WILLEMS: 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.
WILLEMS
Largest movements
- Current investments +€155,468
up €155,468 (+77.0%), from €202,010 to €357,477
- Tangible fixed assets +€67,599
up €67,599 (+23.2%), from €291,033 to €358,632
of which Leasing and similar rights: +€132,289
- Receivables within one year -€15,382
down €15,382 (-26.7%), from €57,549 to €42,166
of which Other amounts receivable: -€13,219
- Reserves +€169,960
up €169,960 (+51.5%), from €329,994 to €499,954
of which Distributable reserves: +€106,810
- Debts after one year +€47,495
up €47,495 (+131%), from €36,250 to €83,745
- Other debts -€42,519
down €42,519 (-40.5%), from €104,875 to €62,356
- Current portion of long-term debt +€30,867
up €30,867 (+88.2%), from €34,990 to €65,858
- Trade debts -€14,003
down €14,003 (-20.8%), from €67,432 to €53,429
- Gross operating margin +€88,464
up €88,464 (+35.3%), from €250,699 to €339,163
- Taxes +€29,031
up €29,031 (+80.5%), from €36,054 to €65,085
- Financial income +€9,586
up €9,586 (+783%), from €1,224 to €10,810
- Depreciation -€5,014
down €5,014 (-4.4%), from €112,864 to €107,851
- Financial charges +€3,623
up €3,623 (+170%), from €2,128 to €5,751
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 | €614,594 | €815,976 | +€201,382 | +32.8% |
| Fixed assets | 21/28 | €291,033 | €358,632 | +€67,599 | +23.2% |
| Tangible fixed assets | 22/27 | €291,033 | €358,632 | +€67,599 | +23.2% |
| Plant, machinery and equipment | 23 | €126,769 | €82,191 | -€44,578 | -35.2% |
| Furniture and vehicles | 24 | €164,264 | €144,153 | -€20,112 | -12.2% |
| Leasing and similar rights | 25 | - | €132,289 | +€132,289 | |
| Current assets | 29/58 | €323,561 | €457,344 | +€133,783 | +41.3% |
| Amounts receivable within one year | 40/41 | €57,549 | €42,166 | -€15,382 | -26.7% |
| Trade receivables | 40 | €35,924 | €33,761 | -€2,163 | -6.0% |
| Other amounts receivable | 41 | €21,624 | €8,406 | -€13,219 | -61.1% |
| Current investments | 50/53 | €202,010 | €357,477 | +€155,468 | +77.0% |
| Cash at bank and in hand | 54/58 | €61,968 | €54,910 | -€7,059 | -11.4% |
| Deferred charges and accrued income | 490/1 | €2,035 | €2,791 | +€756 | +37.2% |
| Total equity and liabilities | 10/49 | €614,594 | €815,976 | +€201,382 | +32.8% |
| Equity | 10/15 | €369,994 | €539,954 | +€169,960 | +45.9% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €329,994 | €499,954 | +€169,960 | +51.5% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €40,210 | €103,360 | +€63,150 | +157% |
| Distributable reserves | 133 | €285,784 | €392,594 | +€106,810 | +37.4% |
| Amounts payable | 17/49 | €244,600 | €276,022 | +€31,422 | +12.8% |
| Amounts payable after more than one year | 17 | €36,250 | €83,745 | +€47,495 | +131% |
| Financial debts | 170/4 | €36,250 | €83,745 | +€47,495 | +131% |
| Amounts payable within one year | 42/48 | €208,350 | €192,277 | -€16,073 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €34,990 | €65,858 | +€30,867 | +88.2% |
| Trade debts | 44 | €67,432 | €53,429 | -€14,003 | -20.8% |
| Suppliers | 440/4 | €67,432 | €53,429 | -€14,003 | -20.8% |
| Taxes, remuneration and social security | 45 | €1,053 | €10,634 | +€9,582 | +910% |
| Taxes | 450/3 | €1,053 | €10,634 | +€9,582 | +910% |
| Other amounts payable | 47/48 | €104,875 | €62,356 | -€42,519 | -40.5% |
| Remuneration, social security and pensions | 62 | €420 | €420 | +€0 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,864 | €107,851 | -€5,014 | -4.4% |
| Other operating charges | 640/8 | €690 | €907 | +€216 | +31.3% |
| Gross operating margin | 9900 | €250,699 | €339,163 | +€88,464 | +35.3% |
| Operating profit (loss) | 9901 | €136,724 | €229,985 | +€93,261 | +68.2% |
| Financial income | 75/76B | €1,224 | €10,810 | +€9,586 | +783% |
| Recurring financial income | 75 | €1,224 | €10,810 | +€9,586 | +783% |
| Financial charges | 65/66B | €2,128 | €5,751 | +€3,623 | +170% |
| Recurring financial charges | 65 | €2,128 | €5,751 | +€3,623 | +170% |
| Profit (loss) for the period before taxes | 9903 | €135,820 | €235,044 | +€99,224 | +73.1% |
| Income taxes | 67/77 | €36,054 | €65,085 | +€29,031 | +80.5% |
| Profit (loss) for the period | 9904 | €99,767 | €169,960 | +€70,193 | +70.4% |
| Transfer to tax-exempt reserves | 689 | €40,210 | €63,150 | +€22,940 | +57.1% |
| Profit (loss) for the period to be appropriated | 9905 | €59,557 | €106,810 | +€47,253 | +79.3% |
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 15 October 2026 via checked.be.