W123: 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.
W123
Largest movements
- Cash +€480,638
up €480,638 (+427.6%), from €112,406 to €593,044
mainly Current investments (+€375,000) and Net result for the year (+€139,898)
- Current investments -€375,000
no longer reported in 2025 (was €375,000)
- Tangible fixed assets -€66,834
down €66,834 (-4.0%), from €1.7m to €1.6m
of which Land and buildings: -€64,457
- Receivables within one year +€52,853
up €52,853 (+794.2%), from €6,655 to €59,508
of which Other amounts receivable: +€58,036
- Profit (loss) carried forward +€139,898
up €139,898 (+37.0%), from -€377,767 to -€237,869
- Debts after one year -€46,595
down €46,595 (-2.5%), from €1.8m to €1.8m
- Gross operating margin +€129,532
up €129,532 (+97.8%), from €132,420 to €261,952
- Turnover +€46,548
up €46,548 (+25.9%), from €179,853 to €226,401
- Depreciation -€31,743
down €31,743 (-24.0%), from €132,475 to €100,732
- Purchases and services -€30,593
down €30,593 (-46.0%), from €66,491 to €35,898
- Financial income +€3,827
up €3,827 (+83.8%), from €4,568 to €8,395
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 | €2,156,778 | €2,248,416 | +€91,638 | +4.2% |
| Fixed assets | 21/28 | €1,659,382 | €1,592,548 | -€66,834 | -4.0% |
| Tangible fixed assets | 22/27 | €1,659,382 | €1,592,548 | -€66,834 | -4.0% |
| Land and buildings | 22 | €1,647,351 | €1,582,894 | -€64,457 | -3.9% |
| Plant, machinery and equipment | 23 | €11,801 | €9,654 | -€2,147 | -18.2% |
| Furniture and vehicles | 24 | €230 | - | -€230 | |
| Current assets | 29/58 | €497,396 | €655,868 | +€158,472 | +31.9% |
| Amounts receivable within one year | 40/41 | €6,655 | €59,508 | +€52,853 | +794.2% |
| Trade receivables | 40 | €6,655 | €1,472 | -€5,183 | -77.9% |
| Other amounts receivable | 41 | - | €58,036 | +€58,036 | |
| Current investments | 50/53 | €375,000 | - | -€375,000 | |
| Cash at bank and in hand | 54/58 | €112,406 | €593,044 | +€480,638 | +427.6% |
| Deferred charges and accrued income | 490/1 | €3,335 | €3,316 | -€19 | -0.6% |
| Total equity and liabilities | 10/49 | €2,156,778 | €2,248,416 | +€91,638 | +4.2% |
| Equity | 10/15 | €216,594 | €354,221 | +€137,627 | +63.5% |
| Contributions | 10/11 | €553,477 | €553,477 | = | 0.0% |
| Capital | 10 | €440,239 | €440,239 | = | 0.0% |
| Issued capital | 100 | €440,239 | €440,239 | = | 0.0% |
| Contributions outside capital | 11 | €113,238 | €113,238 | = | 0.0% |
| Share premium | 1100/10 | €113,238 | €113,238 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€377,767 | -€237,869 | +€139,898 | +37.0% |
| Investment grants | 15 | €40,884 | €38,613 | -€2,271 | -5.6% |
| Provisions and deferred taxes | 16 | €13,628 | €12,871 | -€757 | -5.6% |
| Deferred taxes | 168 | €13,628 | €12,871 | -€757 | -5.6% |
| Amounts payable | 17/49 | €1,926,556 | €1,881,324 | -€45,232 | -2.3% |
| Amounts payable after more than one year | 17 | €1,842,015 | €1,795,420 | -€46,595 | -2.5% |
| Financial debts | 170/4 | €1,842,015 | €1,795,420 | -€46,595 | -2.5% |
| Amounts payable within one year | 42/48 | €59,287 | €53,672 | -€5,615 | -9.5% |
| Current portion of amounts payable after more than one year | 42 | €45,275 | €46,596 | +€1,321 | +2.9% |
| Trade debts | 44 | €13,261 | €7,076 | -€6,185 | -46.6% |
| Suppliers | 440/4 | €13,261 | €7,076 | -€6,185 | -46.6% |
| Taxes, remuneration and social security | 45 | €751 | - | -€751 | |
| Taxes | 450/3 | €751 | - | -€751 | |
| Accrued charges and deferred income | 492/3 | €25,254 | €32,232 | +€6,978 | +27.6% |
| Turnover | 70 | €179,853 | €226,401 | +€46,548 | +25.9% |
| Non-recurring operating income | 76A | - | €68,055 | +€68,055 | |
| Goods, raw materials, services and sundry goods | 60/61 | €66,491 | €35,898 | -€30,593 | -46.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,475 | €100,732 | -€31,743 | -24.0% |
| Other operating charges | 640/8 | €13,405 | €10,734 | -€2,671 | -19.9% |
| Gross operating margin | 9900 | €132,420 | €261,952 | +€129,532 | +97.8% |
| Operating profit (loss) | 9901 | -€13,460 | €150,486 | +€163,946 | |
| Financial income | 75/76B | €4,568 | €8,395 | +€3,827 | +83.8% |
| Recurring financial income | 75 | €4,568 | €8,395 | +€3,827 | +83.8% |
| Financial charges | 65/66B | €21,366 | €19,740 | -€1,626 | -7.6% |
| Recurring financial charges | 65 | €21,366 | €19,740 | -€1,626 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | -€30,258 | €139,141 | +€169,399 | |
| Transfer from deferred taxes | 780 | €1,514 | €757 | -€757 | -50.0% |
| Profit (loss) for the period | 9904 | -€28,744 | €139,898 | +€168,642 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,744 | €139,898 | +€168,642 |
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.