of amounts payable after more than one year | 42 | €8,934 | €9,162 | +€228 | +2.6% |
| Trade debts | 44 | €1,975 | €1,480 | -€495 | -25.0% |
| Suppliers | 440/4 | €1,975 | €1,480 | -€495 | -25.0% |
| Taxes, remuneration and social security | 45 | €26,852 | €21,243 | -€5,609 | -20.9% |
| Taxes | 450/3 | €26,852 | €21,243 | -€5,609 | -20.9% |
| Other amounts payable | 47/48 | €36,560 | €415 | -€36,145 | -98.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,846 | €9,807 | +€2,962 | +43.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €22,197 | +€22,197 | |
| Other operating charges | 640/8 | €817 | €1,264 | +€446 | +54.6% |
| Gross operating margin | 9900 | €127,760 | €130,606 | +€2,846 | +2.2% |
| Operating profit (loss) | 9901 | €120,097 | €97,338 | -€22,759 | -19.0% |
| Financial income | 75/76B | €168 | - | -€168 | |
| Recurring financial income | 75 | €168 | - | -€168 | |
| Financial charges | 65/66B | €2,922 | €2,052 | -€870 | -29.8% |
| Recurring financial charges | 65 | €2,922 | €2,052 | -€870 | -29.8% |
| Profit (loss) for the period before taxes | 9903 | €117,343 | €95,286 | -€22,057 | -18.8% |
| Income taxes | 67/77 | €37,666 | €31,023 | -€6,643 | -17.6% |
| Profit (loss) for the period | 9904 | €79,677 | €64,263 | -€15,414 | -19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €79,677 | €64,263 | -€15,414 | -19.3% |
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 28 October 2026 via checked.be.