WM44: 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.
WM44
Largest movements
- Receivables after one year -€106,500
no longer reported in 2025 (was €106,500)
- Cash -€11,352
down €11,352 (-66.9%), from €16,960 to €5,609
mainly Contributions, distributions and other (-€50,809) and Other debts (-€34,916)
- Receivables within one year +€5,200
up €5,200 (+16.7%), from €31,124 to €36,324
of which Other amounts receivable: +€3,385
- Reserves -€46,663
down €46,663 (-64.7%), from €72,117 to €25,454
- Other debts -€34,916
down €34,916 (-98.9%), from €35,293 to €377
- Accrued charges and deferred income -€25,000
no longer reported in 2025 (was €25,000)
- Tax, wage and social debts -€15,851
down €15,851 (-84.1%), from €18,849 to €2,998
- Trade debts +€9,778
up €9,778 (+737.5%), from €1,326 to €11,104
- Gross operating margin -€29,973
down €29,973 (-90.1%), from €33,264 to €3,291
- Other operating charges -€10,822
down €10,822 (-98.1%), from €11,032 to €210
- Taxes -€4,351
down €4,351, from €3,137 to -€1,214
- Financial income -€3,211
down €3,211 (-100.0%), from €3,211 to €0
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 | €154,584 | €41,932 | -€112,652 | -72.9% |
| Current assets | 29/58 | €154,584 | €41,932 | -€112,652 | -72.9% |
| Amounts receivable after more than one year | 29 | €106,500 | - | -€106,500 | |
| Other amounts receivable | 291 | €106,500 | - | -€106,500 | |
| Amounts receivable within one year | 40/41 | €31,124 | €36,324 | +€5,200 | +16.7% |
| Trade receivables | 40 | €30,492 | €32,307 | +€1,815 | +6.0% |
| Other amounts receivable | 41 | €632 | €4,017 | +€3,385 | +535.6% |
| Cash at bank and in hand | 54/58 | €16,960 | €5,609 | -€11,352 | -66.9% |
| Total equity and liabilities | 10/49 | €154,584 | €41,932 | -€112,652 | -72.9% |
| Equity | 10/15 | €74,117 | €27,454 | -€46,663 | -63.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €72,117 | €25,454 | -€46,663 | -64.7% |
| Distributable reserves | 133 | €72,117 | €25,454 | -€46,663 | -64.7% |
| Amounts payable | 17/49 | €80,468 | €14,478 | -€65,990 | -82.0% |
| Amounts payable within one year | 42/48 | €55,468 | €14,478 | -€40,990 | -73.9% |
| Trade debts | 44 | €1,326 | €11,104 | +€9,778 | +737.5% |
| Suppliers | 440/4 | €1,326 | €11,104 | +€9,778 | +737.5% |
| Taxes, remuneration and social security | 45 | €18,849 | €2,998 | -€15,851 | -84.1% |
| Taxes | 450/3 | €18,849 | €2,998 | -€15,851 | -84.1% |
| Other amounts payable | 47/48 | €35,293 | €377 | -€34,916 | -98.9% |
| Accrued charges and deferred income | 492/3 | €25,000 | - | -€25,000 | |
| Other operating charges | 640/8 | €11,032 | €210 | -€10,822 | -98.1% |
| Gross operating margin | 9900 | €33,264 | €3,291 | -€29,973 | -90.1% |
| Operating profit (loss) | 9901 | €22,232 | €3,081 | -€19,151 | -86.1% |
| Financial income | 75/76B | €3,211 | €0 | -€3,211 | -100.0% |
| Recurring financial income | 75 | €3,211 | €0 | -€3,211 | -100.0% |
| Financial charges | 65/66B | €166 | €149 | -€17 | -10.4% |
| Recurring financial charges | 65 | €166 | €149 | -€17 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €25,277 | €2,933 | -€22,345 | -88.4% |
| Income taxes | 67/77 | €3,137 | -€1,214 | -€4,351 | |
| Profit (loss) for the period | 9904 | €22,140 | €4,147 | -€17,993 | -81.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,140 | €4,147 | -€17,993 | -81.3% |
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 9 October 2026 via checked.be.