WBA: 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.
WBA
Largest movements
- Cash -€96,358
down €96,358 (-52.0%), from €185,301 to €88,943
mainly Debts after one year (-€266,155) and Receivables within one year (-€71,703)
- Tangible fixed assets -€94,211
down €94,211 (-6.6%), from €1.4m to €1.3m
of which Land and buildings: -€83,682
- Receivables within one year +€71,703
up €71,703 (+24.0%), from €299,144 to €370,847
of which Trade receivables: +€70,459
- Stocks and contracts -€47,212
down €47,212 (-12.7%), from €370,822 to €323,610
- Debts after one year -€266,155
down €266,155 (-77.1%), from €345,051 to €78,896
- Accrued charges and deferred income +€229,018
up €229,018 (+1,614%), from €14,192 to €243,210
- Short-term financial debts -€50,000
down €50,000 (-9.1%), from €550,000 to €500,000
- Tax, wage and social debts -€45,568
down €45,568 (-73.7%), from €61,822 to €16,254
- Other debts -€42,866
down €42,866 (-28.6%), from €149,920 to €107,054
- Write-downs -€126,096
down €126,096, from €122,005 to -€4,091
- Taxes +€32,610
up €32,610 (+2,054%), from €1,588 to €34,198
- Depreciation +€15,292
up €15,292 (+14.8%), from €103,042 to €118,334
- Gross operating margin -€14,347
down €14,347 (-10.2%), from €140,755 to €126,408
- Financial income -€13,657
down €13,657 (-20.0%), from €68,380 to €54,723
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 | €2,343,952 | €2,169,591 | -€174,361 | -7.4% |
| Fixed assets | 21/28 | €1,488,685 | €1,386,191 | -€102,494 | -6.9% |
| Intangible fixed assets | 21 | €53,843 | €45,560 | -€8,283 | -15.4% |
| Tangible fixed assets | 22/27 | €1,421,790 | €1,327,579 | -€94,211 | -6.6% |
| Land and buildings | 22 | €1,344,490 | €1,260,808 | -€83,682 | -6.2% |
| Plant, machinery and equipment | 23 | €70,637 | €61,807 | -€8,830 | -12.5% |
| Furniture and vehicles | 24 | €6,663 | €4,964 | -€1,699 | -25.5% |
| Financial fixed assets | 28 | €13,052 | €13,052 | = | 0.0% |
| Current assets | 29/58 | €855,267 | €783,400 | -€71,867 | -8.4% |
| Stocks and contracts in progress | 3 | €370,822 | €323,610 | -€47,212 | -12.7% |
| Stocks | 30/36 | €370,822 | €323,610 | -€47,212 | -12.7% |
| Amounts receivable within one year | 40/41 | €299,144 | €370,847 | +€71,703 | +24.0% |
| Trade receivables | 40 | €299,144 | €369,603 | +€70,459 | +23.6% |
| Other amounts receivable | 41 | - | €1,244 | +€1,244 | |
| Cash at bank and in hand | 54/58 | €185,301 | €88,943 | -€96,358 | -52.0% |
| Total equity and liabilities | 10/49 | €2,343,952 | €2,169,591 | -€174,361 | -7.4% |
| Equity | 10/15 | €1,062,543 | €1,074,329 | +€11,786 | +1.1% |
| Contributions | 10/11 | €175,000 | €175,000 | = | 0.0% |
| Capital | 10 | €175,000 | €175,000 | = | 0.0% |
| Issued capital | 100 | €175,000 | €175,000 | = | 0.0% |
| Reserves | 13 | €887,543 | €899,329 | +€11,786 | +1.3% |
| Non-distributable reserves | 130/1 | €17,500 | €17,500 | = | 0.0% |
| Legal reserve | 130 | €17,500 | €17,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €420,063 | €397,298 | -€22,765 | -5.4% |
| Distributable reserves | 133 | €449,980 | €484,531 | +€34,551 | +7.7% |
| Provisions and deferred taxes | 16 | €140,021 | €132,433 | -€7,588 | -5.4% |
| Deferred taxes | 168 | €140,021 | €132,433 | -€7,588 | -5.4% |
| Amounts payable | 17/49 | €1,141,388 | €962,829 | -€178,559 | -15.6% |
| Amounts payable after more than one year | 17 | €345,051 | €78,896 | -€266,155 | -77.1% |
| Other amounts payable | 178/9 | €345,051 | €78,896 | -€266,155 | -77.1% |
| Amounts payable within one year | 42/48 | €782,145 | €640,723 | -€141,422 | -18.1% |
| Financial debts | 43 | €550,000 | €500,000 | -€50,000 | -9.1% |
| Other loans | 439 | €550,000 | €500,000 | -€50,000 | -9.1% |
| Trade debts | 44 | €20,403 | €17,415 | -€2,988 | -14.6% |
| Suppliers | 440/4 | €20,403 | €17,415 | -€2,988 | -14.6% |
| Taxes, remuneration and social security | 45 | €61,822 | €16,254 | -€45,568 | -73.7% |
| Taxes | 450/3 | €61,822 | €16,254 | -€45,568 | -73.7% |
| Other amounts payable | 47/48 | €149,920 | €107,054 | -€42,866 | -28.6% |
| Accrued charges and deferred income | 492/3 | €14,192 | €243,210 | +€229,018 | +1,614% |
| Non-recurring operating income | 76A | €75,835 | €151 | -€75,684 | -99.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,042 | €118,334 | +€15,292 | +14.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €122,005 | -€4,091 | -€126,096 | |
| Other operating charges | 640/8 | €11,768 | €5,659 | -€6,109 | -51.9% |
| Gross operating margin | 9900 | €140,755 | €126,408 | -€14,347 | -10.2% |
| Operating profit (loss) | 9901 | -€96,060 | €6,506 | +€102,566 | |
| Financial income | 75/76B | €68,380 | €54,723 | -€13,657 | -20.0% |
| Recurring financial income | 75 | €68,380 | €54,723 | -€13,657 | -20.0% |
| Financial charges | 65/66B | €26,137 | €22,833 | -€3,304 | -12.6% |
| Recurring financial charges | 65 | €26,137 | €22,833 | -€3,304 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | -€53,817 | €38,396 | +€92,213 | |
| Transfer from deferred taxes | 780 | €762 | €7,588 | +€6,826 | +896% |
| Income taxes | 67/77 | €1,588 | €34,198 | +€32,610 | +2,054% |
| Profit (loss) for the period | 9904 | -€54,643 | €11,786 | +€66,429 | |
| Transfer from tax-exempt reserves | 789 | €2,287 | €22,765 | +€20,478 | +895% |
| Profit (loss) for the period to be appropriated | 9905 | -€52,356 | €34,551 | +€86,907 |
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 26 October 2026 via checked.be.