WEST PROJECTS: 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 PROJECTS
Largest movements
- Stocks and contracts -€182,853
down €182,853 (-17.1%), from €1.1m to €885,919
- Cash +€71,458
up €71,458 (+216.9%), from €32,949 to €104,406
mainly Debts after one year (+€293,566) and Trade debts (+€214,148)
- Receivables after one year +€22,404
new in 2025: €22,404
- Receivables within one year +€16,941
up €16,941 (+24.1%), from €70,261 to €87,202
of which Other amounts receivable: +€14,006
- Current portion of long-term debt -€500,000
down €500,000 (-100.0%), from €500,000 to €0
- Debts after one year +€293,566
up €293,566 (+56.6%), from €518,331 to €811,897
of which Other amounts payable: +€293,566
- Trade debts +€214,148
up €214,148 (+1436.2%), from €14,911 to €229,059
- Profit (loss) carried forward -€73,258
down €73,258 (-880.3%), from -€8,322 to -€81,580
- Financial income -€10,217
down €10,217 (-62.0%), from €16,485 to €6,269
- Other operating charges +€7,846
up €7,846 (+990.2%), from €792 to €8,638
- Financial charges +€5,967
up €5,967 (+14.7%), from €40,496 to €46,462
- Gross operating margin -€4,106
down €4,106 (-20.2%), from -€20,320 to -€24,426
- Depreciation -€1,077
down €1,077 (-100.0%), from €1,077 to €0
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 | €1,200,291 | €1,128,817 | -€71,474 | -6.0% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €1,200,291 | €1,128,817 | -€71,474 | -6.0% |
| Amounts receivable after more than one year | 29 | - | €22,404 | +€22,404 | |
| Other amounts receivable | 291 | - | €22,404 | +€22,404 | |
| Stocks and contracts in progress | 3 | €1,068,772 | €885,919 | -€182,853 | -17.1% |
| Stocks | 30/36 | €1,068,772 | €885,919 | -€182,853 | -17.1% |
| Amounts receivable within one year | 40/41 | €70,261 | €87,202 | +€16,941 | +24.1% |
| Trade receivables | 40 | €51,876 | €54,812 | +€2,936 | +5.7% |
| Other amounts receivable | 41 | €18,384 | €32,390 | +€14,006 | +76.2% |
| Cash at bank and in hand | 54/58 | €32,949 | €104,406 | +€71,458 | +216.9% |
| Deferred charges and accrued income | 490/1 | €28,310 | €28,886 | +€576 | +2.0% |
| Total equity and liabilities | 10/49 | €1,200,291 | €1,128,817 | -€71,474 | -6.0% |
| Equity | 10/15 | €96,494 | €23,237 | -€73,258 | -75.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €42,817 | €42,817 | = | 0.0% |
| Distributable reserves | 133 | €42,817 | €42,817 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,322 | -€81,580 | -€73,258 | -880.3% |
| Amounts payable | 17/49 | €1,103,797 | €1,105,581 | +€1,784 | +0.2% |
| Amounts payable after more than one year | 17 | €518,331 | €811,897 | +€293,566 | +56.6% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €518,331 | €811,897 | +€293,566 | +56.6% |
| Amounts payable within one year | 42/48 | €585,466 | €293,684 | -€291,782 | -49.8% |
| Current portion of amounts payable after more than one year | 42 | €500,000 | €0 | -€500,000 | -100.0% |
| Trade debts | 44 | €14,911 | €229,059 | +€214,148 | +1436.2% |
| Suppliers | 440/4 | €14,911 | €229,059 | +€214,148 | +1436.2% |
| Advances received on contracts in progress | 46 | €9,234 | €0 | -€9,234 | -100.0% |
| Taxes, remuneration and social security | 45 | €0 | €6,237 | +€6,237 | |
| Taxes | 450/3 | €0 | €6,237 | +€6,237 | |
| Other amounts payable | 47/48 | €61,321 | €58,388 | -€2,933 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,077 | €0 | -€1,077 | -100.0% |
| Other operating charges | 640/8 | €792 | €8,638 | +€7,846 | +990.2% |
| Gross operating margin | 9900 | -€20,320 | -€24,426 | -€4,106 | -20.2% |
| Operating profit (loss) | 9901 | -€22,190 | -€33,064 | -€10,874 | -49.0% |
| Financial income | 75/76B | €16,485 | €6,269 | -€10,217 | -62.0% |
| Recurring financial income | 75 | €16,485 | €6,269 | -€10,217 | -62.0% |
| Financial charges | 65/66B | €40,496 | €46,462 | +€5,967 | +14.7% |
| Recurring financial charges | 65 | €40,496 | €46,462 | +€5,967 | +14.7% |
| Profit (loss) for the period before taxes | 9903 | -€46,200 | -€73,258 | -€27,058 | -58.6% |
| Profit (loss) for the period | 9904 | -€46,200 | -€73,258 | -€27,058 | -58.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,200 | -€73,258 | -€27,058 | -58.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.