WOELS: what changed
Two fiscal 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.
WOELS
Largest movements
- Financial fixed assets +€500,000
new in 2025: €500,000
- Cash -€117,307
down €117,307 (-88.1%), from €133,086 to €15,779
mainly Investment in fixed assets (net) (-€500,000) and Receivables within one year (-€85,716)
- Receivables within one year +€85,716
up €85,716 (+114.2%), from €75,038 to €160,754
of which Other amounts receivable: +€92,156
- Tangible fixed assets -€20,258
down €20,258 (-14.3%), from €141,385 to €121,126
of which Furniture and vehicles: -€19,152
- Debts after one year +€279,607
new in 2025: €279,607
- Other debts +€149,341
up €149,341 (+22646.2%), from €659 to €150,000
- Current portion of long-term debt +€76,685
new in 2025: €76,685
- Tax, wage and social debts -€32,050
down €32,050 (-55.9%), from €57,333 to €25,282
- Trade debts -€26,333
down €26,333 (-98.4%), from €26,773 to €441
- Gross operating margin +€49,017
up €49,017 (+99.6%), from €49,206 to €98,223
- Financial charges +€13,171
up €13,171 (+2886.3%), from €456 to €13,627
- Taxes +€10,275
up €10,275 (+148.4%), from €6,925 to €17,200
- Other operating charges +€7,331
up €7,331 (+790.7%), from €927 to €8,258
- Financial income -€3,924
down €3,924 (-66.4%), from €5,914 to €1,990
of which Financial income: -€4,020
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 | €349,509 | €801,262 | +€451,753 | +129.3% |
| Fixed assets | 21/28 | €141,385 | €621,126 | +€479,742 | +339.3% |
| Tangible fixed assets | 22/27 | €141,385 | €121,126 | -€20,258 | -14.3% |
| Land and buildings | 22 | €78,660 | €77,553 | -€1,106 | -1.4% |
| Furniture and vehicles | 24 | €62,725 | €43,573 | -€19,152 | -30.5% |
| Financial fixed assets | 28 | - | €500,000 | +€500,000 | |
| Current assets | 29/58 | €208,124 | €180,136 | -€27,988 | -13.4% |
| Amounts receivable within one year | 40/41 | €75,038 | €160,754 | +€85,716 | +114.2% |
| Trade receivables | 40 | €66,175 | €59,735 | -€6,440 | -9.7% |
| Other amounts receivable | 41 | €8,863 | €101,019 | +€92,156 | +1039.8% |
| Cash at bank and in hand | 54/58 | €133,086 | €15,779 | -€117,307 | -88.1% |
| Deferred charges and accrued income | 490/1 | - | €3,603 | +€3,603 | |
| Total equity and liabilities | 10/49 | €349,509 | €801,262 | +€451,753 | +129.3% |
| Equity | 10/15 | €264,743 | €262,042 | -€2,701 | -1.0% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €184,743 | €182,042 | -€2,701 | -1.5% |
| Non-distributable reserves | 130/1 | €8,000 | - | -€8,000 | |
| Reserves not available under the articles | 1311 | €8,000 | - | -€8,000 | |
| Distributable reserves | 133 | €176,743 | €182,042 | +€5,299 | +3.0% |
| Amounts payable | 17/49 | €84,765 | €539,220 | +€454,454 | +536.1% |
| Amounts payable after more than one year | 17 | - | €279,607 | +€279,607 | |
| Financial debts | 170/4 | - | €279,607 | +€279,607 | |
| Amounts payable within one year | 42/48 | €84,765 | €252,408 | +€167,643 | +197.8% |
| Current portion of amounts payable after more than one year | 42 | - | €76,685 | +€76,685 | |
| Trade debts | 44 | €26,773 | €441 | -€26,333 | -98.4% |
| Suppliers | 440/4 | €26,773 | €441 | -€26,333 | -98.4% |
| Taxes, remuneration and social security | 45 | €57,333 | €25,282 | -€32,050 | -55.9% |
| Taxes | 450/3 | €57,333 | €25,282 | -€32,050 | -55.9% |
| Other amounts payable | 47/48 | €659 | €150,000 | +€149,341 | +22646.2% |
| Accrued charges and deferred income | 492/3 | - | €7,205 | +€7,205 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,573 | €20,258 | -€1,315 | -6.1% |
| Other operating charges | 640/8 | €927 | €8,258 | +€7,331 | +790.7% |
| Gross operating margin | 9900 | €49,206 | €98,223 | +€49,017 | +99.6% |
| Operating profit (loss) | 9901 | €26,705 | €69,707 | +€43,002 | +161.0% |
| Financial income | 75/76B | €5,914 | €1,990 | -€3,924 | -66.4% |
| Recurring financial income | 75 | €5,914 | €1,895 | -€4,020 | -68.0% |
| Non-recurring financial income | 76B | - | €95 | +€95 | |
| Financial charges | 65/66B | €456 | €13,627 | +€13,171 | +2886.3% |
| Recurring financial charges | 65 | €456 | €13,627 | +€13,171 | +2886.3% |
| Profit (loss) for the period before taxes | 9903 | €32,163 | €58,069 | +€25,906 | +80.5% |
| Income taxes | 67/77 | €6,925 | €17,200 | +€10,275 | +148.4% |
| Profit (loss) for the period | 9904 | €25,239 | €40,870 | +€15,631 | +61.9% |
| Profit (loss) for the period to be appropriated | 9905 | €25,239 | €40,870 | +€15,631 | +61.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.