Working Class Heroes: 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.
Working Class Heroes
Largest movements
- Intangible fixed assets -€63,000
down €63,000 (-14.9%), from €422,000 to €359,000
- Tangible fixed assets -€29,797
down €29,797 (-34.6%), from €86,078 to €56,281
of which Plant, machinery and equipment: -€22,901
- Receivables within one year +€26,335
up €26,335 (+225.9%), from €11,656 to €37,991
of which Trade receivables: +€18,798
- Debts after one year -€115,474
down €115,474 (-50.7%), from €227,949 to €112,474
- Reserves +€74,287
up €74,287 (+58.4%), from €127,125 to €201,412
- Trade debts -€15,152
down €15,152 (-26.8%), from €56,497 to €41,345
- Tax, wage and social debts -€11,107
down €11,107 (-59.9%), from €18,536 to €7,429
- Gross operating margin -€19,315
down €19,315 (-7.0%), from €277,315 to €258,001
- Taxes -€5,976
down €5,976 (-11.2%), from €53,536 to €47,560
- Financial charges -€3,319
down €3,319 (-40.7%), from €8,154 to €4,835
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 | €592,575 | €521,693 | -€70,882 | -12.0% |
| Fixed assets | 21/28 | €508,078 | €415,281 | -€92,797 | -18.3% |
| Intangible fixed assets | 21 | €422,000 | €359,000 | -€63,000 | -14.9% |
| Tangible fixed assets | 22/27 | €86,078 | €56,281 | -€29,797 | -34.6% |
| Plant, machinery and equipment | 23 | €46,737 | €23,836 | -€22,901 | -49.0% |
| Furniture and vehicles | 24 | €5,858 | €3,947 | -€1,911 | -32.6% |
| Other tangible fixed assets | 26 | €33,483 | €28,498 | -€4,985 | -14.9% |
| Current assets | 29/58 | €84,497 | €106,412 | +€21,916 | +25.9% |
| Amounts receivable within one year | 40/41 | €11,656 | €37,991 | +€26,335 | +225.9% |
| Trade receivables | 40 | €9,992 | €28,790 | +€18,798 | +188.1% |
| Other amounts receivable | 41 | €1,664 | €9,201 | +€7,537 | +453.0% |
| Cash at bank and in hand | 54/58 | €59,832 | €57,015 | -€2,817 | -4.7% |
| Deferred charges and accrued income | 490/1 | €13,008 | €11,407 | -€1,602 | -12.3% |
| Total equity and liabilities | 10/49 | €592,575 | €521,693 | -€70,882 | -12.0% |
| Equity | 10/15 | €157,125 | €231,412 | +€74,287 | +47.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €127,125 | €201,412 | +€74,287 | +58.4% |
| Distributable reserves | 133 | €127,125 | €201,412 | +€74,287 | +58.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €435,449 | €290,281 | -€145,168 | -33.3% |
| Amounts payable after more than one year | 17 | €227,949 | €112,474 | -€115,474 | -50.7% |
| Financial debts | 170/4 | €227,949 | €112,474 | -€115,474 | -50.7% |
| Amounts payable within one year | 42/48 | €205,919 | €176,242 | -€29,677 | -14.4% |
| Current portion of amounts payable after more than one year | 42 | €95,539 | €90,474 | -€5,065 | -5.3% |
| Trade debts | 44 | €56,497 | €41,345 | -€15,152 | -26.8% |
| Suppliers | 440/4 | €56,497 | €41,345 | -€15,152 | -26.8% |
| Taxes, remuneration and social security | 45 | €18,536 | €7,429 | -€11,107 | -59.9% |
| Taxes | 450/3 | €18,536 | €7,429 | -€11,107 | -59.9% |
| Other amounts payable | 47/48 | €35,347 | €36,995 | +€1,647 | +4.7% |
| Accrued charges and deferred income | 492/3 | €1,581 | €1,564 | -€17 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,797 | €92,797 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,000 | €1,937 | +€937 | +93.7% |
| Gross operating margin | 9900 | €277,315 | €258,001 | -€19,315 | -7.0% |
| Operating profit (loss) | 9901 | €183,519 | €163,267 | -€20,252 | -11.0% |
| Financial income | 75/76B | €6 | €0 | -€6 | -100.0% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -100.0% |
| Financial charges | 65/66B | €8,154 | €4,835 | -€3,319 | -40.7% |
| Recurring financial charges | 65 | €8,154 | €4,835 | -€3,319 | -40.7% |
| Profit (loss) for the period before taxes | 9903 | €175,371 | €158,433 | -€16,938 | -9.7% |
| Income taxes | 67/77 | €53,536 | €47,560 | -€5,976 | -11.2% |
| Profit (loss) for the period | 9904 | €121,835 | €110,872 | -€10,963 | -9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €121,835 | €110,872 | -€10,963 | -9.0% |
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 6 October 2026 via checked.be.