WESTBEKE: 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
WESTBEKE
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€401,319
2024 · €383,466+€17,853
Equity
€6.2m
2024 · €5.8m+€401,319
Cash
€4.2m
2024 · €3.9m+€295,631
Balance sheet total
€8.1m
2024 · €7.9m+€276,275
Largest movements
Assets
- Cash +€295,631
up €295,631 (+7.5%), from €3.9m to €4.2m
mainly Net result for the year (+€401,319) and Depreciation (+€88,863)
Equity and liabilities
- Reserves +€401,319
up €401,319 (+7.1%), from €5.7m to €6.1m
of which Distributable reserves: +€439,062
- Debts after one year -€156,787
down €156,787 (-14.6%), from €1.1m to €918,117
Income statement
- Gross operating margin +€88,311
up €88,311 (+13.8%), from €638,420 to €726,731
- Taxes +€40,493
up €40,493 (+25.7%), from €157,460 to €197,953
- Financial income -€26,972
down €26,972 (-42.3%), from €63,810 to €36,838
- Depreciation +€9,286
up €9,286 (+11.7%), from €79,577 to €88,863
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
€383,466
Gross operating margin
+€88,311
Depreciation
-€9,286
Other operating charges
-€795
Other operating items
+€63
Financial income
-€26,972
Financial charges
+€6,199
Taxes
-€40,493
Deferred taxes and other
+€825
Result 2025
€401,319
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
+€510,942
Investment
-€60,183
Financing
-€155,128
Cash 2024
€3.9m
From operations (derived)
+€510,942
Net result for the year
+€401,319
Depreciation
+€88,863
Receivables within one year
-€21,701
Deferred charges and accrued income
+€12,377
Provisions
-€12,581
Trade debts
+€3,862
Tax, wage and social debts
+€54,117
Other debts
+€12,121
Accrued charges and deferred income
-€27,434
Investment (derived)
-€60,183
Investment in fixed assets (net)
-€60,183
Financing
-€155,128
Debts after one year
-€156,787
Current portion of long-term debt
+€1,660
Cash 2025
€4.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,851,472 | €8,127,747 | +€276,275 | +3.5% |
| Fixed assets | 21/28 | €3,038,546 | €3,009,866 | -€28,680 | -0.9% |
| Tangible fixed assets | 22/27 | €3,038,546 | €3,009,866 | -€28,680 | -0.9% |
| Land and buildings | 22 | €3,038,546 | €3,009,866 | -€28,680 | -0.9% |
| Current assets | 29/58 | €4,812,926 | €5,117,880 | +€304,955 | +6.3% |
| Amounts receivable within one year | 40/41 | €791,358 | €813,059 | +€21,701 | +2.7% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €791,358 | €813,059 | +€21,701 | +2.7% |
| Cash at bank and in hand | 54/58 | €3,943,896 | €4,239,528 | +€295,631 | +7.5% |
| Deferred charges and accrued income | 490/1 | €77,671 | €65,293 | -€12,377 | -15.9% |
| Total equity and liabilities | 10/49 | €7,851,472 | €8,127,747 | +€276,275 | +3.5% |
| Equity | 10/15 | €5,834,156 | €6,235,475 | +€401,319 | +6.9% |
| Contributions | 10/11 | €143,150 | €143,150 | = | 0.0% |
| Reserves | 13 | €5,691,006 | €6,092,325 | +€401,319 | +7.1% |
| Tax-exempt reserves | 132 | €1,379,152 | €1,341,408 | -€37,744 | -2.7% |
| Distributable reserves | 133 | €4,311,855 | €4,750,917 | +€439,062 | +10.2% |
| Provisions and deferred taxes | 16 | €447,217 | €434,636 | -€12,581 | -2.8% |
| Deferred taxes | 168 | €447,217 | €434,636 | -€12,581 | -2.8% |
| Amounts payable | 17/49 | €1,570,098 | €1,457,636 | -€112,462 | -7.2% |
| Amounts payable after more than one year | 17 | €1,074,904 | €918,117 | -€156,787 | -14.6% |
| Financial debts | 170/4 | €1,074,904 | €918,117 | -€156,787 | -14.6% |
| Amounts payable within one year | 42/48 | €447,799 | €519,558 | +€71,759 | +16.0% |
| Current portion of amounts payable after more than one year | 42 | €172,158 | €173,817 | +€1,660 | +1.0% |
| Trade debts | 44 | €1,414 | €5,276 | +€3,862 | +273.0% |
| Suppliers | 440/4 | €1,414 | €5,276 | +€3,862 | +273.0% |
| Taxes, remuneration and social security | 45 | - | €54,117 | +€54,117 | |
| Taxes | 450/3 | - | €54,117 | +€54,117 | |
| Other amounts payable | 47/48 | €274,227 | €286,348 | +€12,121 | +4.4% |
| Accrued charges and deferred income | 492/3 | €47,396 | €19,962 | -€27,434 | -57.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,577 | €88,863 | +€9,286 | +11.7% |
| Other operating charges | 640/8 | €24,618 | €25,413 | +€795 | +3.2% |
| Non-recurring operating charges | 66A | €63 | €0 | -€63 | -100.0% |
| Gross operating margin | 9900 | €638,420 | €726,731 | +€88,311 | +13.8% |
| Operating profit (loss) | 9901 | €534,162 | €612,456 | +€78,293 | +14.7% |
| Financial income | 75/76B | €63,810 | €36,838 | -€26,972 | -42.3% |
| Recurring financial income | 75 | €63,810 | €36,838 | -€26,972 | -42.3% |
| Financial charges | 65/66B | €68,802 | €62,603 | -€6,199 | -9.0% |
| Recurring financial charges | 65 | €68,802 | €62,603 | -€6,199 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €529,170 | €586,691 | +€57,521 | +10.9% |
| Transfer from deferred taxes | 780 | €11,757 | €12,581 | +€825 | +7.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €157,460 | €197,953 | +€40,493 | +25.7% |
| Profit (loss) for the period | 9904 | €383,466 | €401,319 | +€17,853 | +4.7% |
| Transfer from tax-exempt reserves | 789 | €35,270 | €37,744 | +€2,474 | +7.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €418,736 | €439,062 | +€20,327 | +4.9% |
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 7 October 2026 via checked.be.