WM-LINE: 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.
WM-LINE
Largest movements
- Tangible fixed assets +€196,961
up €196,961 (+157%), from €125,376 to €322,337
of which Leasing and similar rights: +€183,525
- Cash -€34,378
down €34,378 (-80.8%), from €42,530 to €8,151
mainly Investment in fixed assets (net) (-€232,835) and Receivables within one year (-€9,634)
- Receivables within one year +€9,634
up €9,634 (+19.3%), from €50,029 to €59,663
of which Trade receivables: +€13,281
- Stocks and contracts +€8,800
up €8,800 (+688%), from €1,280 to €10,080
- Debts after one year +€115,358
up €115,358 (+208%), from €55,546 to €170,904
- Current portion of long-term debt +€23,159
up €23,159 (+133%), from €17,419 to €40,577
- Reserves +€16,880
up €16,880 (+56.6%), from €29,841 to €46,721
of which Distributable reserves: +€16,880
- Other debts +€16,724
up €16,724 (+19.2%), from €86,936 to €103,660
- Trade debts +€14,031
up €14,031 (+117%), from €12,007 to €26,038
- Depreciation +€12,208
up €12,208 (+52.2%), from €23,396 to €35,604
- Staff costs +€4,950
new in 2025: €4,950
- Gross operating margin +€4,939
up €4,939 (+7.6%), from €64,639 to €69,578
- Taxes -€2,909
down €2,909 (-38.3%), from €7,601 to €4,692
- Financial charges +€2,259
up €2,259 (+71.2%), from €3,171 to €5,429
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €219,349 | €400,636 | +€181,287 | +82.6% |
| Fixed assets | 21/28 | €125,511 | €322,742 | +€197,231 | +157% |
| Tangible fixed assets | 22/27 | €125,376 | €322,337 | +€196,961 | +157% |
| Plant, machinery and equipment | 23 | €1,144 | €885 | -€259 | -22.6% |
| Furniture and vehicles | 24 | €124,232 | €137,927 | +€13,695 | +11.0% |
| Leasing and similar rights | 25 | - | €183,525 | +€183,525 | |
| Financial fixed assets | 28 | €135 | €405 | +€270 | +200% |
| Current assets | 29/58 | €93,839 | €77,894 | -€15,944 | -17.0% |
| Stocks and contracts in progress | 3 | €1,280 | €10,080 | +€8,800 | +688% |
| Stocks | 30/36 | €1,280 | €10,080 | +€8,800 | +688% |
| Amounts receivable within one year | 40/41 | €50,029 | €59,663 | +€9,634 | +19.3% |
| Trade receivables | 40 | €27,490 | €40,771 | +€13,281 | +48.3% |
| Other amounts receivable | 41 | €22,539 | €18,891 | -€3,648 | -16.2% |
| Cash at bank and in hand | 54/58 | €42,530 | €8,151 | -€34,378 | -80.8% |
| Total equity and liabilities | 10/49 | €219,349 | €400,636 | +€181,287 | +82.6% |
| Equity | 10/15 | €39,841 | €56,721 | +€16,880 | +42.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €29,841 | €46,721 | +€16,880 | +56.6% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | €28,841 | €45,721 | +€16,880 | +58.5% |
| Amounts payable | 17/49 | €179,509 | €343,916 | +€164,407 | +91.6% |
| Amounts payable after more than one year | 17 | €55,546 | €170,904 | +€115,358 | +208% |
| Financial debts | 170/4 | €55,546 | €170,904 | +€115,358 | +208% |
| Amounts payable within one year | 42/48 | €123,963 | €173,011 | +€49,049 | +39.6% |
| Current portion of amounts payable after more than one year | 42 | €17,419 | €40,577 | +€23,159 | +133% |
| Trade debts | 44 | €12,007 | €26,038 | +€14,031 | +117% |
| Suppliers | 440/4 | €12,007 | €26,038 | +€14,031 | +117% |
| Taxes, remuneration and social security | 45 | €7,601 | €2,737 | -€4,864 | -64.0% |
| Taxes | 450/3 | €7,601 | - | -€7,601 | |
| Remuneration and social security | 454/9 | - | €2,737 | +€2,737 | |
| Other amounts payable | 47/48 | €86,936 | €103,660 | +€16,724 | +19.2% |
| Remuneration, social security and pensions | 62 | - | €4,950 | +€4,950 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,396 | €35,604 | +€12,208 | +52.2% |
| Other operating charges | 640/8 | €2,164 | €3,509 | +€1,345 | +62.1% |
| Gross operating margin | 9900 | €64,639 | €69,578 | +€4,939 | +7.6% |
| Operating profit (loss) | 9901 | €39,079 | €25,514 | -€13,565 | -34.7% |
| Financial income | 75/76B | €65 | €1,488 | +€1,423 | +2,193% |
| Recurring financial income | 75 | €65 | €1,488 | +€1,423 | +2,193% |
| Financial charges | 65/66B | €3,171 | €5,429 | +€2,259 | +71.2% |
| Recurring financial charges | 65 | €3,171 | €5,429 | +€2,259 | +71.2% |
| Profit (loss) for the period before taxes | 9903 | €35,973 | €21,572 | -€14,401 | -40.0% |
| Income taxes | 67/77 | €7,601 | €4,692 | -€2,909 | -38.3% |
| Profit (loss) for the period | 9904 | €28,372 | €16,880 | -€11,492 | -40.5% |
| Profit (loss) for the period to be appropriated | 9905 | €28,372 | €16,880 | -€11,492 | -40.5% |
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 20 October 2026 via checked.be.