WERFONLINE: 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.
WERFONLINE
Largest movements
- Stocks and contracts +€175,224
up €175,224 (+30.8%), from €569,363 to €744,587
- Receivables within one year +€105,576
up €105,576 (+28.3%), from €373,346 to €478,922
of which Other amounts receivable: +€73,259
- Cash -€104,770
down €104,770 (-81.5%), from €128,508 to €23,738
mainly Stocks and contracts (-€175,224) and Contributions, distributions and other (-€112,906)
- Receivables after one year -€70,000
no longer reported in 2025 (was €70,000)
- Tangible fixed assets -€27,873
down €27,873 (-8.6%), from €325,228 to €297,355
of which Plant, machinery and equipment: -€30,600
- Reserves +€77,572
up €77,572 (+7.4%), from €1.1m to €1.1m
- Accrued charges and deferred income +€47,606
up €47,606 (+244.2%), from €19,491 to €67,097
- Short-term financial debts -€41,930
down €41,930 (-25.1%), from €166,930 to €125,000
- Debts after one year -€24,965
down €24,965 (-34.9%), from €71,537 to €46,572
- Current portion of long-term debt +€16,853
up €16,853 (+67.5%), from €24,965 to €41,817
- Staff costs +€56,592
up €56,592 (+38.1%), from €148,442 to €205,034
- Gross operating margin +€17,112
up €17,112 (+3.2%), from €540,616 to €557,728
- Taxes -€17,007
down €17,007 (-16.4%), from €103,453 to €86,446
- Write-downs +€8,718
up €8,718 (+220.6%), from €3,952 to €12,671
- Depreciation +€6,514
up €6,514 (+10.4%), from €62,919 to €69,433
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 | €1,479,963 | €1,547,238 | +€67,275 | +4.5% |
| Fixed assets | 21/28 | €325,228 | €297,355 | -€27,873 | -8.6% |
| Tangible fixed assets | 22/27 | €325,228 | €297,355 | -€27,873 | -8.6% |
| Land and buildings | 22 | €171,439 | €158,419 | -€13,020 | -7.6% |
| Plant, machinery and equipment | 23 | €88,791 | €58,190 | -€30,600 | -34.5% |
| Furniture and vehicles | 24 | €64,998 | €80,746 | +€15,748 | +24.2% |
| Current assets | 29/58 | €1,154,735 | €1,249,883 | +€95,148 | +8.2% |
| Amounts receivable after more than one year | 29 | €70,000 | - | -€70,000 | |
| Other amounts receivable | 291 | €70,000 | - | -€70,000 | |
| Stocks and contracts in progress | 3 | €569,363 | €744,587 | +€175,224 | +30.8% |
| Stocks | 30/36 | €569,363 | €744,587 | +€175,224 | +30.8% |
| Amounts receivable within one year | 40/41 | €373,346 | €478,922 | +€105,576 | +28.3% |
| Trade receivables | 40 | €335,829 | €368,146 | +€32,317 | +9.6% |
| Other amounts receivable | 41 | €37,517 | €110,776 | +€73,259 | +195.3% |
| Cash at bank and in hand | 54/58 | €128,508 | €23,738 | -€104,770 | -81.5% |
| Deferred charges and accrued income | 490/1 | €13,518 | €2,636 | -€10,882 | -80.5% |
| Total equity and liabilities | 10/49 | €1,479,963 | €1,547,238 | +€67,275 | +4.5% |
| Equity | 10/15 | €1,053,195 | €1,130,767 | +€77,572 | +7.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €1,052,195 | €1,129,767 | +€77,572 | +7.4% |
| Distributable reserves | 133 | €1,052,195 | €1,129,767 | +€77,572 | +7.4% |
| Amounts payable | 17/49 | €426,768 | €416,470 | -€10,297 | -2.4% |
| Amounts payable after more than one year | 17 | €71,537 | €46,572 | -€24,965 | -34.9% |
| Financial debts | 170/4 | €71,537 | €46,572 | -€24,965 | -34.9% |
| Amounts payable within one year | 42/48 | €335,740 | €302,802 | -€32,938 | -9.8% |
| Current portion of amounts payable after more than one year | 42 | €24,965 | €41,817 | +€16,853 | +67.5% |
| Financial debts | 43 | €166,930 | €125,000 | -€41,930 | -25.1% |
| Credit institutions | 430/8 | €166,930 | €125,000 | -€41,930 | -25.1% |
| Trade debts | 44 | €35,204 | €30,492 | -€4,712 | -13.4% |
| Suppliers | 440/4 | €35,204 | €30,492 | -€4,712 | -13.4% |
| Taxes, remuneration and social security | 45 | €103,535 | €105,493 | +€1,958 | +1.9% |
| Taxes | 450/3 | €103,535 | €105,493 | +€1,958 | +1.9% |
| Other amounts payable | 47/48 | €5,107 | - | -€5,107 | |
| Accrued charges and deferred income | 492/3 | €19,491 | €67,097 | +€47,606 | +244.2% |
| Remuneration, social security and pensions | 62 | €148,442 | €205,034 | +€56,592 | +38.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,919 | €69,433 | +€6,514 | +10.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,952 | €12,671 | +€8,718 | +220.6% |
| Other operating charges | 640/8 | €5,723 | €2,467 | -€3,256 | -56.9% |
| Gross operating margin | 9900 | €540,616 | €557,728 | +€17,112 | +3.2% |
| Operating profit (loss) | 9901 | €319,580 | €268,124 | -€51,456 | -16.1% |
| Financial income | 75/76B | €29,022 | €34,005 | +€4,983 | +17.2% |
| Recurring financial income | 75 | €29,022 | €34,005 | +€4,983 | +17.2% |
| Financial charges | 65/66B | €24,908 | €25,205 | +€297 | +1.2% |
| Recurring financial charges | 65 | €24,908 | €25,205 | +€297 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €323,694 | €276,924 | -€46,770 | -14.4% |
| Income taxes | 67/77 | €103,453 | €86,446 | -€17,007 | -16.4% |
| Profit (loss) for the period | 9904 | €220,241 | €190,478 | -€29,763 | -13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €220,241 | €190,478 | -€29,763 | -13.5% |
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 6 October 2026 via checked.be.