WVM: 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.
WVM
Largest movements
- Receivables within one year +€90,059
up €90,059 (+96.0%), from €93,808 to €183,867
of which Other amounts receivable: +€52,199
- Cash -€48,317
down €48,317 (-33.8%), from €143,127 to €94,810
mainly Receivables within one year (-€90,059) and Investment in fixed assets (net) (-€43,499)
- Tangible fixed assets +€17,725
up €17,725 (+7.7%), from €230,245 to €247,970
of which Land and buildings: +€82,572
- Reserves +€53,216
up €53,216 (+19.1%), from €277,987 to €331,202
of which Distributable reserves: +€53,216
- Debts after one year -€10,864
down €10,864 (-7.5%), from €144,704 to €133,839
- Tax, wage and social debts +€9,269
up €9,269 (+36.7%), from €25,255 to €34,524
- Trade debts +€8,384
up €8,384 (+305%), from €2,748 to €11,132
- Gross operating margin +€12,626
up €12,626 (+12.7%), from €99,104 to €111,730
- Taxes +€6,992
up €6,992 (+37.2%), from €18,814 to €25,806
- Depreciation +€3,168
up €3,168 (+14.0%), from €22,606 to €25,774
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 | €469,192 | €527,762 | +€58,570 | +12.5% |
| Fixed assets | 21/28 | €230,245 | €247,970 | +€17,725 | +7.7% |
| Tangible fixed assets | 22/27 | €230,245 | €247,970 | +€17,725 | +7.7% |
| Land and buildings | 22 | €146,843 | €229,415 | +€82,572 | +56.2% |
| Plant, machinery and equipment | 23 | €19,704 | €15,850 | -€3,854 | -19.6% |
| Furniture and vehicles | 24 | €6,085 | €2,705 | -€3,380 | -55.5% |
| Other tangible fixed assets | 26 | €7,226 | - | -€7,226 | |
| Assets under construction and advance payments | 27 | €50,387 | - | -€50,387 | |
| Current assets | 29/58 | €238,947 | €279,792 | +€40,845 | +17.1% |
| Amounts receivable within one year | 40/41 | €93,808 | €183,867 | +€90,059 | +96.0% |
| Trade receivables | 40 | €18,620 | €56,480 | +€37,860 | +203% |
| Other amounts receivable | 41 | €75,188 | €127,387 | +€52,199 | +69.4% |
| Cash at bank and in hand | 54/58 | €143,127 | €94,810 | -€48,317 | -33.8% |
| Deferred charges and accrued income | 490/1 | €2,012 | €1,115 | -€898 | -44.6% |
| Total equity and liabilities | 10/49 | €469,192 | €527,762 | +€58,570 | +12.5% |
| Equity | 10/15 | €284,187 | €337,402 | +€53,216 | +18.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €277,987 | €331,202 | +€53,216 | +19.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,014 | €4,014 | = | 0.0% |
| Distributable reserves | 133 | €272,112 | €325,328 | +€53,216 | +19.6% |
| Amounts payable | 17/49 | €185,005 | €190,360 | +€5,354 | +2.9% |
| Amounts payable after more than one year | 17 | €144,704 | €133,839 | -€10,864 | -7.5% |
| Financial debts | 170/4 | €144,704 | €133,839 | -€10,864 | -7.5% |
| Amounts payable within one year | 42/48 | €40,302 | €56,520 | +€16,219 | +40.2% |
| Current portion of amounts payable after more than one year | 42 | €10,650 | €10,864 | +€215 | +2.0% |
| Trade debts | 44 | €2,748 | €11,132 | +€8,384 | +305% |
| Suppliers | 440/4 | €2,748 | €11,132 | +€8,384 | +305% |
| Taxes, remuneration and social security | 45 | €25,255 | €34,524 | +€9,269 | +36.7% |
| Taxes | 450/3 | €25,255 | €34,524 | +€9,269 | +36.7% |
| Other amounts payable | 47/48 | €1,649 | - | -€1,649 | |
| Non-recurring operating income | 76A | - | €10,374 | +€10,374 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,606 | €25,774 | +€3,168 | +14.0% |
| Other operating charges | 640/8 | €2,561 | €2,775 | +€213 | +8.3% |
| Non-recurring operating charges | 66A | €619 | €630 | +€11 | +1.8% |
| Gross operating margin | 9900 | €99,104 | €111,730 | +€12,626 | +12.7% |
| Operating profit (loss) | 9901 | €73,318 | €82,552 | +€9,234 | +12.6% |
| Financial income | 75/76B | - | €43 | +€43 | |
| Recurring financial income | 75 | - | €43 | +€43 | |
| Financial charges | 65/66B | €4,643 | €3,572 | -€1,071 | -23.1% |
| Recurring financial charges | 65 | €4,643 | €3,572 | -€1,071 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €68,674 | €79,022 | +€10,348 | +15.1% |
| Income taxes | 67/77 | €18,814 | €25,806 | +€6,992 | +37.2% |
| Profit (loss) for the period | 9904 | €49,860 | €53,216 | +€3,356 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €49,860 | €53,216 | +€3,356 | +6.7% |
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 1 November 2026 via checked.be.