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
- Receivables within one year -€206,353
down €206,353 (-72.8%), from €283,554 to €77,201
of which Trade receivables: -€181,033
- Cash +€28,847
up €28,847 (+59.3%), from €48,656 to €77,503
mainly Receivables within one year (+€206,353) and Other debts (+€21,030)
- Financial fixed assets +€8,850
up €8,850 (+100.0%), from €8,850 to €17,700
- Deferred charges and accrued income -€5,497
down €5,497 (-52.3%), from €10,519 to €5,022
- Accrued charges and deferred income -€179,382
no longer reported in 2025 (was €179,382)
- Profit (loss) carried forward -€24,813
down €24,813 (-62.8%), from €39,504 to €14,691
- Other debts +€21,030
new in 2025: €21,030
- Trade debts +€19,530
up €19,530 (+57.3%), from €34,088 to €53,618
- Tax, wage and social debts -€6,406
down €6,406 (-11.1%), from €57,888 to €51,482
- Purchases and services +€148,541
up €148,541 (+35.6%), from €416,974 to €565,515
- Gross operating margin -€77,032
down €77,032 (-22.0%), from €349,503 to €272,471
- Turnover +€71,509
up €71,509 (+9.3%), from €766,477 to €837,986
- Staff costs -€36,312
down €36,312 (-11.6%), from €313,272 to €276,960
- Depreciation -€16,345
down €16,345 (-82.9%), from €19,710 to €3,365
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 | €362,048 | €190,572 | -€171,476 | -47.4% |
| Fixed assets | 21/28 | €15,617 | €27,144 | +€11,527 | +73.8% |
| Tangible fixed assets | 22/27 | €6,767 | €9,444 | +€2,677 | +39.6% |
| Plant, machinery and equipment | 23 | €4,080 | €7,653 | +€3,573 | +87.6% |
| Furniture and vehicles | 24 | €2,687 | €1,791 | -€896 | -33.3% |
| Financial fixed assets | 28 | €8,850 | €17,700 | +€8,850 | +100.0% |
| Current assets | 29/58 | €346,431 | €163,428 | -€183,003 | -52.8% |
| Stocks and contracts in progress | 3 | €3,702 | €3,702 | = | 0.0% |
| Stocks | 30/36 | €3,702 | €3,702 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €283,554 | €77,201 | -€206,353 | -72.8% |
| Trade receivables | 40 | €239,734 | €58,701 | -€181,033 | -75.5% |
| Other amounts receivable | 41 | €43,820 | €18,500 | -€25,320 | -57.8% |
| Cash at bank and in hand | 54/58 | €48,656 | €77,503 | +€28,847 | +59.3% |
| Deferred charges and accrued income | 490/1 | €10,519 | €5,022 | -€5,497 | -52.3% |
| Total equity and liabilities | 10/49 | €362,048 | €190,572 | -€171,476 | -47.4% |
| Equity | 10/15 | €54,997 | €30,184 | -€24,813 | -45.1% |
| Contributions | 10/11 | €13,634 | €13,634 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,504 | €14,691 | -€24,813 | -62.8% |
| Amounts payable | 17/49 | €307,051 | €160,388 | -€146,663 | -47.8% |
| Amounts payable within one year | 42/48 | €127,669 | €160,388 | +€32,719 | +25.6% |
| Current portion of amounts payable after more than one year | 42 | €4,763 | - | -€4,763 | |
| Financial debts | 43 | €30,930 | €34,258 | +€3,328 | +10.8% |
| Credit institutions | 430/8 | €25,645 | €25,685 | +€40 | +0.2% |
| Other loans | 439 | €5,285 | €8,573 | +€3,288 | +62.2% |
| Trade debts | 44 | €34,088 | €53,618 | +€19,530 | +57.3% |
| Suppliers | 440/4 | €34,088 | €53,618 | +€19,530 | +57.3% |
| Taxes, remuneration and social security | 45 | €57,888 | €51,482 | -€6,406 | -11.1% |
| Taxes | 450/3 | €57,888 | €51,482 | -€6,406 | -11.1% |
| Other amounts payable | 47/48 | - | €21,030 | +€21,030 | |
| Accrued charges and deferred income | 492/3 | €179,382 | - | -€179,382 | |
| Turnover | 70 | €766,477 | €837,986 | +€71,509 | +9.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €416,974 | €565,515 | +€148,541 | +35.6% |
| Remuneration, social security and pensions | 62 | €313,272 | €276,960 | -€36,312 | -11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,710 | €3,365 | -€16,345 | -82.9% |
| Other operating charges | 640/8 | €1,947 | €2,103 | +€156 | +8.0% |
| Non-recurring operating charges | 66A | €1,069 | €468 | -€601 | -56.2% |
| Gross operating margin | 9900 | €349,503 | €272,471 | -€77,032 | -22.0% |
| Operating profit (loss) | 9901 | €13,505 | -€10,425 | -€23,930 | |
| Financial charges | 65/66B | €4,987 | €14,388 | +€9,401 | +188.5% |
| Recurring financial charges | 65 | €4,987 | €14,388 | +€9,401 | +188.5% |
| Profit (loss) for the period before taxes | 9903 | €8,518 | -€24,813 | -€33,331 | |
| Income taxes | 67/77 | €3,488 | - | -€3,488 | |
| Profit (loss) for the period | 9904 | €5,030 | -€24,813 | -€29,843 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,030 | -€24,813 | -€29,843 |
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 3 October 2026 via checked.be.