Werft: 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.
Werft
Largest movements
- Stocks and contracts -€2.5m
down €2.5m (-16.9%), from €14.7m to €12.3m
- Receivables within one year +€687,272
up €687,272 (+126.3%), from €544,146 to €1.2m
of which Other amounts receivable: +€1.1m
- Cash -€375,637
down €375,637 (-65.7%), from €572,034 to €196,397
mainly Other debts (-€2.3m) and Short-term financial debts (-€1.4m)
- Other debts -€2.3m
down €2.3m (-21.2%), from €10.7m to €8.4m
- Short-term financial debts -€1.4m
down €1.4m (-48.7%), from €2.8m to €1.5m
- Profit (loss) carried forward +€1.4m
up €1.4m (+198.2%), from €689,118 to €2.1m
- Tax, wage and social debts +€272,461
up €272,461 (+103.5%), from €263,361 to €535,822
- Advances received -€251,490
no longer reported in 2025 (was €251,490)
- Turnover -€3.7m
no longer reported in 2025 (was €3.7m)
- Gross operating margin +€2.4m
new in 2025: €2.4m
- Goods and materials -€2.1m
no longer reported in 2025 (was €2.1m)
of which Change in stocks: decrease (increase): -€1.2m
- Taxes +€272,461
up €272,461 (+103.5%), from €263,361 to €535,822
- Financial charges -€98,432
down €98,432 (-19.8%), from €498,222 to €399,790
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 | €15,875,327 | €13,680,311 | -€2.2m | -13.8% |
| Current assets | 29/58 | €15,875,327 | €13,680,311 | -€2.2m | -13.8% |
| Stocks and contracts in progress | 3 | €14,749,709 | €12,252,496 | -€2.5m | -16.9% |
| Stocks | 30/36 | €14,749,709 | €12,252,496 | -€2.5m | -16.9% |
| Property held for sale | 35 | €14,749,709 | - | -€14.7m | |
| Amounts receivable within one year | 40/41 | €544,146 | €1,231,418 | +€687,272 | +126.3% |
| Trade receivables | 40 | €411,890 | - | -€411,890 | |
| Other amounts receivable | 41 | €132,256 | €1,231,418 | +€1.1m | +831.1% |
| Cash at bank and in hand | 54/58 | €572,034 | €196,397 | -€375,637 | -65.7% |
| Deferred charges and accrued income | 490/1 | €9,438 | - | -€9,438 | |
| Total equity and liabilities | 10/49 | €15,875,327 | €13,680,311 | -€2.2m | -13.8% |
| Equity | 10/15 | €1,752,118 | €3,224,061 | +€1.5m | +84.0% |
| Contributions | 10/11 | €1,063,000 | €1,063,000 | = | 0.0% |
| Capital | 10 | €1,063,000 | €1,063,000 | = | 0.0% |
| Issued capital | 100 | €1,063,000 | €1,063,000 | = | 0.0% |
| Reserves | 13 | - | €106,300 | +€106,300 | |
| Non-distributable reserves | 130/1 | - | €106,300 | +€106,300 | |
| Legal reserve | 130 | - | €106,300 | +€106,300 | |
| Profit (loss) carried forward | 14 | €689,118 | €2,054,761 | +€1.4m | +198.2% |
| Amounts payable | 17/49 | €14,123,209 | €10,456,250 | -€3.7m | -26.0% |
| Amounts payable within one year | 42/48 | €14,123,209 | €10,443,692 | -€3.7m | -26.1% |
| Financial debts | 43 | €2,828,000 | €1,450,000 | -€1.4m | -48.7% |
| Credit institutions | 430/8 | €2,828,000 | €1,450,000 | -€1.4m | -48.7% |
| Trade debts | 44 | €61,656 | €12,073 | -€49,583 | -80.4% |
| Suppliers | 440/4 | €61,656 | €12,073 | -€49,583 | -80.4% |
| Advances received on contracts in progress | 46 | €251,490 | - | -€251,490 | |
| Taxes, remuneration and social security | 45 | €263,361 | €535,822 | +€272,461 | +103.5% |
| Taxes | 450/3 | €263,361 | €535,822 | +€272,461 | +103.5% |
| Other amounts payable | 47/48 | €10,718,702 | €8,445,797 | -€2.3m | -21.2% |
| Accrued charges and deferred income | 492/3 | - | €12,558 | +€12,558 | |
| Operating income | 70/76A | €3,717,588 | - | -€3.7m | |
| Turnover | 70 | €3,717,588 | - | -€3.7m | |
| Operating charges | 60/66A | €2,154,006 | - | -€2.2m | |
| Goods for resale, raw materials and consumables | 60 | €2,130,785 | - | -€2.1m | |
| Purchases | 600/8 | €969,005 | - | -€969,005 | |
| Change in stocks: decrease (increase) | 609 | €1,161,779 | - | -€1.2m | |
| Services and other goods | 61 | €22,126 | - | -€22,126 | |
| Other operating charges | 640/8 | €1,096 | €1,118 | +€23 | +2.1% |
| Gross operating margin | 9900 | - | €2,401,338 | +€2.4m | |
| Operating profit (loss) | 9901 | €1,563,582 | €2,400,220 | +€836,638 | +53.5% |
| Financial income | 75/76B | €5 | €7,336 | +€7,331 | +156312.4% |
| Recurring financial income | 75 | €5 | €7,336 | +€7,331 | +156312.4% |
| Other financial income | 752/9 | €5 | - | -€5 | |
| Financial charges | 65/66B | €498,222 | €399,790 | -€98,432 | -19.8% |
| Recurring financial charges | 65 | €498,222 | €399,790 | -€98,432 | -19.8% |
| Debt charges | 650 | €497,056 | - | -€497,056 | |
| Other financial charges | 652/9 | €1,166 | - | -€1,166 | |
| Profit (loss) for the period before taxes | 9903 | €1,065,364 | €2,007,765 | +€942,401 | +88.5% |
| Income taxes | 67/77 | €263,361 | €535,822 | +€272,461 | +103.5% |
| Taxes | 670/3 | €263,361 | - | -€263,361 | |
| Profit (loss) for the period | 9904 | €802,004 | €1,471,943 | +€669,939 | +83.5% |
| Profit (loss) for the period to be appropriated | 9905 | €802,004 | €1,471,943 | +€669,939 | +83.5% |
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 12 October 2026 via checked.be.