WESTATE: 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.
What changed
WESTATE
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€58,978
2024 · -€63,425+€4,448
Equity
€6.0m
2024 · €1.9m+€4.1m
Cash
€40,132
2024 · €953+€39,179
Balance sheet total
€6.5m
2024 · €2.4m+€4.1m
Largest movements
Assets
- Tangible fixed assets +€4.0m
up €4.0m (+166.8%), from €2.4m to €6.5m
Equity and liabilities
- Revaluation surpluses +€4.2m
up €4.2m (+866.1%), from €480,000 to €4.6m
Income statement
- Gross operating margin +€4,615
up €4,615 (+12.9%), from €35,649 to €40,264
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
-€63,425
Gross operating margin
+€4,615
Other operating charges
-€35
Financial charges
-€133
Result 2025
-€58,978
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.
From operations
+€39,179
Investment
-€4.2m
Financing
+€4.2m
Cash 2024
€953
From operations (derived)
+€39,179
Net result for the year
-€58,978
Depreciation
+€108,500
Provisions
-€17,007
Smaller working-capital items
+€6,664
Investment (derived)
-€4.2m
Investment in fixed assets (net)
-€4.2m
Financing
+€4.2m
Contributions, distributions and other
+€4.2m
Cash 2025
€40,132
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,428,283 | €6,516,072 | +€4.1m | +168.3% |
| Fixed assets | 21/28 | €2,427,329 | €6,475,940 | +€4.0m | +166.8% |
| Tangible fixed assets | 22/27 | €2,427,329 | €6,475,940 | +€4.0m | +166.8% |
| Land and buildings | 22 | €2,427,329 | €6,475,940 | +€4.0m | +166.8% |
| Current assets | 29/58 | €953 | €40,132 | +€39,179 | +4109.6% |
| Cash at bank and in hand | 54/58 | €953 | €40,132 | +€39,179 | +4109.6% |
| Total equity and liabilities | 10/49 | €2,428,283 | €6,516,072 | +€4.1m | +168.3% |
| Equity | 10/15 | €1,946,148 | €6,044,281 | +€4.1m | +210.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €480,000 | €4,637,111 | +€4.2m | +866.1% |
| Reserves | 13 | €1,404,148 | €1,345,171 | -€58,978 | -4.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €504,577 | €453,555 | -€51,022 | -10.1% |
| Distributable reserves | 133 | €893,371 | €885,415 | -€7,956 | -0.9% |
| Provisions and deferred taxes | 16 | €168,192 | €151,185 | -€17,007 | -10.1% |
| Deferred taxes | 168 | €168,192 | €151,185 | -€17,007 | -10.1% |
| Amounts payable | 17/49 | €313,942 | €320,606 | +€6,664 | +2.1% |
| Amounts payable within one year | 42/48 | €306,330 | €312,344 | +€6,014 | +2.0% |
| Trade debts | 44 | €586 | €2,344 | +€1,758 | +300.0% |
| Suppliers | 440/4 | €586 | €2,344 | +€1,758 | +300.0% |
| Other amounts payable | 47/48 | €305,744 | €310,000 | +€4,256 | +1.4% |
| Accrued charges and deferred income | 492/3 | €7,612 | €8,262 | +€650 | +8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,500 | €108,500 | = | 0.0% |
| Other operating charges | 640/8 | €1,108 | €1,143 | +€35 | +3.1% |
| Gross operating margin | 9900 | €35,649 | €40,264 | +€4,615 | +12.9% |
| Operating profit (loss) | 9901 | -€73,959 | -€69,378 | +€4,581 | +6.2% |
| Financial charges | 65/66B | €6,474 | €6,607 | +€133 | +2.1% |
| Recurring financial charges | 65 | €6,474 | €6,607 | +€133 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | -€80,433 | -€75,985 | +€4,448 | +5.5% |
| Transfer from deferred taxes | 780 | €17,007 | €17,007 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€63,425 | -€58,978 | +€4,448 | +7.0% |
| Transfer from tax-exempt reserves | 789 | €51,022 | €51,022 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,404 | -€7,956 | +€4,448 | +35.9% |
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 29 September 2026 via checked.be.