WS LETTERING: 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.
WS LETTERING
Largest movements
- Cash +€329,101
up €329,101 (+87.0%), from €378,472 to €707,574
mainly Net result for the year (+€282,224) and Depreciation (+€173,921)
- Tangible fixed assets -€102,142
down €102,142 (-16.6%), from €615,248 to €513,106
- Receivables within one year +€49,350
up €49,350 (+10.1%), from €486,855 to €536,205
of which Trade receivables: +€54,283
- Current investments +€31,747
up €31,747 (+31.0%), from €102,375 to €134,122
- Reserves +€282,224
up €282,224 (+38.3%), from €737,191 to €1.0m
- Tax, wage and social debts +€60,334
up €60,334 (+51.2%), from €117,858 to €178,192
of which Taxes: +€63,022
- Current portion of long-term debt -€21,323
down €21,323 (-25.1%), from €84,958 to €63,636
- Trade debts +€20,703
up €20,703 (+51.2%), from €40,429 to €61,132
- Debts after one year -€20,144
down €20,144 (-19.9%), from €101,070 to €80,927
- Gross operating margin +€160,592
up €160,592 (+19.6%), from €820,203 to €980,795
- Taxes +€56,922
up €56,922 (+61.1%), from €93,232 to €150,154
- Financial income +€34,232
up €34,232 (+963%), from €3,556 to €37,788
- Other operating charges +€30,813
up €30,813 (+391%), from €7,874 to €38,687
- Depreciation +€10,934
up €10,934 (+6.7%), from €162,987 to €173,921
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 | €1,602,787 | €1,916,504 | +€313,716 | +19.6% |
| Fixed assets | 21/28 | €615,248 | €513,106 | -€102,142 | -16.6% |
| Tangible fixed assets | 22/27 | €615,248 | €513,106 | -€102,142 | -16.6% |
| Land and buildings | 22 | €296,688 | €245,791 | -€50,897 | -17.2% |
| Plant, machinery and equipment | 23 | €108,733 | €72,630 | -€36,103 | -33.2% |
| Furniture and vehicles | 24 | €209,827 | €194,685 | -€15,142 | -7.2% |
| Current assets | 29/58 | €987,539 | €1,403,397 | +€415,858 | +42.1% |
| Stocks and contracts in progress | 3 | €13,410 | €14,119 | +€709 | +5.3% |
| Stocks | 30/36 | €13,410 | €14,119 | +€709 | +5.3% |
| Amounts receivable within one year | 40/41 | €486,855 | €536,205 | +€49,350 | +10.1% |
| Trade receivables | 40 | €305,886 | €360,169 | +€54,283 | +17.7% |
| Other amounts receivable | 41 | €180,969 | €176,036 | -€4,933 | -2.7% |
| Current investments | 50/53 | €102,375 | €134,122 | +€31,747 | +31.0% |
| Cash at bank and in hand | 54/58 | €378,472 | €707,574 | +€329,101 | +87.0% |
| Deferred charges and accrued income | 490/1 | €6,427 | €11,378 | +€4,951 | +77.0% |
| Total equity and liabilities | 10/49 | €1,602,787 | €1,916,504 | +€313,716 | +19.6% |
| Equity | 10/15 | €1,250,394 | €1,532,617 | +€282,224 | +22.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €737,191 | €1,019,414 | +€282,224 | +38.3% |
| Distributable reserves | 133 | €737,191 | €1,019,414 | +€282,224 | +38.3% |
| Profit (loss) carried forward | 14 | €488,203 | €488,203 | = | 0.0% |
| Amounts payable | 17/49 | €352,394 | €383,886 | +€31,493 | +8.9% |
| Amounts payable after more than one year | 17 | €101,070 | €80,927 | -€20,144 | -19.9% |
| Financial debts | 170/4 | €101,070 | €80,927 | -€20,144 | -19.9% |
| Amounts payable within one year | 42/48 | €251,323 | €302,960 | +€51,637 | +20.5% |
| Current portion of amounts payable after more than one year | 42 | €84,958 | €63,636 | -€21,323 | -25.1% |
| Trade debts | 44 | €40,429 | €61,132 | +€20,703 | +51.2% |
| Suppliers | 440/4 | €40,429 | €61,132 | +€20,703 | +51.2% |
| Taxes, remuneration and social security | 45 | €117,858 | €178,192 | +€60,334 | +51.2% |
| Taxes | 450/3 | €59,212 | €122,234 | +€63,022 | +106% |
| Remuneration and social security | 454/9 | €58,646 | €55,958 | -€2,689 | -4.6% |
| Other amounts payable | 47/48 | €8,077 | - | -€8,077 | |
| Remuneration, social security and pensions | 62 | €367,708 | €363,160 | -€4,548 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €162,987 | €173,921 | +€10,934 | +6.7% |
| Other operating charges | 640/8 | €7,874 | €38,687 | +€30,813 | +391% |
| Gross operating margin | 9900 | €820,203 | €980,795 | +€160,592 | +19.6% |
| Operating profit (loss) | 9901 | €281,633 | €405,027 | +€123,394 | +43.8% |
| Financial income | 75/76B | €3,556 | €37,788 | +€34,232 | +963% |
| Recurring financial income | 75 | €3,556 | €37,788 | +€34,232 | +963% |
| Financial charges | 65/66B | €8,721 | €10,437 | +€1,716 | +19.7% |
| Recurring financial charges | 65 | €8,721 | €10,437 | +€1,716 | +19.7% |
| Profit (loss) for the period before taxes | 9903 | €276,469 | €432,378 | +€155,909 | +56.4% |
| Income taxes | 67/77 | €93,232 | €150,154 | +€56,922 | +61.1% |
| Profit (loss) for the period | 9904 | €183,236 | €282,224 | +€98,987 | +54.0% |
| Profit (loss) for the period to be appropriated | 9905 | €183,236 | €282,224 | +€98,987 | +54.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.