WH: 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.
WH
Largest movements
- Current investments +€140,000
new in 2025: €140,000
- Cash -€71,855
down €71,855 (-43.9%), from €163,742 to €91,887
mainly Contributions, distributions and other (-€594,930) and Current investments (-€140,000)
- Receivables within one year +€32,133
up €32,133 (+110.8%), from €29,000 to €61,133
of which Other amounts receivable: +€22,347
- Receivables after one year -€18,026
no longer reported in 2025 (was €18,026)
- Deferred charges and accrued income +€17,135
up €17,135 (+6.6%), from €260,033 to €277,168
- Other debts +€330,372
up €330,372 (+3599.3%), from €9,179 to €339,550
- Reserves -€255,379
down €255,379 (-46.5%), from €549,618 to €294,238
- Trade debts +€8,081
up €8,081 (+209.1%), from €3,865 to €11,945
- Tax, wage and social debts +€7,839
up €7,839 (+26.7%), from €29,315 to €37,154
- Gross operating margin +€114,543
up €114,543 (+32.1%), from €357,093 to €471,637
- Taxes +€28,761
up €28,761 (+36.3%), from €79,315 to €108,076
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 | €595,644 | €686,283 | +€90,639 | +15.2% |
| Fixed assets | 21/28 | €124,843 | €116,095 | -€8,748 | -7.0% |
| Tangible fixed assets | 22/27 | €124,843 | €116,095 | -€8,748 | -7.0% |
| Land and buildings | 22 | €62,704 | €69,140 | +€6,436 | +10.3% |
| Plant, machinery and equipment | 23 | €3,877 | €2,354 | -€1,523 | -39.3% |
| Furniture and vehicles | 24 | €58,262 | €44,601 | -€13,661 | -23.4% |
| Current assets | 29/58 | €470,801 | €570,188 | +€99,387 | +21.1% |
| Amounts receivable after more than one year | 29 | €18,026 | - | -€18,026 | |
| Other amounts receivable | 291 | €18,026 | - | -€18,026 | |
| Amounts receivable within one year | 40/41 | €29,000 | €61,133 | +€32,133 | +110.8% |
| Trade receivables | 40 | - | €9,786 | +€9,786 | |
| Other amounts receivable | 41 | €29,000 | €51,347 | +€22,347 | +77.1% |
| Current investments | 50/53 | - | €140,000 | +€140,000 | |
| Cash at bank and in hand | 54/58 | €163,742 | €91,887 | -€71,855 | -43.9% |
| Deferred charges and accrued income | 490/1 | €260,033 | €277,168 | +€17,135 | +6.6% |
| Total equity and liabilities | 10/49 | €595,644 | €686,283 | +€90,639 | +15.2% |
| Equity | 10/15 | €552,618 | €297,238 | -€255,379 | -46.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €549,618 | €294,238 | -€255,379 | -46.5% |
| Distributable reserves | 133 | €549,618 | €294,238 | -€255,379 | -46.5% |
| Amounts payable | 17/49 | €43,026 | €389,044 | +€346,018 | +804.2% |
| Amounts payable within one year | 42/48 | €42,358 | €388,650 | +€346,292 | +817.5% |
| Trade debts | 44 | €3,865 | €11,945 | +€8,081 | +209.1% |
| Suppliers | 440/4 | €3,865 | €11,945 | +€8,081 | +209.1% |
| Taxes, remuneration and social security | 45 | €29,315 | €37,154 | +€7,839 | +26.7% |
| Taxes | 450/3 | €29,315 | €37,154 | +€7,839 | +26.7% |
| Other amounts payable | 47/48 | €9,179 | €339,550 | +€330,372 | +3599.3% |
| Accrued charges and deferred income | 492/3 | €668 | €394 | -€273 | -40.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,367 | €24,137 | +€1,770 | +7.9% |
| Other operating charges | 640/8 | €267 | €400 | +€133 | +49.7% |
| Gross operating margin | 9900 | €357,093 | €471,637 | +€114,543 | +32.1% |
| Operating profit (loss) | 9901 | €334,459 | €447,100 | +€112,640 | +33.7% |
| Financial income | 75/76B | €484 | €1,146 | +€661 | +136.5% |
| Recurring financial income | 75 | €484 | €1,146 | +€661 | +136.5% |
| Financial charges | 65/66B | €250 | €619 | +€369 | +148.0% |
| Recurring financial charges | 65 | €250 | €619 | +€369 | +148.0% |
| Profit (loss) for the period before taxes | 9903 | €334,694 | €447,627 | +€112,932 | +33.7% |
| Income taxes | 67/77 | €79,315 | €108,076 | +€28,761 | +36.3% |
| Profit (loss) for the period | 9904 | €255,379 | €339,550 | +€84,171 | +33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €255,379 | €339,550 | +€84,171 | +33.0% |
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 30 September 2026 via checked.be.