WEMAJOR: 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.
What changed
WEMAJOR
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€40,222
2024 · -€51,785+€92,008
Equity
€1.0m
2024 · €974,685+€40,222
Cash
€4,393
2024 · €7,436-€3,043
Balance sheet total
€3.1m
2024 · €3.2m-€140,289
Largest movements
Assets
- Tangible fixed assets -€80,993
down €80,993 (-3.0%), from €2.7m to €2.6m
- Intangible fixed assets -€57,013
down €57,013 (-14.4%), from €396,590 to €339,577
Equity and liabilities
- Debts after one year -€176,625
down €176,625 (-11.8%), from €1.5m to €1.3m
of which Financial debts: -€178,057
- Reserves +€40,222
up €40,222 (+6.9%), from €584,167 to €624,390
of which Distributable reserves: +€50,611
Income statement
- Financial charges -€79,473
down €79,473 (-60.7%), from €130,880 to €51,407
- Gross operating margin +€24,534
up €24,534 (+10.6%), from €230,824 to €255,358
- Taxes +€19,543
up €19,543 (+369%), from €5,294 to €24,837
- Other operating charges -€7,271
down €7,271 (-50.9%), from €14,288 to €7,017
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.
Result 2024
-€51,785
Gross operating margin
+€24,534
Depreciation
+€68
Other operating charges
+€7,271
Financial income
+€205
Financial charges
+€79,473
Taxes
-€19,543
Result 2025
€40,222
raises the resultlowers the result
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.
From operations
+€160,015
Investment
+€127
Financing
-€163,185
Cash 2024
€7,436
From operations (derived)
+€160,015
Net result for the year
+€40,222
Depreciation
+€138,006
Receivables within one year
-€886
Provisions
-€3,463
Trade debts
-€15,403
Tax, wage and social debts
+€410
Other debts
-€1,489
Accrued charges and deferred income
+€2,618
Investment (derived)
+€127
Current investments
+€127
Financing
-€163,185
Debts after one year
-€176,625
Current portion of long-term debt
+€13,440
Cash 2025
€4,393
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,206,394 | €3,066,105 | -€140,289 | -4.4% |
| Fixed assets | 21/28 | €3,071,696 | €2,933,691 | -€138,006 | -4.5% |
| Intangible fixed assets | 21 | €396,590 | €339,577 | -€57,013 | -14.4% |
| Tangible fixed assets | 22/27 | €2,675,031 | €2,594,038 | -€80,993 | -3.0% |
| Land and buildings | 22 | €2,675,031 | €2,594,038 | -€80,993 | -3.0% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €134,698 | €132,414 | -€2,284 | -1.7% |
| Amounts receivable within one year | 40/41 | €106,956 | €107,842 | +€886 | +0.8% |
| Trade receivables | 40 | €28,484 | €26,257 | -€2,227 | -7.8% |
| Other amounts receivable | 41 | €78,472 | €81,585 | +€3,112 | +4.0% |
| Current investments | 50/53 | €127 | - | -€127 | |
| Cash at bank and in hand | 54/58 | €7,436 | €4,393 | -€3,043 | -40.9% |
| Deferred charges and accrued income | 490/1 | €20,180 | €20,180 | = | 0.0% |
| Total equity and liabilities | 10/49 | €3,206,394 | €3,066,105 | -€140,289 | -4.4% |
| Equity | 10/15 | €974,685 | €1,014,907 | +€40,222 | +4.1% |
| Contributions | 10/11 | €176,338 | €176,338 | = | 0.0% |
| Capital | 10 | €176,338 | €176,338 | = | 0.0% |
| Issued capital | 100 | €176,338 | €176,338 | = | 0.0% |
| Revaluation surpluses | 12 | €213,682 | €213,682 | = | 0.0% |
| Reserves | 13 | €584,167 | €624,390 | +€40,222 | +6.9% |
| Non-distributable reserves | 130/1 | €17,634 | €17,634 | = | 0.0% |
| Legal reserve | 130 | €17,634 | €17,634 | = | 0.0% |
| Tax-exempt reserves | 132 | €160,534 | €150,145 | -€10,388 | -6.5% |
| Distributable reserves | 133 | €406,000 | €456,611 | +€50,611 | +12.5% |
| Profit (loss) carried forward | 14 | €497 | €497 | = | 0.0% |
| Provisions and deferred taxes | 16 | €59,597 | €56,134 | -€3,463 | -5.8% |
| Deferred taxes | 168 | €59,597 | €56,134 | -€3,463 | -5.8% |
| Amounts payable | 17/49 | €2,172,113 | €1,995,063 | -€177,049 | -8.2% |
| Amounts payable after more than one year | 17 | €1,500,532 | €1,323,907 | -€176,625 | -11.8% |
| Financial debts | 170/4 | €1,485,542 | €1,307,486 | -€178,057 | -12.0% |
| Other amounts payable | 178/9 | €14,990 | €16,422 | +€1,432 | +9.6% |
| Amounts payable within one year | 42/48 | €653,465 | €650,423 | -€3,043 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €189,438 | €202,878 | +€13,440 | +7.1% |
| Trade debts | 44 | €25,645 | €10,242 | -€15,403 | -60.1% |
| Suppliers | 440/4 | €25,645 | €10,242 | -€15,403 | -60.1% |
| Taxes, remuneration and social security | 45 | €9,166 | €9,575 | +€410 | +4.5% |
| Taxes | 450/3 | €9,166 | €9,575 | +€410 | +4.5% |
| Other amounts payable | 47/48 | €429,216 | €427,727 | -€1,489 | -0.3% |
| Accrued charges and deferred income | 492/3 | €18,115 | €20,734 | +€2,618 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €138,074 | €138,006 | -€68 | 0.0% |
| Other operating charges | 640/8 | €14,288 | €7,017 | -€7,271 | -50.9% |
| Gross operating margin | 9900 | €230,824 | €255,358 | +€24,534 | +10.6% |
| Operating profit (loss) | 9901 | €78,462 | €110,336 | +€31,873 | +40.6% |
| Financial income | 75/76B | €2,463 | €2,668 | +€205 | +8.3% |
| Recurring financial income | 75 | €2,463 | €2,668 | +€205 | +8.3% |
| Financial charges | 65/66B | €130,880 | €51,407 | -€79,473 | -60.7% |
| Recurring financial charges | 65 | €130,880 | €51,407 | -€79,473 | -60.7% |
| Profit (loss) for the period before taxes | 9903 | -€49,954 | €61,597 | +€111,551 | |
| Transfer from deferred taxes | 780 | €3,463 | €3,463 | = | 0.0% |
| Income taxes | 67/77 | €5,294 | €24,837 | +€19,543 | +369% |
| Profit (loss) for the period | 9904 | -€51,785 | €40,222 | +€92,008 | |
| Transfer from tax-exempt reserves | 789 | €10,388 | €10,388 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€41,397 | €50,611 | +€92,008 |
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 16 October 2026 via checked.be.