West-End: 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.
West-End
Largest movements
- Receivables within one year -€136,705
down €136,705 (-21.6%), from €632,616 to €495,911
of which Other amounts receivable: -€137,716
- Stocks and contracts +€79,198
up €79,198 (+6.4%), from €1.2m to €1.3m
- Tangible fixed assets +€30,662
up €30,662 (+143.8%), from €21,326 to €51,989
of which Other tangible fixed assets: +€32,070
- Debts after one year -€79,232
down €79,232 (-43.5%), from €182,188 to €102,957
- Trade debts -€78,130
down €78,130 (-88.6%), from €88,216 to €10,086
- Other debts +€50,000
up €50,000 (+25.0%), from €200,000 to €250,000
- Reserves +€42,997
up €42,997 (+2.1%), from €2.0m to €2.1m
- Gross operating margin +€132,938
up €132,938 (+17.5%), from €759,223 to €892,160
- Staff costs +€48,050
up €48,050 (+11.1%), from €433,760 to €481,810
- Taxes +€15,972
up €15,972 (+20.0%), from €79,745 to €95,716
- Financial income -€9,617
down €9,617 (-30.6%), from €31,425 to €21,808
- Financial charges +€9,449
up €9,449 (+53.5%), from €17,668 to €27,116
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 | €2,781,859 | €2,745,211 | -€36,648 | -1.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €22,409 | €53,071 | +€30,662 | +136.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €21,326 | €51,989 | +€30,662 | +143.8% |
| Plant, machinery and equipment | 23 | €210 | €0 | -€210 | -100.0% |
| Furniture and vehicles | 24 | €3,404 | €2,206 | -€1,198 | -35.2% |
| Other tangible fixed assets | 26 | €17,712 | €49,782 | +€32,070 | +181.1% |
| Financial fixed assets | 28 | €1,082 | €1,082 | = | 0.0% |
| Current assets | 29/58 | €2,759,450 | €2,692,140 | -€67,311 | -2.4% |
| Stocks and contracts in progress | 3 | €1,236,039 | €1,315,237 | +€79,198 | +6.4% |
| Stocks | 30/36 | €1,236,039 | €1,315,237 | +€79,198 | +6.4% |
| Amounts receivable within one year | 40/41 | €632,616 | €495,911 | -€136,705 | -21.6% |
| Trade receivables | 40 | €28,256 | €29,267 | +€1,011 | +3.6% |
| Other amounts receivable | 41 | €604,360 | €466,645 | -€137,716 | -22.8% |
| Cash at bank and in hand | 54/58 | €880,218 | €870,673 | -€9,545 | -1.1% |
| Deferred charges and accrued income | 490/1 | €10,577 | €10,318 | -€259 | -2.4% |
| Total equity and liabilities | 10/49 | €2,781,859 | €2,745,211 | -€36,648 | -1.3% |
| Equity | 10/15 | €2,133,961 | €2,176,958 | +€42,997 | +2.0% |
| Contributions | 10/11 | €125,930 | €125,930 | = | 0.0% |
| Reserves | 13 | €2,008,031 | €2,051,028 | +€42,997 | +2.1% |
| Distributable reserves | 133 | €2,008,031 | €2,051,028 | +€42,997 | +2.1% |
| Amounts payable | 17/49 | €647,898 | €568,253 | -€79,645 | -12.3% |
| Amounts payable after more than one year | 17 | €182,188 | €102,957 | -€79,232 | -43.5% |
| Financial debts | 170/4 | €182,188 | €102,957 | -€79,232 | -43.5% |
| Amounts payable within one year | 42/48 | €464,210 | €463,309 | -€900 | -0.2% |
| Current portion of amounts payable after more than one year | 42 | €77,130 | €79,438 | +€2,307 | +3.0% |
| Trade debts | 44 | €88,216 | €10,086 | -€78,130 | -88.6% |
| Suppliers | 440/4 | €88,216 | €10,086 | -€78,130 | -88.6% |
| Taxes, remuneration and social security | 45 | €98,863 | €123,785 | +€24,922 | +25.2% |
| Taxes | 450/3 | €41,242 | €54,110 | +€12,869 | +31.2% |
| Remuneration and social security | 454/9 | €57,622 | €69,675 | +€12,053 | +20.9% |
| Other amounts payable | 47/48 | €200,000 | €250,000 | +€50,000 | +25.0% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,987 | +€487 | +32.5% |
| Remuneration, social security and pensions | 62 | €433,760 | €481,810 | +€48,050 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,748 | €14,480 | +€3,732 | +34.7% |
| Other operating charges | 640/8 | €1,651 | €1,848 | +€196 | +11.9% |
| Non-recurring operating charges | 66A | €12,600 | - | -€12,600 | |
| Gross operating margin | 9900 | €759,223 | €892,160 | +€132,938 | +17.5% |
| Operating profit (loss) | 9901 | €300,463 | €394,022 | +€93,559 | +31.1% |
| Financial income | 75/76B | €31,425 | €21,808 | -€9,617 | -30.6% |
| Recurring financial income | 75 | €31,425 | €21,808 | -€9,617 | -30.6% |
| Financial charges | 65/66B | €17,668 | €27,116 | +€9,449 | +53.5% |
| Recurring financial charges | 65 | €17,668 | €27,116 | +€9,449 | +53.5% |
| Profit (loss) for the period before taxes | 9903 | €314,220 | €388,713 | +€74,493 | +23.7% |
| Income taxes | 67/77 | €79,745 | €95,716 | +€15,972 | +20.0% |
| Profit (loss) for the period | 9904 | €234,476 | €292,997 | +€58,521 | +25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €234,476 | €292,997 | +€58,521 | +25.0% |
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 8 October 2026 via checked.be.