WILLEMSTEIN: 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.
WILLEMSTEIN
Largest movements
- Receivables within one year -€6,187
down €6,187 (-39.2%), from €15,783 to €9,596
of which Trade receivables: -€6,254
- Cash -€6,121
down €6,121 (-44.5%), from €13,745 to €7,624
mainly Net result for the year (-€60,850) and Trade debts (-€9,407)
- Intangible fixed assets -€2,770
down €2,770 (-41.3%), from €6,714 to €3,944
- Tangible fixed assets -€2,070
down €2,070 (-16.1%), from €12,857 to €10,787
of which Other tangible fixed assets: -€1,148
- Deferred charges and accrued income +€1,266
new in 2025: €1,266
- Profit (loss) carried forward -€60,850
down €60,850 (-73.5%), from -€82,820 to -€143,670
- Other debts +€55,732
up €55,732 (+42.9%), from €129,854 to €185,586
- Trade debts -€9,407
down €9,407 (-71.5%), from €13,152 to €3,745
- Tax, wage and social debts -€2,284
down €2,284 (-78.9%), from €2,895 to €611
- Gross operating margin +€34,007
up €34,007 (+39.0%), from -€87,189 to -€53,182
- Financial income -€12,931
down €12,931 (-99.8%), from €12,962 to €31
- Depreciation -€1,318
down €1,318 (-17.7%), from €7,457 to €6,139
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 | €73,081 | €56,272 | -€16,809 | -23.0% |
| Fixed assets | 21/28 | €19,570 | €14,731 | -€4,839 | -24.7% |
| Intangible fixed assets | 21 | €6,714 | €3,944 | -€2,770 | -41.3% |
| Tangible fixed assets | 22/27 | €12,857 | €10,787 | -€2,070 | -16.1% |
| Plant, machinery and equipment | 23 | €1,453 | €618 | -€835 | -57.4% |
| Furniture and vehicles | 24 | €320 | €233 | -€87 | -27.3% |
| Other tangible fixed assets | 26 | €11,084 | €9,936 | -€1,148 | -10.4% |
| Current assets | 29/58 | €53,511 | €41,541 | -€11,970 | -22.4% |
| Stocks and contracts in progress | 3 | €23,983 | €23,054 | -€929 | -3.9% |
| Stocks | 30/36 | €23,983 | €23,054 | -€929 | -3.9% |
| Amounts receivable within one year | 40/41 | €15,783 | €9,596 | -€6,187 | -39.2% |
| Trade receivables | 40 | €15,603 | €9,349 | -€6,254 | -40.1% |
| Other amounts receivable | 41 | €180 | €247 | +€67 | +37.4% |
| Cash at bank and in hand | 54/58 | €13,745 | €7,624 | -€6,121 | -44.5% |
| Deferred charges and accrued income | 490/1 | - | €1,266 | +€1,266 | |
| Total equity and liabilities | 10/49 | €73,081 | €56,272 | -€16,809 | -23.0% |
| Equity | 10/15 | -€72,820 | -€133,670 | -€60,850 | -83.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€82,820 | -€143,670 | -€60,850 | -73.5% |
| Amounts payable | 17/49 | €145,901 | €189,942 | +€44,041 | +30.2% |
| Amounts payable within one year | 42/48 | €145,901 | €189,942 | +€44,041 | +30.2% |
| Trade debts | 44 | €13,152 | €3,745 | -€9,407 | -71.5% |
| Suppliers | 440/4 | €13,152 | €3,745 | -€9,407 | -71.5% |
| Taxes, remuneration and social security | 45 | €2,895 | €611 | -€2,284 | -78.9% |
| Taxes | 450/3 | €2,895 | €611 | -€2,284 | -78.9% |
| Other amounts payable | 47/48 | €129,854 | €185,586 | +€55,732 | +42.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,457 | €6,139 | -€1,318 | -17.7% |
| Other operating charges | 640/8 | €1,041 | €898 | -€143 | -13.7% |
| Gross operating margin | 9900 | -€87,189 | -€53,182 | +€34,007 | +39.0% |
| Operating profit (loss) | 9901 | -€95,687 | -€60,219 | +€35,468 | +37.1% |
| Financial income | 75/76B | €12,962 | €31 | -€12,931 | -99.8% |
| Recurring financial income | 75 | €12,962 | €31 | -€12,931 | -99.8% |
| Financial charges | 65/66B | €491 | €662 | +€171 | +34.9% |
| Recurring financial charges | 65 | €491 | €662 | +€171 | +34.9% |
| Profit (loss) for the period before taxes | 9903 | -€83,217 | -€60,850 | +€22,367 | +26.9% |
| Income taxes | 67/77 | -€397 | €0 | +€397 | |
| Profit (loss) for the period | 9904 | -€82,820 | -€60,850 | +€21,970 | +26.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€82,820 | -€60,850 | +€21,970 | +26.5% |
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 5 October 2026 via checked.be.