W2PROJECT: 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.
W2PROJECT
Largest movements
- Receivables within one year +€47,773
up €47,773 (+58.5%), from €81,609 to €129,382
of which Trade receivables: +€37,738
- Tangible fixed assets +€26,871
up €26,871 (+86.8%), from €30,975 to €57,845
of which Plant, machinery and equipment: +€25,771
- Stocks and contracts -€20,323
down €20,323 (-25.8%), from €78,915 to €58,592
- Cash -€5,199
down €5,199 (-30.7%), from €16,961 to €11,762
mainly Investment in fixed assets (net) (-€50,130) and Receivables within one year (-€47,773)
- Deferred charges and accrued income +€2,980
up €2,980 (+220.1%), from €1,354 to €4,334
- Other debts +€18,586
up €18,586 (+2231.2%), from €833 to €19,419
- Tax, wage and social debts +€15,607
up €15,607 (+68.4%), from €22,821 to €38,428
of which Taxes: +€17,153
- Debts after one year +€9,050
up €9,050 (+66.0%), from €13,719 to €22,769
- Current portion of long-term debt +€8,396
up €8,396 (+60.9%), from €13,798 to €22,195
- Short-term financial debts +€6,732
up €6,732, from €0 to €6,732
- Gross operating margin -€65,622
down €65,622 (-38.3%), from €171,354 to €105,732
- Staff costs +€27,376
up €27,376 (+117.9%), from €23,217 to €50,592
- Taxes -€23,397
down €23,397 (-75.2%), from €31,108 to €7,711
- Depreciation +€5,914
up €5,914 (+34.1%), from €17,346 to €23,259
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 | €209,813 | €261,915 | +€52,102 | +24.8% |
| Fixed assets | 21/28 | €30,975 | €57,845 | +€26,871 | +86.8% |
| Tangible fixed assets | 22/27 | €30,975 | €57,845 | +€26,871 | +86.8% |
| Plant, machinery and equipment | 23 | - | €25,771 | +€25,771 | |
| Furniture and vehicles | 24 | €30,975 | €32,075 | +€1,100 | +3.6% |
| Current assets | 29/58 | €178,838 | €204,070 | +€25,231 | +14.1% |
| Stocks and contracts in progress | 3 | €78,915 | €58,592 | -€20,323 | -25.8% |
| Contracts in progress | 37 | €78,915 | €58,592 | -€20,323 | -25.8% |
| Amounts receivable within one year | 40/41 | €81,609 | €129,382 | +€47,773 | +58.5% |
| Trade receivables | 40 | €71,259 | €108,997 | +€37,738 | +53.0% |
| Other amounts receivable | 41 | €10,350 | €20,385 | +€10,035 | +97.0% |
| Cash at bank and in hand | 54/58 | €16,961 | €11,762 | -€5,199 | -30.7% |
| Deferred charges and accrued income | 490/1 | €1,354 | €4,334 | +€2,980 | +220.1% |
| Total equity and liabilities | 10/49 | €209,813 | €261,915 | +€52,102 | +24.8% |
| Equity | 10/15 | €148,992 | €148,992 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €143,992 | €143,992 | = | 0.0% |
| Distributable reserves | 133 | €143,992 | €143,992 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €60,821 | €112,924 | +€52,102 | +85.7% |
| Amounts payable after more than one year | 17 | €13,719 | €22,769 | +€9,050 | +66.0% |
| Financial debts | 170/4 | €13,719 | €22,769 | +€9,050 | +66.0% |
| Amounts payable within one year | 42/48 | €47,102 | €90,155 | +€43,053 | +91.4% |
| Current portion of amounts payable after more than one year | 42 | €13,798 | €22,195 | +€8,396 | +60.9% |
| Financial debts | 43 | €0 | €6,732 | +€6,732 | |
| Credit institutions | 430/8 | €0 | €6,732 | +€6,732 | |
| Trade debts | 44 | €9,650 | €3,382 | -€6,268 | -65.0% |
| Suppliers | 440/4 | €9,650 | €3,382 | -€6,268 | -65.0% |
| Taxes, remuneration and social security | 45 | €22,821 | €38,428 | +€15,607 | +68.4% |
| Taxes | 450/3 | €15,914 | €33,067 | +€17,153 | +107.8% |
| Remuneration and social security | 454/9 | €6,907 | €5,360 | -€1,546 | -22.4% |
| Other amounts payable | 47/48 | €833 | €19,419 | +€18,586 | +2231.2% |
| Remuneration, social security and pensions | 62 | €23,217 | €50,592 | +€27,376 | +117.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,346 | €23,259 | +€5,914 | +34.1% |
| Other operating charges | 640/8 | €1,514 | €1,775 | +€261 | +17.3% |
| Gross operating margin | 9900 | €171,354 | €105,732 | -€65,622 | -38.3% |
| Operating profit (loss) | 9901 | €129,279 | €30,106 | -€99,173 | -76.7% |
| Financial income | 75/76B | €676 | €287 | -€389 | -57.5% |
| Recurring financial income | 75 | €676 | €287 | -€389 | -57.5% |
| Financial charges | 65/66B | €3,240 | €3,264 | +€24 | +0.7% |
| Recurring financial charges | 65 | €3,240 | €3,264 | +€24 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €126,715 | €27,129 | -€99,586 | -78.6% |
| Income taxes | 67/77 | €31,108 | €7,711 | -€23,397 | -75.2% |
| Profit (loss) for the period | 9904 | €95,607 | €19,419 | -€76,189 | -79.7% |
| Profit (loss) for the period to be appropriated | 9905 | €95,607 | €19,419 | -€76,189 | -79.7% |
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 6 October 2026 via checked.be.