WSG PROJECT: what changed
WSG PROJECT
Largest movements
- Cash -€19,652
down €19,652 (-95.6%), from €20,566 to €913
mainly Receivables within one year (-€19,373) and Net result for the year (-€9,443)
- Receivables within one year +€19,373
up €19,373 (+26.1%), from €74,182 to €93,555
of which Trade receivables: +€10,029
- Trade debts +€18,091
up €18,091 (+270%), from €6,709 to €24,800
- Reserves -€9,443
down €9,443 (-42.8%), from €22,041 to €12,598
- Debts after one year -€8,500
down €8,500 (-52.2%), from €16,292 to €7,792
- Tax, wage and social debts -€2,522
down €2,522 (-62.1%), from €4,061 to €1,539
- Other debts +€1,534
up €1,534 (+6.5%), from €23,506 to €25,040
- Gross operating margin -€32,786
down €32,786, from €27,343 to -€5,443
- Other operating charges -€1,892
down €1,892 (-73.9%), from €2,562 to €669
- Taxes -€1,392
down €1,392 (-86.1%), from €1,617 to €225
- Staff costs -€495
down €495 (-100%), from €495 to €0
- Financial charges -€478
down €478 (-22.7%), from €2,102 to €1,624
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €99,709 | €98,869 | -€840 | -0.8% |
| Fixed assets | 21/28 | €2,597 | €1,667 | -€930 | -35.8% |
| Tangible fixed assets | 22/27 | €2,582 | €1,652 | -€930 | -36.0% |
| Plant, machinery and equipment | 23 | €2,105 | €1,334 | -€771 | -36.6% |
| Furniture and vehicles | 24 | €476 | €318 | -€159 | -33.3% |
| Financial fixed assets | 28 | €15 | €15 | = | 0.0% |
| Current assets | 29/58 | €97,113 | €97,202 | +€90 | +0.1% |
| Amounts receivable within one year | 40/41 | €74,182 | €93,555 | +€19,373 | +26.1% |
| Trade receivables | 40 | €18,290 | €28,320 | +€10,029 | +54.8% |
| Other amounts receivable | 41 | €55,892 | €65,235 | +€9,343 | +16.7% |
| Cash at bank and in hand | 54/58 | €20,566 | €913 | -€19,652 | -95.6% |
| Deferred charges and accrued income | 490/1 | €2,365 | €2,734 | +€369 | +15.6% |
| Total equity and liabilities | 10/49 | €99,709 | €98,869 | -€840 | -0.8% |
| Equity | 10/15 | €40,641 | €31,198 | -€9,443 | -23.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €22,041 | €12,598 | -€9,443 | -42.8% |
| Distributable reserves | 133 | €22,041 | €12,598 | -€9,443 | -42.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €59,068 | €67,671 | +€8,603 | +14.6% |
| Amounts payable after more than one year | 17 | €16,292 | €7,792 | -€8,500 | -52.2% |
| Financial debts | 170/4 | €16,292 | €7,792 | -€8,500 | -52.2% |
| Amounts payable within one year | 42/48 | €42,776 | €59,879 | +€17,103 | +40.0% |
| Current portion of amounts payable after more than one year | 42 | €8,500 | €8,500 | = | 0.0% |
| Trade debts | 44 | €6,709 | €24,800 | +€18,091 | +270% |
| Suppliers | 440/4 | €6,709 | €24,800 | +€18,091 | +270% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €4,061 | €1,539 | -€2,522 | -62.1% |
| Taxes | 450/3 | €4,061 | €1,539 | -€2,522 | -62.1% |
| Other amounts payable | 47/48 | €23,506 | €25,040 | +€1,534 | +6.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €946 | €0 | -€946 | -100% |
| Remuneration, social security and pensions | 62 | €495 | €0 | -€495 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €930 | €930 | = | 0.0% |
| Other operating charges | 640/8 | €2,562 | €669 | -€1,892 | -73.9% |
| Non-recurring operating charges | 66A | €817 | €1,068 | +€251 | +30.7% |
| Gross operating margin | 9900 | €27,343 | -€5,443 | -€32,786 | |
| Operating profit (loss) | 9901 | €22,540 | -€8,110 | -€30,650 | |
| Financial income | 75/76B | €437 | €515 | +€78 | +17.9% |
| Recurring financial income | 75 | €437 | €515 | +€78 | +17.9% |
| Financial charges | 65/66B | €2,102 | €1,624 | -€478 | -22.7% |
| Recurring financial charges | 65 | €2,102 | €1,624 | -€478 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €20,875 | -€9,218 | -€30,093 | |
| Income taxes | 67/77 | €1,617 | €225 | -€1,392 | -86.1% |
| Profit (loss) for the period | 9904 | €19,258 | -€9,443 | -€28,702 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,258 | -€9,443 | -€28,702 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.