Ward VS: 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.
Ward VS
Largest movements
- Cash +€61,518
up €61,518 (+120.0%), from €51,264 to €112,782
mainly Net result for the year (+€100,805) and Depreciation (+€43,319)
- Stocks and contracts +€24,990
up €24,990 (+213.4%), from €11,710 to €36,700
- Reserves +€100,000
up €100,000 (+45.8%), from €218,213 to €318,213
of which Distributable reserves: +€100,000
- Tax, wage and social debts +€23,114
up €23,114 (+147.3%), from €15,695 to €38,809
of which Taxes: +€21,476
- Debts after one year -€22,858
down €22,858 (-18.4%), from €124,092 to €101,234
- Trade debts -€9,882
down €9,882 (-48.9%), from €20,228 to €10,346
- Gross operating margin +€47,149
up €47,149 (+23.2%), from €203,049 to €250,198
- Taxes +€11,257
up €11,257 (+32.1%), from €35,112 to €46,368
- Depreciation +€8,017
up €8,017 (+22.7%), from €35,302 to €43,319
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 | €430,975 | €525,170 | +€94,195 | +21.9% |
| Fixed assets | 21/28 | €306,547 | €309,104 | +€2,557 | +0.8% |
| Tangible fixed assets | 22/27 | €306,547 | €309,104 | +€2,557 | +0.8% |
| Land and buildings | 22 | €219,409 | €204,648 | -€14,762 | -6.7% |
| Plant, machinery and equipment | 23 | €56,320 | €80,007 | +€23,687 | +42.1% |
| Furniture and vehicles | 24 | €30,818 | €24,449 | -€6,369 | -20.7% |
| Current assets | 29/58 | €124,428 | €216,067 | +€91,639 | +73.6% |
| Stocks and contracts in progress | 3 | €11,710 | €36,700 | +€24,990 | +213.4% |
| Stocks | 30/36 | €11,710 | €36,700 | +€24,990 | +213.4% |
| Amounts receivable within one year | 40/41 | €60,049 | €64,347 | +€4,298 | +7.2% |
| Trade receivables | 40 | €49,629 | €59,602 | +€9,972 | +20.1% |
| Other amounts receivable | 41 | €10,419 | €4,745 | -€5,674 | -54.5% |
| Cash at bank and in hand | 54/58 | €51,264 | €112,782 | +€61,518 | +120.0% |
| Deferred charges and accrued income | 490/1 | €1,406 | €2,238 | +€832 | +59.2% |
| Total equity and liabilities | 10/49 | €430,975 | €525,170 | +€94,195 | +21.9% |
| Equity | 10/15 | €230,613 | €331,418 | +€100,805 | +43.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €218,213 | €318,213 | +€100,000 | +45.8% |
| Tax-exempt reserves | 132 | €10,500 | €10,500 | = | 0.0% |
| Distributable reserves | 133 | €207,713 | €307,713 | +€100,000 | +48.1% |
| Profit (loss) carried forward | 14 | €0 | €805 | +€805 | |
| Amounts payable | 17/49 | €200,363 | €193,753 | -€6,610 | -3.3% |
| Amounts payable after more than one year | 17 | €124,092 | €101,234 | -€22,858 | -18.4% |
| Financial debts | 170/4 | €124,092 | €101,234 | -€22,858 | -18.4% |
| Amounts payable within one year | 42/48 | €76,271 | €92,519 | +€16,248 | +21.3% |
| Current portion of amounts payable after more than one year | 42 | €40,348 | €43,364 | +€3,016 | +7.5% |
| Trade debts | 44 | €20,228 | €10,346 | -€9,882 | -48.9% |
| Suppliers | 440/4 | €20,228 | €10,346 | -€9,882 | -48.9% |
| Taxes, remuneration and social security | 45 | €15,695 | €38,809 | +€23,114 | +147.3% |
| Taxes | 450/3 | €11,612 | €33,087 | +€21,476 | +185.0% |
| Remuneration and social security | 454/9 | €4,084 | €5,721 | +€1,638 | +40.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €50,568 | €50,104 | -€464 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,302 | €43,319 | +€8,017 | +22.7% |
| Other operating charges | 640/8 | €4,065 | €4,227 | +€161 | +4.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €203,049 | €250,198 | +€47,149 | +23.2% |
| Operating profit (loss) | 9901 | €113,113 | €152,549 | +€39,435 | +34.9% |
| Financial income | 75/76B | €565 | €0 | -€565 | -100.0% |
| Recurring financial income | 75 | €565 | €0 | -€565 | -100.0% |
| Financial charges | 65/66B | €3,800 | €5,376 | +€1,575 | +41.5% |
| Recurring financial charges | 65 | €3,800 | €5,376 | +€1,575 | +41.5% |
| Profit (loss) for the period before taxes | 9903 | €109,878 | €147,173 | +€37,295 | +33.9% |
| Income taxes | 67/77 | €35,112 | €46,368 | +€11,257 | +32.1% |
| Profit (loss) for the period | 9904 | €74,767 | €100,805 | +€26,038 | +34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €74,767 | €100,805 | +€26,038 | +34.8% |
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.