WOVAD: 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.
WOVAD
Largest movements
- Cash +€166,688
up €166,688 (+91.8%), from €181,641 to €348,329
mainly Net result for the year (+€195,983) and Receivables within one year (+€31,744)
- Receivables within one year -€31,744
down €31,744 (-67.7%), from €46,890 to €15,146
- Current investments +€24,729
new in 2025: €24,729
- Reserves +€195,983
up €195,983 (+122.4%), from €160,077 to €356,060
- Other debts -€33,130
down €33,130 (-94.1%), from €35,192 to €2,062
- Tax, wage and social debts -€5,565
down €5,565 (-15.2%), from €36,662 to €31,097
- Gross operating margin +€15,569
up €15,569 (+6.4%), from €244,303 to €259,872
- Taxes +€3,562
up €3,562 (+6.3%), from €56,384 to €59,945
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 | €241,114 | €397,929 | +€156,815 | +65.0% |
| Fixed assets | 21/28 | €9,150 | €6,223 | -€2,927 | -32.0% |
| Tangible fixed assets | 22/27 | €9,150 | €6,223 | -€2,927 | -32.0% |
| Plant, machinery and equipment | 23 | €3,194 | €2,529 | -€665 | -20.8% |
| Furniture and vehicles | 24 | €1,749 | €1,030 | -€719 | -41.1% |
| Other tangible fixed assets | 26 | €4,208 | €2,664 | -€1,544 | -36.7% |
| Current assets | 29/58 | €231,964 | €391,706 | +€159,742 | +68.9% |
| Amounts receivable within one year | 40/41 | €46,890 | €15,146 | -€31,744 | -67.7% |
| Other amounts receivable | 41 | €46,890 | €15,146 | -€31,744 | -67.7% |
| Current investments | 50/53 | - | €24,729 | +€24,729 | |
| Cash at bank and in hand | 54/58 | €181,641 | €348,329 | +€166,688 | +91.8% |
| Deferred charges and accrued income | 490/1 | €3,433 | €3,502 | +€69 | +2.0% |
| Total equity and liabilities | 10/49 | €241,114 | €397,929 | +€156,815 | +65.0% |
| Equity | 10/15 | €164,077 | €360,060 | +€195,983 | +119.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €160,077 | €356,060 | +€195,983 | +122.4% |
| Distributable reserves | 133 | €160,077 | €356,060 | +€195,983 | +122.4% |
| Amounts payable | 17/49 | €77,037 | €37,869 | -€39,168 | -50.8% |
| Amounts payable within one year | 42/48 | €77,037 | €37,869 | -€39,168 | -50.8% |
| Financial debts | 43 | €1,028 | €569 | -€459 | -44.6% |
| Credit institutions | 430/8 | €1,028 | €569 | -€459 | -44.6% |
| Trade debts | 44 | €4,155 | €4,140 | -€14 | -0.3% |
| Suppliers | 440/4 | €4,155 | €4,140 | -€14 | -0.3% |
| Taxes, remuneration and social security | 45 | €36,662 | €31,097 | -€5,565 | -15.2% |
| Taxes | 450/3 | €36,662 | €31,097 | -€5,565 | -15.2% |
| Other amounts payable | 47/48 | €35,192 | €2,062 | -€33,130 | -94.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,394 | €2,927 | +€534 | +22.3% |
| Other operating charges | 640/8 | €1,311 | €748 | -€562 | -42.9% |
| Gross operating margin | 9900 | €244,303 | €259,872 | +€15,569 | +6.4% |
| Operating profit (loss) | 9901 | €240,599 | €256,196 | +€15,598 | +6.5% |
| Financial income | 75/76B | €201 | €41 | -€161 | -79.7% |
| Recurring financial income | 75 | €201 | €41 | -€161 | -79.7% |
| Financial charges | 65/66B | €810 | €309 | -€501 | -61.9% |
| Recurring financial charges | 65 | €810 | €309 | -€501 | -61.9% |
| Profit (loss) for the period before taxes | 9903 | €239,990 | €255,928 | +€15,938 | +6.6% |
| Income taxes | 67/77 | €56,384 | €59,945 | +€3,562 | +6.3% |
| Profit (loss) for the period | 9904 | €183,606 | €195,983 | +€12,377 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €183,606 | €195,983 | +€12,377 | +6.7% |
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 9 October 2026 via checked.be.