WED: what changed
Two fiscal 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.
WED
Largest movements
- Receivables within one year +€47,756
up €47,756 (+47.7%), from €100,180 to €147,936
of which Other amounts receivable: +€44,922
- Cash -€31,886
down €31,886 (-78.7%), from €40,505 to €8,619
mainly Receivables within one year (-€47,756) and Debts after one year (-€41,883)
- Stocks and contracts +€9,338
up €9,338 (+10.0%), from €93,654 to €102,992
- Tangible fixed assets -€5,929
down €5,929 (-2.6%), from €225,030 to €219,101
of which Plant, machinery and equipment: -€3,063
- Other debts +€51,400
up €51,400 (+36714.0%), from €140 to €51,540
- Debts after one year -€41,883
down €41,883 (-30.8%), from €135,940 to €94,056
- Trade debts -€31,510
down €31,510 (-38.3%), from €82,304 to €50,794
- Reserves +€24,189
up €24,189 (+20.4%), from €118,429 to €142,618
of which Distributable reserves: +€24,189
- Tax, wage and social debts +€14,082
up €14,082 (+56.4%), from €24,967 to €39,049
of which Taxes: +€10,740
- Gross operating margin -€18,799
down €18,799 (-14.2%), from €132,391 to €113,592
- Taxes -€12,307
down €12,307 (-56.9%), from €21,622 to €9,316
- Staff costs +€10,966
up €10,966 (+39.1%), from €28,065 to €39,031
- Financial income -€2,869
down €2,869 (-70.9%), from €4,046 to €1,177
- Financial charges -€2,115
down €2,115 (-21.9%), from €9,655 to €7,540
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 | €460,616 | €480,619 | +€20,003 | +4.3% |
| Fixed assets | 21/28 | €225,030 | €219,101 | -€5,929 | -2.6% |
| Tangible fixed assets | 22/27 | €225,030 | €219,101 | -€5,929 | -2.6% |
| Land and buildings | 22 | €210,114 | €207,662 | -€2,452 | -1.2% |
| Plant, machinery and equipment | 23 | €14,356 | €11,293 | -€3,063 | -21.3% |
| Furniture and vehicles | 24 | €561 | €146 | -€414 | -73.9% |
| Current assets | 29/58 | €235,585 | €261,517 | +€25,932 | +11.0% |
| Stocks and contracts in progress | 3 | €93,654 | €102,992 | +€9,338 | +10.0% |
| Stocks | 30/36 | €93,654 | €102,992 | +€9,338 | +10.0% |
| Amounts receivable within one year | 40/41 | €100,180 | €147,936 | +€47,756 | +47.7% |
| Trade receivables | 40 | €2,279 | €5,112 | +€2,833 | +124.3% |
| Other amounts receivable | 41 | €97,901 | €142,823 | +€44,922 | +45.9% |
| Current investments | 50/53 | €200 | €200 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €40,505 | €8,619 | -€31,886 | -78.7% |
| Deferred charges and accrued income | 490/1 | €1,046 | €1,771 | +€724 | +69.2% |
| Total equity and liabilities | 10/49 | €460,616 | €480,619 | +€20,003 | +4.3% |
| Equity | 10/15 | €193,429 | €217,618 | +€24,189 | +12.5% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €118,429 | €142,618 | +€24,189 | +20.4% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €110,929 | €135,118 | +€24,189 | +21.8% |
| Amounts payable | 17/49 | €267,186 | €263,001 | -€4,186 | -1.6% |
| Amounts payable after more than one year | 17 | €135,940 | €94,056 | -€41,883 | -30.8% |
| Financial debts | 170/4 | €135,940 | €94,056 | -€41,883 | -30.8% |
| Amounts payable within one year | 42/48 | €131,247 | €168,944 | +€37,697 | +28.7% |
| Current portion of amounts payable after more than one year | 42 | €23,835 | €23,212 | -€624 | -2.6% |
| Trade debts | 44 | €82,304 | €50,794 | -€31,510 | -38.3% |
| Suppliers | 440/4 | €82,304 | €50,794 | -€31,510 | -38.3% |
| Advances received on contracts in progress | 46 | - | €4,350 | +€4,350 | |
| Taxes, remuneration and social security | 45 | €24,967 | €39,049 | +€14,082 | +56.4% |
| Taxes | 450/3 | €24,967 | €35,707 | +€10,740 | +43.0% |
| Remuneration and social security | 454/9 | - | €3,342 | +€3,342 | |
| Other amounts payable | 47/48 | €140 | €51,540 | +€51,400 | +36714.0% |
| Remuneration, social security and pensions | 62 | €28,065 | €39,031 | +€10,966 | +39.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,998 | €29,187 | +€1,189 | +4.2% |
| Other operating charges | 640/8 | €6,707 | €4,920 | -€1,787 | -26.6% |
| Non-recurring operating charges | 66A | - | €586 | +€586 | |
| Gross operating margin | 9900 | €132,391 | €113,592 | -€18,799 | -14.2% |
| Operating profit (loss) | 9901 | €69,621 | €39,867 | -€29,754 | -42.7% |
| Financial income | 75/76B | €4,046 | €1,177 | -€2,869 | -70.9% |
| Recurring financial income | 75 | €4,046 | €1,177 | -€2,869 | -70.9% |
| Financial charges | 65/66B | €9,655 | €7,540 | -€2,115 | -21.9% |
| Recurring financial charges | 65 | €9,655 | €7,540 | -€2,115 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | €64,012 | €33,504 | -€30,508 | -47.7% |
| Income taxes | 67/77 | €21,622 | €9,316 | -€12,307 | -56.9% |
| Profit (loss) for the period | 9904 | €42,389 | €24,189 | -€18,201 | -42.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,389 | €24,189 | -€18,201 | -42.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.