WILLEMS-LUCY: 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-LUCY
Largest movements
- Tangible fixed assets -€151,531
down €151,531 (-99.9%), from €151,698 to €167
of which Land and buildings: -€142,796
- Receivables within one year +€22,041
up €22,041 (+37.0%), from €59,644 to €81,685
of which Trade receivables: +€24,420
- Stocks and contracts +€16,518
up €16,518 (+7.4%), from €224,569 to €241,087
- Cash +€10,087
new in 2025: €10,087
mainly Investment in fixed assets (net) (+€150,866) and Net result for the year (+€36,148)
- Reserves -€65,361
down €65,361 (-44.9%), from €145,545 to €80,184
of which Distributable reserves: -€64,526
- Profit (loss) carried forward -€29,827
down €29,827 (-20.3%), from €146,913 to €117,086
- Short-term financial debts -€13,982
down €13,982 (-35.0%), from €40,002 to €26,020
of which Other loans: -€8,980
- Trade debts +€12,273
up €12,273 (+22.6%), from €54,339 to €66,612
- Contributions -€8,353
down €8,353 (-44.9%), from €18,600 to €10,247
- Gross operating margin +€66,073
up €66,073 (+222%), from €29,722 to €95,795
- Depreciation -€22,896
down €22,896 (-85.9%), from €26,653 to €3,757
- Write-downs +€8,162
up €8,162, from -€7,815 to €347
- Other operating charges -€6,490
down €6,490 (-64.9%), from €10,002 to €3,512
- Taxes -€1,414
down €1,414, from €865 to -€549
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 | €451,680 | €341,659 | -€110,021 | -24.4% |
| Fixed assets | 21/28 | €162,693 | €8,071 | -€154,623 | -95.0% |
| Intangible fixed assets | 21 | €10,996 | €7,904 | -€3,092 | -28.1% |
| Tangible fixed assets | 22/27 | €151,698 | €167 | -€151,531 | -99.9% |
| Land and buildings | 22 | €142,796 | - | -€142,796 | |
| Furniture and vehicles | 24 | €8,901 | €167 | -€8,735 | -98.1% |
| Current assets | 29/58 | €288,987 | €333,588 | +€44,602 | +15.4% |
| Stocks and contracts in progress | 3 | €224,569 | €241,087 | +€16,518 | +7.4% |
| Stocks | 30/36 | €224,569 | €241,087 | +€16,518 | +7.4% |
| Amounts receivable within one year | 40/41 | €59,644 | €81,685 | +€22,041 | +37.0% |
| Trade receivables | 40 | €54,627 | €79,047 | +€24,420 | +44.7% |
| Other amounts receivable | 41 | €5,017 | €2,638 | -€2,379 | -47.4% |
| Cash at bank and in hand | 54/58 | - | €10,087 | +€10,087 | |
| Deferred charges and accrued income | 490/1 | €4,774 | €729 | -€4,045 | -84.7% |
| Total equity and liabilities | 10/49 | €451,680 | €341,659 | -€110,021 | -24.4% |
| Equity | 10/15 | €314,166 | €207,517 | -€106,648 | -33.9% |
| Contributions | 10/11 | €18,600 | €10,247 | -€8,353 | -44.9% |
| Reserves | 13 | €145,545 | €80,184 | -€65,361 | -44.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,025 | -€835 | -44.9% |
| Reserves not available under the articles | 1311 | €1,860 | €1,025 | -€835 | -44.9% |
| Distributable reserves | 133 | €143,685 | €79,160 | -€64,526 | -44.9% |
| Profit (loss) carried forward | 14 | €146,913 | €117,086 | -€29,827 | -20.3% |
| Investment grants | 15 | €3,108 | - | -€3,108 | |
| Amounts payable | 17/49 | €137,515 | €134,142 | -€3,373 | -2.5% |
| Amounts payable after more than one year | 17 | €3,822 | €303 | -€3,519 | -92.1% |
| Financial debts | 170/4 | €3,822 | €303 | -€3,519 | -92.1% |
| Amounts payable within one year | 42/48 | €133,692 | €133,652 | -€41 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €8,936 | €3,519 | -€5,416 | -60.6% |
| Financial debts | 43 | €40,002 | €26,020 | -€13,982 | -35.0% |
| Credit institutions | 430/8 | €5,002 | - | -€5,002 | |
| Other loans | 439 | €35,000 | €26,020 | -€8,980 | -25.7% |
| Trade debts | 44 | €54,339 | €66,612 | +€12,273 | +22.6% |
| Suppliers | 440/4 | €54,339 | €66,612 | +€12,273 | +22.6% |
| Taxes, remuneration and social security | 45 | €20,596 | €28,148 | +€7,551 | +36.7% |
| Taxes | 450/3 | €10,311 | €19,047 | +€8,736 | +84.7% |
| Remuneration and social security | 454/9 | €10,286 | €9,101 | -€1,185 | -11.5% |
| Other amounts payable | 47/48 | €9,819 | €9,353 | -€466 | -4.7% |
| Accrued charges and deferred income | 492/3 | - | €188 | +€188 | |
| Non-recurring operating income | 76A | €2,041 | €20,174 | +€18,132 | +888% |
| Remuneration, social security and pensions | 62 | €47,618 | €46,344 | -€1,274 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,653 | €3,757 | -€22,896 | -85.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,815 | €347 | +€8,162 | |
| Other operating charges | 640/8 | €10,002 | €3,512 | -€6,490 | -64.9% |
| Non-recurring operating charges | 66A | - | €1,641 | +€1,641 | |
| Gross operating margin | 9900 | €29,722 | €95,795 | +€66,073 | +222% |
| Operating profit (loss) | 9901 | -€46,737 | €40,194 | +€86,930 | |
| Financial income | 75/76B | €992 | €92 | -€900 | -90.8% |
| Recurring financial income | 75 | €992 | €92 | -€900 | -90.8% |
| Financial charges | 65/66B | €5,071 | €4,687 | -€385 | -7.6% |
| Recurring financial charges | 65 | €5,071 | €4,687 | -€385 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | -€50,816 | €35,599 | +€86,415 | |
| Income taxes | 67/77 | €865 | -€549 | -€1,414 | |
| Profit (loss) for the period | 9904 | -€51,681 | €36,148 | +€87,829 | |
| Profit (loss) for the period to be appropriated | 9905 | -€51,681 | €36,148 | +€87,829 |
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 20 October 2026 via checked.be.