WILLEMEN: 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.
WILLEMEN
Largest movements
- Receivables after one year +€50,000
up €50,000 (+50.0%), from €100,000 to €150,000
- Tangible fixed assets -€20,523
down €20,523 (-25.6%), from €80,277 to €59,754
of which Furniture and vehicles: -€15,082
- Cash +€17,146
up €17,146 (+28.0%), from €61,163 to €78,309
mainly Net result for the year (+€72,984) and Depreciation (+€23,650)
- Receivables within one year +€4,947
up €4,947 (+85.9%), from €5,761 to €10,708
of which Other amounts receivable: +€8,196
- Reserves +€71,300
up €71,300 (+21.6%), from €330,000 to €401,300
- Current portion of long-term debt -€10,889
no longer reported in 2025 (was €10,889)
- Tax, wage and social debts -€8,310
no longer reported in 2025 (was €8,310)
- Gross operating margin -€48,655
down €48,655 (-28.4%), from €171,123 to €122,468
- Taxes -€13,672
down €13,672 (-29.5%), from €46,404 to €32,732
- Depreciation -€5,284
down €5,284 (-18.3%), from €28,934 to €23,650
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 | €380,206 | €435,627 | +€55,421 | +14.6% |
| Fixed assets | 21/28 | €80,277 | €59,754 | -€20,523 | -25.6% |
| Tangible fixed assets | 22/27 | €80,277 | €59,754 | -€20,523 | -25.6% |
| Land and buildings | 22 | €62,736 | €58,010 | -€4,726 | -7.5% |
| Plant, machinery and equipment | 23 | €1,368 | €653 | -€715 | -52.3% |
| Furniture and vehicles | 24 | €16,173 | €1,091 | -€15,082 | -93.3% |
| Current assets | 29/58 | €299,929 | €375,873 | +€75,945 | +25.3% |
| Amounts receivable after more than one year | 29 | €100,000 | €150,000 | +€50,000 | +50.0% |
| Other amounts receivable | 291 | €100,000 | €150,000 | +€50,000 | +50.0% |
| Amounts receivable within one year | 40/41 | €5,761 | €10,708 | +€4,947 | +85.9% |
| Trade receivables | 40 | €5,761 | €2,512 | -€3,249 | -56.4% |
| Other amounts receivable | 41 | - | €8,196 | +€8,196 | |
| Current investments | 50/53 | €127,614 | €130,587 | +€2,973 | +2.3% |
| Cash at bank and in hand | 54/58 | €61,163 | €78,309 | +€17,146 | +28.0% |
| Deferred charges and accrued income | 490/1 | €5,391 | €6,269 | +€879 | +16.3% |
| Total equity and liabilities | 10/49 | €380,206 | €435,627 | +€55,421 | +14.6% |
| Equity | 10/15 | €348,662 | €419,980 | +€71,318 | +20.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €330,000 | €401,300 | +€71,300 | +21.6% |
| Distributable reserves | 133 | €330,000 | €401,300 | +€71,300 | +21.6% |
| Profit (loss) carried forward | 14 | €70 | €88 | +€18 | +25.5% |
| Amounts payable | 17/49 | €31,543 | €15,647 | -€15,897 | -50.4% |
| Amounts payable within one year | 42/48 | €31,543 | €15,647 | -€15,897 | -50.4% |
| Current portion of amounts payable after more than one year | 42 | €10,889 | - | -€10,889 | |
| Trade debts | 44 | - | €3,277 | +€3,277 | |
| Suppliers | 440/4 | - | €3,277 | +€3,277 | |
| Taxes, remuneration and social security | 45 | €8,310 | - | -€8,310 | |
| Taxes | 450/3 | €8,310 | - | -€8,310 | |
| Other amounts payable | 47/48 | €12,344 | €12,370 | +€26 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,934 | €23,650 | -€5,284 | -18.3% |
| Other operating charges | 640/8 | €1,226 | €1,261 | +€35 | +2.9% |
| Gross operating margin | 9900 | €171,123 | €122,468 | -€48,655 | -28.4% |
| Operating profit (loss) | 9901 | €140,963 | €97,557 | -€43,406 | -30.8% |
| Financial income | 75/76B | €6,821 | €8,413 | +€1,591 | +23.3% |
| Recurring financial income | 75 | €6,821 | €8,413 | +€1,591 | +23.3% |
| Financial charges | 65/66B | €441 | €254 | -€187 | -42.4% |
| Recurring financial charges | 65 | €441 | €254 | -€187 | -42.4% |
| Profit (loss) for the period before taxes | 9903 | €147,343 | €105,716 | -€41,628 | -28.3% |
| Income taxes | 67/77 | €46,404 | €32,732 | -€13,672 | -29.5% |
| Profit (loss) for the period | 9904 | €100,939 | €72,984 | -€27,956 | -27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €100,939 | €72,984 | -€27,956 | -27.7% |
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 20 October 2026 via checked.be.