West Decor: 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.
What changed
West Decor
NACE 25.510, Coating of metals
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.0m
2024 · €880,264+€135,518
Equity
€4.8m
2024 · €3.8m+€1.0m
Cash
€704,397
2024 · €671,970+€32,427
Balance sheet total
€5.5m
2024 · €4.5m+€1.0m
Largest movements
Assets
- Current investments +€1.3m
up €1.3m (+130%), from €1.0m to €2.3m
- Receivables within one year -€270,659
down €270,659 (-15.0%), from €1.8m to €1.5m
of which Other amounts receivable: -€201,973
- Intangible fixed assets -€66,000
down €66,000 (-25.6%), from €258,214 to €192,214
Equity and liabilities
- Reserves +€1.0m
up €1.0m (+28.3%), from €3.6m to €4.6m
of which Distributable reserves: +€594,782
- Tax, wage and social debts -€59,087
down €59,087 (-24.4%), from €242,518 to €183,431
of which Taxes: -€59,801
Income statement
- Taxes -€99,593
down €99,593 (-32.1%), from €310,590 to €210,998
- Gross operating margin +€39,039
up €39,039 (+1.9%), from €2.1m to €2.1m
- Depreciation +€27,458
up €27,458 (+20.0%), from €137,515 to €164,973
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.
Result 2024
€880,264
Gross operating margin
+€39,039
Staff costs
+€9,578
Depreciation
-€27,458
Other operating charges
-€1,931
Financial income
+€20,029
Financial charges
-€3,331
Taxes
+€99,593
Result 2025
€1.0m
raises the resultlowers the result
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.
From operations
+€1.4m
Investment
-€1.4m
Financing
+€5,645
Cash 2024
€671,970
From operations (derived)
+€1.4m
Net result for the year
+€1.0m
Depreciation
+€164,973
Stocks and contracts
-€6,408
Receivables within one year
+€270,659
Deferred charges and accrued income
-€367
Trade debts
+€20,524
Tax, wage and social debts
-€59,087
Other debts
+€22,433
Investment (derived)
-€1.4m
Investment in fixed assets (net)
-€101,728
Current investments
-€1.3m
Financing
+€5,645
Debts after one year
+€17,977
Current portion of long-term debt
-€12,332
Cash 2025
€704,397
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,507,513 | €5,512,811 | +€1.0m | +22.3% |
| Fixed assets | 21/28 | €521,351 | €458,106 | -€63,245 | -12.1% |
| Intangible fixed assets | 21 | €258,214 | €192,214 | -€66,000 | -25.6% |
| Tangible fixed assets | 22/27 | €263,138 | €265,892 | +€2,755 | +1.0% |
| Plant, machinery and equipment | 23 | €192,558 | €174,610 | -€17,948 | -9.3% |
| Furniture and vehicles | 24 | €70,580 | €91,283 | +€20,703 | +29.3% |
| Current assets | 29/58 | €3,986,162 | €5,054,705 | +€1.1m | +26.8% |
| Stocks and contracts in progress | 3 | €498,957 | €505,365 | +€6,408 | +1.3% |
| Stocks | 30/36 | €498,957 | €505,365 | +€6,408 | +1.3% |
| Amounts receivable within one year | 40/41 | €1,806,609 | €1,535,950 | -€270,659 | -15.0% |
| Trade receivables | 40 | €1,149,537 | €1,080,850 | -€68,686 | -6.0% |
| Other amounts receivable | 41 | €657,073 | €455,100 | -€201,973 | -30.7% |
| Current investments | 50/53 | €1,000,000 | €2,300,000 | +€1.3m | +130% |
| Cash at bank and in hand | 54/58 | €671,970 | €704,397 | +€32,427 | +4.8% |
| Deferred charges and accrued income | 490/1 | €8,626 | €8,993 | +€367 | +4.3% |
| Total equity and liabilities | 10/49 | €4,507,513 | €5,512,811 | +€1.0m | +22.3% |
| Equity | 10/15 | €3,777,324 | €4,793,106 | +€1.0m | +26.9% |
| Contributions | 10/11 | €187,138 | €187,138 | = | 0.0% |
| Capital | 10 | €187,138 | €187,138 | = | 0.0% |
| Issued capital | 100 | €187,138 | €187,138 | = | 0.0% |
| Reserves | 13 | €3,590,186 | €4,605,968 | +€1.0m | +28.3% |
| Non-distributable reserves | 130/1 | €18,714 | €18,714 | = | 0.0% |
| Legal reserve | 130 | €18,714 | €18,714 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,859 | €422,859 | +€421,000 | +22,644% |
| Distributable reserves | 133 | €3,569,613 | €4,164,395 | +€594,782 | +16.7% |
| Amounts payable | 17/49 | €730,190 | €719,705 | -€10,484 | -1.4% |
| Amounts payable after more than one year | 17 | €19,882 | €37,859 | +€17,977 | +90.4% |
| Financial debts | 170/4 | €19,882 | €37,859 | +€17,977 | +90.4% |
| Amounts payable within one year | 42/48 | €710,308 | €681,846 | -€28,461 | -4.0% |
| Current portion of amounts payable after more than one year | 42 | €42,688 | €30,356 | -€12,332 | -28.9% |
| Trade debts | 44 | €423,473 | €443,997 | +€20,524 | +4.8% |
| Suppliers | 440/4 | €423,473 | €443,997 | +€20,524 | +4.8% |
| Taxes, remuneration and social security | 45 | €242,518 | €183,431 | -€59,087 | -24.4% |
| Taxes | 450/3 | €156,606 | €96,805 | -€59,801 | -38.2% |
| Remuneration and social security | 454/9 | €85,912 | €86,626 | +€714 | +0.8% |
| Other amounts payable | 47/48 | €1,629 | €24,062 | +€22,433 | +1,378% |
| Non-recurring operating income | 76A | - | €1,200 | +€1,200 | |
| Remuneration, social security and pensions | 62 | €730,109 | €720,532 | -€9,578 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,515 | €164,973 | +€27,458 | +20.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €32,548 | €34,479 | +€1,931 | +5.9% |
| Gross operating margin | 9900 | €2,074,773 | €2,113,812 | +€39,039 | +1.9% |
| Operating profit (loss) | 9901 | €1,174,600 | €1,193,828 | +€19,228 | +1.6% |
| Financial income | 75/76B | €22,385 | €42,414 | +€20,029 | +89.5% |
| Recurring financial income | 75 | €22,385 | €42,414 | +€20,029 | +89.5% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €6,130 | €9,461 | +€3,331 | +54.3% |
| Recurring financial charges | 65 | €6,130 | €9,461 | +€3,331 | +54.3% |
| Profit (loss) for the period before taxes | 9903 | €1,190,855 | €1,226,780 | +€35,926 | +3.0% |
| Income taxes | 67/77 | €310,590 | €210,998 | -€99,593 | -32.1% |
| Profit (loss) for the period | 9904 | €880,264 | €1,015,782 | +€135,518 | +15.4% |
| Transfer to tax-exempt reserves | 689 | - | €421,000 | +€421,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €880,264 | €594,782 | -€285,482 | -32.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.