WM47: 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.
WM47
Largest movements
- Tangible fixed assets +€173,490
up €173,490 (+28.8%), from €602,474 to €775,964
- Cash +€15,773
up €15,773 (+777.4%), from €2,029 to €17,802
mainly Debts after one year (+€148,654) and Other debts (+€111,607)
- Debts after one year +€148,654
up €148,654 (+59.9%), from €248,013 to €396,667
- Other debts +€111,607
up €111,607 (+136.6%), from €81,733 to €193,340
- Trade debts -€40,842
down €40,842 (-68.8%), from €59,335 to €18,493
- Reserves -€25,491
down €25,491 (-11.7%), from €217,364 to €191,873
of which Distributable reserves: -€25,491
- Depreciation +€30,351
up €30,351 (+140.4%), from €21,625 to €51,976
- Financial charges +€11,385
up €11,385 (+924.8%), from €1,231 to €12,616
- Gross operating margin -€8,210
down €8,210 (-14.5%), from €56,703 to €48,493
- Taxes -€2,249
down €2,249 (-100.0%), from €2,249 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 | €655,657 | €849,586 | +€193,929 | +29.6% |
| Fixed assets | 21/28 | €602,474 | €775,964 | +€173,490 | +28.8% |
| Tangible fixed assets | 22/27 | €602,474 | €775,964 | +€173,490 | +28.8% |
| Land and buildings | 22 | €602,474 | €775,964 | +€173,490 | +28.8% |
| Current assets | 29/58 | €53,183 | €73,622 | +€20,439 | +38.4% |
| Amounts receivable within one year | 40/41 | €49,091 | €54,765 | +€5,674 | +11.6% |
| Trade receivables | 40 | - | €44,204 | +€44,204 | |
| Other amounts receivable | 41 | €49,091 | €10,560 | -€38,531 | -78.5% |
| Cash at bank and in hand | 54/58 | €2,029 | €17,802 | +€15,773 | +777.4% |
| Deferred charges and accrued income | 490/1 | €2,063 | €1,055 | -€1,008 | -48.9% |
| Total equity and liabilities | 10/49 | €655,657 | €849,586 | +€193,929 | +29.6% |
| Equity | 10/15 | €224,328 | €198,837 | -€25,491 | -11.4% |
| Contributions | 10/11 | €6,964 | €6,964 | -€0 | 0.0% |
| Reserves | 13 | €217,364 | €191,873 | -€25,491 | -11.7% |
| Non-distributable reserves | 130/1 | €696 | €696 | +€0 | +0.1% |
| Reserves not available under the articles | 1311 | €696 | €696 | +€0 | +0.1% |
| Tax-exempt reserves | 132 | €1,183 | €1,183 | -€0 | 0.0% |
| Distributable reserves | 133 | €215,485 | €189,994 | -€25,491 | -11.8% |
| Amounts payable | 17/49 | €431,330 | €650,749 | +€219,419 | +50.9% |
| Amounts payable after more than one year | 17 | €248,013 | €396,667 | +€148,654 | +59.9% |
| Financial debts | 170/4 | €248,013 | €396,667 | +€148,654 | +59.9% |
| Amounts payable within one year | 42/48 | €183,317 | €254,082 | +€70,765 | +38.6% |
| Current portion of amounts payable after more than one year | 42 | €40,000 | €40,000 | -€0 | 0.0% |
| Trade debts | 44 | €59,335 | €18,493 | -€40,842 | -68.8% |
| Suppliers | 440/4 | €59,335 | €18,493 | -€40,842 | -68.8% |
| Taxes, remuneration and social security | 45 | €2,249 | €2,249 | +€0 | 0.0% |
| Taxes | 450/3 | €2,249 | €2,249 | +€0 | 0.0% |
| Other amounts payable | 47/48 | €81,733 | €193,340 | +€111,607 | +136.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,625 | €51,976 | +€30,351 | +140.4% |
| Other operating charges | 640/8 | €9,106 | €9,392 | +€286 | +3.1% |
| Gross operating margin | 9900 | €56,703 | €48,493 | -€8,210 | -14.5% |
| Operating profit (loss) | 9901 | €25,973 | -€12,875 | -€38,848 | |
| Financial charges | 65/66B | €1,231 | €12,616 | +€11,385 | +924.8% |
| Recurring financial charges | 65 | €1,231 | €12,616 | +€11,385 | +924.8% |
| Profit (loss) for the period before taxes | 9903 | €24,742 | -€25,491 | -€50,233 | |
| Income taxes | 67/77 | €2,249 | €0 | -€2,249 | -100.0% |
| Profit (loss) for the period | 9904 | €22,493 | -€25,491 | -€47,984 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,493 | -€25,491 | -€47,984 |
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.