WORDS WIN WORLDS: 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.
WORDS WIN WORLDS
Largest movements
- Tangible fixed assets +€246,022
up €246,022 (+67.0%), from €367,075 to €613,097
of which Land and buildings: +€276,686
- Cash -€56,026
down €56,026 (-74.7%), from €74,972 to €18,946
mainly Investment in fixed assets (net) (-€338,432) and Other debts (-€34,679)
- Receivables within one year -€6,457
down €6,457 (-72.9%), from €8,858 to €2,401
of which Other amounts receivable: -€4,572
- Debts after one year +€223,464
up €223,464 (+122%), from €183,875 to €407,339
- Other debts -€34,679
down €34,679 (-27.4%), from €126,477 to €91,799
- Profit (loss) carried forward -€24,126
down €24,126 (-80.0%), from €30,144 to €6,018
- Accrued charges and deferred income +€12,591
up €12,591 (+8,255%), from €153 to €12,743
- Current portion of long-term debt +€10,744
up €10,744 (+32.0%), from €33,591 to €44,335
- Depreciation +€47,624
up €47,624 (+106%), from €44,786 to €92,410
- Financial charges +€3,510
up €3,510 (+40.5%), from €8,674 to €12,184
- Gross operating margin -€2,607
down €2,607 (-2.8%), from €94,496 to €91,889
- Other operating charges +€1,244
up €1,244 (+41.1%), from €3,028 to €4,273
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 | €459,285 | €644,054 | +€184,769 | +40.2% |
| Fixed assets | 21/28 | €367,975 | €613,997 | +€246,022 | +66.9% |
| Tangible fixed assets | 22/27 | €367,075 | €613,097 | +€246,022 | +67.0% |
| Land and buildings | 22 | €191,719 | €468,404 | +€276,686 | +144% |
| Plant, machinery and equipment | 23 | €172,313 | €143,239 | -€29,074 | -16.9% |
| Furniture and vehicles | 24 | €3,044 | €1,454 | -€1,590 | -52.2% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €91,310 | €30,057 | -€61,253 | -67.1% |
| Stocks and contracts in progress | 3 | €3,800 | €4,000 | +€200 | +5.3% |
| Stocks | 30/36 | €3,800 | €4,000 | +€200 | +5.3% |
| Amounts receivable within one year | 40/41 | €8,858 | €2,401 | -€6,457 | -72.9% |
| Trade receivables | 40 | €4,286 | €2,401 | -€1,885 | -44.0% |
| Other amounts receivable | 41 | €4,572 | - | -€4,572 | |
| Cash at bank and in hand | 54/58 | €74,972 | €18,946 | -€56,026 | -74.7% |
| Deferred charges and accrued income | 490/1 | €3,680 | €4,709 | +€1,030 | +28.0% |
| Total equity and liabilities | 10/49 | €459,285 | €644,054 | +€184,769 | +40.2% |
| Equity | 10/15 | €78,202 | €54,076 | -€24,126 | -30.9% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €27,598 | €27,598 | = | 0.0% |
| Distributable reserves | 133 | €27,598 | €27,598 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,144 | €6,018 | -€24,126 | -80.0% |
| Amounts payable | 17/49 | €381,083 | €589,978 | +€208,895 | +54.8% |
| Amounts payable after more than one year | 17 | €183,875 | €407,339 | +€223,464 | +122% |
| Financial debts | 170/4 | €183,875 | €407,339 | +€223,464 | +122% |
| Amounts payable within one year | 42/48 | €197,055 | €169,896 | -€27,159 | -13.8% |
| Current portion of amounts payable after more than one year | 42 | €33,591 | €44,335 | +€10,744 | +32.0% |
| Trade debts | 44 | €29,896 | €28,415 | -€1,482 | -5.0% |
| Suppliers | 440/4 | €29,896 | €28,415 | -€1,482 | -5.0% |
| Advances received on contracts in progress | 46 | €6,095 | €4,383 | -€1,712 | -28.1% |
| Taxes, remuneration and social security | 45 | €995 | €965 | -€31 | -3.1% |
| Taxes | 450/3 | - | €320 | +€320 | |
| Remuneration and social security | 454/9 | €995 | €644 | -€351 | -35.3% |
| Other amounts payable | 47/48 | €126,477 | €91,799 | -€34,679 | -27.4% |
| Accrued charges and deferred income | 492/3 | €153 | €12,743 | +€12,591 | +8,255% |
| Remuneration, social security and pensions | 62 | €6,748 | €7,157 | +€410 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,786 | €92,410 | +€47,624 | +106% |
| Other operating charges | 640/8 | €3,028 | €4,273 | +€1,244 | +41.1% |
| Gross operating margin | 9900 | €94,496 | €91,889 | -€2,607 | -2.8% |
| Operating profit (loss) | 9901 | €39,934 | -€11,951 | -€51,885 | |
| Financial income | 75/76B | €418 | €9 | -€409 | -97.8% |
| Recurring financial income | 75 | €418 | €9 | -€409 | -97.8% |
| Financial charges | 65/66B | €8,674 | €12,184 | +€3,510 | +40.5% |
| Recurring financial charges | 65 | €8,674 | €12,184 | +€3,510 | +40.5% |
| Profit (loss) for the period before taxes | 9903 | €31,678 | -€24,126 | -€55,805 | |
| Profit (loss) for the period | 9904 | €31,678 | -€24,126 | -€55,805 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,678 | -€24,126 | -€55,805 |
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 20 October 2026 via checked.be.