WES: 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.
WES
Largest movements
- Tangible fixed assets -€110,395
down €110,395 (-2.7%), from €4.1m to €4.0m
of which Land and buildings: -€104,241
- Profit (loss) carried forward -€171,978
down €171,978 (-15.2%), from -€1.1m to -€1.3m
- Depreciation -€4,872
down €4,872 (-4.2%), from €115,266 to €110,395
- Gross operating margin +€4,711
up €4,711 (+16.4%), from €28,740 to €33,451
- Staff costs +€3,912
up €3,912 (+11.5%), from €34,080 to €37,992
- Other operating charges -€1,983
down €1,983 (-5.9%), from €33,372 to €31,389
- Taxes -€1,646
down €1,646 (-6.1%), from €27,014 to €25,368
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 | €4,805,610 | €4,638,004 | -€167,606 | -3.5% |
| Fixed assets | 21/28 | €4,158,948 | €4,048,554 | -€110,395 | -2.7% |
| Tangible fixed assets | 22/27 | €4,119,322 | €4,008,928 | -€110,395 | -2.7% |
| Land and buildings | 22 | €4,094,706 | €3,990,465 | -€104,241 | -2.5% |
| Furniture and vehicles | 24 | €24,617 | €18,462 | -€6,154 | -25.0% |
| Financial fixed assets | 28 | €39,626 | €39,626 | = | 0.0% |
| Current assets | 29/58 | €646,661 | €589,450 | -€57,211 | -8.8% |
| Amounts receivable within one year | 40/41 | €254,484 | €246,671 | -€7,813 | -3.1% |
| Trade receivables | 40 | €908 | €2,505 | +€1,597 | +176% |
| Other amounts receivable | 41 | €253,576 | €244,166 | -€9,410 | -3.7% |
| Current investments | 50/53 | €342,404 | €309,389 | -€33,015 | -9.6% |
| Cash at bank and in hand | 54/58 | €46,339 | €29,617 | -€16,722 | -36.1% |
| Deferred charges and accrued income | 490/1 | €3,435 | €3,774 | +€339 | +9.9% |
| Total equity and liabilities | 10/49 | €4,805,610 | €4,638,004 | -€167,606 | -3.5% |
| Equity | 10/15 | €4,744,141 | €4,572,163 | -€171,978 | -3.6% |
| Contributions | 10/11 | €4,514,343 | €4,514,343 | = | 0.0% |
| Capital | 10 | €4,514,343 | €4,514,343 | = | 0.0% |
| Reserves | 13 | €1,363,093 | €1,363,093 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,133,295 | -€1,305,273 | -€171,978 | -15.2% |
| Amounts payable | 17/49 | €61,469 | €65,841 | +€4,372 | +7.1% |
| Amounts payable after more than one year | 17 | €16,933 | €20,533 | +€3,600 | +21.3% |
| Financial debts | 170/4 | €16,933 | €20,533 | +€3,600 | +21.3% |
| Amounts payable within one year | 42/48 | €33,733 | €37,591 | +€3,858 | +11.4% |
| Trade debts | 44 | €16,405 | €21,946 | +€5,540 | +33.8% |
| Suppliers | 440/4 | €16,405 | €21,946 | +€5,540 | +33.8% |
| Taxes, remuneration and social security | 45 | €17,328 | €15,645 | -€1,683 | -9.7% |
| Taxes | 450/3 | €13,190 | €11,316 | -€1,875 | -14.2% |
| Remuneration and social security | 454/9 | €4,138 | €4,330 | +€192 | +4.6% |
| Accrued charges and deferred income | 492/3 | €10,803 | €7,717 | -€3,086 | -28.6% |
| Remuneration, social security and pensions | 62 | €34,080 | €37,992 | +€3,912 | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,266 | €110,395 | -€4,872 | -4.2% |
| Other operating charges | 640/8 | €33,372 | €31,389 | -€1,983 | -5.9% |
| Gross operating margin | 9900 | €28,740 | €33,451 | +€4,711 | +16.4% |
| Operating profit (loss) | 9901 | -€153,978 | -€146,325 | +€7,653 | +5.0% |
| Financial income | 75/76B | €8 | €13 | +€5 | +65.8% |
| Recurring financial income | 75 | €8 | €13 | +€5 | +65.8% |
| Financial charges | 65/66B | €275 | €297 | +€23 | +8.2% |
| Recurring financial charges | 65 | €275 | €297 | +€23 | +8.2% |
| Profit (loss) for the period before taxes | 9903 | -€154,245 | -€146,609 | +€7,636 | +5.0% |
| Income taxes | 67/77 | €27,014 | €25,368 | -€1,646 | -6.1% |
| Profit (loss) for the period | 9904 | -€181,259 | -€171,978 | +€9,282 | +5.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€181,259 | -€171,978 | +€9,282 | +5.1% |
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 18 October 2026 via checked.be.