WM HOLDING: 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
WM HOLDING
NACE 69.102, Activities of notaries
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€111,888
2024 · €158,925-€47,037
Equity
€2.4m
2024 · €2.5m-€90,209
Cash
€197,705
2024 · €557,069-€359,364
Balance sheet total
€4.6m
2024 · €4.8m-€193,120
Largest movements
Assets
- Cash -€359,364
down €359,364 (-64.5%), from €557,069 to €197,705
mainly Current investments (-€223,523) and Contributions, distributions and other (-€202,097)
- Current investments +€223,523
up €223,523, from €0 to €223,523
Equity and liabilities
- Debts after one year -€140,502
down €140,502 (-8.7%), from €1.6m to €1.5m
- Reserves -€90,209
down €90,209 (-3.7%), from €2.4m to €2.3m
of which Distributable reserves: -€90,209
Income statement
- Financial income -€49,739
down €49,739 (-27.9%), from €178,518 to €128,779
- Depreciation -€42,471
down €42,471 (-22.5%), from €188,391 to €145,920
- Financial charges +€42,251
up €42,251 (+93.0%), from €45,448 to €87,699
- Gross operating margin +€24,811
up €24,811 (+11.3%), from €218,618 to €243,429
- Taxes +€16,361
up €16,361 (+685%), from €2,389 to €18,750
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
€158,925
Gross operating margin
+€24,811
Depreciation
+€42,471
Other operating charges
-€4,220
Other operating items
-€1,748
Financial income
-€49,739
Financial charges
-€42,251
Taxes
-€16,361
Result 2025
€111,888
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
+€312,602
Investment
-€332,186
Financing
-€339,779
Cash 2024
€557,069
From operations (derived)
+€312,602
Net result for the year
+€111,888
Depreciation
+€145,920
Receivables within one year
+€20,972
Deferred charges and accrued income
-€949
Trade debts
+€2,147
Tax, wage and social debts
-€3,932
Other debts
+€36,544
Accrued charges and deferred income
+€13
Investment (derived)
-€332,186
Investment in fixed assets (net)
-€108,663
Current investments
-€223,523
Financing
-€339,779
Debts after one year
-€140,502
Current portion of long-term debt
+€2,707
Short-term financial debts
+€113
Contributions, distributions and other
-€202,097
Cash 2025
€197,705
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,801,096 | €4,607,976 | -€193,120 | -4.0% |
| Fixed assets | 21/28 | €4,104,111 | €4,066,855 | -€37,256 | -0.9% |
| Tangible fixed assets | 22/27 | €3,070,111 | €3,032,855 | -€37,256 | -1.2% |
| Land and buildings | 22 | €2,652,776 | €2,844,311 | +€191,535 | +7.2% |
| Plant, machinery and equipment | 23 | €29,727 | €18,198 | -€11,530 | -38.8% |
| Furniture and vehicles | 24 | €15,186 | €39,365 | +€24,179 | +159% |
| Other tangible fixed assets | 26 | €136,264 | €130,981 | -€5,283 | -3.9% |
| Assets under construction and advance payments | 27 | €236,157 | €0 | -€236,157 | -100% |
| Financial fixed assets | 28 | €1,034,000 | €1,034,000 | = | 0.0% |
| Current assets | 29/58 | €696,985 | €541,121 | -€155,864 | -22.4% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €32,891 | €11,919 | -€20,972 | -63.8% |
| Trade receivables | 40 | €301 | €459 | +€158 | +52.6% |
| Other amounts receivable | 41 | €32,590 | €11,460 | -€21,130 | -64.8% |
| Current investments | 50/53 | €0 | €223,523 | +€223,523 | |
| Cash at bank and in hand | 54/58 | €557,069 | €197,705 | -€359,364 | -64.5% |
| Deferred charges and accrued income | 490/1 | €7,025 | €7,974 | +€949 | +13.5% |
| Total equity and liabilities | 10/49 | €4,801,096 | €4,607,976 | -€193,120 | -4.0% |
| Equity | 10/15 | €2,518,216 | €2,428,007 | -€90,209 | -3.6% |
| Contributions | 10/11 | €93,600 | €93,600 | = | 0.0% |
| Reserves | 13 | €2,424,616 | €2,334,407 | -€90,209 | -3.7% |
| Non-distributable reserves | 130/1 | €9,360 | €9,360 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,360 | €9,360 | = | 0.0% |
| Distributable reserves | 133 | €2,415,256 | €2,325,047 | -€90,209 | -3.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,282,880 | €2,179,969 | -€102,911 | -4.5% |
| Amounts payable after more than one year | 17 | €1,618,523 | €1,478,021 | -€140,502 | -8.7% |
| Financial debts | 170/4 | €1,618,523 | €1,478,021 | -€140,502 | -8.7% |
| Amounts payable within one year | 42/48 | €663,267 | €700,845 | +€37,578 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €137,795 | €140,502 | +€2,707 | +2.0% |
| Financial debts | 43 | €7,150 | €7,263 | +€113 | +1.6% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €7,150 | €7,263 | +€113 | +1.6% |
| Trade debts | 44 | €1,688 | €3,835 | +€2,147 | +127% |
| Suppliers | 440/4 | €1,688 | €3,835 | +€2,147 | +127% |
| Taxes, remuneration and social security | 45 | €15,286 | €11,354 | -€3,932 | -25.7% |
| Taxes | 450/3 | €13,021 | €9,949 | -€3,072 | -23.6% |
| Remuneration and social security | 454/9 | €2,265 | €1,405 | -€860 | -38.0% |
| Other amounts payable | 47/48 | €501,347 | €537,891 | +€36,544 | +7.3% |
| Accrued charges and deferred income | 492/3 | €1,090 | €1,103 | +€13 | +1.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €188,391 | €145,920 | -€42,471 | -22.5% |
| Other operating charges | 640/8 | €1,984 | €6,204 | +€4,220 | +213% |
| Non-recurring operating charges | 66A | - | €1,748 | +€1,748 | |
| Gross operating margin | 9900 | €218,618 | €243,429 | +€24,811 | +11.3% |
| Operating profit (loss) | 9901 | €28,243 | €89,558 | +€61,314 | +217% |
| Financial income | 75/76B | €178,518 | €128,779 | -€49,739 | -27.9% |
| Recurring financial income | 75 | €178,518 | €128,779 | -€49,739 | -27.9% |
| Financial charges | 65/66B | €45,448 | €87,699 | +€42,251 | +93.0% |
| Recurring financial charges | 65 | €45,448 | €87,699 | +€42,251 | +93.0% |
| Profit (loss) for the period before taxes | 9903 | €161,314 | €130,638 | -€30,676 | -19.0% |
| Income taxes | 67/77 | €2,389 | €18,750 | +€16,361 | +685% |
| Profit (loss) for the period | 9904 | €158,925 | €111,888 | -€47,037 | -29.6% |
| Profit (loss) for the period to be appropriated | 9905 | €158,925 | €111,888 | -€47,037 | -29.6% |
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 27 October 2026 via checked.be.