WOW: 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.
WOW
Largest movements
- Cash -€4.2m
down €4.2m (-45.1%), from €9.3m to €5.1m
mainly Other debts (-€4.5m) and Contributions, distributions and other (-€2.5m)
- Receivables within one year -€824,831
down €824,831 (-22.0%), from €3.8m to €2.9m
- Financial fixed assets -€736,356
down €736,356 (-4.0%), from €18.3m to €17.5m
- Other debts -€4.5m
down €4.5m (-64.3%), from €7.0m to €2.5m
- Debts after one year -€2.1m
down €2.1m (-22.8%), from €9.4m to €7.2m
- Current portion of long-term debt +€715,775
up €715,775 (+50.2%), from €1.4m to €2.1m
- Financial income -€5.3m
down €5.3m (-63.2%), from €8.3m to €3.1m
- Financial charges -€93,636
down €93,636 (-20.9%), from €448,003 to €354,367
- Gross operating margin -€15,721
down €15,721 (-244.9%), from -€6,419 to -€22,140
- Purchases and services -€6,419
no longer reported in 2025 (was €6,419)
- Taxes -€6,340
down €6,340 (-11.9%), from €53,340 to €47,000
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 | €31,385,533 | €25,627,133 | -€5.8m | -18.3% |
| Fixed assets | 21/28 | €18,268,015 | €17,531,659 | -€736,356 | -4.0% |
| Financial fixed assets | 28 | €18,268,015 | €17,531,659 | -€736,356 | -4.0% |
| Current assets | 29/58 | €13,117,519 | €8,095,474 | -€5.0m | -38.3% |
| Amounts receivable within one year | 40/41 | €3,751,844 | €2,927,013 | -€824,831 | -22.0% |
| Other amounts receivable | 41 | €3,751,844 | €2,927,013 | -€824,831 | -22.0% |
| Cash at bank and in hand | 54/58 | €9,322,992 | €5,114,842 | -€4.2m | -45.1% |
| Deferred charges and accrued income | 490/1 | €42,682 | €53,618 | +€10,936 | +25.6% |
| Total equity and liabilities | 10/49 | €31,385,533 | €25,627,133 | -€5.8m | -18.3% |
| Equity | 10/15 | €13,356,019 | €13,496,380 | +€140,361 | +1.1% |
| Contributions | 10/11 | €9,403,400 | €9,403,400 | = | 0.0% |
| Capital | 10 | €9,403,400 | €9,403,400 | = | 0.0% |
| Issued capital | 100 | €9,403,400 | €9,403,400 | = | 0.0% |
| Reserves | 13 | €940,340 | €940,340 | = | 0.0% |
| Non-distributable reserves | 130/1 | €940,340 | €940,340 | = | 0.0% |
| Legal reserve | 130 | €940,340 | €940,340 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,012,279 | €3,152,640 | +€140,361 | +4.7% |
| Amounts payable | 17/49 | €18,029,515 | €12,130,753 | -€5.9m | -32.7% |
| Amounts payable after more than one year | 17 | €9,382,576 | €7,239,562 | -€2.1m | -22.8% |
| Other amounts payable | 178/9 | €9,382,576 | €7,239,562 | -€2.1m | -22.8% |
| Amounts payable within one year | 42/48 | €8,554,227 | €4,842,649 | -€3.7m | -43.4% |
| Current portion of amounts payable after more than one year | 42 | €1,427,239 | €2,143,014 | +€715,775 | +50.2% |
| Trade debts | 44 | €126,988 | €199,635 | +€72,647 | +57.2% |
| Suppliers | 440/4 | €126,988 | €199,635 | +€72,647 | +57.2% |
| Other amounts payable | 47/48 | €7,000,000 | €2,500,000 | -€4.5m | -64.3% |
| Accrued charges and deferred income | 492/3 | €92,712 | €48,542 | -€44,170 | -47.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €6,419 | - | -€6,419 | |
| Other operating charges | 640/8 | €220 | - | -€220 | |
| Gross operating margin | 9900 | -€6,419 | -€22,140 | -€15,721 | -244.9% |
| Operating profit (loss) | 9901 | -€6,639 | -€22,140 | -€15,501 | -233.5% |
| Financial income | 75/76B | €8,316,733 | €3,063,868 | -€5.3m | -63.2% |
| Recurring financial income | 75 | €8,316,733 | €3,063,868 | -€5.3m | -63.2% |
| Financial charges | 65/66B | €448,003 | €354,367 | -€93,636 | -20.9% |
| Recurring financial charges | 65 | €448,003 | €354,367 | -€93,636 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €7,862,091 | €2,687,361 | -€5.2m | -65.8% |
| Income taxes | 67/77 | €53,340 | €47,000 | -€6,340 | -11.9% |
| Profit (loss) for the period | 9904 | €7,808,751 | €2,640,361 | -€5.2m | -66.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,808,751 | €2,640,361 | -€5.2m | -66.2% |
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 4 October 2026 via checked.be.