WA-RM: what changed
WA-RM
Largest movements
- Receivables within one year -€99,713
down €99,713 (-36.0%), from €276,849 to €177,137
of which Trade receivables: -€92,981
- Cash +€80,412
up €80,412 (+164%), from €48,894 to €129,306
mainly Receivables within one year (+€99,713) and Net result for the year (+€78,326)
- Stocks and contracts +€33,076
up €33,076 (+127%), from €26,000 to €59,076
of which Contracts in progress: +€36,090
- Tangible fixed assets -€29,474
down €29,474 (-78.8%), from €37,425 to €7,951
of which Furniture and vehicles: -€26,328
- Trade debts -€80,077
down €80,077 (-51.0%), from €157,125 to €77,048
- Debts after one year -€51,271
down €51,271 (-20.5%), from €250,399 to €199,128
- Reserves +€50,000
up €50,000 (+49.1%), from €101,855 to €151,855
- Current portion of long-term debt +€30,020
up €30,020 (+99.9%), from €30,043 to €60,062
- Profit (loss) carried forward +€28,326
up €28,326 (+13.6%), from €207,637 to €235,963
- Gross operating margin -€73,464
down €73,464 (-21.4%), from €342,608 to €269,144
- Staff costs -€14,586
down €14,586 (-10.0%), from €145,811 to €131,226
- Financial charges -€14,031
down €14,031 (-42.4%), from €33,086 to €19,055
- Depreciation -€10,019
down €10,019 (-69.5%), from €14,406 to €4,388
- Taxes -€8,358
down €8,358 (-18.3%), from €45,654 to €37,296
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €802,925 | €788,080 | -€14,846 | -1.8% |
| Fixed assets | 21/28 | €450,328 | €420,855 | -€29,474 | -6.5% |
| Tangible fixed assets | 22/27 | €37,425 | €7,951 | -€29,474 | -78.8% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €10,133 | €6,987 | -€3,146 | -31.0% |
| Furniture and vehicles | 24 | €27,292 | €964 | -€26,328 | -96.5% |
| Financial fixed assets | 28 | €412,903 | €412,903 | = | 0.0% |
| Current assets | 29/58 | €352,597 | €367,225 | +€14,628 | +4.1% |
| Stocks and contracts in progress | 3 | €26,000 | €59,076 | +€33,076 | +127% |
| Stocks | 30/36 | €26,000 | €22,986 | -€3,014 | -11.6% |
| Contracts in progress | 37 | - | €36,090 | +€36,090 | |
| Amounts receivable within one year | 40/41 | €276,849 | €177,137 | -€99,713 | -36.0% |
| Trade receivables | 40 | €114,447 | €21,466 | -€92,981 | -81.2% |
| Other amounts receivable | 41 | €162,403 | €155,671 | -€6,731 | -4.1% |
| Cash at bank and in hand | 54/58 | €48,894 | €129,306 | +€80,412 | +164% |
| Deferred charges and accrued income | 490/1 | €854 | €1,707 | +€853 | +100.0% |
| Total equity and liabilities | 10/49 | €802,925 | €788,080 | -€14,846 | -1.8% |
| Equity | 10/15 | €328,042 | €406,368 | +€78,326 | +23.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €101,855 | €151,855 | +€50,000 | +49.1% |
| Distributable reserves | 133 | €101,855 | €151,855 | +€50,000 | +49.1% |
| Profit (loss) carried forward | 14 | €207,637 | €235,963 | +€28,326 | +13.6% |
| Amounts payable | 17/49 | €474,884 | €381,712 | -€93,172 | -19.6% |
| Amounts payable after more than one year | 17 | €250,399 | €199,128 | -€51,271 | -20.5% |
| Financial debts | 170/4 | €250,399 | €199,128 | -€51,271 | -20.5% |
| Amounts payable within one year | 42/48 | €223,942 | €181,308 | -€42,634 | -19.0% |
| Current portion of amounts payable after more than one year | 42 | €30,043 | €60,062 | +€30,020 | +99.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €157,125 | €77,048 | -€80,077 | -51.0% |
| Suppliers | 440/4 | €157,125 | €77,048 | -€80,077 | -51.0% |
| Taxes, remuneration and social security | 45 | €30,970 | €43,286 | +€12,316 | +39.8% |
| Taxes | 450/3 | €30,970 | €28,691 | -€2,280 | -7.4% |
| Remuneration and social security | 454/9 | €0 | €14,595 | +€14,595 | |
| Other amounts payable | 47/48 | €5,804 | €911 | -€4,892 | -84.3% |
| Accrued charges and deferred income | 492/3 | €542 | €1,276 | +€733 | +135% |
| Non-recurring operating income | 76A | €130,672 | €19,308 | -€111,364 | -85.2% |
| Remuneration, social security and pensions | 62 | €145,811 | €131,226 | -€14,586 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,406 | €4,388 | -€10,019 | -69.5% |
| Other operating charges | 640/8 | €7,882 | €2,309 | -€5,573 | -70.7% |
| Gross operating margin | 9900 | €342,608 | €269,144 | -€73,464 | -21.4% |
| Operating profit (loss) | 9901 | €174,508 | €131,222 | -€43,287 | -24.8% |
| Financial income | 75/76B | €4,490 | €3,456 | -€1,034 | -23.0% |
| Recurring financial income | 75 | €4,490 | €3,456 | -€1,034 | -23.0% |
| Financial charges | 65/66B | €33,086 | €19,055 | -€14,031 | -42.4% |
| Recurring financial charges | 65 | €33,086 | €19,055 | -€14,031 | -42.4% |
| Profit (loss) for the period before taxes | 9903 | €145,913 | €115,623 | -€30,290 | -20.8% |
| Income taxes | 67/77 | €45,654 | €37,296 | -€8,358 | -18.3% |
| Profit (loss) for the period | 9904 | €100,259 | €78,326 | -€21,933 | -21.9% |
| Profit (loss) for the period to be appropriated | 9905 | €100,259 | €78,326 | -€21,933 | -21.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.