WE-GE: 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.
WE-GE
Largest movements
- Cash +€205,666
up €205,666 (+43.9%), from €468,369 to €674,035
mainly Net result for the year (+€180,480) and Depreciation (+€69,155)
- Tangible fixed assets -€69,155
down €69,155 (-6.2%), from €1.1m to €1.1m
of which Land and buildings: -€51,426
- Receivables within one year +€42,734
up €42,734 (+207%), from €20,663 to €63,397
of which Trade receivables: +€30,431
- Reserves +€180,480
up €180,480 (+5.5%), from €3.3m to €3.5m
of which Distributable reserves: +€189,374
- Financial income +€31,366
up €31,366 (+141%), from €22,304 to €53,670
- Gross operating margin -€30,251
down €30,251 (-8.6%), from €353,471 to €323,220
- Financial charges -€17,512
down €17,512 (-75.3%), from €23,261 to €5,749
- Depreciation +€5,348
up €5,348 (+8.4%), from €63,807 to €69,155
- Other operating charges +€4,726
up €4,726 (+14.5%), from €32,568 to €37,294
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 | €3,443,812 | €3,614,154 | +€170,342 | +4.9% |
| Fixed assets | 21/28 | €1,123,621 | €1,054,466 | -€69,155 | -6.2% |
| Tangible fixed assets | 22/27 | €1,123,621 | €1,054,466 | -€69,155 | -6.2% |
| Land and buildings | 22 | €1,044,129 | €992,704 | -€51,426 | -4.9% |
| Furniture and vehicles | 24 | €79,492 | €61,762 | -€17,729 | -22.3% |
| Current assets | 29/58 | €2,320,191 | €2,559,688 | +€239,497 | +10.3% |
| Amounts receivable within one year | 40/41 | €20,663 | €63,397 | +€42,734 | +207% |
| Trade receivables | 40 | €19,655 | €50,086 | +€30,431 | +155% |
| Other amounts receivable | 41 | €1,008 | €13,311 | +€12,303 | +1,221% |
| Current investments | 50/53 | €1,809,532 | €1,818,483 | +€8,951 | +0.5% |
| Cash at bank and in hand | 54/58 | €468,369 | €674,035 | +€205,666 | +43.9% |
| Deferred charges and accrued income | 490/1 | €21,627 | €3,772 | -€17,855 | -82.6% |
| Total equity and liabilities | 10/49 | €3,443,812 | €3,614,154 | +€170,342 | +4.9% |
| Equity | 10/15 | €3,349,177 | €3,529,657 | +€180,480 | +5.4% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €3,287,203 | €3,467,684 | +€180,480 | +5.5% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €241,861 | €232,967 | -€8,894 | -3.7% |
| Distributable reserves | 133 | €3,039,145 | €3,228,519 | +€189,374 | +6.2% |
| Provisions and deferred taxes | 16 | €39,691 | €35,111 | -€4,580 | -11.5% |
| Deferred taxes | 168 | €39,691 | €35,111 | -€4,580 | -11.5% |
| Amounts payable | 17/49 | €54,945 | €49,387 | -€5,559 | -10.1% |
| Amounts payable within one year | 42/48 | €16,161 | €10,602 | -€5,559 | -34.4% |
| Trade debts | 44 | €883 | €2,162 | +€1,279 | +145% |
| Suppliers | 440/4 | €883 | €2,162 | +€1,279 | +145% |
| Taxes, remuneration and social security | 45 | €1,140 | €1,554 | +€414 | +36.3% |
| Taxes | 450/3 | €1,140 | €1,554 | +€414 | +36.3% |
| Other amounts payable | 47/48 | €14,138 | €6,886 | -€7,252 | -51.3% |
| Accrued charges and deferred income | 492/3 | €38,784 | €38,784 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,807 | €69,155 | +€5,348 | +8.4% |
| Other operating charges | 640/8 | €32,568 | €37,294 | +€4,726 | +14.5% |
| Gross operating margin | 9900 | €353,471 | €323,220 | -€30,251 | -8.6% |
| Operating profit (loss) | 9901 | €257,096 | €216,771 | -€40,326 | -15.7% |
| Financial income | 75/76B | €22,304 | €53,670 | +€31,366 | +141% |
| Recurring financial income | 75 | €22,304 | €53,670 | +€31,366 | +141% |
| Financial charges | 65/66B | €23,261 | €5,749 | -€17,512 | -75.3% |
| Recurring financial charges | 65 | €23,261 | €5,749 | -€17,512 | -75.3% |
| Profit (loss) for the period before taxes | 9903 | €256,140 | €264,692 | +€8,552 | +3.3% |
| Transfer from deferred taxes | 780 | €4,580 | €4,580 | = | 0.0% |
| Income taxes | 67/77 | €87,829 | €88,791 | +€962 | +1.1% |
| Profit (loss) for the period | 9904 | €172,891 | €180,480 | +€7,589 | +4.4% |
| Transfer from tax-exempt reserves | 789 | €8,894 | €8,894 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €181,785 | €189,374 | +€7,589 | +4.2% |
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 14 October 2026 via checked.be.