WM: 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.
WM
Largest movements
- Cash -€81,341
down €81,341 (-70.6%), from €115,218 to €33,877
mainly Other debts (-€84,968) and Net result for the year (-€53,692)
- Current investments -€59,049
down €59,049 (-100.0%), from €59,049 to €0
- Tangible fixed assets -€21,245
down €21,245 (-37.8%), from €56,151 to €34,906
- Receivables within one year +€3,182
up €3,182 (+51.6%), from €6,165 to €9,346
of which Other amounts receivable: +€2,777
- Other debts -€84,968
down €84,968 (-99.9%), from €85,076 to €108
- Reserves -€53,692
down €53,692 (-40.8%), from €131,544 to €77,852
- Tax, wage and social debts -€16,471
down €16,471 (-100.0%), from €16,471 to €0
- Trade debts -€2,627
down €2,627 (-76.7%), from €3,425 to €798
- Gross operating margin -€99,767
down €99,767, from €59,347 to -€40,420
- Financial income +€10,159
up €10,159 (+1640.2%), from €619 to €10,778
- Taxes -€9,878
down €9,878 (-97.1%), from €10,178 to €300
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 | €239,016 | €81,258 | -€157,758 | -66.0% |
| Fixed assets | 21/28 | €56,151 | €34,906 | -€21,245 | -37.8% |
| Tangible fixed assets | 22/27 | €56,151 | €34,906 | -€21,245 | -37.8% |
| Furniture and vehicles | 24 | €56,151 | €34,906 | -€21,245 | -37.8% |
| Current assets | 29/58 | €182,865 | €46,352 | -€136,513 | -74.7% |
| Amounts receivable within one year | 40/41 | €6,165 | €9,346 | +€3,182 | +51.6% |
| Trade receivables | 40 | €0 | €404 | +€404 | |
| Other amounts receivable | 41 | €6,165 | €8,942 | +€2,777 | +45.1% |
| Current investments | 50/53 | €59,049 | €0 | -€59,049 | -100.0% |
| Cash at bank and in hand | 54/58 | €115,218 | €33,877 | -€81,341 | -70.6% |
| Deferred charges and accrued income | 490/1 | €2,433 | €3,129 | +€696 | +28.6% |
| Total equity and liabilities | 10/49 | €239,016 | €81,258 | -€157,758 | -66.0% |
| Equity | 10/15 | €134,044 | €80,352 | -€53,692 | -40.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €131,544 | €77,852 | -€53,692 | -40.8% |
| Distributable reserves | 133 | €131,544 | €77,852 | -€53,692 | -40.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €104,972 | €906 | -€104,066 | -99.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €104,972 | €906 | -€104,066 | -99.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €3,425 | €798 | -€2,627 | -76.7% |
| Suppliers | 440/4 | €3,425 | €798 | -€2,627 | -76.7% |
| Taxes, remuneration and social security | 45 | €16,471 | €0 | -€16,471 | -100.0% |
| Taxes | 450/3 | €16,471 | €0 | -€16,471 | -100.0% |
| Other amounts payable | 47/48 | €85,076 | €108 | -€84,968 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,459 | €21,245 | -€214 | -1.0% |
| Other operating charges | 640/8 | €664 | €687 | +€23 | +3.4% |
| Gross operating margin | 9900 | €59,347 | -€40,420 | -€99,767 | |
| Operating profit (loss) | 9901 | €37,224 | -€62,352 | -€99,576 | |
| Financial income | 75/76B | €619 | €10,778 | +€10,159 | +1640.2% |
| Recurring financial income | 75 | €619 | €10,778 | +€10,159 | +1640.2% |
| Financial charges | 65/66B | €1,948 | €1,818 | -€130 | -6.7% |
| Recurring financial charges | 65 | €1,948 | €1,818 | -€130 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €35,895 | -€53,392 | -€89,287 | |
| Income taxes | 67/77 | €10,178 | €300 | -€9,878 | -97.1% |
| Profit (loss) for the period | 9904 | €25,717 | -€53,692 | -€79,409 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,717 | -€53,692 | -€79,409 |
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 29 September 2026 via checked.be.