WSG: 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.
WSG
Largest movements
- Cash +€112,396
up €112,396 (+118%), from €95,513 to €207,908
mainly Net result for the year (+€48,294) and Depreciation (+€43,461)
- Tangible fixed assets -€41,287
down €41,287 (-41.3%), from €99,945 to €58,657
of which Leasing and similar rights: -€36,924
- Stocks and contracts -€21,003
no longer reported in 2025 (was €21,003)
- Receivables within one year -€17,646
down €17,646 (-23.0%), from €76,560 to €58,914
of which Trade receivables: -€10,778
- Other debts +€27,314
up €27,314 (+209%), from €13,065 to €40,379
- Reserves +€19,643
up €19,643 (+9.3%), from €210,201 to €229,844
- Debts after one year -€11,621
down €11,621 (-92.3%), from €12,596 to €975
- Gross operating margin +€34,162
up €34,162 (+40.4%), from €84,484 to €118,646
- Taxes +€10,513
up €10,513 (+84.4%), from €12,459 to €22,972
- Depreciation +€1,248
up €1,248 (+3.0%), from €42,213 to €43,461
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 | €303,302 | €333,953 | +€30,651 | +10.1% |
| Fixed assets | 21/28 | €105,925 | €64,637 | -€41,287 | -39.0% |
| Tangible fixed assets | 22/27 | €99,945 | €58,657 | -€41,287 | -41.3% |
| Plant, machinery and equipment | 23 | €17,269 | €12,558 | -€4,711 | -27.3% |
| Furniture and vehicles | 24 | €4,512 | €5,506 | +€994 | +22.0% |
| Leasing and similar rights | 25 | €75,002 | €38,078 | -€36,924 | -49.2% |
| Other tangible fixed assets | 26 | €3,162 | €2,515 | -€647 | -20.4% |
| Financial fixed assets | 28 | €5,980 | €5,980 | = | 0.0% |
| Current assets | 29/58 | €197,377 | €269,316 | +€71,938 | +36.4% |
| Stocks and contracts in progress | 3 | €21,003 | - | -€21,003 | |
| Stocks | 30/36 | €21,003 | - | -€21,003 | |
| Amounts receivable within one year | 40/41 | €76,560 | €58,914 | -€17,646 | -23.0% |
| Trade receivables | 40 | €67,815 | €57,037 | -€10,778 | -15.9% |
| Other amounts receivable | 41 | €8,745 | €1,877 | -€6,868 | -78.5% |
| Cash at bank and in hand | 54/58 | €95,513 | €207,908 | +€112,396 | +118% |
| Deferred charges and accrued income | 490/1 | €4,301 | €2,493 | -€1,808 | -42.0% |
| Total equity and liabilities | 10/49 | €303,302 | €333,953 | +€30,651 | +10.1% |
| Equity | 10/15 | €222,601 | €242,244 | +€19,643 | +8.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €210,201 | €229,844 | +€19,643 | +9.3% |
| Distributable reserves | 133 | €210,201 | €229,844 | +€19,643 | +9.3% |
| Amounts payable | 17/49 | €80,700 | €91,709 | +€11,008 | +13.6% |
| Amounts payable after more than one year | 17 | €12,596 | €975 | -€11,621 | -92.3% |
| Financial debts | 170/4 | €12,596 | €975 | -€11,621 | -92.3% |
| Amounts payable within one year | 42/48 | €61,346 | €86,627 | +€25,281 | +41.2% |
| Current portion of amounts payable after more than one year | 42 | €11,487 | €11,621 | +€134 | +1.2% |
| Trade debts | 44 | €30,370 | €28,519 | -€1,851 | -6.1% |
| Suppliers | 440/4 | €30,370 | €28,519 | -€1,851 | -6.1% |
| Taxes, remuneration and social security | 45 | €6,424 | €6,108 | -€316 | -4.9% |
| Taxes | 450/3 | €6,424 | €6,108 | -€316 | -4.9% |
| Other amounts payable | 47/48 | €13,065 | €40,379 | +€27,314 | +209% |
| Accrued charges and deferred income | 492/3 | €6,759 | €4,107 | -€2,652 | -39.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,213 | €43,461 | +€1,248 | +3.0% |
| Other operating charges | 640/8 | €1,794 | €1,892 | +€98 | +5.5% |
| Gross operating margin | 9900 | €84,484 | €118,646 | +€34,162 | +40.4% |
| Operating profit (loss) | 9901 | €40,478 | €73,293 | +€32,815 | +81.1% |
| Financial income | 75/76B | €0 | €0 | -€0 | -83.3% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -83.3% |
| Financial charges | 65/66B | €2,638 | €2,027 | -€611 | -23.2% |
| Recurring financial charges | 65 | €2,638 | €2,027 | -€611 | -23.2% |
| Profit (loss) for the period before taxes | 9903 | €37,840 | €71,266 | +€33,426 | +88.3% |
| Income taxes | 67/77 | €12,459 | €22,972 | +€10,513 | +84.4% |
| Profit (loss) for the period | 9904 | €25,380 | €48,294 | +€22,913 | +90.3% |
| Profit (loss) for the period to be appropriated | 9905 | €25,380 | €48,294 | +€22,913 | +90.3% |
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 26 October 2026 via checked.be.