WEST ALU: what changed
WEST ALU
Largest movements
- Cash +€133,006
up €133,006 (+89.4%), from €148,807 to €281,813
mainly Stocks and contracts (+€67,700) and Depreciation (+€55,087)
- Stocks and contracts -€67,700
down €67,700 (-28.1%), from €241,000 to €173,300
of which Contracts in progress: -€58,800
- Tangible fixed assets -€55,451
down €55,451 (-32.8%), from €168,976 to €113,525
of which Leasing and similar rights: -€29,139
- Receivables within one year -€17,694
down €17,694 (-8.8%), from €201,228 to €183,534
of which Trade receivables: -€13,459
- Deferred charges and accrued income +€9,282
up €9,282 (+82.2%), from €11,291 to €20,573
- Reserves +€43,941
up €43,941 (+12.2%), from €361,112 to €405,053
- Short-term financial debts -€40,811
down €40,811 (-76.5%), from €53,381 to €12,570
- Trade debts +€38,079
up €38,079 (+21.9%), from €174,115 to €212,195
- Debts after one year -€27,137
down €27,137 (-58.2%), from €46,640 to €19,504
- Tax, wage and social debts -€13,566
down €13,566 (-22.1%), from €61,473 to €47,907
of which Taxes: -€7,167
- Gross operating margin -€233,131
down €233,131 (-31.1%), from €749,383 to €516,252
- Taxes -€53,810
down €53,810 (-72.9%), from €73,778 to €19,968
- Staff costs -€45,601
down €45,601 (-10.5%), from €433,236 to €387,635
- Depreciation +€15,695
up €15,695 (+39.8%), from €39,392 to €55,087
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 | €771,303 | €772,746 | +€1,443 | +0.2% |
| Fixed assets | 21/28 | €168,976 | €113,525 | -€55,451 | -32.8% |
| Tangible fixed assets | 22/27 | €168,976 | €113,525 | -€55,451 | -32.8% |
| Land and buildings | 22 | €9,543 | €8,411 | -€1,132 | -11.9% |
| Plant, machinery and equipment | 23 | €4,888 | €3,144 | -€1,745 | -35.7% |
| Furniture and vehicles | 24 | €76,124 | €52,688 | -€23,436 | -30.8% |
| Leasing and similar rights | 25 | €78,421 | €49,283 | -€29,139 | -37.2% |
| Current assets | 29/58 | €602,327 | €659,221 | +€56,894 | +9.4% |
| Stocks and contracts in progress | 3 | €241,000 | €173,300 | -€67,700 | -28.1% |
| Stocks | 30/36 | €35,000 | €26,100 | -€8,900 | -25.4% |
| Contracts in progress | 37 | €206,000 | €147,200 | -€58,800 | -28.5% |
| Amounts receivable within one year | 40/41 | €201,228 | €183,534 | -€17,694 | -8.8% |
| Trade receivables | 40 | €152,215 | €138,756 | -€13,459 | -8.8% |
| Other amounts receivable | 41 | €49,013 | €44,778 | -€4,235 | -8.6% |
| Cash at bank and in hand | 54/58 | €148,807 | €281,813 | +€133,006 | +89.4% |
| Deferred charges and accrued income | 490/1 | €11,291 | €20,573 | +€9,282 | +82.2% |
| Total equity and liabilities | 10/49 | €771,303 | €772,746 | +€1,443 | +0.2% |
| Equity | 10/15 | €386,112 | €430,053 | +€43,941 | +11.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €361,112 | €405,053 | +€43,941 | +12.2% |
| Distributable reserves | 133 | €361,112 | €405,053 | +€43,941 | +12.2% |
| Amounts payable | 17/49 | €385,191 | €342,693 | -€42,498 | -11.0% |
| Amounts payable after more than one year | 17 | €46,640 | €19,504 | -€27,137 | -58.2% |
| Financial debts | 170/4 | €46,640 | €19,504 | -€27,137 | -58.2% |
| Amounts payable within one year | 42/48 | €338,550 | €323,189 | -€15,362 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €26,491 | €27,137 | +€645 | +2.4% |
| Financial debts | 43 | €53,381 | €12,570 | -€40,811 | -76.5% |
| Credit institutions | 430/8 | €53,381 | €12,570 | -€40,811 | -76.5% |
| Trade debts | 44 | €174,115 | €212,195 | +€38,079 | +21.9% |
| Suppliers | 440/4 | €174,115 | €212,195 | +€38,079 | +21.9% |
| Taxes, remuneration and social security | 45 | €61,473 | €47,907 | -€13,566 | -22.1% |
| Taxes | 450/3 | €20,921 | €13,754 | -€7,167 | -34.3% |
| Remuneration and social security | 454/9 | €40,551 | €34,153 | -€6,398 | -15.8% |
| Other amounts payable | 47/48 | €23,090 | €23,381 | +€290 | +1.3% |
| Remuneration, social security and pensions | 62 | €433,236 | €387,635 | -€45,601 | -10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,392 | €55,087 | +€15,695 | +39.8% |
| Other operating charges | 640/8 | €1,267 | €4,894 | +€3,627 | +286% |
| Gross operating margin | 9900 | €749,383 | €516,252 | -€233,131 | -31.1% |
| Operating profit (loss) | 9901 | €275,487 | €68,636 | -€206,852 | -75.1% |
| Financial charges | 65/66B | €2,424 | €4,727 | +€2,303 | +95.0% |
| Recurring financial charges | 65 | €2,424 | €4,727 | +€2,303 | +95.0% |
| Profit (loss) for the period before taxes | 9903 | €273,064 | €63,909 | -€209,155 | -76.6% |
| Income taxes | 67/77 | €73,778 | €19,968 | -€53,810 | -72.9% |
| Profit (loss) for the period | 9904 | €199,286 | €43,941 | -€155,345 | -78.0% |
| Profit (loss) for the period to be appropriated | 9905 | €199,286 | €43,941 | -€155,345 | -78.0% |
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 6 November 2026 via checked.be.