Willaert: 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.
Willaert
Largest movements
- Cash +€28,780
up €28,780 (+312.9%), from €9,199 to €37,978
mainly Depreciation (+€102,369) and Net result for the year (+€83,280)
- Profit (loss) carried forward +€99,480
up €99,480 (+17.4%), from €571,115 to €670,595
- Other debts -€53,275
down €53,275 (-9.9%), from €538,517 to €485,242
- Tax, wage and social debts +€31,244
up €31,244 (+149.9%), from €20,838 to €52,081
- Trade debts -€28,169
down €28,169 (-44.9%), from €62,715 to €34,546
- Reserves -€16,199
down €16,199 (-15.5%), from €104,604 to €88,405
of which Tax-exempt reserves: -€16,199
- Gross operating margin +€82,917
up €82,917 (+50.3%), from €164,993 to €247,910
- Taxes +€30,904
up €30,904 (+144.6%), from €21,377 to €52,280
- Depreciation -€21,492
down €21,492 (-17.4%), from €123,861 to €102,369
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 | €1,493,365 | €1,519,327 | +€25,962 | +1.7% |
| Fixed assets | 21/28 | €1,472,894 | €1,465,986 | -€6,909 | -0.5% |
| Tangible fixed assets | 22/27 | €1,472,808 | €1,465,899 | -€6,909 | -0.5% |
| Land and buildings | 22 | €1,334,409 | €1,262,420 | -€71,989 | -5.4% |
| Plant, machinery and equipment | 23 | €91,621 | €79,742 | -€11,879 | -13.0% |
| Furniture and vehicles | 24 | €46,778 | €123,736 | +€76,959 | +164.5% |
| Financial fixed assets | 28 | €87 | €87 | = | 0.0% |
| Current assets | 29/58 | €20,470 | €53,341 | +€32,871 | +160.6% |
| Amounts receivable within one year | 40/41 | €4,993 | €5,075 | +€82 | +1.6% |
| Trade receivables | 40 | €4,008 | - | -€4,008 | |
| Other amounts receivable | 41 | €984 | €5,075 | +€4,090 | +415.5% |
| Current investments | 50/53 | €6,279 | €6,306 | +€28 | +0.4% |
| Cash at bank and in hand | 54/58 | €9,199 | €37,978 | +€28,780 | +312.9% |
| Deferred charges and accrued income | 490/1 | - | €3,982 | +€3,982 | |
| Total equity and liabilities | 10/49 | €1,493,365 | €1,519,327 | +€25,962 | +1.7% |
| Equity | 10/15 | €768,719 | €851,999 | +€83,280 | +10.8% |
| Contributions | 10/11 | €93,000 | €93,000 | = | 0.0% |
| Reserves | 13 | €104,604 | €88,405 | -€16,199 | -15.5% |
| Tax-exempt reserves | 132 | €80,528 | €64,329 | -€16,199 | -20.1% |
| Distributable reserves | 133 | €24,076 | €24,076 | = | 0.0% |
| Profit (loss) carried forward | 14 | €571,115 | €670,595 | +€99,480 | +17.4% |
| Provisions and deferred taxes | 16 | €101,577 | €94,459 | -€7,118 | -7.0% |
| Provisions for liabilities and charges | 160/5 | €70,530 | €70,530 | = | 0.0% |
| Major repairs and maintenance | 162 | €70,530 | €70,530 | = | 0.0% |
| Deferred taxes | 168 | €31,047 | €23,929 | -€7,118 | -22.9% |
| Amounts payable | 17/49 | €623,069 | €572,869 | -€50,200 | -8.1% |
| Amounts payable within one year | 42/48 | €622,069 | €571,869 | -€50,200 | -8.1% |
| Trade debts | 44 | €62,715 | €34,546 | -€28,169 | -44.9% |
| Suppliers | 440/4 | €62,715 | €34,546 | -€28,169 | -44.9% |
| Taxes, remuneration and social security | 45 | €20,838 | €52,081 | +€31,244 | +149.9% |
| Taxes | 450/3 | €20,838 | €52,081 | +€31,244 | +149.9% |
| Other amounts payable | 47/48 | €538,517 | €485,242 | -€53,275 | -9.9% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Non-recurring operating income | 76A | - | €25,764 | +€25,764 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,861 | €102,369 | -€21,492 | -17.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €260 | +€260 | |
| Other operating charges | 640/8 | €15,347 | €16,718 | +€1,371 | +8.9% |
| Gross operating margin | 9900 | €164,993 | €247,910 | +€82,917 | +50.3% |
| Operating profit (loss) | 9901 | €25,785 | €128,562 | +€102,778 | +398.6% |
| Financial income | 75/76B | €59 | €123 | +€64 | +109.8% |
| Recurring financial income | 75 | €59 | €123 | +€64 | +109.8% |
| Financial charges | 65/66B | €302 | €242 | -€59 | -19.7% |
| Recurring financial charges | 65 | €302 | €242 | -€59 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €25,542 | €128,443 | +€102,901 | +402.9% |
| Transfer from deferred taxes | 780 | €7,115 | €7,118 | +€2 | 0.0% |
| Income taxes | 67/77 | €21,377 | €52,280 | +€30,904 | +144.6% |
| Profit (loss) for the period | 9904 | €11,280 | €83,280 | +€72,000 | +638.3% |
| Transfer from tax-exempt reserves | 789 | €16,192 | €16,199 | +€7 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,473 | €99,480 | +€72,007 | +262.1% |
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 7 October 2026 via checked.be.