WERCO: 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.
WERCO
Largest movements
- Stocks and contracts -€206,292
down €206,292 (-14.3%), from €1.4m to €1.2m
- Cash +€84,636
up €84,636 (+177%), from €47,767 to €132,403
mainly Stocks and contracts (+€206,292) and Net result for the year (+€64,015)
- Trade debts -€210,684
down €210,684 (-25.5%), from €826,919 to €616,235
- Profit (loss) carried forward +€64,015
up €64,015 (+4.9%), from €1.3m to €1.4m
- Current portion of long-term debt -€50,828
down €50,828 (-77.7%), from €65,431 to €14,603
- Other debts +€40,400
up €40,400 (+10.8%), from €373,319 to €413,719
- Staff costs -€27,218
down €27,218 (-10.4%), from €261,412 to €234,194
- Financial income +€21,865
up €21,865 (+454%), from €4,816 to €26,681
- Gross operating margin +€15,465
up €15,465 (+4.2%), from €369,147 to €384,611
- Taxes +€12,592
up €12,592 (+68.1%), from €18,489 to €31,081
- Financial charges +€11,717
up €11,717 (+34.9%), from €33,618 to €45,335
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 | €3,572,272 | €3,447,274 | -€124,998 | -3.5% |
| Fixed assets | 21/28 | €62,320 | €68,454 | +€6,134 | +9.8% |
| Intangible fixed assets | 21 | €5,958 | €1,722 | -€4,236 | -71.1% |
| Tangible fixed assets | 22/27 | €56,362 | €66,732 | +€10,370 | +18.4% |
| Land and buildings | 22 | €35,339 | €36,866 | +€1,527 | +4.3% |
| Furniture and vehicles | 24 | €21,023 | €29,866 | +€8,843 | +42.1% |
| Current assets | 29/58 | €3,509,953 | €3,378,820 | -€131,132 | -3.7% |
| Stocks and contracts in progress | 3 | €1,447,625 | €1,241,333 | -€206,292 | -14.3% |
| Stocks | 30/36 | €1,447,625 | €1,241,333 | -€206,292 | -14.3% |
| Amounts receivable within one year | 40/41 | €1,691,776 | €1,682,860 | -€8,916 | -0.5% |
| Trade receivables | 40 | €407,904 | €411,894 | +€3,990 | +1.0% |
| Other amounts receivable | 41 | €1,283,872 | €1,270,966 | -€12,906 | -1.0% |
| Cash at bank and in hand | 54/58 | €47,767 | €132,403 | +€84,636 | +177% |
| Deferred charges and accrued income | 490/1 | €322,785 | €322,225 | -€560 | -0.2% |
| Total equity and liabilities | 10/49 | €3,572,272 | €3,447,274 | -€124,998 | -3.5% |
| Equity | 10/15 | €2,195,357 | €2,259,372 | +€64,015 | +2.9% |
| Contributions | 10/11 | €520,576 | €520,576 | = | 0.0% |
| Capital | 10 | €520,576 | €520,576 | = | 0.0% |
| Issued capital | 100 | €520,576 | €520,576 | = | 0.0% |
| Reserves | 13 | €373,437 | €373,437 | = | 0.0% |
| Non-distributable reserves | 130/1 | €53,036 | €53,036 | = | 0.0% |
| Legal reserve | 130 | €53,036 | €53,036 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €282,901 | €282,901 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,301,343 | €1,365,358 | +€64,015 | +4.9% |
| Amounts payable | 17/49 | €1,376,915 | €1,187,903 | -€189,012 | -13.7% |
| Amounts payable after more than one year | 17 | €14,603 | - | -€14,603 | |
| Financial debts | 170/4 | €14,603 | - | -€14,603 | |
| Amounts payable within one year | 42/48 | €1,341,167 | €1,139,179 | -€201,988 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €65,431 | €14,603 | -€50,828 | -77.7% |
| Trade debts | 44 | €826,919 | €616,235 | -€210,684 | -25.5% |
| Suppliers | 440/4 | €826,919 | €616,235 | -€210,684 | -25.5% |
| Taxes, remuneration and social security | 45 | €75,497 | €94,621 | +€19,124 | +25.3% |
| Taxes | 450/3 | €30,984 | €59,854 | +€28,870 | +93.2% |
| Remuneration and social security | 454/9 | €44,513 | €34,767 | -€9,747 | -21.9% |
| Other amounts payable | 47/48 | €373,319 | €413,719 | +€40,400 | +10.8% |
| Accrued charges and deferred income | 492/3 | €21,145 | €48,724 | +€27,579 | +130% |
| Remuneration, social security and pensions | 62 | €261,412 | €234,194 | -€27,218 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,807 | €10,561 | -€5,246 | -33.2% |
| Other operating charges | 640/8 | €23,924 | €25,554 | +€1,629 | +6.8% |
| Non-recurring operating charges | 66A | - | €553 | +€553 | |
| Gross operating margin | 9900 | €369,147 | €384,611 | +€15,465 | +4.2% |
| Operating profit (loss) | 9901 | €68,004 | €113,749 | +€45,746 | +67.3% |
| Financial income | 75/76B | €4,816 | €26,681 | +€21,865 | +454% |
| Recurring financial income | 75 | €4,816 | €26,681 | +€21,865 | +454% |
| Financial charges | 65/66B | €33,618 | €45,335 | +€11,717 | +34.9% |
| Recurring financial charges | 65 | €33,618 | €45,335 | +€11,717 | +34.9% |
| Profit (loss) for the period before taxes | 9903 | €39,202 | €95,095 | +€55,893 | +143% |
| Income taxes | 67/77 | €18,489 | €31,081 | +€12,592 | +68.1% |
| Profit (loss) for the period | 9904 | €20,713 | €64,015 | +€43,301 | +209% |
| Profit (loss) for the period to be appropriated | 9905 | €20,713 | €64,015 | +€43,301 | +209% |
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 13 October 2026 via checked.be.