WEST - VEE: 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 - VEE
Largest movements
- Receivables within one year -€102,828
down €102,828 (-67.6%), from €152,110 to €49,282
of which Trade receivables: -€99,648
- Cash +€62,972
up €62,972 (+305%), from €20,638 to €83,610
mainly Receivables within one year (+€102,828) and Depreciation (+€13,329)
- Tangible fixed assets -€13,329
down €13,329 (-25.3%), from €52,745 to €39,416
of which Furniture and vehicles: -€10,814
- Stocks and contracts -€4,800
no longer reported in 2025 (was €4,800)
- Other debts -€62,256
down €62,256 (-62.7%), from €99,354 to €37,098
- Reserves +€20,421
up €20,421 (+40.8%), from €50,088 to €70,509
of which Distributable reserves: +€20,421
- Profit (loss) carried forward -€15,997
no longer reported in 2025 (was €15,997)
- Gross operating margin +€9,031
up €9,031 (+67.2%), from €13,434 to €22,465
- Depreciation +€5,420
up €5,420 (+68.5%), from €7,909 to €13,329
- Taxes +€2,337
up €2,337 (+142%), from €1,645 to €3,982
- Financial income +€821
up €821 (+17,777%), from €5 to €826
- Financial charges +€528
up €528 (+1,213%), from €44 to €571
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 | €230,428 | €172,815 | -€57,613 | -25.0% |
| Fixed assets | 21/28 | €52,880 | €39,551 | -€13,329 | -25.2% |
| Tangible fixed assets | 22/27 | €52,745 | €39,416 | -€13,329 | -25.3% |
| Land and buildings | 22 | €1,555 | €1,167 | -€389 | -25.0% |
| Plant, machinery and equipment | 23 | €8,074 | €5,949 | -€2,125 | -26.3% |
| Furniture and vehicles | 24 | €43,115 | €32,301 | -€10,814 | -25.1% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €177,548 | €133,264 | -€44,284 | -24.9% |
| Stocks and contracts in progress | 3 | €4,800 | - | -€4,800 | |
| Stocks | 30/36 | €4,800 | - | -€4,800 | |
| Amounts receivable within one year | 40/41 | €152,110 | €49,282 | -€102,828 | -67.6% |
| Trade receivables | 40 | €140,364 | €40,716 | -€99,648 | -71.0% |
| Other amounts receivable | 41 | €11,746 | €8,566 | -€3,180 | -27.1% |
| Cash at bank and in hand | 54/58 | €20,638 | €83,610 | +€62,972 | +305% |
| Deferred charges and accrued income | 490/1 | - | €372 | +€372 | |
| Total equity and liabilities | 10/49 | €230,428 | €172,815 | -€57,613 | -25.0% |
| Equity | 10/15 | €127,585 | €132,009 | +€4,424 | +3.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €50,088 | €70,509 | +€20,421 | +40.8% |
| Non-distributable reserves | 130/1 | €4,988 | €4,988 | = | 0.0% |
| Legal reserve | 130 | €4,988 | €4,988 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,458 | €4,458 | = | 0.0% |
| Distributable reserves | 133 | €40,642 | €61,063 | +€20,421 | +50.2% |
| Profit (loss) carried forward | 14 | €15,997 | - | -€15,997 | |
| Amounts payable | 17/49 | €102,843 | €40,806 | -€62,037 | -60.3% |
| Amounts payable within one year | 42/48 | €102,843 | €40,806 | -€62,037 | -60.3% |
| Trade debts | 44 | €3,245 | €3,022 | -€223 | -6.9% |
| Suppliers | 440/4 | €3,245 | €3,022 | -€223 | -6.9% |
| Taxes, remuneration and social security | 45 | €244 | €686 | +€442 | +182% |
| Taxes | 450/3 | €244 | €686 | +€442 | +182% |
| Other amounts payable | 47/48 | €99,354 | €37,098 | -€62,256 | -62.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,909 | €13,329 | +€5,420 | +68.5% |
| Other operating charges | 640/8 | €1,405 | €985 | -€420 | -29.9% |
| Gross operating margin | 9900 | €13,434 | €22,465 | +€9,031 | +67.2% |
| Operating profit (loss) | 9901 | €4,120 | €8,151 | +€4,031 | +97.8% |
| Financial income | 75/76B | €5 | €826 | +€821 | +17,777% |
| Recurring financial income | 75 | €5 | €826 | +€821 | +17,777% |
| Financial charges | 65/66B | €44 | €571 | +€528 | +1,213% |
| Recurring financial charges | 65 | €44 | €571 | +€528 | +1,213% |
| Profit (loss) for the period before taxes | 9903 | €4,081 | €8,406 | +€4,325 | +106% |
| Income taxes | 67/77 | €1,645 | €3,982 | +€2,337 | +142% |
| Profit (loss) for the period | 9904 | €2,436 | €4,424 | +€1,988 | +81.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,436 | €4,424 | +€1,988 | +81.6% |
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 14 October 2026 via checked.be.