W4D: 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.
W4D
Largest movements
- Receivables within one year +€97,945
up €97,945 (+10.4%), from €943,781 to €1.0m
of which Trade receivables: +€118,110
- Cash +€58,000
up €58,000 (+164%), from €35,393 to €93,393
mainly Net result for the year (+€52,391) and Trade debts (+€49,653)
- Profit (loss) carried forward +€52,391
up €52,391 (+650%), from €8,061 to €60,452
- Trade debts +€49,653
up €49,653 (+7.3%), from €683,522 to €733,176
- Other debts +€31,838
new in 2025: €31,838
- Advances received +€19,775
up €19,775 (+10.9%), from €181,306 to €201,082
- Tax, wage and social debts -€18,805
down €18,805 (-9.6%), from €195,105 to €176,300
of which Taxes: -€14,424
- Staff costs +€66,397
up €66,397 (+18.3%), from €362,000 to €428,397
- Gross operating margin +€47,561
up €47,561 (+9.9%), from €478,946 to €526,507
- Depreciation -€15,574
down €15,574 (-47.0%), from €33,109 to €17,535
- Financial charges +€11,032
up €11,032 (+2,490%), from €443 to €11,475
- Taxes +€10,573
up €10,573 (+95.1%), from €11,112 to €21,685
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 | €1,169,769 | €1,319,680 | +€149,910 | +12.8% |
| Fixed assets | 21/28 | €116,916 | €110,881 | -€6,035 | -5.2% |
| Intangible fixed assets | 21 | €13,937 | €13,052 | -€884 | -6.3% |
| Tangible fixed assets | 22/27 | €97,779 | €92,629 | -€5,151 | -5.3% |
| Plant, machinery and equipment | 23 | €33,266 | €25,434 | -€7,833 | -23.5% |
| Furniture and vehicles | 24 | €16,461 | €24,208 | +€7,747 | +47.1% |
| Other tangible fixed assets | 26 | €48,052 | €42,987 | -€5,065 | -10.5% |
| Financial fixed assets | 28 | €5,200 | €5,200 | = | 0.0% |
| Current assets | 29/58 | €1,052,853 | €1,208,799 | +€155,945 | +14.8% |
| Stocks and contracts in progress | 3 | €48,752 | €48,752 | = | 0.0% |
| Stocks | 30/36 | €48,752 | €48,752 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €943,781 | €1,041,726 | +€97,945 | +10.4% |
| Trade receivables | 40 | €893,760 | €1,011,870 | +€118,110 | +13.2% |
| Other amounts receivable | 41 | €50,021 | €29,856 | -€20,165 | -40.3% |
| Cash at bank and in hand | 54/58 | €35,393 | €93,393 | +€58,000 | +164% |
| Deferred charges and accrued income | 490/1 | €24,927 | €24,927 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,169,769 | €1,319,680 | +€149,910 | +12.8% |
| Equity | 10/15 | €104,561 | €156,952 | +€52,391 | +50.1% |
| Contributions | 10/11 | €96,500 | €96,500 | = | 0.0% |
| Capital | 10 | €96,500 | €96,500 | = | 0.0% |
| Issued capital | 100 | €96,500 | €96,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,061 | €60,452 | +€52,391 | +650% |
| Amounts payable | 17/49 | €1,065,208 | €1,162,728 | +€97,519 | +9.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,065,208 | €1,162,728 | +€97,519 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €5,274 | €20,332 | +€15,058 | +286% |
| Trade debts | 44 | €683,522 | €733,176 | +€49,653 | +7.3% |
| Suppliers | 440/4 | €683,522 | €733,176 | +€49,653 | +7.3% |
| Advances received on contracts in progress | 46 | €181,306 | €201,082 | +€19,775 | +10.9% |
| Taxes, remuneration and social security | 45 | €195,105 | €176,300 | -€18,805 | -9.6% |
| Taxes | 450/3 | €55,587 | €41,163 | -€14,424 | -25.9% |
| Remuneration and social security | 454/9 | €139,518 | €135,137 | -€4,382 | -3.1% |
| Other amounts payable | 47/48 | - | €31,838 | +€31,838 | |
| Remuneration, social security and pensions | 62 | €362,000 | €428,397 | +€66,397 | +18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,109 | €17,535 | -€15,574 | -47.0% |
| Other operating charges | 640/8 | €4,082 | €894 | -€3,188 | -78.1% |
| Gross operating margin | 9900 | €478,946 | €526,507 | +€47,561 | +9.9% |
| Operating profit (loss) | 9901 | €79,755 | €79,681 | -€73 | -0.1% |
| Financial income | 75/76B | €12 | €5,870 | +€5,858 | +49,349% |
| Recurring financial income | 75 | €12 | €5,870 | +€5,858 | +49,349% |
| Financial charges | 65/66B | €443 | €11,475 | +€11,032 | +2,490% |
| Recurring financial charges | 65 | €443 | €11,475 | +€11,032 | +2,490% |
| Profit (loss) for the period before taxes | 9903 | €79,323 | €74,076 | -€5,247 | -6.6% |
| Income taxes | 67/77 | €11,112 | €21,685 | +€10,573 | +95.1% |
| Profit (loss) for the period | 9904 | €68,212 | €52,391 | -€15,820 | -23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €68,212 | €52,391 | -€15,820 | -23.2% |
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 19 October 2026 via checked.be.