WP-INVEST: 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.
What changed
WP-INVEST
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€145,725
2024 · -€565,861+€711,587
Equity
€2.7m
2024 · €2.6m+€145,725
Cash
€38,569
2024 · €262,425-€223,856
Balance sheet total
€15.2m
2024 · €16.6m-€1.4m
Largest movements
Assets
- Tangible fixed assets -€934,920
down €934,920 (-6.3%), from €14.9m to €13.9m
of which Land and buildings: -€934,481
- Stocks and contracts -€553,160
down €553,160 (-99.4%), from €556,523 to €3,363
- Receivables within one year +€291,394
up €291,394 (+312%), from €93,353 to €384,747
of which Trade receivables: +€167,187
- Cash -€223,856
down €223,856 (-85.3%), from €262,425 to €38,569
mainly Short-term financial debts (-€700,000) and Debts after one year (-€390,967)
Equity and liabilities
- Short-term financial debts -€700,000
down €700,000 (-14.6%), from €4.8m to €4.1m
- Debts after one year -€390,967
down €390,967 (-6.1%), from €6.4m to €6.1m
- Other debts -€339,385
down €339,385 (-20.6%), from €1.7m to €1.3m
Income statement
- Gross operating margin +€679,691
up €679,691 (+198%), from €344,103 to €1.0m
- Financial charges -€18,831
down €18,831 (-3.7%), from €515,042 to €496,210
- Other operating charges -€10,811
down €10,811 (-19.8%), from €54,598 to €43,787
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.
Result 2024
-€565,861
Gross operating margin
+€679,691
Depreciation
-€1,896
Other operating charges
+€10,811
Other operating items
-€7,417
Financial income
+€1,842
Financial charges
+€18,831
Deferred taxes and other
+€9,725
Result 2025
€145,725
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€414,251
Investment
+€549,676
Financing
-€1.2m
Cash 2024
€262,425
From operations (derived)
+€414,251
Net result for the year
+€145,725
Depreciation
+€384,272
Stocks and contracts
+€553,160
Receivables within one year
-€291,394
Deferred charges and accrued income
+€6,795
Provisions
-€28,664
Trade debts
+€2,224
Tax, wage and social debts
+€2,481
Advances received
+€3,566
Other debts
-€339,385
Accrued charges and deferred income
-€24,529
Investment (derived)
+€549,676
Investment in fixed assets (net)
+€549,676
Financing
-€1.2m
Debts after one year
-€390,967
Current portion of long-term debt
-€96,816
Short-term financial debts
-€700,000
Cash 2025
€38,569
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,604,046 | €15,177,682 | -€1.4m | -8.6% |
| Fixed assets | 21/28 | €14,872,114 | €13,938,167 | -€933,948 | -6.3% |
| Tangible fixed assets | 22/27 | €14,871,047 | €13,936,127 | -€934,920 | -6.3% |
| Land and buildings | 22 | €14,760,724 | €13,826,243 | -€934,481 | -6.3% |
| Plant, machinery and equipment | 23 | €20,881 | €20,800 | -€80 | -0.4% |
| Furniture and vehicles | 24 | €89,442 | €89,084 | -€358 | -0.4% |
| Financial fixed assets | 28 | €1,068 | €2,040 | +€972 | +91.0% |
| Current assets | 29/58 | €1,731,931 | €1,239,515 | -€492,416 | -28.4% |
| Stocks and contracts in progress | 3 | €556,523 | €3,363 | -€553,160 | -99.4% |
| Stocks | 30/36 | €556,523 | €3,363 | -€553,160 | -99.4% |
| Amounts receivable within one year | 40/41 | €93,353 | €384,747 | +€291,394 | +312% |
| Trade receivables | 40 | €42,775 | €209,962 | +€167,187 | +391% |
| Other amounts receivable | 41 | €50,578 | €174,785 | +€124,207 | +246% |
| Current investments | 50/53 | €793,282 | €793,282 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €262,425 | €38,569 | -€223,856 | -85.3% |
| Deferred charges and accrued income | 490/1 | €26,348 | €19,554 | -€6,795 | -25.8% |
| Total equity and liabilities | 10/49 | €16,604,046 | €15,177,682 | -€1.4m | -8.6% |
| Equity | 10/15 | €2,550,372 | €2,696,098 | +€145,725 | +5.7% |
| Contributions | 10/11 | €19,897 | €19,897 | = | 0.0% |
| Reserves | 13 | €2,530,475 | €2,676,200 | +€145,725 | +5.8% |
| Tax-exempt reserves | 132 | €448,072 | €362,080 | -€85,992 | -19.2% |
| Distributable reserves | 133 | €2,082,403 | €2,314,120 | +€231,718 | +11.1% |
| Provisions and deferred taxes | 16 | €149,357 | €120,693 | -€28,664 | -19.2% |
| Deferred taxes | 168 | €149,357 | €120,693 | -€28,664 | -19.2% |
| Amounts payable | 17/49 | €13,904,316 | €12,360,891 | -€1.5m | -11.1% |
| Amounts payable after more than one year | 17 | €6,448,014 | €6,057,047 | -€390,967 | -6.1% |
| Financial debts | 170/4 | €6,448,014 | €6,057,047 | -€390,967 | -6.1% |
| Amounts payable within one year | 42/48 | €7,360,222 | €6,232,292 | -€1.1m | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €534,270 | €437,454 | -€96,816 | -18.1% |
| Financial debts | 43 | €4,800,000 | €4,100,000 | -€700,000 | -14.6% |
| Credit institutions | 430/8 | €4,800,000 | €4,100,000 | -€700,000 | -14.6% |
| Trade debts | 44 | €356,956 | €359,180 | +€2,224 | +0.6% |
| Suppliers | 440/4 | €356,956 | €359,180 | +€2,224 | +0.6% |
| Advances received on contracts in progress | 46 | €7,870 | €11,436 | +€3,566 | +45.3% |
| Taxes, remuneration and social security | 45 | €9,928 | €12,409 | +€2,481 | +25.0% |
| Taxes | 450/3 | €9,928 | €12,409 | +€2,481 | +25.0% |
| Other amounts payable | 47/48 | €1,651,198 | €1,311,813 | -€339,385 | -20.6% |
| Accrued charges and deferred income | 492/3 | €96,080 | €71,551 | -€24,529 | -25.5% |
| Non-recurring operating income | 76A | - | €366,935 | +€366,935 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €382,375 | €384,272 | +€1,896 | +0.5% |
| Other operating charges | 640/8 | €54,598 | €43,787 | -€10,811 | -19.8% |
| Non-recurring operating charges | 66A | - | €7,417 | +€7,417 | |
| Gross operating margin | 9900 | €344,103 | €1,023,793 | +€679,691 | +198% |
| Operating profit (loss) | 9901 | -€92,870 | €588,318 | +€681,188 | |
| Financial income | 75/76B | €23,112 | €24,954 | +€1,842 | +8.0% |
| Recurring financial income | 75 | €23,112 | €24,954 | +€1,842 | +8.0% |
| Financial charges | 65/66B | €515,042 | €496,210 | -€18,831 | -3.7% |
| Recurring financial charges | 65 | €515,042 | €496,210 | -€18,831 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | -€584,801 | €117,061 | +€701,862 | |
| Transfer from deferred taxes | 780 | €18,939 | €28,664 | +€9,725 | +51.3% |
| Profit (loss) for the period | 9904 | -€565,861 | €145,725 | +€711,587 | |
| Transfer from tax-exempt reserves | 789 | €56,818 | €85,992 | +€29,174 | +51.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€509,043 | €231,718 | +€740,761 |
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 19 October 2026 via checked.be.