WEST CONTINUATION: 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.
WEST CONTINUATION
Largest movements
- Financial fixed assets +€1.5m
up €1.5m (+15.9%), from €9.7m to €11.2m
- Receivables within one year +€834,854
up €834,854 (+419%), from €199,353 to €1.0m
of which Other amounts receivable: +€804,289
- Receivables after one year +€500,000
new in 2025: €500,000
- Other debts +€2.6m
up €2.6m (+2,454%), from €104,000 to €2.7m
- Debts after one year +€270,000
new in 2025: €270,000
- Gross operating margin +€27,352
up €27,352, from -€24,485 to €2,867
- Financial charges +€4,016
up €4,016 (+696%), from €577 to €4,593
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 | €9,874,268 | €12,744,579 | +€2.9m | +29.1% |
| Fixed assets | 21/28 | €9,672,503 | €11,206,003 | +€1.5m | +15.9% |
| Financial fixed assets | 28 | €9,672,503 | €11,206,003 | +€1.5m | +15.9% |
| Current assets | 29/58 | €201,765 | €1,538,576 | +€1.3m | +663% |
| Amounts receivable after more than one year | 29 | - | €500,000 | +€500,000 | |
| Other amounts receivable | 291 | - | €500,000 | +€500,000 | |
| Amounts receivable within one year | 40/41 | €199,353 | €1,034,206 | +€834,854 | +419% |
| Trade receivables | 40 | €29,983 | €60,548 | +€30,565 | +102% |
| Other amounts receivable | 41 | €169,370 | €973,659 | +€804,289 | +475% |
| Cash at bank and in hand | 54/58 | €938 | €47 | -€892 | -95.0% |
| Deferred charges and accrued income | 490/1 | €1,474 | €4,323 | +€2,849 | +193% |
| Total equity and liabilities | 10/49 | €9,874,268 | €12,744,579 | +€2.9m | +29.1% |
| Equity | 10/15 | €9,641,462 | €9,639,216 | -€2,246 | 0.0% |
| Contributions | 10/11 | €9,671,503 | €9,671,503 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,040 | -€32,287 | -€2,246 | -7.5% |
| Amounts payable | 17/49 | €232,805 | €3,105,363 | +€2.9m | +1,234% |
| Amounts payable after more than one year | 17 | - | €270,000 | +€270,000 | |
| Financial debts | 170/4 | - | €270,000 | +€270,000 | |
| Amounts payable within one year | 42/48 | €232,419 | €2,834,392 | +€2.6m | +1,120% |
| Financial debts | 43 | €80,000 | €25,000 | -€55,000 | -68.8% |
| Other loans | 439 | €80,000 | €25,000 | -€55,000 | -68.8% |
| Trade debts | 44 | €48,419 | €151,867 | +€103,448 | +214% |
| Suppliers | 440/4 | €48,419 | €151,867 | +€103,448 | +214% |
| Taxes, remuneration and social security | 45 | €0 | €1,549 | +€1,549 | |
| Taxes | 450/3 | €0 | €1,549 | +€1,549 | |
| Other amounts payable | 47/48 | €104,000 | €2,655,976 | +€2.6m | +2,454% |
| Accrued charges and deferred income | 492/3 | €386 | €971 | +€584 | +151% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | -€24,485 | €2,867 | +€27,352 | |
| Operating profit (loss) | 9901 | -€24,991 | €2,347 | +€27,338 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €577 | €4,593 | +€4,016 | +696% |
| Recurring financial charges | 65 | €577 | €4,593 | +€4,016 | +696% |
| Profit (loss) for the period before taxes | 9903 | -€25,567 | -€2,246 | +€23,321 | +91.2% |
| Profit (loss) for the period | 9904 | -€25,567 | -€2,246 | +€23,321 | +91.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,567 | -€2,246 | +€23,321 | +91.2% |
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 20 October 2026 via checked.be.