West M: 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 M
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€63,851
2024 · -€5,193+€69,044
Equity
€59,604
2024 · -€4,247+€63,851
Cash
€1,119
2024 · €76+€1,043
Balance sheet total
€1.1m
2024 · €1.2m-€42,377
Largest movements
Assets
- Tangible fixed assets -€44,910
down €44,910 (-3.8%), from €1.2m to €1.1m
of which Land and buildings: -€30,119
Equity and liabilities
- Debts after one year -€139,744
down €139,744 (-15.2%), from €921,584 to €781,840
- Profit (loss) carried forward +€63,851
up €63,851 (+61.3%), from -€104,247 to -€40,396
- Current portion of long-term debt +€54,744
new in 2025: €54,744
- Short-term financial debts -€53,898
no longer reported in 2025 (was €53,898)
- Other debts +€46,580
up €46,580 (+25.1%), from €185,800 to €232,380
Income statement
- Gross operating margin +€58,212
up €58,212 (+42.0%), from €138,533 to €196,745
- Staff costs -€6,944
down €6,944 (-10.6%), from €65,519 to €58,575
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
-€5,193
Gross operating margin
+€58,212
Staff costs
+€6,944
Depreciation
+€1,152
Other operating charges
+€1,540
Financial income
+€133
Financial charges
+€1,062
Result 2025
€63,851
raises 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
+€150,260
Investment
-€10,320
Financing
-€138,898
Cash 2024
€76
From operations (derived)
+€150,260
Net result for the year
+€63,851
Depreciation
+€56,069
Receivables within one year
-€1,444
Deferred charges and accrued income
-€885
Trade debts
-€14,632
Tax, wage and social debts
+€721
Other debts
+€46,580
Investment (derived)
-€10,320
Investment in fixed assets (net)
-€10,320
Financing
-€138,898
Debts after one year
-€139,744
Current portion of long-term debt
+€54,744
Short-term financial debts
-€53,898
Cash 2025
€1,119
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,191,231 | €1,148,854 | -€42,377 | -3.6% |
| Fixed assets | 21/28 | €1,185,157 | €1,139,408 | -€45,749 | -3.9% |
| Intangible fixed assets | 21 | €1,612 | €774 | -€838 | -52.0% |
| Tangible fixed assets | 22/27 | €1,183,544 | €1,138,634 | -€44,910 | -3.8% |
| Land and buildings | 22 | €1,081,751 | €1,051,631 | -€30,119 | -2.8% |
| Plant, machinery and equipment | 23 | €31,193 | €28,012 | -€3,181 | -10.2% |
| Furniture and vehicles | 24 | €70,600 | €58,990 | -€11,610 | -16.4% |
| Current assets | 29/58 | €6,075 | €9,446 | +€3,371 | +55.5% |
| Amounts receivable within one year | 40/41 | €5,693 | €7,137 | +€1,444 | +25.4% |
| Trade receivables | 40 | €5,670 | €7,132 | +€1,462 | +25.8% |
| Other amounts receivable | 41 | €23 | €5 | -€18 | -77.3% |
| Cash at bank and in hand | 54/58 | €76 | €1,119 | +€1,043 | +1,366% |
| Deferred charges and accrued income | 490/1 | €305 | €1,190 | +€885 | +290% |
| Total equity and liabilities | 10/49 | €1,191,231 | €1,148,854 | -€42,377 | -3.6% |
| Equity | 10/15 | -€4,247 | €59,604 | +€63,851 | |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€104,247 | -€40,396 | +€63,851 | +61.3% |
| Amounts payable | 17/49 | €1,195,478 | €1,089,249 | -€106,229 | -8.9% |
| Amounts payable after more than one year | 17 | €921,584 | €781,840 | -€139,744 | -15.2% |
| Financial debts | 170/4 | €921,584 | €781,840 | -€139,744 | -15.2% |
| Amounts payable within one year | 42/48 | €273,894 | €307,410 | +€33,515 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | - | €54,744 | +€54,744 | |
| Financial debts | 43 | €53,898 | - | -€53,898 | |
| Credit institutions | 430/8 | €53,898 | - | -€53,898 | |
| Trade debts | 44 | €16,626 | €1,995 | -€14,632 | -88.0% |
| Suppliers | 440/4 | €16,626 | €1,995 | -€14,632 | -88.0% |
| Taxes, remuneration and social security | 45 | €17,571 | €18,291 | +€721 | +4.1% |
| Taxes | 450/3 | €10,177 | €7,240 | -€2,937 | -28.9% |
| Remuneration and social security | 454/9 | €7,394 | €11,052 | +€3,658 | +49.5% |
| Other amounts payable | 47/48 | €185,800 | €232,380 | +€46,580 | +25.1% |
| Non-recurring operating income | 76A | €5,000 | €82,000 | +€77,000 | +1,540% |
| Remuneration, social security and pensions | 62 | €65,519 | €58,575 | -€6,944 | -10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,221 | €56,069 | -€1,152 | -2.0% |
| Other operating charges | 640/8 | €5,825 | €4,284 | -€1,540 | -26.4% |
| Gross operating margin | 9900 | €138,533 | €196,745 | +€58,212 | +42.0% |
| Operating profit (loss) | 9901 | €9,968 | €77,817 | +€67,849 | +681% |
| Financial income | 75/76B | €61 | €194 | +€133 | +219% |
| Recurring financial income | 75 | €61 | €194 | +€133 | +219% |
| Financial charges | 65/66B | €15,221 | €14,159 | -€1,062 | -7.0% |
| Recurring financial charges | 65 | €15,221 | €14,159 | -€1,062 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | -€5,193 | €63,851 | +€69,044 | |
| Profit (loss) for the period | 9904 | -€5,193 | €63,851 | +€69,044 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,193 | €63,851 | +€69,044 |
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 18 October 2026 via checked.be.