WESLEY MAEGH: 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.
WESLEY MAEGH
Largest movements
- Receivables within one year +€58,379
up €58,379 (+152%), from €38,287 to €96,666
of which Trade receivables: +€59,443
- Tangible fixed assets -€48,014
down €48,014 (-18.1%), from €265,657 to €217,643
- Stocks and contracts +€34,193
up €34,193 (+204%), from €16,775 to €50,968
- Cash +€16,821
up €16,821 (+251%), from €6,693 to €23,514
mainly Net result for the year (+€82,855) and Depreciation (+€48,014)
- Deferred charges and accrued income -€4,075
down €4,075 (-81.9%), from €4,974 to €899
- Reserves +€49,562
up €49,562 (+92.5%), from €53,589 to €103,151
of which Distributable reserves: +€49,562
- Profit (loss) carried forward +€33,293
no longer reported in 2025 (was -€33,293)
- Debts after one year -€28,912
down €28,912 (-18.0%), from €160,797 to €131,884
- Other debts -€24,219
no longer reported in 2025 (was €24,219)
- Tax, wage and social debts +€16,978
up €16,978 (+507%), from €3,350 to €20,328
- Gross operating margin +€142,347
up €142,347 (+199%), from €71,456 to €213,803
- Taxes +€17,531
new in 2025: €17,531
- Depreciation +€5,603
up €5,603 (+13.2%), from €42,412 to €48,014
- Staff costs +€2,985
up €2,985 (+5.4%), from €55,046 to €58,031
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 | €332,522 | €389,826 | +€57,304 | +17.2% |
| Fixed assets | 21/28 | €265,792 | €217,778 | -€48,014 | -18.1% |
| Tangible fixed assets | 22/27 | €265,657 | €217,643 | -€48,014 | -18.1% |
| Land and buildings | 22 | €191,526 | €175,569 | -€15,957 | -8.3% |
| Plant, machinery and equipment | 23 | €62,518 | €38,895 | -€23,622 | -37.8% |
| Furniture and vehicles | 24 | €11,614 | €3,179 | -€8,434 | -72.6% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €66,729 | €172,047 | +€105,318 | +158% |
| Stocks and contracts in progress | 3 | €16,775 | €50,968 | +€34,193 | +204% |
| Stocks | 30/36 | €16,775 | €50,968 | +€34,193 | +204% |
| Amounts receivable within one year | 40/41 | €38,287 | €96,666 | +€58,379 | +152% |
| Trade receivables | 40 | €36,813 | €96,255 | +€59,443 | +161% |
| Other amounts receivable | 41 | €1,474 | €411 | -€1,063 | -72.1% |
| Cash at bank and in hand | 54/58 | €6,693 | €23,514 | +€16,821 | +251% |
| Deferred charges and accrued income | 490/1 | €4,974 | €899 | -€4,075 | -81.9% |
| Total equity and liabilities | 10/49 | €332,522 | €389,826 | +€57,304 | +17.2% |
| Equity | 10/15 | €100,296 | €183,151 | +€82,855 | +82.6% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €53,589 | €103,151 | +€49,562 | +92.5% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €45,589 | €95,151 | +€49,562 | +109% |
| Profit (loss) carried forward | 14 | -€33,293 | - | +€33,293 | |
| Amounts payable | 17/49 | €232,226 | €206,675 | -€25,551 | -11.0% |
| Amounts payable after more than one year | 17 | €160,797 | €131,884 | -€28,912 | -18.0% |
| Financial debts | 170/4 | €160,797 | €131,884 | -€28,912 | -18.0% |
| Amounts payable within one year | 42/48 | €71,429 | €74,791 | +€3,362 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €35,426 | €28,912 | -€6,514 | -18.4% |
| Financial debts | 43 | - | €6,667 | +€6,667 | |
| Credit institutions | 430/8 | - | €6,667 | +€6,667 | |
| Trade debts | 44 | €8,434 | €18,884 | +€10,450 | +124% |
| Suppliers | 440/4 | €8,434 | €18,884 | +€10,450 | +124% |
| Taxes, remuneration and social security | 45 | €3,350 | €20,328 | +€16,978 | +507% |
| Taxes | 450/3 | €3,350 | €20,328 | +€16,978 | +507% |
| Other amounts payable | 47/48 | €24,219 | - | -€24,219 | |
| Remuneration, social security and pensions | 62 | €55,046 | €58,031 | +€2,985 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,412 | €48,014 | +€5,603 | +13.2% |
| Other operating charges | 640/8 | €3,154 | €2,636 | -€518 | -16.4% |
| Gross operating margin | 9900 | €71,456 | €213,803 | +€142,347 | +199% |
| Operating profit (loss) | 9901 | -€29,156 | €105,121 | +€134,278 | |
| Financial income | 75/76B | €518 | €483 | -€35 | -6.8% |
| Recurring financial income | 75 | €518 | €483 | -€35 | -6.8% |
| Financial charges | 65/66B | €4,654 | €5,218 | +€564 | +12.1% |
| Recurring financial charges | 65 | €4,654 | €5,218 | +€564 | +12.1% |
| Profit (loss) for the period before taxes | 9903 | -€33,293 | €100,386 | +€133,679 | |
| Income taxes | 67/77 | - | €17,531 | +€17,531 | |
| Profit (loss) for the period | 9904 | -€33,293 | €82,855 | +€116,147 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,293 | €82,855 | +€116,147 |
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 22 October 2026 via checked.be.