WVTH-PROJECT: 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.
WVTH-PROJECT
Largest movements
- Cash -€97,757
down €97,757 (-61.3%), from €159,588 to €61,830
mainly Advances received (-€77,774) and Trade debts (-€72,443)
- Receivables within one year -€48,680
down €48,680 (-12.5%), from €388,950 to €340,270
of which Other amounts receivable: -€48,868
- Stocks and contracts -€23,385
down €23,385 (-48.4%), from €48,354 to €24,969
- Advances received -€77,774
down €77,774 (-85.8%), from €90,595 to €12,821
- Trade debts -€72,443
down €72,443 (-23.8%), from €304,021 to €231,578
- Accrued charges and deferred income -€30,908
down €30,908 (-100.0%), from €30,908 to €0
- Other debts +€10,000
up €10,000 (+22.2%), from €45,000 to €55,000
- Financial charges -€13,827
down €13,827 (-45.2%), from €30,559 to €16,732
- Gross operating margin -€10,907
down €10,907 (-27.7%), from €39,418 to €28,511
- Other operating charges +€3,928
up €3,928 (+55.4%), from €7,087 to €11,015
- Financial income -€1,948
down €1,948 (-69.2%), from €2,813 to €865
- Taxes -€815
down €815 (-65.2%), from €1,249 to €435
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.
Cash bridge derived
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 | €597,936 | €427,191 | -€170,745 | -28.6% |
| Current assets | 29/58 | €597,936 | €427,191 | -€170,745 | -28.6% |
| Stocks and contracts in progress | 3 | €48,354 | €24,969 | -€23,385 | -48.4% |
| Contracts in progress | 37 | €48,354 | €24,969 | -€23,385 | -48.4% |
| Amounts receivable within one year | 40/41 | €388,950 | €340,270 | -€48,680 | -12.5% |
| Trade receivables | 40 | €322,620 | €322,808 | +€188 | +0.1% |
| Other amounts receivable | 41 | €66,330 | €17,462 | -€48,868 | -73.7% |
| Cash at bank and in hand | 54/58 | €159,588 | €61,830 | -€97,757 | -61.3% |
| Deferred charges and accrued income | 490/1 | €1,045 | €122 | -€923 | -88.4% |
| Total equity and liabilities | 10/49 | €597,936 | €427,191 | -€170,745 | -28.6% |
| Equity | 10/15 | €91,162 | €92,357 | +€1,194 | +1.3% |
| Contributions | 10/11 | €62,395 | €62,395 | = | 0.0% |
| Reserves | 13 | €28,767 | €29,962 | +€1,194 | +4.2% |
| Distributable reserves | 133 | €28,767 | €29,962 | +€1,194 | +4.2% |
| Amounts payable | 17/49 | €506,773 | €334,834 | -€171,940 | -33.9% |
| Amounts payable after more than one year | 17 | €35,000 | €35,000 | = | 0.0% |
| Financial debts | 170/4 | €35,000 | €35,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €440,865 | €299,834 | -€141,031 | -32.0% |
| Trade debts | 44 | €304,021 | €231,578 | -€72,443 | -23.8% |
| Suppliers | 440/4 | €304,021 | €231,578 | -€72,443 | -23.8% |
| Advances received on contracts in progress | 46 | €90,595 | €12,821 | -€77,774 | -85.8% |
| Taxes, remuneration and social security | 45 | €1,249 | €435 | -€815 | -65.2% |
| Taxes | 450/3 | €1,249 | €435 | -€815 | -65.2% |
| Other amounts payable | 47/48 | €45,000 | €55,000 | +€10,000 | +22.2% |
| Accrued charges and deferred income | 492/3 | €30,908 | €0 | -€30,908 | -100.0% |
| Other operating charges | 640/8 | €7,087 | €11,015 | +€3,928 | +55.4% |
| Gross operating margin | 9900 | €39,418 | €28,511 | -€10,907 | -27.7% |
| Operating profit (loss) | 9901 | €32,330 | €17,496 | -€14,835 | -45.9% |
| Financial income | 75/76B | €2,813 | €865 | -€1,948 | -69.2% |
| Recurring financial income | 75 | €2,813 | €865 | -€1,948 | -69.2% |
| Financial charges | 65/66B | €30,559 | €16,732 | -€13,827 | -45.2% |
| Recurring financial charges | 65 | €30,559 | €16,732 | -€13,827 | -45.2% |
| Profit (loss) for the period before taxes | 9903 | €4,584 | €1,629 | -€2,955 | -64.5% |
| Income taxes | 67/77 | €1,249 | €435 | -€815 | -65.2% |
| Profit (loss) for the period | 9904 | €3,335 | €1,194 | -€2,141 | -64.2% |
| Profit (loss) for the period to be appropriated | 9905 | €3,335 | €1,194 | -€2,141 | -64.2% |
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 10 October 2026 via checked.be.