WESTFIN: 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.
WESTFIN
Largest movements
- Intangible fixed assets +€979,082
new in 2025: €979,082
- Cash +€184,600
up €184,600 (+139.1%), from €132,721 to €317,322
mainly Debts after one year (+€774,947) and Other debts (+€293,431)
- Tangible fixed assets +€57,054
up €57,054 (+49.1%), from €116,088 to €173,142
of which Land and buildings: +€32,726
- Receivables within one year +€34,878
up €34,878 (+15.5%), from €225,437 to €260,316
of which Other amounts receivable: +€37,433
- Debts after one year +€774,947
up €774,947 (+3438.9%), from €22,535 to €797,482
- Other debts +€293,431
up €293,431 (+51893.4%), from €565 to €293,997
- Current portion of long-term debt +€185,862
up €185,862 (+1002.5%), from €18,541 to €204,403
- Profit (loss) carried forward -€174,232
down €174,232 (-100.0%), from €174,232 to €0
- Reserves +€148,618
up €148,618 (+103.5%), from €143,621 to €292,239
of which Distributable reserves: +€148,618
- Gross operating margin +€395,327
up €395,327 (+91.5%), from €432,172 to €827,499
- Staff costs +€210,324
up €210,324 (+65.2%), from €322,741 to €533,065
- Taxes -€24,881
down €24,881 (-97.6%), from €25,487 to €606
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 | €479,610 | €1,731,246 | +€1.3m | +261.0% |
| Fixed assets | 21/28 | €116,088 | €1,152,223 | +€1.0m | +892.5% |
| Intangible fixed assets | 21 | - | €979,082 | +€979,082 | |
| Tangible fixed assets | 22/27 | €116,088 | €173,142 | +€57,054 | +49.1% |
| Land and buildings | 22 | €53,642 | €86,368 | +€32,726 | +61.0% |
| Plant, machinery and equipment | 23 | €0 | €25,297 | +€25,297 | |
| Furniture and vehicles | 24 | €62,446 | €61,477 | -€969 | -1.6% |
| Current assets | 29/58 | €363,522 | €579,023 | +€215,501 | +59.3% |
| Amounts receivable within one year | 40/41 | €225,437 | €260,316 | +€34,878 | +15.5% |
| Trade receivables | 40 | €2,555 | - | -€2,555 | |
| Other amounts receivable | 41 | €222,882 | €260,316 | +€37,433 | +16.8% |
| Cash at bank and in hand | 54/58 | €132,721 | €317,322 | +€184,600 | +139.1% |
| Deferred charges and accrued income | 490/1 | €5,363 | €1,386 | -€3,978 | -74.2% |
| Total equity and liabilities | 10/49 | €479,610 | €1,731,246 | +€1.3m | +261.0% |
| Equity | 10/15 | €379,853 | €354,239 | -€25,614 | -6.7% |
| 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% |
| Reserves | 13 | €143,621 | €292,239 | +€148,618 | +103.5% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €99 | €99 | = | 0.0% |
| Distributable reserves | 133 | €133,523 | €282,140 | +€148,618 | +111.3% |
| Profit (loss) carried forward | 14 | €174,232 | €0 | -€174,232 | -100.0% |
| Amounts payable | 17/49 | €99,757 | €1,377,007 | +€1.3m | +1280.4% |
| Amounts payable after more than one year | 17 | €22,535 | €797,482 | +€774,947 | +3438.9% |
| Financial debts | 170/4 | €22,535 | €797,482 | +€774,947 | +3438.9% |
| Amounts payable within one year | 42/48 | €77,222 | €579,525 | +€502,303 | +650.5% |
| Current portion of amounts payable after more than one year | 42 | €18,541 | €204,403 | +€185,862 | +1002.5% |
| Financial debts | 43 | €13,514 | €8,423 | -€5,090 | -37.7% |
| Credit institutions | 430/8 | €13,514 | €8,423 | -€5,090 | -37.7% |
| Trade debts | 44 | €2,052 | €26,407 | +€24,354 | +1186.7% |
| Suppliers | 440/4 | €2,052 | €26,407 | +€24,354 | +1186.7% |
| Taxes, remuneration and social security | 45 | €42,550 | €46,296 | +€3,746 | +8.8% |
| Taxes | 450/3 | €5,537 | €0 | -€5,537 | -100.0% |
| Remuneration and social security | 454/9 | €37,013 | €46,296 | +€9,283 | +25.1% |
| Other amounts payable | 47/48 | €565 | €293,997 | +€293,431 | +51893.4% |
| Non-recurring operating income | 76A | €8,250 | €31,137 | +€22,887 | +277.4% |
| Remuneration, social security and pensions | 62 | €322,741 | €533,065 | +€210,324 | +65.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,196 | €27,559 | +€6,363 | +30.0% |
| Other operating charges | 640/8 | €2,079 | €2,873 | +€795 | +38.2% |
| Gross operating margin | 9900 | €432,172 | €827,499 | +€395,327 | +91.5% |
| Operating profit (loss) | 9901 | €86,156 | €264,001 | +€177,845 | +206.4% |
| Financial income | 75/76B | €8,341 | €10,212 | +€1,871 | +22.4% |
| Recurring financial income | 75 | €8,341 | €10,212 | +€1,871 | +22.4% |
| Financial charges | 65/66B | €9,814 | €11,222 | +€1,408 | +14.3% |
| Recurring financial charges | 65 | €9,814 | €11,222 | +€1,408 | +14.3% |
| Profit (loss) for the period before taxes | 9903 | €84,683 | €262,991 | +€178,308 | +210.6% |
| Income taxes | 67/77 | €25,487 | €606 | -€24,881 | -97.6% |
| Profit (loss) for the period | 9904 | €59,196 | €262,386 | +€203,190 | +343.2% |
| Profit (loss) for the period to be appropriated | 9905 | €59,196 | €262,386 | +€203,190 | +343.2% |
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 9 October 2026 via checked.be.