WENCO: 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.
WENCO
Largest movements
- Receivables within one year -€106,689
down €106,689 (-45.5%), from €234,524 to €127,835
of which Trade receivables: -€93,444
- Stocks and contracts -€42,935
down €42,935 (-26.5%), from €161,718 to €118,783
of which Contracts in progress: -€35,620
- Tangible fixed assets -€26,359
down €26,359 (-14.5%), from €181,587 to €155,228
of which Land and buildings: -€16,182
- Cash -€7,012
down €7,012 (-7.1%), from €98,856 to €91,845
mainly Contributions, distributions and other (-€120,000) and Trade debts (-€92,261)
- Trade debts -€92,261
down €92,261 (-62.4%), from €147,816 to €55,555
- Reserves -€75,286
down €75,286 (-35.6%), from €211,586 to €136,299
- Debts after one year -€8,206
down €8,206 (-3.6%), from €225,213 to €217,008
of which Financial debts: -€15,482
- Staff costs -€63,870
down €63,870 (-17.3%), from €369,899 to €306,030
- Gross operating margin -€53,607
down €53,607 (-11.6%), from €462,552 to €408,945
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 | €677,132 | €494,531 | -€182,601 | -27.0% |
| Fixed assets | 21/28 | €181,587 | €155,228 | -€26,359 | -14.5% |
| Tangible fixed assets | 22/27 | €181,587 | €155,228 | -€26,359 | -14.5% |
| Land and buildings | 22 | €149,009 | €132,827 | -€16,182 | -10.9% |
| Plant, machinery and equipment | 23 | €697 | €181 | -€516 | -74.0% |
| Furniture and vehicles | 24 | €31,881 | €22,220 | -€9,660 | -30.3% |
| Current assets | 29/58 | €495,544 | €339,302 | -€156,242 | -31.5% |
| Stocks and contracts in progress | 3 | €161,718 | €118,783 | -€42,935 | -26.5% |
| Stocks | 30/36 | €77,153 | €69,838 | -€7,315 | -9.5% |
| Contracts in progress | 37 | €84,565 | €48,945 | -€35,620 | -42.1% |
| Amounts receivable within one year | 40/41 | €234,524 | €127,835 | -€106,689 | -45.5% |
| Trade receivables | 40 | €199,587 | €106,143 | -€93,444 | -46.8% |
| Other amounts receivable | 41 | €34,937 | €21,692 | -€13,245 | -37.9% |
| Cash at bank and in hand | 54/58 | €98,856 | €91,845 | -€7,012 | -7.1% |
| Deferred charges and accrued income | 490/1 | €445 | €839 | +€394 | +88.4% |
| Total equity and liabilities | 10/49 | €677,132 | €494,531 | -€182,601 | -27.0% |
| Equity | 10/15 | €261,586 | €186,299 | -€75,286 | -28.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €211,586 | €136,299 | -€75,286 | -35.6% |
| Distributable reserves | 133 | €211,586 | €136,299 | -€75,286 | -35.6% |
| Amounts payable | 17/49 | €415,546 | €308,231 | -€107,315 | -25.8% |
| Amounts payable after more than one year | 17 | €225,213 | €217,008 | -€8,206 | -3.6% |
| Financial debts | 170/4 | €69,650 | €54,169 | -€15,482 | -22.2% |
| Other amounts payable | 178/9 | €155,563 | €162,839 | +€7,276 | +4.7% |
| Amounts payable within one year | 42/48 | €190,333 | €91,224 | -€99,109 | -52.1% |
| Current portion of amounts payable after more than one year | 42 | €15,140 | €15,482 | +€341 | +2.3% |
| Trade debts | 44 | €147,816 | €55,555 | -€92,261 | -62.4% |
| Suppliers | 440/4 | €147,816 | €55,555 | -€92,261 | -62.4% |
| Taxes, remuneration and social security | 45 | €14,894 | €8,714 | -€6,179 | -41.5% |
| Taxes | 450/3 | €616 | €616 | = | 0.0% |
| Remuneration and social security | 454/9 | €14,277 | €8,098 | -€6,179 | -43.3% |
| Other amounts payable | 47/48 | €12,482 | €11,472 | -€1,010 | -8.1% |
| Remuneration, social security and pensions | 62 | €369,899 | €306,030 | -€63,870 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,164 | €26,359 | -€1,804 | -6.4% |
| Other operating charges | 640/8 | €3,913 | €4,044 | +€131 | +3.3% |
| Gross operating margin | 9900 | €462,552 | €408,945 | -€53,607 | -11.6% |
| Operating profit (loss) | 9901 | €60,576 | €72,512 | +€11,936 | +19.7% |
| Financial income | 75/76B | €555 | €911 | +€356 | +64.1% |
| Recurring financial income | 75 | €555 | €911 | +€356 | +64.1% |
| Financial charges | 65/66B | €15,424 | €13,793 | -€1,631 | -10.6% |
| Recurring financial charges | 65 | €15,424 | €13,793 | -€1,631 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €45,707 | €59,630 | +€13,922 | +30.5% |
| Income taxes | 67/77 | €12,560 | €14,916 | +€2,356 | +18.8% |
| Profit (loss) for the period | 9904 | €33,147 | €44,714 | +€11,567 | +34.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,147 | €44,714 | +€11,567 | +34.9% |
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 31 October 2026 via checked.be.