WMH Project: 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.
WMH Project
Largest movements
- Receivables within one year +€1.5m
up €1.5m (+146%), from €1.0m to €2.5m
of which Trade receivables: +€1.6m
- Cash -€773,156
down €773,156 (-64.9%), from €1.2m to €417,676
mainly Receivables within one year (-€1.5m) and Investment in fixed assets (net) (-€20,912)
- Trade debts +€296,278
up €296,278 (+38.1%), from €778,634 to €1.1m
- Reserves +€215,284
up €215,284 (+15.7%), from €1.4m to €1.6m
of which Distributable reserves: +€215,284
- Advances received +€151,272
new in 2025: €151,272
- Tax, wage and social debts +€43,354
up €43,354 (+99.0%), from €43,793 to €87,147
of which Taxes: +€40,845
- Gross operating margin +€143,093
up €143,093 (+24.6%), from €580,572 to €723,665
- Taxes +€38,647
up €38,647 (+91.3%), from €42,330 to €80,976
- Write-downs -€8,908
down €8,908 (-253%), from -€3,519 to -€12,427
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 | €2,256,527 | €2,959,656 | +€703,129 | +31.2% |
| Fixed assets | 21/28 | €52,319 | €60,130 | +€7,811 | +14.9% |
| Tangible fixed assets | 22/27 | €15,819 | €12,720 | -€3,099 | -19.6% |
| Furniture and vehicles | 24 | €13,193 | €10,934 | -€2,259 | -17.1% |
| Other tangible fixed assets | 26 | €2,627 | €1,786 | -€840 | -32.0% |
| Financial fixed assets | 28 | €36,500 | €47,410 | +€10,910 | +29.9% |
| Current assets | 29/58 | €2,204,207 | €2,899,526 | +€695,318 | +31.5% |
| Amounts receivable within one year | 40/41 | €1,004,728 | €2,468,623 | +€1.5m | +146% |
| Trade receivables | 40 | €850,192 | €2,419,784 | +€1.6m | +185% |
| Other amounts receivable | 41 | €154,536 | €48,839 | -€105,698 | -68.4% |
| Cash at bank and in hand | 54/58 | €1,190,832 | €417,676 | -€773,156 | -64.9% |
| Deferred charges and accrued income | 490/1 | €8,648 | €13,227 | +€4,579 | +53.0% |
| Total equity and liabilities | 10/49 | €2,256,527 | €2,959,656 | +€703,129 | +31.2% |
| Equity | 10/15 | €1,392,418 | €1,607,701 | +€215,284 | +15.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,373,818 | €1,589,101 | +€215,284 | +15.7% |
| Tax-exempt reserves | 132 | €37,250 | €37,250 | = | 0.0% |
| Distributable reserves | 133 | €1,336,568 | €1,551,851 | +€215,284 | +16.1% |
| Amounts payable | 17/49 | €864,109 | €1,351,954 | +€487,845 | +56.5% |
| Amounts payable within one year | 42/48 | €822,427 | €1,313,331 | +€490,905 | +59.7% |
| Trade debts | 44 | €778,634 | €1,074,912 | +€296,278 | +38.1% |
| Suppliers | 440/4 | €778,634 | €1,074,912 | +€296,278 | +38.1% |
| Advances received on contracts in progress | 46 | - | €151,272 | +€151,272 | |
| Taxes, remuneration and social security | 45 | €43,793 | €87,147 | +€43,354 | +99.0% |
| Taxes | 450/3 | €6,820 | €47,665 | +€40,845 | +599% |
| Remuneration and social security | 454/9 | €36,973 | €39,482 | +€2,509 | +6.8% |
| Accrued charges and deferred income | 492/3 | €41,682 | €38,623 | -€3,059 | -7.3% |
| Non-recurring operating income | 76A | - | €1,094 | +€1,094 | |
| Remuneration, social security and pensions | 62 | €396,917 | €393,397 | -€3,520 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,529 | €13,101 | -€1,428 | -9.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,519 | -€12,427 | -€8,908 | -253% |
| Other operating charges | 640/8 | €11,050 | €11,372 | +€322 | +2.9% |
| Non-recurring operating charges | 66A | €248 | €20,119 | +€19,871 | +8,023% |
| Gross operating margin | 9900 | €580,572 | €723,665 | +€143,093 | +24.6% |
| Operating profit (loss) | 9901 | €161,347 | €298,103 | +€136,756 | +84.8% |
| Financial income | 75/76B | €2,589 | €1,594 | -€995 | -38.4% |
| Recurring financial income | 75 | €1,130 | €1,594 | +€464 | +41.1% |
| Non-recurring financial income | 76B | €1,459 | - | -€1,459 | |
| Financial charges | 65/66B | €2,482 | €3,437 | +€954 | +38.4% |
| Recurring financial charges | 65 | €2,482 | €2,650 | +€168 | +6.8% |
| Non-recurring financial charges | 66B | - | €787 | +€787 | |
| Profit (loss) for the period before taxes | 9903 | €161,453 | €296,260 | +€134,807 | +83.5% |
| Income taxes | 67/77 | €42,330 | €80,976 | +€38,647 | +91.3% |
| Profit (loss) for the period | 9904 | €119,124 | €215,284 | +€96,160 | +80.7% |
| Profit (loss) for the period to be appropriated | 9905 | €119,124 | €215,284 | +€96,160 | +80.7% |
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 16 October 2026 via checked.be.