WILLAO: 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.
WILLAO
Largest movements
- Tangible fixed assets +€36,838
up €36,838 (+224%), from €16,434 to €53,273
of which Furniture and vehicles: +€39,745
- Receivables within one year -€28,886
down €28,886 (-35.1%), from €82,413 to €53,527
of which Trade receivables: -€30,459
- Cash -€19,292
down €19,292 (-39.7%), from €48,649 to €29,357
mainly Contributions, distributions and other (-€48,000) and Investment in fixed assets (net) (-€43,319)
- Deferred charges and accrued income +€1,698
up €1,698 (+49.0%), from €3,469 to €5,167
- Other debts -€24,763
down €24,763 (-85.6%), from €28,922 to €4,159
- Tax, wage and social debts -€16,918
down €16,918 (-67.6%), from €25,009 to €8,091
- Debts after one year +€14,414
new in 2025: €14,414
- Reserves +€11,747
up €11,747 (+13.1%), from €89,850 to €101,597
- Current portion of long-term debt +€7,248
up €7,248 (+701%), from €1,034 to €8,283
- Gross operating margin -€40,016
down €40,016 (-32.4%), from €123,635 to €83,620
- Taxes -€10,089
down €10,089 (-39.7%), from €25,391 to €15,302
- Depreciation +€1,456
up €1,456 (+29.0%), from €5,024 to €6,480
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 | €151,265 | €141,624 | -€9,641 | -6.4% |
| Fixed assets | 21/28 | €16,734 | €53,573 | +€36,838 | +220% |
| Tangible fixed assets | 22/27 | €16,434 | €53,273 | +€36,838 | +224% |
| Plant, machinery and equipment | 23 | €2,849 | €1,653 | -€1,196 | -42.0% |
| Furniture and vehicles | 24 | €369 | €40,114 | +€39,745 | +10,780% |
| Other tangible fixed assets | 26 | €13,216 | €11,505 | -€1,711 | -12.9% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €134,531 | €88,051 | -€46,480 | -34.5% |
| Amounts receivable within one year | 40/41 | €82,413 | €53,527 | -€28,886 | -35.1% |
| Trade receivables | 40 | €82,413 | €51,954 | -€30,459 | -37.0% |
| Other amounts receivable | 41 | - | €1,573 | +€1,573 | |
| Cash at bank and in hand | 54/58 | €48,649 | €29,357 | -€19,292 | -39.7% |
| Deferred charges and accrued income | 490/1 | €3,469 | €5,167 | +€1,698 | +49.0% |
| Total equity and liabilities | 10/49 | €151,265 | €141,624 | -€9,641 | -6.4% |
| Equity | 10/15 | €91,850 | €103,597 | +€11,747 | +12.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €89,850 | €101,597 | +€11,747 | +13.1% |
| Distributable reserves | 133 | €89,850 | €101,597 | +€11,747 | +13.1% |
| Amounts payable | 17/49 | €59,415 | €38,027 | -€21,388 | -36.0% |
| Amounts payable after more than one year | 17 | - | €14,414 | +€14,414 | |
| Financial debts | 170/4 | - | €14,414 | +€14,414 | |
| Amounts payable within one year | 42/48 | €59,415 | €23,612 | -€35,803 | -60.3% |
| Current portion of amounts payable after more than one year | 42 | €1,034 | €8,283 | +€7,248 | +701% |
| Trade debts | 44 | €4,449 | €3,079 | -€1,369 | -30.8% |
| Suppliers | 440/4 | €4,449 | €3,079 | -€1,369 | -30.8% |
| Taxes, remuneration and social security | 45 | €25,009 | €8,091 | -€16,918 | -67.6% |
| Taxes | 450/3 | €25,009 | €8,091 | -€16,918 | -67.6% |
| Other amounts payable | 47/48 | €28,922 | €4,159 | -€24,763 | -85.6% |
| Non-recurring operating income | 76A | - | €12,718 | +€12,718 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,024 | €6,480 | +€1,456 | +29.0% |
| Other operating charges | 640/8 | €1,076 | €456 | -€620 | -57.6% |
| Gross operating margin | 9900 | €123,635 | €83,620 | -€40,016 | -32.4% |
| Operating profit (loss) | 9901 | €117,536 | €76,684 | -€40,852 | -34.8% |
| Financial income | 75/76B | - | €164 | +€164 | |
| Recurring financial income | 75 | - | €164 | +€164 | |
| Financial charges | 65/66B | €2,295 | €1,799 | -€496 | -21.6% |
| Recurring financial charges | 65 | €2,295 | €1,799 | -€496 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €115,241 | €75,049 | -€40,192 | -34.9% |
| Income taxes | 67/77 | €25,391 | €15,302 | -€10,089 | -39.7% |
| Profit (loss) for the period | 9904 | €89,850 | €59,747 | -€30,104 | -33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €89,850 | €59,747 | -€30,104 | -33.5% |
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.