West-Optic: 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-Optic
Largest movements
- Cash +€273,062
up €273,062 (+54.1%), from €504,944 to €778,007
mainly Net result for the year (+€255,338) and Other debts (+€116,575)
- Tangible fixed assets -€41,780
down €41,780 (-14.4%), from €290,278 to €248,498
of which Other tangible fixed assets: -€30,580
- Stocks and contracts +€26,936
up €26,936 (+12.7%), from €212,459 to €239,395
- Current investments -€25,946
down €25,946 (-24.0%), from €108,006 to €82,060
- Other debts +€116,575
up €116,575 (+307%), from €38,000 to €154,575
- Reserves +€90,338
up €90,338 (+13.3%), from €680,344 to €770,682
of which Distributable reserves: +€90,338
- Trade debts +€46,078
up €46,078 (+44.6%), from €103,319 to €149,397
- Debts after one year -€36,155
down €36,155 (-20.9%), from €172,846 to €136,691
- Accrued charges and deferred income -€29,624
down €29,624 (-98.5%), from €30,069 to €445
- Gross operating margin +€65,825
up €65,825 (+9.9%), from €667,986 to €733,811
- Staff costs +€8,005
up €8,005 (+2.9%), from €277,074 to €285,079
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 | €1,277,195 | €1,513,144 | +€235,949 | +18.5% |
| Fixed assets | 21/28 | €359,820 | €318,040 | -€41,780 | -11.6% |
| Tangible fixed assets | 22/27 | €290,278 | €248,498 | -€41,780 | -14.4% |
| Land and buildings | 22 | €37,065 | €35,602 | -€1,463 | -3.9% |
| Plant, machinery and equipment | 23 | €30,850 | €14,070 | -€16,780 | -54.4% |
| Furniture and vehicles | 24 | €5,375 | €12,417 | +€7,043 | +131% |
| Other tangible fixed assets | 26 | €216,988 | €186,408 | -€30,580 | -14.1% |
| Financial fixed assets | 28 | €69,543 | €69,543 | = | 0.0% |
| Current assets | 29/58 | €917,375 | €1,195,104 | +€277,729 | +30.3% |
| Stocks and contracts in progress | 3 | €212,459 | €239,395 | +€26,936 | +12.7% |
| Stocks | 30/36 | €212,459 | €239,395 | +€26,936 | +12.7% |
| Amounts receivable within one year | 40/41 | €35,266 | €47,870 | +€12,605 | +35.7% |
| Trade receivables | 40 | €30,873 | €38,470 | +€7,597 | +24.6% |
| Other amounts receivable | 41 | €4,393 | €9,401 | +€5,008 | +114% |
| Current investments | 50/53 | €108,006 | €82,060 | -€25,946 | -24.0% |
| Cash at bank and in hand | 54/58 | €504,944 | €778,007 | +€273,062 | +54.1% |
| Deferred charges and accrued income | 490/1 | €56,700 | €47,772 | -€8,928 | -15.7% |
| Total equity and liabilities | 10/49 | €1,277,195 | €1,513,144 | +€235,949 | +18.5% |
| Equity | 10/15 | €688,788 | €779,126 | +€90,338 | +13.1% |
| Contributions | 10/11 | €8,444 | €8,444 | = | 0.0% |
| Reserves | 13 | €680,344 | €770,682 | +€90,338 | +13.3% |
| Non-distributable reserves | 130/1 | €3,720 | €3,720 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,720 | €3,720 | = | 0.0% |
| Distributable reserves | 133 | €676,624 | €766,962 | +€90,338 | +13.4% |
| Amounts payable | 17/49 | €588,407 | €734,018 | +€145,611 | +24.7% |
| Amounts payable after more than one year | 17 | €172,846 | €136,691 | -€36,155 | -20.9% |
| Financial debts | 170/4 | €172,846 | €136,691 | -€36,155 | -20.9% |
| Amounts payable within one year | 42/48 | €385,493 | €596,882 | +€211,389 | +54.8% |
| Current portion of amounts payable after more than one year | 42 | €37,812 | €36,155 | -€1,658 | -4.4% |
| Financial debts | 43 | - | €26,964 | +€26,964 | |
| Credit institutions | 430/8 | - | €26,964 | +€26,964 | |
| Trade debts | 44 | €103,319 | €149,397 | +€46,078 | +44.6% |
| Suppliers | 440/4 | €103,319 | €149,397 | +€46,078 | +44.6% |
| Taxes, remuneration and social security | 45 | €206,362 | €229,791 | +€23,429 | +11.4% |
| Taxes | 450/3 | €139,446 | €180,424 | +€40,978 | +29.4% |
| Remuneration and social security | 454/9 | €66,916 | €49,367 | -€17,549 | -26.2% |
| Other amounts payable | 47/48 | €38,000 | €154,575 | +€116,575 | +307% |
| Accrued charges and deferred income | 492/3 | €30,069 | €445 | -€29,624 | -98.5% |
| Non-recurring operating income | 76A | - | €4,355 | +€4,355 | |
| Remuneration, social security and pensions | 62 | €277,074 | €285,079 | +€8,005 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,392 | €54,580 | +€1,187 | +2.2% |
| Other operating charges | 640/8 | €14,212 | €14,629 | +€417 | +2.9% |
| Gross operating margin | 9900 | €667,986 | €733,811 | +€65,825 | +9.9% |
| Operating profit (loss) | 9901 | €323,308 | €379,524 | +€56,216 | +17.4% |
| Financial income | 75/76B | €8,480 | €5,303 | -€3,177 | -37.5% |
| Recurring financial income | 75 | €8,480 | €5,303 | -€3,177 | -37.5% |
| Financial charges | 65/66B | €11,038 | €13,909 | +€2,870 | +26.0% |
| Recurring financial charges | 65 | €11,038 | €13,909 | +€2,870 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €320,750 | €370,918 | +€50,168 | +15.6% |
| Income taxes | 67/77 | €111,305 | €115,580 | +€4,275 | +3.8% |
| Profit (loss) for the period | 9904 | €209,445 | €255,338 | +€45,893 | +21.9% |
| Profit (loss) for the period to be appropriated | 9905 | €209,445 | €255,338 | +€45,893 | +21.9% |
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 16 October 2026 via checked.be.