WESTVACO: 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.
WESTVACO
Largest movements
- Receivables within one year +€671,043
up €671,043 (+13909.4%), from €4,824 to €675,867
- Cash -€378,833
no longer reported in 2025 (was €378,833)
- Reserves +€266,119
up €266,119 (+10.0%), from €2.6m to €2.9m
of which Distributable reserves: +€139,819
- Gross operating margin +€260,824
up €260,824 (+108.8%), from €239,739 to €500,563
- Other operating charges +€80,271
up €80,271 (+117.5%), from €68,300 to €148,571
- Taxes +€43,377
up €43,377 (+100.3%), from €43,230 to €86,607
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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,748,767 | €3,044,886 | +€296,119 | +10.8% |
| Fixed assets | 21/28 | €2,365,110 | €2,365,110 | = | 0.0% |
| Tangible fixed assets | 22/27 | €2,365,110 | €2,365,110 | = | 0.0% |
| Land and buildings | 22 | €2,365,110 | €2,365,110 | = | 0.0% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Current assets | 29/58 | €383,657 | €679,776 | +€296,119 | +77.2% |
| Amounts receivable within one year | 40/41 | €4,824 | €675,867 | +€671,043 | +13909.4% |
| Other amounts receivable | 41 | €4,824 | €675,867 | +€671,043 | +13909.4% |
| Cash at bank and in hand | 54/58 | €378,833 | - | -€378,833 | |
| Deferred charges and accrued income | 490/1 | - | €3,909 | +€3,909 | |
| Total equity and liabilities | 10/49 | €2,748,767 | €3,044,886 | +€296,119 | +10.8% |
| Equity | 10/15 | €2,748,767 | €3,014,886 | +€266,119 | +9.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €2,648,767 | €2,914,886 | +€266,119 | +10.0% |
| Non-distributable reserves | 130/1 | €87,438 | €87,438 | = | 0.0% |
| Reserves not available under the articles | 1311 | €87,438 | €87,438 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €126,300 | +€126,300 | |
| Distributable reserves | 133 | €2,561,329 | €2,701,149 | +€139,819 | +5.5% |
| Amounts payable | 17/49 | - | €30,000 | +€30,000 | |
| Amounts payable within one year | 42/48 | - | €30,000 | +€30,000 | |
| Trade debts | 44 | - | €0 | = | |
| Suppliers | 440/4 | - | €0 | = | |
| Other amounts payable | 47/48 | - | €30,000 | +€30,000 | |
| Other operating charges | 640/8 | €68,300 | €148,571 | +€80,271 | +117.5% |
| Gross operating margin | 9900 | €239,739 | €500,563 | +€260,824 | +108.8% |
| Operating profit (loss) | 9901 | €171,439 | €351,992 | +€180,553 | +105.3% |
| Financial income | 75/76B | €1,513 | €856 | -€658 | -43.5% |
| Recurring financial income | 75 | €1,513 | €856 | -€658 | -43.5% |
| Financial charges | 65/66B | €34 | €122 | +€88 | +256.5% |
| Recurring financial charges | 65 | €34 | €122 | +€88 | +256.5% |
| Profit (loss) for the period before taxes | 9903 | €172,919 | €352,726 | +€179,807 | +104.0% |
| Income taxes | 67/77 | €43,230 | €86,607 | +€43,377 | +100.3% |
| Profit (loss) for the period | 9904 | €129,689 | €266,119 | +€136,431 | +105.2% |
| Transfer to tax-exempt reserves | 689 | - | €126,300 | +€126,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €129,689 | €139,819 | +€10,131 | +7.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 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.