WESEARCH: 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.
WESEARCH
Largest movements
- Current investments +€300,000
up €300,000 (+16.7%), from €1.8m to €2.1m
- Receivables within one year +€282,876
up €282,876 (+57.7%), from €490,296 to €773,172
of which Trade receivables: +€152,762
- Cash -€111,541
down €111,541 (-79.5%), from €140,299 to €28,758
mainly Current investments (-€300,000) and Receivables within one year (-€282,876)
- Reserves +€293,958
up €293,958 (+6.1%), from €4.8m to €5.1m
of which Distributable reserves: +€483,408
- Tax, wage and social debts +€198,497
up €198,497 (+42.2%), from €470,622 to €669,118
of which Remuneration and social security: +€154,874
- Gross operating margin +€300,116
up €300,116 (+6.1%), from €4.9m to €5.2m
- Staff costs +€222,398
up €222,398 (+4.8%), from €4.7m to €4.9m
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 | €5,891,003 | €6,338,286 | +€447,283 | +7.6% |
| Fixed assets | 21/28 | €59,927 | €35,730 | -€24,197 | -40.4% |
| Intangible fixed assets | 21 | €1,889 | €402 | -€1,487 | -78.7% |
| Tangible fixed assets | 22/27 | €57,597 | €34,668 | -€22,930 | -39.8% |
| Furniture and vehicles | 24 | €54,808 | €34,516 | -€20,291 | -37.0% |
| Other tangible fixed assets | 26 | €2,790 | €151 | -€2,638 | -94.6% |
| Financial fixed assets | 28 | €440 | €660 | +€220 | +50.0% |
| Current assets | 29/58 | €5,831,077 | €6,302,556 | +€471,480 | +8.1% |
| Amounts receivable after more than one year | 29 | €3,350,000 | €3,350,000 | = | 0.0% |
| Other amounts receivable | 291 | €3,350,000 | €3,350,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €490,296 | €773,172 | +€282,876 | +57.7% |
| Trade receivables | 40 | €473,739 | €626,501 | +€152,762 | +32.2% |
| Other amounts receivable | 41 | €16,557 | €146,671 | +€130,113 | +785.8% |
| Current investments | 50/53 | €1,800,000 | €2,100,000 | +€300,000 | +16.7% |
| Cash at bank and in hand | 54/58 | €140,299 | €28,758 | -€111,541 | -79.5% |
| Deferred charges and accrued income | 490/1 | €50,481 | €50,626 | +€145 | +0.3% |
| Total equity and liabilities | 10/49 | €5,891,003 | €6,338,286 | +€447,283 | +7.6% |
| Equity | 10/15 | €4,908,909 | €5,202,867 | +€293,958 | +6.0% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Capital | 10 | €120,000 | €120,000 | = | 0.0% |
| Issued capital | 100 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €4,788,909 | €5,082,867 | +€293,958 | +6.1% |
| Non-distributable reserves | 130/1 | €12,000 | €12,000 | = | 0.0% |
| Legal reserve | 130 | €12,000 | €12,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €189,450 | €0 | -€189,450 | -100.0% |
| Distributable reserves | 133 | €4,587,459 | €5,070,867 | +€483,408 | +10.5% |
| Amounts payable | 17/49 | €982,094 | €1,135,419 | +€153,325 | +15.6% |
| Amounts payable within one year | 42/48 | €979,990 | €1,133,830 | +€153,839 | +15.7% |
| Trade debts | 44 | €494,619 | €464,711 | -€29,907 | -6.0% |
| Suppliers | 440/4 | €494,619 | €464,711 | -€29,907 | -6.0% |
| Taxes, remuneration and social security | 45 | €470,622 | €669,118 | +€198,497 | +42.2% |
| Taxes | 450/3 | €121,060 | €164,683 | +€43,623 | +36.0% |
| Remuneration and social security | 454/9 | €349,562 | €504,435 | +€154,874 | +44.3% |
| Other amounts payable | 47/48 | €14,750 | €0 | -€14,750 | -100.0% |
| Accrued charges and deferred income | 492/3 | €2,104 | €1,589 | -€515 | -24.5% |
| Remuneration, social security and pensions | 62 | €4,673,364 | €4,895,762 | +€222,398 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,203 | €24,417 | +€2,213 | +10.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,830 | €1,875 | +€45 | +2.5% |
| Gross operating margin | 9900 | €4,943,669 | €5,243,786 | +€300,116 | +6.1% |
| Operating profit (loss) | 9901 | €246,272 | €321,732 | +€75,460 | +30.6% |
| Financial income | 75/76B | €106,481 | €87,573 | -€18,908 | -17.8% |
| Recurring financial income | 75 | €106,481 | €87,573 | -€18,908 | -17.8% |
| Financial charges | 65/66B | €16,550 | €837 | -€15,713 | -94.9% |
| Recurring financial charges | 65 | €16,550 | €837 | -€15,713 | -94.9% |
| Profit (loss) for the period before taxes | 9903 | €336,203 | €408,467 | +€72,264 | +21.5% |
| Income taxes | 67/77 | €100,266 | €114,509 | +€14,243 | +14.2% |
| Profit (loss) for the period | 9904 | €235,937 | €293,958 | +€58,021 | +24.6% |
| Transfer from tax-exempt reserves | 789 | €147,350 | €189,450 | +€42,100 | +28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €383,287 | €483,408 | +€100,121 | +26.1% |
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 1 October 2026 via checked.be.