WILLEMS STEFANN: 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 STEFANN
Largest movements
- Tangible fixed assets -€12,542
down €12,542 (-17.8%), from €70,442 to €57,900
of which Land and buildings: -€11,541
- Receivables within one year -€4,562
down €4,562 (-51.4%), from €8,869 to €4,307
of which Trade receivables: -€3,769
- Cash +€1,316
up €1,316 (+287%), from €459 to €1,775
mainly Contributions, distributions and other (+€39,140) and Depreciation (+€21,962)
- Trade debts -€26,107
down €26,107 (-98.9%), from €26,400 to €293
- Other debts +€10,421
up €10,421 (+77.6%), from €13,436 to €23,857
- Gross operating margin -€7,837
down €7,837 (-174%), from -€4,505 to -€12,343
- Depreciation +€2,865
up €2,865 (+15.0%), from €19,097 to €21,962
- Other operating charges +€520
up €520 (+13.3%), from €3,911 to €4,431
- Financial charges +€216
up €216 (+115%), from €188 to €404
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 | €99,350 | €83,664 | -€15,686 | -15.8% |
| Fixed assets | 21/28 | €70,628 | €58,086 | -€12,542 | -17.8% |
| Tangible fixed assets | 22/27 | €70,442 | €57,900 | -€12,542 | -17.8% |
| Land and buildings | 22 | €38,001 | €26,460 | -€11,541 | -30.4% |
| Plant, machinery and equipment | 23 | €11,632 | €9,234 | -€2,398 | -20.6% |
| Furniture and vehicles | 24 | €20,808 | €22,206 | +€1,398 | +6.7% |
| Financial fixed assets | 28 | €186 | €186 | = | 0.0% |
| Current assets | 29/58 | €28,722 | €25,577 | -€3,145 | -10.9% |
| Stocks and contracts in progress | 3 | €19,190 | €19,190 | = | 0.0% |
| Stocks | 30/36 | €19,190 | €19,190 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €8,869 | €4,307 | -€4,562 | -51.4% |
| Trade receivables | 40 | €7,669 | €3,900 | -€3,769 | -49.1% |
| Other amounts receivable | 41 | €1,200 | €406 | -€793 | -66.1% |
| Cash at bank and in hand | 54/58 | €459 | €1,775 | +€1,316 | +287% |
| Deferred charges and accrued income | 490/1 | €204 | €306 | +€101 | +49.7% |
| Total equity and liabilities | 10/49 | €99,350 | €83,664 | -€15,686 | -15.8% |
| Equity | 10/15 | €6,013 | €6,013 | = | 0.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,543 | €2,543 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €683 | €2,543 | +€1,860 | +272% |
| Profit (loss) carried forward | 14 | -€2,730 | -€2,730 | = | 0.0% |
| Amounts payable | 17/49 | €93,337 | €77,651 | -€15,686 | -16.8% |
| Amounts payable after more than one year | 17 | €53,501 | €53,501 | = | 0.0% |
| Other amounts payable | 178/9 | €53,501 | €53,501 | = | 0.0% |
| Amounts payable within one year | 42/48 | €39,836 | €24,149 | -€15,686 | -39.4% |
| Trade debts | 44 | €26,400 | €293 | -€26,107 | -98.9% |
| Suppliers | 440/4 | €26,400 | €293 | -€26,107 | -98.9% |
| Other amounts payable | 47/48 | €13,436 | €23,857 | +€10,421 | +77.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,097 | €21,962 | +€2,865 | +15.0% |
| Other operating charges | 640/8 | €3,911 | €4,431 | +€520 | +13.3% |
| Gross operating margin | 9900 | -€4,505 | -€12,343 | -€7,837 | -174% |
| Operating profit (loss) | 9901 | -€27,514 | -€38,736 | -€11,222 | -40.8% |
| Financial charges | 65/66B | €188 | €404 | +€216 | +115% |
| Recurring financial charges | 65 | €188 | €404 | +€216 | +115% |
| Profit (loss) for the period before taxes | 9903 | -€27,702 | -€39,140 | -€11,438 | -41.3% |
| Profit (loss) for the period | 9904 | -€27,702 | -€39,140 | -€11,438 | -41.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,702 | -€39,140 | -€11,438 | -41.3% |
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 29 October 2026 via checked.be.