WERPAX: what changed
WERPAX
Largest movements
- Intangible fixed assets +€107,330
new in 2025: €107,330
- Cash -€28,628
down €28,628 (-32.7%), from €87,575 to €58,947
mainly Investment in fixed assets (net) (-€136,652) and Net result for the year (-€65,707)
- Receivables within one year +€22,463
up €22,463 (+93.7%), from €23,970 to €46,433
of which Trade receivables: +€32,254
- Tangible fixed assets +€19,935
up €19,935 (+97.1%), from €20,536 to €40,471
of which Plant, machinery and equipment: +€11,344
- Short-term financial debts +€200,000
new in 2025: €200,000
- Profit (loss) carried forward -€65,707
down €65,707, from €52,852 to -€12,855
- Trade debts +€35,937
up €35,937 (+2,176%), from €1,652 to €37,588
- Other debts -€23,246
down €23,246 (-90.1%), from €25,814 to €2,568
- Tax, wage and social debts -€18,218
down €18,218 (-100%), from €18,218 to €0
- Gross operating margin -€128,236
down €128,236, from €77,219 to -€51,017
- Taxes -€16,103
down €16,103 (-97.4%), from €16,538 to €435
- Financial income +€6,288
up €6,288 (+154%), from €4,093 to €10,381
- Other operating charges +€3,303
up €3,303 (+156%), from €2,117 to €5,420
- Depreciation +€2,819
up €2,819 (+42.9%), from €6,568 to €9,387
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €838,129 | €964,218 | +€126,089 | +15.0% |
| Fixed assets | 21/28 | €20,536 | €147,801 | +€127,265 | +620% |
| Intangible fixed assets | 21 | - | €107,330 | +€107,330 | |
| Tangible fixed assets | 22/27 | €20,536 | €40,471 | +€19,935 | +97.1% |
| Land and buildings | 22 | €4,822 | €7,376 | +€2,554 | +53.0% |
| Plant, machinery and equipment | 23 | €11,447 | €22,790 | +€11,344 | +99.1% |
| Furniture and vehicles | 24 | €4,267 | €10,304 | +€6,037 | +141% |
| Current assets | 29/58 | €817,594 | €816,418 | -€1,176 | -0.1% |
| Stocks and contracts in progress | 3 | - | €1,227 | +€1,227 | |
| Stocks | 30/36 | - | €1,227 | +€1,227 | |
| Amounts receivable within one year | 40/41 | €23,970 | €46,433 | +€22,463 | +93.7% |
| Trade receivables | 40 | €6,716 | €38,970 | +€32,254 | +480% |
| Other amounts receivable | 41 | €17,255 | €7,463 | -€9,792 | -56.7% |
| Current investments | 50/53 | €702,605 | €709,338 | +€6,732 | +1.0% |
| Cash at bank and in hand | 54/58 | €87,575 | €58,947 | -€28,628 | -32.7% |
| Deferred charges and accrued income | 490/1 | €3,443 | €473 | -€2,970 | -86.3% |
| Total equity and liabilities | 10/49 | €838,129 | €964,218 | +€126,089 | +15.0% |
| Equity | 10/15 | €789,769 | €724,062 | -€65,707 | -8.3% |
| Contributions | 10/11 | €164,300 | €164,300 | = | 0.0% |
| Reserves | 13 | €572,617 | €572,617 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Other | 1319 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €570,757 | €570,757 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,852 | -€12,855 | -€65,707 | |
| Amounts payable | 17/49 | €48,361 | €240,156 | +€191,796 | +397% |
| Amounts payable within one year | 42/48 | €45,683 | €240,156 | +€194,473 | +426% |
| Financial debts | 43 | - | €200,000 | +€200,000 | |
| Credit institutions | 430/8 | - | €200,000 | +€200,000 | |
| Trade debts | 44 | €1,652 | €37,588 | +€35,937 | +2,176% |
| Suppliers | 440/4 | €1,652 | €37,588 | +€35,937 | +2,176% |
| Taxes, remuneration and social security | 45 | €18,218 | €0 | -€18,218 | -100% |
| Taxes | 450/3 | €18,218 | €0 | -€18,218 | -100% |
| Other amounts payable | 47/48 | €25,814 | €2,568 | -€23,246 | -90.1% |
| Accrued charges and deferred income | 492/3 | €2,677 | €0 | -€2,677 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,568 | €9,387 | +€2,819 | +42.9% |
| Other operating charges | 640/8 | €2,117 | €5,420 | +€3,303 | +156% |
| Non-recurring operating charges | 66A | - | €6,716 | +€6,716 | |
| Gross operating margin | 9900 | €77,219 | -€51,017 | -€128,236 | |
| Operating profit (loss) | 9901 | €68,534 | -€72,539 | -€141,073 | |
| Financial income | 75/76B | €4,093 | €10,381 | +€6,288 | +154% |
| Recurring financial income | 75 | €4,093 | €10,381 | +€6,288 | +154% |
| Financial charges | 65/66B | €3,238 | €3,114 | -€124 | -3.8% |
| Recurring financial charges | 65 | €3,238 | €3,114 | -€124 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €69,390 | -€65,272 | -€134,662 | |
| Income taxes | 67/77 | €16,538 | €435 | -€16,103 | -97.4% |
| Profit (loss) for the period | 9904 | €52,852 | -€65,707 | -€118,559 | |
| Profit (loss) for the period to be appropriated | 9905 | €52,852 | -€65,707 | -€118,559 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.