WELOG: 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.
WELOG
Largest movements
- Current investments +€245,000
up €245,000 (+94.3%), from €259,710 to €504,710
- Cash -€137,433
down €137,433 (-44.9%), from €306,121 to €168,689
mainly Current investments (-€245,000) and Receivables within one year (-€6,872)
- Tangible fixed assets -€22,017
down €22,017 (-1.5%), from €1.5m to €1.4m
of which Land and buildings: -€22,017
- Reserves +€89,372
up €89,372 (+7.5%), from €1.2m to €1.3m
of which Distributable reserves: +€89,790
- Depreciation -€24,874
down €24,874 (-53.0%), from €46,891 to €22,017
- Taxes +€8,952
up €8,952 (+42.7%), from €20,978 to €29,930
- Financial income +€7,827
up €7,827 (+78.9%), from €9,921 to €17,748
- Other operating charges -€1,889
down €1,889 (-17.7%), from €10,661 to €8,772
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 | €2,053,191 | €2,145,580 | +€92,389 | +4.5% |
| Fixed assets | 21/28 | €1,457,134 | €1,435,117 | -€22,017 | -1.5% |
| Tangible fixed assets | 22/27 | €1,457,134 | €1,435,117 | -€22,017 | -1.5% |
| Land and buildings | 22 | €1,457,134 | €1,435,117 | -€22,017 | -1.5% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €596,057 | €710,464 | +€114,407 | +19.2% |
| Amounts receivable within one year | 40/41 | €30,193 | €37,065 | +€6,872 | +22.8% |
| Trade receivables | 40 | €19,655 | €20,779 | +€1,124 | +5.7% |
| Other amounts receivable | 41 | €10,538 | €16,286 | +€5,748 | +54.5% |
| Current investments | 50/53 | €259,710 | €504,710 | +€245,000 | +94.3% |
| Cash at bank and in hand | 54/58 | €306,121 | €168,689 | -€137,433 | -44.9% |
| Deferred charges and accrued income | 490/1 | €32 | €0 | -€32 | -100.0% |
| Total equity and liabilities | 10/49 | €2,053,191 | €2,145,580 | +€92,389 | +4.5% |
| Equity | 10/15 | €1,665,203 | €1,754,575 | +€89,372 | +5.4% |
| Contributions | 10/11 | €224,000 | €224,000 | = | 0.0% |
| Capital | 10 | €224,000 | €224,000 | = | 0.0% |
| Issued capital | 100 | €224,000 | €224,000 | = | 0.0% |
| Revaluation surpluses | 12 | €248,581 | €248,581 | = | 0.0% |
| Reserves | 13 | €1,192,622 | €1,281,994 | +€89,372 | +7.5% |
| Non-distributable reserves | 130/1 | €22,400 | €22,400 | = | 0.0% |
| Legal reserve | 130 | €22,400 | €22,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €768,231 | €767,813 | -€418 | -0.1% |
| Distributable reserves | 133 | €401,991 | €491,781 | +€89,790 | +22.3% |
| Provisions and deferred taxes | 16 | €1,834 | €1,695 | -€139 | -7.6% |
| Deferred taxes | 168 | €1,834 | €1,695 | -€139 | -7.6% |
| Amounts payable | 17/49 | €386,154 | €389,310 | +€3,157 | +0.8% |
| Amounts payable after more than one year | 17 | €230,000 | €230,000 | = | 0.0% |
| Other amounts payable | 178/9 | €230,000 | €230,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €136,676 | €142,904 | +€6,228 | +4.6% |
| Trade debts | 44 | €4,921 | €3,893 | -€1,029 | -20.9% |
| Suppliers | 440/4 | €4,921 | €3,893 | -€1,029 | -20.9% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €131,755 | €139,012 | +€7,257 | +5.5% |
| Accrued charges and deferred income | 492/3 | €19,477 | €16,406 | -€3,071 | -15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,891 | €22,017 | -€24,874 | -53.0% |
| Other operating charges | 640/8 | €10,661 | €8,772 | -€1,889 | -17.7% |
| Non-recurring operating charges | 66A | €15,663 | €0 | -€15,663 | -100.0% |
| Gross operating margin | 9900 | €142,776 | €143,030 | +€255 | +0.2% |
| Operating profit (loss) | 9901 | €69,561 | €112,242 | +€42,681 | +61.4% |
| Financial income | 75/76B | €9,921 | €17,748 | +€7,827 | +78.9% |
| Recurring financial income | 75 | €9,921 | €17,748 | +€7,827 | +78.9% |
| Financial charges | 65/66B | €11,317 | €10,827 | -€490 | -4.3% |
| Recurring financial charges | 65 | €11,317 | €10,827 | -€490 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €68,165 | €119,163 | +€50,998 | +74.8% |
| Transfer from deferred taxes | 780 | €4,329 | €139 | -€4,190 | -96.8% |
| Income taxes | 67/77 | €20,978 | €29,930 | +€8,952 | +42.7% |
| Profit (loss) for the period | 9904 | €51,517 | €89,372 | +€37,856 | +73.5% |
| Transfer from tax-exempt reserves | 789 | €12,988 | €418 | -€12,570 | -96.8% |
| Profit (loss) for the period to be appropriated | 9905 | €64,504 | €89,790 | +€25,286 | +39.2% |
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 3 October 2026 via checked.be.