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
- Stocks and contracts -€305,863
down €305,863 (-44.7%), from €684,565 to €378,702
- Receivables within one year +€125,479
up €125,479 (+108.8%), from €115,304 to €240,783
of which Other amounts receivable: +€208,334
- Cash -€42,951
down €42,951 (-7.6%), from €567,649 to €524,697
mainly Trade debts (-€418,483) and Receivables within one year (-€125,479)
- Trade debts -€418,483
down €418,483 (-49.9%), from €838,499 to €420,017
- Reserves +€225,698
up €225,698 (+16.4%), from €1.4m to €1.6m
- Financial income -€100,167
down €100,167 (-40.1%), from €249,834 to €149,667
- Gross operating margin +€32,320
up €32,320 (+8.8%), from €368,069 to €400,389
- Financial charges -€17,709
down €17,709 (-34.7%), from €51,063 to €33,354
- Staff costs +€12,392
up €12,392 (+6.9%), from €179,935 to €192,327
- Depreciation -€4,603
down €4,603 (-22.9%), from €20,131 to €15,528
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 | €2,349,822 | €2,140,459 | -€209,363 | -8.9% |
| Fixed assets | 21/28 | €931,289 | €936,961 | +€5,672 | +0.6% |
| Intangible fixed assets | 21 | €1,198 | €599 | -€599 | -50.0% |
| Tangible fixed assets | 22/27 | €235,565 | €241,836 | +€6,271 | +2.7% |
| Land and buildings | 22 | €227,429 | €237,851 | +€10,423 | +4.6% |
| Plant, machinery and equipment | 23 | €4,961 | €3,269 | -€1,693 | -34.1% |
| Furniture and vehicles | 24 | €3,175 | €716 | -€2,459 | -77.5% |
| Financial fixed assets | 28 | €694,526 | €694,526 | = | 0.0% |
| Current assets | 29/58 | €1,418,534 | €1,203,499 | -€215,035 | -15.2% |
| Stocks and contracts in progress | 3 | €684,565 | €378,702 | -€305,863 | -44.7% |
| Stocks | 30/36 | €684,565 | €378,702 | -€305,863 | -44.7% |
| Amounts receivable within one year | 40/41 | €115,304 | €240,783 | +€125,479 | +108.8% |
| Trade receivables | 40 | €115,304 | €32,449 | -€82,855 | -71.9% |
| Other amounts receivable | 41 | - | €208,334 | +€208,334 | |
| Cash at bank and in hand | 54/58 | €567,649 | €524,697 | -€42,951 | -7.6% |
| Deferred charges and accrued income | 490/1 | €51,016 | €59,317 | +€8,300 | +16.3% |
| Total equity and liabilities | 10/49 | €2,349,822 | €2,140,459 | -€209,363 | -8.9% |
| Equity | 10/15 | €1,375,613 | €1,601,311 | +€225,698 | +16.4% |
| Reserves | 13 | €1,375,613 | €1,601,311 | +€225,698 | +16.4% |
| Distributable reserves | 133 | €1,375,613 | €1,601,311 | +€225,698 | +16.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €974,209 | €539,149 | -€435,060 | -44.7% |
| Amounts payable within one year | 42/48 | €974,209 | €539,149 | -€435,060 | -44.7% |
| Trade debts | 44 | €838,499 | €420,017 | -€418,483 | -49.9% |
| Suppliers | 440/4 | €838,499 | €420,017 | -€418,483 | -49.9% |
| Taxes, remuneration and social security | 45 | €125,486 | €104,055 | -€21,430 | -17.1% |
| Taxes | 450/3 | €90,071 | €84,572 | -€5,499 | -6.1% |
| Remuneration and social security | 454/9 | €35,414 | €19,483 | -€15,931 | -45.0% |
| Other amounts payable | 47/48 | €10,224 | €15,076 | +€4,853 | +47.5% |
| Non-recurring operating income | 76A | €124 | €0 | -€124 | -100.0% |
| Remuneration, social security and pensions | 62 | €179,935 | €192,327 | +€12,392 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,131 | €15,528 | -€4,603 | -22.9% |
| Other operating charges | 640/8 | €11,606 | €10,103 | -€1,503 | -12.9% |
| Gross operating margin | 9900 | €368,069 | €400,389 | +€32,320 | +8.8% |
| Operating profit (loss) | 9901 | €156,397 | €182,431 | +€26,034 | +16.6% |
| Financial income | 75/76B | €249,834 | €149,667 | -€100,167 | -40.1% |
| Recurring financial income | 75 | €249,834 | €149,667 | -€100,167 | -40.1% |
| Financial charges | 65/66B | €51,063 | €33,354 | -€17,709 | -34.7% |
| Recurring financial charges | 65 | €51,063 | €33,354 | -€17,709 | -34.7% |
| Profit (loss) for the period before taxes | 9903 | €355,168 | €298,743 | -€56,425 | -15.9% |
| Income taxes | 67/77 | €54,863 | €57,969 | +€3,106 | +5.7% |
| Profit (loss) for the period | 9904 | €300,305 | €240,774 | -€59,531 | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €300,305 | €240,774 | -€59,531 | -19.8% |
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 4 October 2026 via checked.be.