WM PROJECTS: 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 PROJECTS
Largest movements
- Receivables within one year +€115,375
up €115,375 (+108.2%), from €106,648 to €222,023
of which Trade receivables: +€118,839
- Tangible fixed assets -€38,952
down €38,952 (-29.8%), from €130,669 to €91,718
of which Furniture and vehicles: -€40,377
- Deferred charges and accrued income -€6,753
down €6,753 (-69.3%), from €9,737 to €2,985
- Cash -€6,668
down €6,668 (-14.1%), from €47,211 to €40,543
mainly Receivables within one year (-€115,375) and Debts after one year (-€17,451)
- Trade debts +€38,041
up €38,041 (+293.2%), from €12,974 to €51,016
- Debts after one year -€17,451
down €17,451 (-27.0%), from €64,522 to €47,071
- Reserves +€17,111
up €17,111 (+116.8%), from €14,650 to €31,762
of which Distributable reserves: +€17,111
- Other debts +€15,152
up €15,152 (+24.3%), from €62,296 to €77,448
- Tax, wage and social debts +€13,473
up €13,473 (+150.8%), from €8,935 to €22,408
of which Taxes: +€7,011
- Gross operating margin +€64,879
up €64,879 (+39.3%), from €165,197 to €230,076
- Staff costs +€35,146
up €35,146 (+28.2%), from €124,798 to €159,944
- Depreciation +€12,278
up €12,278 (+60.4%), from €20,343 to €32,621
- Write-downs +€3,876
no longer reported in 2025 (was -€3,876)
- Financial charges +€2,649
up €2,649 (+72.1%), from €3,673 to €6,322
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 | €294,265 | €357,268 | +€63,003 | +21.4% |
| Fixed assets | 21/28 | €130,669 | €91,718 | -€38,952 | -29.8% |
| Tangible fixed assets | 22/27 | €130,669 | €91,718 | -€38,952 | -29.8% |
| Plant, machinery and equipment | 23 | €1,349 | €2,775 | +€1,426 | +105.7% |
| Furniture and vehicles | 24 | €129,320 | €88,943 | -€40,377 | -31.2% |
| Current assets | 29/58 | €163,596 | €265,551 | +€101,954 | +62.3% |
| Amounts receivable within one year | 40/41 | €106,648 | €222,023 | +€115,375 | +108.2% |
| Trade receivables | 40 | €32,534 | €151,373 | +€118,839 | +365.3% |
| Other amounts receivable | 41 | €74,114 | €70,650 | -€3,464 | -4.7% |
| Cash at bank and in hand | 54/58 | €47,211 | €40,543 | -€6,668 | -14.1% |
| Deferred charges and accrued income | 490/1 | €9,737 | €2,985 | -€6,753 | -69.3% |
| Total equity and liabilities | 10/49 | €294,265 | €357,268 | +€63,003 | +21.4% |
| Equity | 10/15 | €122,698 | €139,810 | +€17,111 | +13.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €14,650 | €31,762 | +€17,111 | +116.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €12,790 | €29,902 | +€17,111 | +133.8% |
| Profit (loss) carried forward | 14 | €89,448 | €89,448 | = | 0.0% |
| Amounts payable | 17/49 | €171,567 | €217,458 | +€45,891 | +26.7% |
| Amounts payable after more than one year | 17 | €64,522 | €47,071 | -€17,451 | -27.0% |
| Financial debts | 170/4 | €64,522 | €47,071 | -€17,451 | -27.0% |
| Amounts payable within one year | 42/48 | €107,045 | €170,387 | +€63,342 | +59.2% |
| Current portion of amounts payable after more than one year | 42 | €19,054 | €17,451 | -€1,603 | -8.4% |
| Financial debts | 43 | €3,785 | €2,065 | -€1,720 | -45.5% |
| Credit institutions | 430/8 | €3,785 | €2,065 | -€1,720 | -45.5% |
| Trade debts | 44 | €12,974 | €51,016 | +€38,041 | +293.2% |
| Suppliers | 440/4 | €12,974 | €51,016 | +€38,041 | +293.2% |
| Taxes, remuneration and social security | 45 | €8,935 | €22,408 | +€13,473 | +150.8% |
| Taxes | 450/3 | €3,268 | €10,279 | +€7,011 | +214.6% |
| Remuneration and social security | 454/9 | €5,667 | €12,129 | +€6,461 | +114.0% |
| Other amounts payable | 47/48 | €62,296 | €77,448 | +€15,152 | +24.3% |
| Non-recurring operating income | 76A | €413 | €4,655 | +€4,242 | +1026.5% |
| Remuneration, social security and pensions | 62 | €124,798 | €159,944 | +€35,146 | +28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,343 | €32,621 | +€12,278 | +60.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,876 | - | +€3,876 | |
| Other operating charges | 640/8 | €2,203 | €2,987 | +€784 | +35.6% |
| Non-recurring operating charges | 66A | - | €4,398 | +€4,398 | |
| Gross operating margin | 9900 | €165,197 | €230,076 | +€64,879 | +39.3% |
| Operating profit (loss) | 9901 | €21,728 | €30,126 | +€8,398 | +38.6% |
| Financial income | 75/76B | €18 | €194 | +€176 | +978.7% |
| Recurring financial income | 75 | €18 | €194 | +€176 | +978.7% |
| Financial charges | 65/66B | €3,673 | €6,322 | +€2,649 | +72.1% |
| Recurring financial charges | 65 | €3,673 | €6,322 | +€2,649 | +72.1% |
| Profit (loss) for the period before taxes | 9903 | €18,073 | €23,998 | +€5,924 | +32.8% |
| Income taxes | 67/77 | €5,283 | €6,886 | +€1,603 | +30.3% |
| Profit (loss) for the period | 9904 | €12,790 | €17,111 | +€4,321 | +33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,790 | €17,111 | +€4,321 | +33.8% |
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 11 October 2026 via checked.be.