WES & BJO: 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 & BJO
Largest movements
- Tangible fixed assets -€42,738
down €42,738 (-4.6%), from €928,295 to €885,557
of which Land and buildings: -€40,194
- Cash -€20,668
down €20,668 (-49.9%), from €41,422 to €20,754
mainly Debts after one year (-€49,786) and Investment in fixed assets (net) (-€38,959)
- Receivables within one year -€12,083
down €12,083 (-40.3%), from €30,004 to €17,921
of which Trade receivables: -€6,348
- Deferred charges and accrued income +€11,297
up €11,297 (+98.7%), from €11,441 to €22,738
- Debts after one year -€49,786
down €49,786 (-16.6%), from €300,041 to €250,255
- Gross operating margin -€56,796
down €56,796 (-32.0%), from €177,323 to €120,527
- Taxes -€15,085
down €15,085 (-79.7%), from €18,929 to €3,844
- Depreciation +€9,792
up €9,792 (+13.4%), from €73,235 to €83,027
- Financial charges -€3,153
down €3,153 (-21.5%), from €14,664 to €11,511
- Staff costs +€2,134
new in 2025: €2,134
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 | €1,024,416 | €957,498 | -€66,918 | -6.5% |
| Fixed assets | 21/28 | €933,422 | €889,354 | -€44,068 | -4.7% |
| Intangible fixed assets | 21 | €5,001 | €3,671 | -€1,330 | -26.6% |
| Tangible fixed assets | 22/27 | €928,295 | €885,557 | -€42,738 | -4.6% |
| Land and buildings | 22 | €752,618 | €712,424 | -€40,194 | -5.3% |
| Plant, machinery and equipment | 23 | €140,685 | €137,719 | -€2,967 | -2.1% |
| Furniture and vehicles | 24 | €34,992 | €35,415 | +€423 | +1.2% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €90,994 | €68,144 | -€22,850 | -25.1% |
| Stocks and contracts in progress | 3 | €8,128 | €6,731 | -€1,397 | -17.2% |
| Stocks | 30/36 | €8,128 | €6,731 | -€1,397 | -17.2% |
| Amounts receivable within one year | 40/41 | €30,004 | €17,921 | -€12,083 | -40.3% |
| Trade receivables | 40 | €11,327 | €4,980 | -€6,348 | -56.0% |
| Other amounts receivable | 41 | €18,676 | €12,942 | -€5,735 | -30.7% |
| Cash at bank and in hand | 54/58 | €41,422 | €20,754 | -€20,668 | -49.9% |
| Deferred charges and accrued income | 490/1 | €11,441 | €22,738 | +€11,297 | +98.7% |
| Total equity and liabilities | 10/49 | €1,024,416 | €957,498 | -€66,918 | -6.5% |
| Equity | 10/15 | €640,918 | €644,355 | +€3,438 | +0.5% |
| Contributions | 10/11 | €543,600 | €543,600 | = | 0.0% |
| Reserves | 13 | €97,318 | €100,755 | +€3,438 | +3.5% |
| Distributable reserves | 133 | €97,318 | €100,755 | +€3,438 | +3.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €383,498 | €313,143 | -€70,356 | -18.3% |
| Amounts payable after more than one year | 17 | €300,041 | €250,255 | -€49,786 | -16.6% |
| Financial debts | 170/4 | €300,041 | €250,255 | -€49,786 | -16.6% |
| Amounts payable within one year | 42/48 | €83,457 | €59,985 | -€23,472 | -28.1% |
| Current portion of amounts payable after more than one year | 42 | €52,786 | €49,786 | -€3,000 | -5.7% |
| Trade debts | 44 | €8,646 | €6,177 | -€2,469 | -28.6% |
| Suppliers | 440/4 | €8,646 | €6,177 | -€2,469 | -28.6% |
| Advances received on contracts in progress | 46 | €2,378 | €0 | -€2,378 | -100.0% |
| Taxes, remuneration and social security | 45 | €13,874 | €4,022 | -€9,852 | -71.0% |
| Taxes | 450/3 | €13,874 | €3,045 | -€10,828 | -78.0% |
| Remuneration and social security | 454/9 | - | €976 | +€976 | |
| Other amounts payable | 47/48 | €5,773 | €0 | -€5,773 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €2,903 | +€2,903 | |
| Non-recurring operating income | 76A | €39 | €0 | -€39 | -100.0% |
| Remuneration, social security and pensions | 62 | - | €2,134 | +€2,134 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,235 | €83,027 | +€9,792 | +13.4% |
| Other operating charges | 640/8 | €14,974 | €16,462 | +€1,489 | +9.9% |
| Non-recurring operating charges | 66A | €541 | €121 | -€421 | -77.7% |
| Gross operating margin | 9900 | €177,323 | €120,527 | -€56,796 | -32.0% |
| Operating profit (loss) | 9901 | €88,573 | €18,783 | -€69,790 | -78.8% |
| Financial income | 75/76B | €193 | €9 | -€183 | -95.2% |
| Recurring financial income | 75 | €193 | €9 | -€183 | -95.2% |
| Financial charges | 65/66B | €14,664 | €11,511 | -€3,153 | -21.5% |
| Recurring financial charges | 65 | €14,664 | €11,511 | -€3,153 | -21.5% |
| Profit (loss) for the period before taxes | 9903 | €74,102 | €7,282 | -€66,820 | -90.2% |
| Income taxes | 67/77 | €18,929 | €3,844 | -€15,085 | -79.7% |
| Profit (loss) for the period | 9904 | €55,173 | €3,438 | -€51,735 | -93.8% |
| Profit (loss) for the period to be appropriated | 9905 | €55,173 | €3,438 | -€51,735 | -93.8% |
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 9 October 2026 via checked.be.