Willems: what changed
What changed
Willems
NACE 43.990, Other specialised construction activities
filed annual accounts (NBB)
Net result for the year
€194,643
2024 · €76,623+€118,021
Equity
€512,669
2024 · €318,026+€194,643
Cash
€281,832
2024 · €186,307+€95,525
Balance sheet total
€1.3m
2024 · €943,883+€308,894
Largest movements
Assets
- Stocks and contracts +€233,504
new in 2025: €233,504
- Cash +€95,525
up €95,525 (+51.3%), from €186,307 to €281,832
mainly Net result for the year (+€194,643) and Short-term financial debts (+€156,000)
- Tangible fixed assets -€39,252
down €39,252 (-5.5%), from €709,872 to €670,620
of which Land and buildings: -€34,336
Equity and liabilities
- Reserves +€194,643
up €194,643 (+63.7%), from €305,626 to €500,269
- Short-term financial debts +€156,000
new in 2025: €156,000
- Debts after one year -€58,382
down €58,382 (-11.5%), from €509,614 to €451,232
of which Financial debts: -€60,448
Income statement
- Gross operating margin +€192,314
up €192,314 (+84.4%), from €227,951 to €420,266
- Taxes +€64,273
up €64,273 (+215%), from €29,952 to €94,225
- Other operating charges -€31,285
down €31,285 (-82.0%), from €38,161 to €6,875
- Depreciation +€25,857
up €25,857 (+45.0%), from €57,409 to €83,266
- Financial charges +€8,743
up €8,743 (+35.2%), from €24,852 to €33,595
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€76,623
Gross operating margin
+€192,314
Depreciation
-€25,857
Other operating charges
+€31,285
Other operating items
-€6,784
Financial income
+€77
Financial charges
-€8,743
Taxes
-€64,273
Result 2025
€194,643
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€42,150
Investment
-€46,238
Financing
+€99,613
Cash 2024
€186,307
From operations (derived)
+€42,150
Net result for the year
+€194,643
Depreciation
+€83,266
Stocks and contracts
-€233,504
Receivables within one year
-€11,681
Deferred charges and accrued income
-€5,212
Trade debts
+€3,234
Tax, wage and social debts
+€6,588
Other debts
+€4,816
Investment (derived)
-€46,238
Investment in fixed assets (net)
-€46,238
Financing
+€99,613
Debts after one year
-€58,382
Current portion of long-term debt
+€1,995
Short-term financial debts
+€156,000
Cash 2025
€281,832
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €943,883 | €1,252,777 | +€308,894 | +32.7% |
| Fixed assets | 21/28 | €709,872 | €672,844 | -€37,028 | -5.2% |
| Intangible fixed assets | 21 | - | €2,224 | +€2,224 | |
| Tangible fixed assets | 22/27 | €709,872 | €670,620 | -€39,252 | -5.5% |
| Land and buildings | 22 | €524,377 | €490,041 | -€34,336 | -6.5% |
| Plant, machinery and equipment | 23 | €47,047 | €50,903 | +€3,856 | +8.2% |
| Furniture and vehicles | 24 | €24,665 | €39,826 | +€15,161 | +61.5% |
| Leasing and similar rights | 25 | €113,783 | €89,850 | -€23,934 | -21.0% |
| Current assets | 29/58 | €234,011 | €579,933 | +€345,922 | +148% |
| Stocks and contracts in progress | 3 | - | €233,504 | +€233,504 | |
| Stocks | 30/36 | - | €233,504 | +€233,504 | |
| Amounts receivable within one year | 40/41 | €36,982 | €48,662 | +€11,681 | +31.6% |
| Trade receivables | 40 | €24,910 | €20,098 | -€4,812 | -19.3% |
| Other amounts receivable | 41 | €12,072 | €28,565 | +€16,493 | +137% |
| Cash at bank and in hand | 54/58 | €186,307 | €281,832 | +€95,525 | +51.3% |
| Deferred charges and accrued income | 490/1 | €10,722 | €15,934 | +€5,212 | +48.6% |
| Total equity and liabilities | 10/49 | €943,883 | €1,252,777 | +€308,894 | +32.7% |
| Equity | 10/15 | €318,026 | €512,669 | +€194,643 | +61.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €305,626 | €500,269 | +€194,643 | +63.7% |
| Distributable reserves | 133 | €305,626 | €500,269 | +€194,643 | +63.7% |
| Amounts payable | 17/49 | €625,857 | €740,108 | +€114,251 | +18.3% |
| Amounts payable after more than one year | 17 | €509,614 | €451,232 | -€58,382 | -11.5% |
| Financial debts | 170/4 | €428,949 | €368,501 | -€60,448 | -14.1% |
| Other amounts payable | 178/9 | €80,665 | €82,731 | +€2,066 | +2.6% |
| Amounts payable within one year | 42/48 | €116,243 | €288,876 | +€172,633 | +149% |
| Current portion of amounts payable after more than one year | 42 | €58,454 | €60,448 | +€1,995 | +3.4% |
| Financial debts | 43 | - | €156,000 | +€156,000 | |
| Credit institutions | 430/8 | - | €156,000 | +€156,000 | |
| Trade debts | 44 | €38,416 | €41,650 | +€3,234 | +8.4% |
| Suppliers | 440/4 | €38,416 | €41,650 | +€3,234 | +8.4% |
| Taxes, remuneration and social security | 45 | €15,535 | €22,123 | +€6,588 | +42.4% |
| Taxes | 450/3 | €11,534 | €22,123 | +€10,588 | +91.8% |
| Remuneration and social security | 454/9 | €4,000 | €0 | -€4,000 | -100% |
| Other amounts payable | 47/48 | €3,839 | €8,655 | +€4,816 | +125% |
| Non-recurring operating income | 76A | €9,050 | €25,795 | +€16,745 | +185% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,409 | €83,266 | +€25,857 | +45.0% |
| Other operating charges | 640/8 | €38,161 | €6,875 | -€31,285 | -82.0% |
| Non-recurring operating charges | 66A | €965 | €7,749 | +€6,784 | +703% |
| Gross operating margin | 9900 | €227,951 | €420,266 | +€192,314 | +84.4% |
| Operating profit (loss) | 9901 | €131,417 | €322,376 | +€190,959 | +145% |
| Financial income | 75/76B | €10 | €87 | +€77 | +791% |
| Recurring financial income | 75 | €10 | €87 | +€77 | +791% |
| Financial charges | 65/66B | €24,852 | €33,595 | +€8,743 | +35.2% |
| Recurring financial charges | 65 | €24,852 | €33,595 | +€8,743 | +35.2% |
| Profit (loss) for the period before taxes | 9903 | €106,574 | €288,868 | +€182,294 | +171% |
| Income taxes | 67/77 | €29,952 | €94,225 | +€64,273 | +215% |
| Profit (loss) for the period | 9904 | €76,623 | €194,643 | +€118,021 | +154% |
| Profit (loss) for the period to be appropriated | 9905 | €76,623 | €194,643 | +€118,021 | +154% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.