WILLIAM THOMAS: 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.
WILLIAM THOMAS
Largest movements
- Stocks and contracts +€63,823
up €63,823 (+7.2%), from €889,100 to €952,923
- Receivables within one year +€58,249
up €58,249 (+11.0%), from €528,689 to €586,939
of which Trade receivables: +€62,304
- Tangible fixed assets -€20,408
down €20,408 (-67.9%), from €30,070 to €9,661
of which Plant, machinery and equipment: -€17,231
- Trade debts +€196,483
up €196,483 (+113.8%), from €172,604 to €369,087
- Other debts -€86,221
down €86,221 (-9.0%), from €953,194 to €866,973
- Tax, wage and social debts -€23,292
down €23,292 (-27.5%), from €84,616 to €61,324
of which Remuneration and social security: -€20,375
- Write-downs +€164,346
new in 2025: €164,346
- Gross operating margin +€101,130
up €101,130 (+37.2%), from €271,612 to €372,742
- Staff costs -€48,902
down €48,902 (-21.1%), from €231,956 to €183,053
- Depreciation -€10,203
down €10,203 (-33.3%), from €30,612 to €20,408
- Financial income +€4,207
up €4,207 (+45.0%), from €9,351 to €13,558
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 | €1,480,858 | €1,573,227 | +€92,369 | +6.2% |
| Fixed assets | 21/28 | €30,070 | €9,661 | -€20,408 | -67.9% |
| Tangible fixed assets | 22/27 | €30,070 | €9,661 | -€20,408 | -67.9% |
| Plant, machinery and equipment | 23 | €26,892 | €9,661 | -€17,231 | -64.1% |
| Furniture and vehicles | 24 | €3,177 | €0 | -€3,177 | -100.0% |
| Current assets | 29/58 | €1,450,789 | €1,563,566 | +€112,777 | +7.8% |
| Stocks and contracts in progress | 3 | €889,100 | €952,923 | +€63,823 | +7.2% |
| Stocks | 30/36 | €889,100 | €952,923 | +€63,823 | +7.2% |
| Amounts receivable within one year | 40/41 | €528,689 | €586,939 | +€58,249 | +11.0% |
| Trade receivables | 40 | €523,843 | €586,147 | +€62,304 | +11.9% |
| Other amounts receivable | 41 | €4,846 | €792 | -€4,054 | -83.7% |
| Cash at bank and in hand | 54/58 | €32,999 | €23,704 | -€9,295 | -28.2% |
| Total equity and liabilities | 10/49 | €1,480,858 | €1,573,227 | +€92,369 | +6.2% |
| Equity | 10/15 | €270,445 | €275,844 | +€5,399 | +2.0% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Outside capital | 11 | €63,000 | - | -€63,000 | |
| Share premium | 1100/10 | €0 | - | = | |
| Other | 1109/19 | €63,000 | - | -€63,000 | |
| Reserves | 13 | €91,307 | €96,705 | +€5,399 | +5.9% |
| Non-distributable reserves | 130/1 | €6,300 | €6,300 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €6,300 | +€6,300 | |
| Other | 1319 | €6,300 | - | -€6,300 | |
| Distributable reserves | 133 | €85,007 | €90,405 | +€5,399 | +6.4% |
| Profit (loss) carried forward | 14 | €116,138 | €116,138 | = | 0.0% |
| Amounts payable | 17/49 | €1,210,413 | €1,297,384 | +€86,970 | +7.2% |
| Amounts payable within one year | 42/48 | €1,210,413 | €1,297,384 | +€86,970 | +7.2% |
| Trade debts | 44 | €172,604 | €369,087 | +€196,483 | +113.8% |
| Suppliers | 440/4 | €172,604 | €369,087 | +€196,483 | +113.8% |
| Taxes, remuneration and social security | 45 | €84,616 | €61,324 | -€23,292 | -27.5% |
| Taxes | 450/3 | €17,103 | €14,185 | -€2,918 | -17.1% |
| Remuneration and social security | 454/9 | €67,514 | €47,139 | -€20,375 | -30.2% |
| Other amounts payable | 47/48 | €953,194 | €866,973 | -€86,221 | -9.0% |
| Non-recurring operating income | 76A | - | €153,083 | +€153,083 | |
| Remuneration, social security and pensions | 62 | €231,956 | €183,053 | -€48,902 | -21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,612 | €20,408 | -€10,203 | -33.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €164,346 | +€164,346 | |
| Other operating charges | 640/8 | €3,091 | €2,604 | -€487 | -15.8% |
| Gross operating margin | 9900 | €271,612 | €372,742 | +€101,130 | +37.2% |
| Operating profit (loss) | 9901 | €5,953 | €2,330 | -€3,623 | -60.9% |
| Financial income | 75/76B | €9,351 | €13,558 | +€4,207 | +45.0% |
| Recurring financial income | 75 | €9,351 | €13,558 | +€4,207 | +45.0% |
| Financial charges | 65/66B | €1,266 | €3,960 | +€2,693 | +212.7% |
| Recurring financial charges | 65 | €1,266 | €3,960 | +€2,693 | +212.7% |
| Profit (loss) for the period before taxes | 9903 | €14,038 | €11,929 | -€2,109 | -15.0% |
| Income taxes | 67/77 | €4,867 | €6,530 | +€1,663 | +34.2% |
| Profit (loss) for the period | 9904 | €9,171 | €5,399 | -€3,772 | -41.1% |
| Transfer to tax-exempt reserves | 689 | €9,171 | - | -€9,171 | |
| Profit (loss) for the period to be appropriated | 9905 | €0 | €5,399 | +€5,399 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.