Westfeed: 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.
Westfeed
Largest movements
- Receivables within one year -€470,719
down €470,719 (-43.2%), from €1.1m to €619,007
of which Trade receivables: -€449,269
- Stocks and contracts +€209,497
new in 2025: €209,497
- Cash -€134,866
down €134,866 (-81.7%), from €165,005 to €30,139
mainly Accrued charges and deferred income (-€568,208) and Stocks and contracts (-€209,497)
- Tangible fixed assets -€42,395
down €42,395 (-24.2%), from €175,211 to €132,816
of which Furniture and vehicles: -€60,241
- Deferred charges and accrued income -€33,502
down €33,502 (-85.4%), from €39,231 to €5,729
- Accrued charges and deferred income -€568,208
down €568,208 (-92.8%), from €612,581 to €44,373
- Reserves +€103,406
up €103,406 (+89.9%), from €115,016 to €218,423
- Debts after one year -€41,544
down €41,544 (-31.0%), from €134,111 to €92,567
- Trade debts +€23,227
up €23,227 (+4.4%), from €522,585 to €545,812
- Gross operating margin +€49,535
up €49,535 (+31.3%), from €158,229 to €207,763
- Taxes +€9,963
up €9,963 (+53.4%), from €18,658 to €28,621
- Depreciation +€6,695
up €6,695 (+10.9%), from €61,160 to €67,855
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 | €1,469,174 | €997,188 | -€471,986 | -32.1% |
| Fixed assets | 21/28 | €175,211 | €132,816 | -€42,395 | -24.2% |
| Tangible fixed assets | 22/27 | €175,211 | €132,816 | -€42,395 | -24.2% |
| Plant, machinery and equipment | 23 | €32,964 | €50,810 | +€17,846 | +54.1% |
| Furniture and vehicles | 24 | €142,247 | €82,006 | -€60,241 | -42.3% |
| Current assets | 29/58 | €1,293,962 | €864,372 | -€429,591 | -33.2% |
| Stocks and contracts in progress | 3 | - | €209,497 | +€209,497 | |
| Contracts in progress | 37 | - | €209,497 | +€209,497 | |
| Amounts receivable within one year | 40/41 | €1,089,727 | €619,007 | -€470,719 | -43.2% |
| Trade receivables | 40 | €1,037,255 | €587,987 | -€449,269 | -43.3% |
| Other amounts receivable | 41 | €52,471 | €31,021 | -€21,451 | -40.9% |
| Cash at bank and in hand | 54/58 | €165,005 | €30,139 | -€134,866 | -81.7% |
| Deferred charges and accrued income | 490/1 | €39,231 | €5,729 | -€33,502 | -85.4% |
| Total equity and liabilities | 10/49 | €1,469,174 | €997,188 | -€471,986 | -32.1% |
| Equity | 10/15 | €119,016 | €222,423 | +€103,406 | +86.9% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €115,016 | €218,423 | +€103,406 | +89.9% |
| Distributable reserves | 133 | €115,016 | €218,423 | +€103,406 | +89.9% |
| Amounts payable | 17/49 | €1,350,158 | €774,765 | -€575,393 | -42.6% |
| Amounts payable after more than one year | 17 | €134,111 | €92,567 | -€41,544 | -31.0% |
| Financial debts | 170/4 | €134,111 | €92,567 | -€41,544 | -31.0% |
| Amounts payable within one year | 42/48 | €603,466 | €637,825 | +€34,360 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €40,082 | €41,544 | +€1,462 | +3.6% |
| Trade debts | 44 | €522,585 | €545,812 | +€23,227 | +4.4% |
| Suppliers | 440/4 | €522,585 | €545,812 | +€23,227 | +4.4% |
| Advances received on contracts in progress | 46 | €7,026 | €329 | -€6,697 | -95.3% |
| Taxes, remuneration and social security | 45 | €20,743 | €30,706 | +€9,963 | +48.0% |
| Taxes | 450/3 | €20,743 | €30,706 | +€9,963 | +48.0% |
| Other amounts payable | 47/48 | €13,028 | €19,433 | +€6,405 | +49.2% |
| Accrued charges and deferred income | 492/3 | €612,581 | €44,373 | -€568,208 | -92.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,160 | €67,855 | +€6,695 | +10.9% |
| Other operating charges | 640/8 | €2,772 | €2,037 | -€735 | -26.5% |
| Gross operating margin | 9900 | €158,229 | €207,763 | +€49,535 | +31.3% |
| Operating profit (loss) | 9901 | €94,297 | €137,872 | +€43,575 | +46.2% |
| Financial income | 75/76B | €14 | €254 | +€240 | +1726.7% |
| Recurring financial income | 75 | €14 | €254 | +€240 | +1726.7% |
| Financial charges | 65/66B | €6,093 | €6,098 | +€5 | +0.1% |
| Recurring financial charges | 65 | €6,093 | €6,098 | +€5 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €88,218 | €132,028 | +€43,810 | +49.7% |
| Income taxes | 67/77 | €18,658 | €28,621 | +€9,963 | +53.4% |
| Profit (loss) for the period | 9904 | €69,560 | €103,406 | +€33,847 | +48.7% |
| Profit (loss) for the period to be appropriated | 9905 | €69,560 | €103,406 | +€33,847 | +48.7% |
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 4 October 2026 via checked.be.