WILLY DEPAGE: 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.
What changed
WILLY DEPAGE
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€5.6m
2024 · €4.2m+€1.5m
Equity
€51.2m
2024 · €45.6m+€5.6m
Cash
€246,394
2024 · €3.9m-€3.7m
Balance sheet total
€125.0m
2024 · €129.5m-€4.4m
Largest movements
Assets
- Cash -€3.7m
down €3.7m (-93.7%), from €3.9m to €246,394
mainly Debts after one year (-€4.0m) and Investment in fixed assets (net) (-€3.8m)
- Financial fixed assets -€3.3m
down €3.3m (-28.4%), from €11.6m to €8.3m
of which Affiliated companies: -€3.3m
- Tangible fixed assets +€1.7m
up €1.7m (+1.5%), from €113.1m to €114.8m
of which Plant, machinery and equipment: +€1.9m
Equity and liabilities
- Reserves +€5.6m
up €5.6m (+14.7%), from €38.6m to €44.2m
of which Distributable reserves: +€5.2m
- Debts after one year -€4.0m
down €4.0m (-6.3%), from €62.5m to €58.6m
- Other debts -€3.3m
down €3.3m (-63.9%), from €5.2m to €1.9m
- Short-term financial debts -€2.5m
no longer reported in 2025 (was €2.5m)
Income statement
- Financial income -€3.2m
down €3.2m (-98.8%), from €3.2m to €39,202
of which Non-recurring financial income: -€2.0m
- Other operating income +€2.2m
up €2.2m (+63.8%), from €3.5m to €5.7m
- Turnover +€860,684
up €860,684 (+7.3%), from €11.8m to €12.7m
- Write-downs -€432,218
down €432,218 (-2,852%), from -€15,155 to -€447,373
- Taxes +€424,453
up €424,453 (+32.7%), from €1.3m to €1.7m
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.
Result 2024
€4.2m
Turnover
+€860,684
Other operating income
+€2.2m
Goods and materials
+€179,516
Services and other goods
-€30,373
Depreciation
-€68,472
Write-downs
+€432,218
Other operating charges
-€68,902
Other operating items
+€1.2m
Financial income
-€3.2m
Financial charges
+€308,792
Taxes
-€424,453
Deferred taxes and other
+€97,260
Result 2025
€5.6m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€7.1m
Investment
-€3.8m
Financing
-€7.0m
Cash 2024
€3.9m
From operations (derived)
+€7.1m
Net result for the year
+€5.6m
Depreciation
+€5.4m
Receivables within one year
-€926,249
Deferred charges and accrued income
+€110,607
Provisions
-€37,006
Trade debts
+€141,046
Tax, wage and social debts
+€30,746
Other debts
-€3.3m
Accrued charges and deferred income
+€97,656
Investment (derived)
-€3.8m
Investment in fixed assets (net)
-€3.8m
Financing
-€7.0m
Debts after one year
-€4.0m
Current portion of long-term debt
-€508,914
Short-term financial debts
-€2.5m
Cash 2025
€246,394
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €129,471,781 | €125,037,741 | -€4.4m | -3.4% |
| Fixed assets | 21/28 | €124,703,748 | €123,113,265 | -€1.6m | -1.3% |
| Tangible fixed assets | 22/27 | €113,111,758 | €114,809,186 | +€1.7m | +1.5% |
| Land and buildings | 22 | €112,481,117 | €110,809,755 | -€1.7m | -1.5% |
| Plant, machinery and equipment | 23 | €530,961 | €2,463,737 | +€1.9m | +364% |
| Other tangible fixed assets | 26 | €46,180 | €1,535,693 | +€1.5m | +3,225% |
| Assets under construction and advance payments | 27 | €53,500 | - | -€53,500 | |
| Financial fixed assets | 28 | €11,591,990 | €8,304,079 | -€3.3m | -28.4% |
| Affiliated companies | 280/1 | €11,587,340 | €8,299,429 | -€3.3m | -28.4% |
| Participating interests | 280 | €11,587,340 | €8,299,429 | -€3.3m | -28.4% |
| Other financial fixed assets | 284/8 | €4,650 | €4,650 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €4,650 | €4,650 | = | 0.0% |
| Current assets | 29/58 | €4,768,033 | €1,924,476 | -€2.8m | -59.6% |
| Stocks and contracts in progress | 3 | €183,854 | €183,854 | = | 0.0% |
| Stocks | 30/36 | €183,854 | €183,854 | = | 0.0% |
| Property held for sale | 35 | €183,854 | €183,854 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €424,454 | €1,350,703 | +€926,249 | +218% |
| Trade receivables | 40 | €130,399 | €146,953 | +€16,554 | +12.7% |
| Other amounts receivable | 41 | €294,055 | €1,203,750 | +€909,695 | +309% |
| Cash at bank and in hand | 54/58 | €3,905,592 | €246,394 | -€3.7m | -93.7% |
| Deferred charges and accrued income | 490/1 | €254,132 | €143,525 | -€110,607 | -43.5% |
| Total equity and liabilities | 10/49 | €129,471,781 | €125,037,741 | -€4.4m | -3.4% |
| Equity | 10/15 | €45,599,027 | €51,248,777 | +€5.6m | +12.4% |
| Contributions | 10/11 | €6,896,288 | €6,896,288 | = | 0.0% |
| Capital | 10 | €6,877,000 | €6,877,000 | = | 0.0% |
| Issued capital | 100 | €6,877,000 | €6,877,000 | = | 0.0% |
| Contributions outside capital | 11 | €19,288 | €19,288 | = | 0.0% |
| Share premium | 1100/10 | €19,288 | €19,288 | = | 0.0% |
| Revaluation surpluses | 12 | €139,233 | €139,233 | = | 0.0% |
| Reserves | 13 | €38,563,506 | €44,213,255 | +€5.6m | +14.7% |
| Non-distributable reserves | 130/1 | €687,700 | €687,700 | = | 0.0% |
| Legal reserve | 130 | €687,700 | €687,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,752,455 | €9,171,854 | +€419,399 | +4.8% |
| Distributable reserves | 133 | €29,123,351 | €34,353,701 | +€5.2m | +18.0% |
| Provisions and deferred taxes | 16 | €4,973,390 | €4,936,383 | -€37,006 | -0.7% |
| Deferred taxes | 168 | €4,973,390 | €4,936,383 | -€37,006 | -0.7% |
| Amounts payable | 17/49 | €78,899,364 | €68,852,581 | -€10.0m | -12.7% |
| Amounts payable after more than one year | 17 | €62,534,518 | €58,575,732 | -€4.0m | -6.3% |
| Financial debts | 170/4 | €62,534,518 | €58,575,732 | -€4.0m | -6.3% |
| Credit institutions | 173 | €52,534,518 | €49,425,732 | -€3.1m | -5.9% |
| Other loans | 174 | €10,000,000 | €9,150,000 | -€850,000 | -8.5% |
| Amounts payable within one year | 42/48 | €15,998,908 | €9,813,254 | -€6.2m | -38.7% |
| Current portion of amounts payable after more than one year | 42 | €6,940,855 | €6,431,941 | -€508,914 | -7.3% |
| Financial debts | 43 | €2,500,000 | - | -€2.5m | |
| Credit institutions | 430/8 | €2,500,000 | - | -€2.5m | |
| Trade debts | 44 | €1,186,952 | €1,327,998 | +€141,046 | +11.9% |
| Suppliers | 440/4 | €1,186,952 | €1,327,998 | +€141,046 | +11.9% |
| Taxes, remuneration and social security | 45 | €131,475 | €162,221 | +€30,746 | +23.4% |
| Taxes | 450/3 | €131,475 | €162,221 | +€30,746 | +23.4% |
| Other amounts payable | 47/48 | €5,239,625 | €1,891,093 | -€3.3m | -63.9% |
| Accrued charges and deferred income | 492/3 | €365,938 | €463,594 | +€97,656 | +26.7% |
| Operating income | 70/76A | €15,286,074 | €18,366,079 | +€3.1m | +20.1% |
| Turnover | 70 | €11,812,861 | €12,673,545 | +€860,684 | +7.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€3,439 | - | +€3,439 | |
| Other operating income | 74 | €3,475,903 | €5,692,534 | +€2.2m | +63.8% |
| Non-recurring operating income | 76A | €748 | - | -€748 | |
| Operating charges | 60/66A | €9,587,685 | €7,969,197 | -€1.6m | -16.9% |
| Goods for resale, raw materials and consumables | 60 | €906,404 | €726,888 | -€179,516 | -19.8% |
| Purchases | 600/8 | €336,758 | €726,888 | +€390,130 | +116% |
| Change in stocks: decrease (increase) | 609 | €569,646 | - | -€569,646 | |
| Services and other goods | 61 | €964,614 | €994,988 | +€30,373 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,341,178 | €5,409,650 | +€68,472 | +1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€15,155 | -€447,373 | -€432,218 | -2,852% |
| Other operating charges | 640/8 | €1,141,802 | €1,210,703 | +€68,902 | +6.0% |
| Non-recurring operating charges | 66A | €1,248,842 | €74,340 | -€1.2m | -94.0% |
| Operating profit (loss) | 9901 | €5,698,389 | €10,396,882 | +€4.7m | +82.5% |
| Financial income | 75/76B | €3,244,077 | €39,202 | -€3.2m | -98.8% |
| Recurring financial income | 75 | €1,277,084 | €39,202 | -€1.2m | -96.9% |
| Income from financial fixed assets | 750 | €1,215,227 | - | -€1.2m | |
| Income from current assets | 751 | €32,066 | €22,477 | -€9,589 | -29.9% |
| Other financial income | 752/9 | €29,791 | €16,725 | -€13,066 | -43.9% |
| Non-recurring financial income | 76B | €1,966,993 | - | -€2.0m | |
| Financial charges | 65/66B | €3,408,839 | €3,100,047 | -€308,792 | -9.1% |
| Recurring financial charges | 65 | €3,408,839 | €3,100,047 | -€308,792 | -9.1% |
| Debt charges | 650 | €3,403,279 | €3,095,775 | -€307,504 | -9.0% |
| Other financial charges | 652/9 | €5,560 | €4,272 | -€1,288 | -23.2% |
| Profit (loss) for the period before taxes | 9903 | €5,533,627 | €7,336,037 | +€1.8m | +32.6% |
| Transfer from deferred taxes | 780 | €361,534 | €541,449 | +€179,915 | +49.8% |
| Transfer to deferred taxes | 680 | €421,787 | €504,443 | +€82,655 | +19.6% |
| Income taxes | 67/77 | €1,298,841 | €1,723,294 | +€424,453 | +32.7% |
| Taxes | 670/3 | €1,298,841 | €1,723,294 | +€424,453 | +32.7% |
| Profit (loss) for the period | 9904 | €4,174,533 | €5,649,750 | +€1.5m | +35.3% |
| Transfer from tax-exempt reserves | 789 | €705,283 | €1,093,928 | +€388,646 | +55.1% |
| Transfer to tax-exempt reserves | 689 | €1,265,362 | €1,513,328 | +€247,965 | +19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,614,453 | €5,230,350 | +€1.6m | +44.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.