WILLEMS: 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.
WILLEMS
Largest movements
- Cash +€209,733
up €209,733 (+10.3%), from €2.0m to €2.2m
mainly Net result for the year (+€77,981) and Depreciation (+€64,640)
- Tangible fixed assets -€60,052
down €60,052 (-48.9%), from €122,725 to €62,674
of which Land and buildings: -€51,174
- Other debts +€57,268
up €57,268 (+8.6%), from €663,604 to €720,871
- Profit (loss) carried forward +€53,096
up €53,096, from -€53,096 to €0
- Financial charges -€123,940
down €123,940 (-84.7%), from €146,414 to €22,474
- Staff costs +€111,078
up €111,078 (+26.8%), from €414,777 to €525,855
- Gross operating margin -€77,556
down €77,556 (-10.0%), from €773,306 to €695,750
- Depreciation -€40,402
down €40,402 (-38.5%), from €105,042 to €64,640
- Taxes +€26,867
up €26,867, from €0 to €26,867
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 | €2,989,580 | €3,146,074 | +€156,494 | +5.2% |
| Fixed assets | 21/28 | €496,305 | €436,253 | -€60,052 | -12.1% |
| Tangible fixed assets | 22/27 | €122,725 | €62,674 | -€60,052 | -48.9% |
| Land and buildings | 22 | €105,207 | €54,034 | -€51,174 | -48.6% |
| Plant, machinery and equipment | 23 | €8,311 | €4,479 | -€3,832 | -46.1% |
| Furniture and vehicles | 24 | €9,207 | €4,161 | -€5,046 | -54.8% |
| Financial fixed assets | 28 | €373,579 | €373,579 | = | 0.0% |
| Current assets | 29/58 | €2,493,275 | €2,709,821 | +€216,545 | +8.7% |
| Stocks and contracts in progress | 3 | €415,473 | €440,175 | +€24,702 | +5.9% |
| Stocks | 30/36 | €415,473 | €440,175 | +€24,702 | +5.9% |
| Amounts receivable within one year | 40/41 | €36,762 | €18,914 | -€17,848 | -48.5% |
| Trade receivables | 40 | €19,410 | €18,514 | -€896 | -4.6% |
| Other amounts receivable | 41 | €17,351 | €400 | -€16,951 | -97.7% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €2,037,479 | €2,247,213 | +€209,733 | +10.3% |
| Deferred charges and accrued income | 490/1 | €3,561 | €3,519 | -€42 | -1.2% |
| Total equity and liabilities | 10/49 | €2,989,580 | €3,146,074 | +€156,494 | +5.2% |
| Equity | 10/15 | €2,085,519 | €2,163,500 | +€77,981 | +3.7% |
| Contributions | 10/11 | €1,826,000 | €1,826,000 | = | 0.0% |
| Capital | 10 | €1,826,000 | €1,826,000 | = | 0.0% |
| Issued capital | 100 | €1,826,000 | €1,826,000 | = | 0.0% |
| Reserves | 13 | €307,700 | €332,584 | +€24,884 | +8.1% |
| Non-distributable reserves | 130/1 | €21,700 | €23,000 | +€1,300 | +6.0% |
| Legal reserve | 130 | €21,700 | €23,000 | +€1,300 | +6.0% |
| Distributable reserves | 133 | €286,000 | €309,584 | +€23,584 | +8.2% |
| Profit (loss) carried forward | 14 | -€53,096 | €0 | +€53,096 | |
| Investment grants | 15 | €4,915 | €4,915 | = | 0.0% |
| Amounts payable | 17/49 | €904,061 | €982,574 | +€78,513 | +8.7% |
| Amounts payable within one year | 42/48 | €904,061 | €982,574 | +€78,513 | +8.7% |
| Trade debts | 44 | €153,055 | €148,518 | -€4,537 | -3.0% |
| Suppliers | 440/4 | €153,055 | €148,518 | -€4,537 | -3.0% |
| Taxes, remuneration and social security | 45 | €87,402 | €113,184 | +€25,782 | +29.5% |
| Taxes | 450/3 | €12,738 | €28,103 | +€15,366 | +120.6% |
| Remuneration and social security | 454/9 | €74,664 | €85,081 | +€10,417 | +14.0% |
| Other amounts payable | 47/48 | €663,604 | €720,871 | +€57,268 | +8.6% |
| Remuneration, social security and pensions | 62 | €414,777 | €525,855 | +€111,078 | +26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,042 | €64,640 | -€40,402 | -38.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,070 | €723 | -€347 | -32.4% |
| Gross operating margin | 9900 | €773,306 | €695,750 | -€77,556 | -10.0% |
| Operating profit (loss) | 9901 | €252,417 | €104,533 | -€147,885 | -58.6% |
| Financial income | 75/76B | €23,165 | €22,789 | -€376 | -1.6% |
| Recurring financial income | 75 | €23,165 | €22,789 | -€376 | -1.6% |
| Financial charges | 65/66B | €146,414 | €22,474 | -€123,940 | -84.7% |
| Recurring financial charges | 65 | €146,414 | €22,474 | -€123,940 | -84.7% |
| Profit (loss) for the period before taxes | 9903 | €129,169 | €104,848 | -€24,321 | -18.8% |
| Income taxes | 67/77 | €0 | €26,867 | +€26,867 | |
| Profit (loss) for the period | 9904 | €129,169 | €77,981 | -€51,188 | -39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €129,169 | €77,981 | -€51,188 | -39.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.