WERE DI: 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.
WERE DI
Largest movements
- Current investments +€61,929
up €61,929 (+34.7%), from €178,238 to €240,167
- Cash -€26,410
down €26,410 (-47.4%), from €55,747 to €29,336
mainly Investment in fixed assets (net) (-€65,297) and Current investments (-€61,929)
- Tangible fixed assets +€14,911
up €14,911 (+5.4%), from €278,434 to €293,346
of which Furniture and vehicles: +€34,767
- Receivables within one year -€11,497
down €11,497 (-17.9%), from €64,230 to €52,733
of which Trade receivables: -€11,737
- Deferred charges and accrued income -€8,596
down €8,596 (-95.0%), from €9,051 to €455
- Reserves +€71,079
up €71,079 (+17.5%), from €405,863 to €476,942
of which Distributable reserves: +€71,079
- Trade debts +€38,379
up €38,379 (+600%), from €6,397 to €44,776
- Debts after one year -€36,139
no longer reported in 2025 (was €36,139)
- Current portion of long-term debt -€23,435
down €23,435 (-39.3%), from €59,574 to €36,139
- Tax, wage and social debts -€11,594
down €11,594 (-65.0%), from €17,840 to €6,246
- Gross operating margin +€13,553
up €13,553 (+9.7%), from €140,328 to €153,882
- Taxes +€4,564
up €4,564 (+19.7%), from €23,163 to €27,727
- Depreciation +€3,687
up €3,687 (+7.8%), from €47,537 to €51,224
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 | €592,857 | €630,330 | +€37,473 | +6.3% |
| Fixed assets | 21/28 | €284,127 | €298,201 | +€14,074 | +5.0% |
| Tangible fixed assets | 22/27 | €278,434 | €293,346 | +€14,911 | +5.4% |
| Plant, machinery and equipment | 23 | €4,604 | €3,725 | -€879 | -19.1% |
| Furniture and vehicles | 24 | €189,012 | €223,780 | +€34,767 | +18.4% |
| Leasing and similar rights | 25 | €69,067 | €52,612 | -€16,455 | -23.8% |
| Other tangible fixed assets | 26 | €15,751 | €13,229 | -€2,521 | -16.0% |
| Financial fixed assets | 28 | €5,693 | €4,855 | -€838 | -14.7% |
| Current assets | 29/58 | €308,730 | €332,129 | +€23,399 | +7.6% |
| Stocks and contracts in progress | 3 | €1,464 | €9,438 | +€7,974 | +545% |
| Stocks | 30/36 | €1,464 | €9,438 | +€7,974 | +545% |
| Amounts receivable within one year | 40/41 | €64,230 | €52,733 | -€11,497 | -17.9% |
| Trade receivables | 40 | €64,167 | €52,430 | -€11,737 | -18.3% |
| Other amounts receivable | 41 | €64 | €303 | +€240 | +376% |
| Current investments | 50/53 | €178,238 | €240,167 | +€61,929 | +34.7% |
| Cash at bank and in hand | 54/58 | €55,747 | €29,336 | -€26,410 | -47.4% |
| Deferred charges and accrued income | 490/1 | €9,051 | €455 | -€8,596 | -95.0% |
| Total equity and liabilities | 10/49 | €592,857 | €630,330 | +€37,473 | +6.3% |
| Equity | 10/15 | €425,863 | €496,942 | +€71,079 | +16.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €405,863 | €476,942 | +€71,079 | +17.5% |
| Non-distributable reserves | 130/1 | €23,600 | €23,600 | = | 0.0% |
| Reserves not available under the articles | 1311 | €23,600 | €23,600 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,736 | €5,736 | = | 0.0% |
| Distributable reserves | 133 | €376,528 | €447,607 | +€71,079 | +18.9% |
| Amounts payable | 17/49 | €166,994 | €133,388 | -€33,606 | -20.1% |
| Amounts payable after more than one year | 17 | €36,139 | - | -€36,139 | |
| Financial debts | 170/4 | €36,139 | - | -€36,139 | |
| Amounts payable within one year | 42/48 | €130,397 | €132,896 | +€2,499 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €59,574 | €36,139 | -€23,435 | -39.3% |
| Trade debts | 44 | €6,397 | €44,776 | +€38,379 | +600% |
| Suppliers | 440/4 | €6,397 | €44,776 | +€38,379 | +600% |
| Taxes, remuneration and social security | 45 | €17,840 | €6,246 | -€11,594 | -65.0% |
| Taxes | 450/3 | €17,840 | €6,246 | -€11,594 | -65.0% |
| Other amounts payable | 47/48 | €46,586 | €45,735 | -€851 | -1.8% |
| Accrued charges and deferred income | 492/3 | €458 | €492 | +€34 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,537 | €51,224 | +€3,687 | +7.8% |
| Other operating charges | 640/8 | €5,387 | €4,573 | -€814 | -15.1% |
| Gross operating margin | 9900 | €140,328 | €153,882 | +€13,553 | +9.7% |
| Operating profit (loss) | 9901 | €87,404 | €98,084 | +€10,681 | +12.2% |
| Financial income | 75/76B | €1,881 | €2,790 | +€909 | +48.3% |
| Recurring financial income | 75 | €1,881 | €2,790 | +€909 | +48.3% |
| Financial charges | 65/66B | €3,177 | €2,068 | -€1,109 | -34.9% |
| Recurring financial charges | 65 | €3,177 | €2,068 | -€1,109 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | €86,108 | €98,807 | +€12,699 | +14.7% |
| Income taxes | 67/77 | €23,163 | €27,727 | +€4,564 | +19.7% |
| Profit (loss) for the period | 9904 | €62,945 | €71,079 | +€8,134 | +12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €62,945 | €71,079 | +€8,134 | +12.9% |
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 24 October 2026 via checked.be.