WSB REAL ESTATE: 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.
WSB REAL ESTATE
Largest movements
- Tangible fixed assets +€840,790
up €840,790 (+39.5%), from €2.1m to €3.0m
of which Land and buildings: +€803,833
- Current portion of long-term debt +€695,000
up €695,000 (+99.3%), from €700,000 to €1.4m
- Other debts +€182,623
up €182,623 (+18.0%), from €1.0m to €1.2m
- Profit (loss) carried forward -€115,397
down €115,397 (-35.6%), from €324,518 to €209,121
- Depreciation +€52,758
up €52,758 (+93.8%), from €56,218 to €108,976
- Financial charges +€15,184
up €15,184 (+41.1%), from €36,907 to €52,091
- Gross operating margin -€12,651
down €12,651 (-17.7%), from €71,469 to €58,818
- Taxes -€4,347
no longer reported in 2025 (was €4,347)
- Other operating charges +€2,210
up €2,210 (+20.0%), from €11,047 to €13,257
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 | €2,192,011 | €3,008,793 | +€816,782 | +37.3% |
| Fixed assets | 21/28 | €2,127,387 | €2,968,177 | +€840,790 | +39.5% |
| Tangible fixed assets | 22/27 | €2,127,387 | €2,968,177 | +€840,790 | +39.5% |
| Land and buildings | 22 | €2,125,656 | €2,929,489 | +€803,833 | +37.8% |
| Plant, machinery and equipment | 23 | - | €26,222 | +€26,222 | |
| Furniture and vehicles | 24 | €1,732 | €12,466 | +€10,735 | +620% |
| Current assets | 29/58 | €64,624 | €40,616 | -€24,008 | -37.2% |
| Amounts receivable within one year | 40/41 | €26,193 | €15,747 | -€10,446 | -39.9% |
| Trade receivables | 40 | €10,500 | €54 | -€10,446 | -99.5% |
| Other amounts receivable | 41 | €15,693 | €15,693 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €36,976 | €23,008 | -€13,968 | -37.8% |
| Deferred charges and accrued income | 490/1 | €1,456 | €1,861 | +€406 | +27.9% |
| Total equity and liabilities | 10/49 | €2,192,011 | €3,008,793 | +€816,782 | +37.3% |
| Equity | 10/15 | €424,518 | €309,121 | -€115,397 | -27.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €324,518 | €209,121 | -€115,397 | -35.6% |
| Amounts payable | 17/49 | €1,767,494 | €2,699,672 | +€932,178 | +52.7% |
| Amounts payable within one year | 42/48 | €1,712,959 | €2,625,806 | +€912,847 | +53.3% |
| Current portion of amounts payable after more than one year | 42 | €700,000 | €1,395,000 | +€695,000 | +99.3% |
| Trade debts | 44 | €420 | €24,074 | +€23,653 | +5,628% |
| Suppliers | 440/4 | €420 | €24,074 | +€23,653 | +5,628% |
| Taxes, remuneration and social security | 45 | - | €11,571 | +€11,571 | |
| Taxes | 450/3 | - | €11,571 | +€11,571 | |
| Other amounts payable | 47/48 | €1,012,538 | €1,195,161 | +€182,623 | +18.0% |
| Accrued charges and deferred income | 492/3 | €54,535 | €73,866 | +€19,331 | +35.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,218 | €108,976 | +€52,758 | +93.8% |
| Other operating charges | 640/8 | €11,047 | €13,257 | +€2,210 | +20.0% |
| Gross operating margin | 9900 | €71,469 | €58,818 | -€12,651 | -17.7% |
| Operating profit (loss) | 9901 | €4,204 | -€63,415 | -€67,619 | |
| Financial income | 75/76B | €131 | €109 | -€22 | -16.7% |
| Recurring financial income | 75 | €131 | €109 | -€22 | -16.7% |
| Financial charges | 65/66B | €36,907 | €52,091 | +€15,184 | +41.1% |
| Recurring financial charges | 65 | €36,907 | €52,091 | +€15,184 | +41.1% |
| Profit (loss) for the period before taxes | 9903 | -€32,572 | -€115,397 | -€82,825 | -254% |
| Income taxes | 67/77 | €4,347 | - | -€4,347 | |
| Profit (loss) for the period | 9904 | -€36,919 | -€115,397 | -€78,478 | -213% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,919 | -€115,397 | -€78,478 | -213% |
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 31 October 2026 via checked.be.