WF-management: 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.
WF-management
Largest movements
- Receivables after one year +€260,000
up €260,000 (+147%), from €176,500 to €436,500
- Cash -€176,213
down €176,213 (-58.2%), from €302,711 to €126,497
mainly Receivables after one year (-€260,000) and Investment in fixed assets (net) (-€97,070)
- Financial fixed assets +€85,000
new in 2025: €85,000
- Receivables within one year -€70,855
down €70,855 (-63.7%), from €111,317 to €40,463
of which Other amounts receivable: -€74,925
- Debts after one year +€81,178
up €81,178 (+64.4%), from €126,056 to €207,234
- Reserves +€8,912
up €8,912 (+2.8%), from €323,658 to €332,569
- Gross operating margin -€453,512
down €453,512 (-94.2%), from €481,261 to €27,749
- Taxes -€136,744
down €136,744 (-96.3%), from €141,973 to €5,229
- Financial income +€9,144
up €9,144 (+467%), from €1,957 to €11,102
- Other operating charges -€8,180
down €8,180 (-97.1%), from €8,426 to €247
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.
Derived cash bridge
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 | €634,873 | €732,494 | +€97,621 | +15.4% |
| Fixed assets | 21/28 | €42,761 | €122,545 | +€79,785 | +187% |
| Tangible fixed assets | 22/27 | €42,761 | €37,545 | -€5,215 | -12.2% |
| Plant, machinery and equipment | 23 | €3,170 | €2,311 | -€859 | -27.1% |
| Furniture and vehicles | 24 | €39,591 | €35,234 | -€4,356 | -11.0% |
| Financial fixed assets | 28 | - | €85,000 | +€85,000 | |
| Current assets | 29/58 | €592,112 | €609,949 | +€17,837 | +3.0% |
| Amounts receivable after more than one year | 29 | €176,500 | €436,500 | +€260,000 | +147% |
| Other amounts receivable | 291 | €176,500 | €436,500 | +€260,000 | +147% |
| Amounts receivable within one year | 40/41 | €111,317 | €40,463 | -€70,855 | -63.7% |
| Trade receivables | 40 | €11,805 | €15,875 | +€4,070 | +34.5% |
| Other amounts receivable | 41 | €99,513 | €24,588 | -€74,925 | -75.3% |
| Cash at bank and in hand | 54/58 | €302,711 | €126,497 | -€176,213 | -58.2% |
| Deferred charges and accrued income | 490/1 | €1,584 | €6,488 | +€4,905 | +310% |
| Total equity and liabilities | 10/49 | €634,873 | €732,494 | +€97,621 | +15.4% |
| Equity | 10/15 | €326,658 | €335,569 | +€8,912 | +2.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €323,658 | €332,569 | +€8,912 | +2.8% |
| Distributable reserves | 133 | €323,658 | €332,569 | +€8,912 | +2.8% |
| Amounts payable | 17/49 | €308,215 | €396,925 | +€88,709 | +28.8% |
| Amounts payable after more than one year | 17 | €126,056 | €207,234 | +€81,178 | +64.4% |
| Financial debts | 170/4 | €126,056 | €207,234 | +€81,178 | +64.4% |
| Amounts payable within one year | 42/48 | €182,159 | €183,724 | +€1,565 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €8,646 | €8,822 | +€176 | +2.0% |
| Trade debts | 44 | €5,458 | €9,090 | +€3,631 | +66.5% |
| Suppliers | 440/4 | €5,458 | €9,090 | +€3,631 | +66.5% |
| Taxes, remuneration and social security | 45 | €155,435 | €153,192 | -€2,243 | -1.4% |
| Taxes | 450/3 | €151,492 | €150,184 | -€1,308 | -0.9% |
| Remuneration and social security | 454/9 | €3,943 | €3,008 | -€935 | -23.7% |
| Other amounts payable | 47/48 | €12,620 | €12,620 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €5,967 | +€5,967 | |
| Non-recurring operating income | 76A | €427,608 | - | -€427,608 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,955 | €17,285 | +€1,331 | +8.3% |
| Other operating charges | 640/8 | €8,426 | €247 | -€8,180 | -97.1% |
| Gross operating margin | 9900 | €481,261 | €27,749 | -€453,512 | -94.2% |
| Operating profit (loss) | 9901 | €456,880 | €10,217 | -€446,663 | -97.8% |
| Financial income | 75/76B | €1,957 | €11,102 | +€9,144 | +467% |
| Recurring financial income | 75 | €1,957 | €11,102 | +€9,144 | +467% |
| Financial charges | 65/66B | €3,283 | €7,178 | +€3,895 | +119% |
| Recurring financial charges | 65 | €3,283 | €7,178 | +€3,895 | +119% |
| Profit (loss) for the period before taxes | 9903 | €455,555 | €14,141 | -€441,414 | -96.9% |
| Income taxes | 67/77 | €141,973 | €5,229 | -€136,744 | -96.3% |
| Profit (loss) for the period | 9904 | €313,581 | €8,912 | -€304,670 | -97.2% |
| Profit (loss) for the period to be appropriated | 9905 | €313,581 | €8,912 | -€304,670 | -97.2% |
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 17 October 2026 via checked.be.