What changed?
Two fiscal 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.
WESTHOEK
Largest movements
- Stocks and contracts +€1.4m
up €1.4m (+28.0%), from €4.9m to €6.3m
of which Contracts in progress: +€1.4m
- Cash -€256,292
down €256,292 (-83.5%), from €306,926 to €50,634
mainly Stocks and contracts (-€1.4m) and Receivables within one year (-€187,645)
- Receivables within one year +€187,645
up €187,645 (+5.5%), from €3.4m to €3.6m
of which Trade receivables: +€321,764
- Other debts +€946,766
up €946,766 (+25.2%), from €3.8m to €4.7m
- Trade debts +€203,757
up €203,757 (+95.5%), from €213,386 to €417,143
- Short-term financial debts +€175,000
new in 2025: €175,000
- Financial charges +€32,151
up €32,151 (+76.8%), from €41,864 to €74,015
- Financial income +€12,430
up €12,430 (+15537450.0%), from €0 to €12,430
- Staff costs +€10,229
up €10,229 (+8.2%), from €124,898 to €135,127
- Gross operating margin -€8,046
down €8,046 (-2.7%), from €298,803 to €290,757
- Depreciation +€6,469
up €6,469 (+23.0%), from €28,069 to €34,538
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 | €8,797,558 | €10,068,449 | +€1.3m | +14.4% |
| Fixed assets | 21/28 | €140,551 | €107,883 | -€32,668 | -23.2% |
| Tangible fixed assets | 22/27 | €125,116 | €90,578 | -€34,538 | -27.6% |
| Plant, machinery and equipment | 23 | €2,073 | €356 | -€1,717 | -82.8% |
| Furniture and vehicles | 24 | €76,105 | €55,513 | -€20,592 | -27.1% |
| Other tangible fixed assets | 26 | €46,939 | €34,710 | -€12,230 | -26.1% |
| Financial fixed assets | 28 | €15,435 | €17,305 | +€1,870 | +12.1% |
| Current assets | 29/58 | €8,657,006 | €9,960,566 | +€1.3m | +15.1% |
| Stocks and contracts in progress | 3 | €4,908,547 | €6,283,465 | +€1.4m | +28.0% |
| Stocks | 30/36 | €189,500 | €178,500 | -€11,000 | -5.8% |
| Contracts in progress | 37 | €4,719,047 | €6,104,965 | +€1.4m | +29.4% |
| Amounts receivable within one year | 40/41 | €3,433,788 | €3,621,433 | +€187,645 | +5.5% |
| Trade receivables | 40 | €47,673 | €369,436 | +€321,764 | +674.9% |
| Other amounts receivable | 41 | €3,386,116 | €3,251,997 | -€134,119 | -4.0% |
| Cash at bank and in hand | 54/58 | €306,926 | €50,634 | -€256,292 | -83.5% |
| Deferred charges and accrued income | 490/1 | €7,745 | €5,033 | -€2,712 | -35.0% |
| Total equity and liabilities | 10/49 | €8,797,558 | €10,068,449 | +€1.3m | +14.4% |
| Equity | 10/15 | €4,726,757 | €4,759,671 | +€32,913 | +0.7% |
| Contributions | 10/11 | €655,600 | €655,600 | = | 0.0% |
| Capital | 10 | €655,600 | €655,600 | = | 0.0% |
| Issued capital | 100 | €655,600 | €655,600 | = | 0.0% |
| Reserves | 13 | €1,942,720 | €1,959,098 | +€16,378 | +0.8% |
| Non-distributable reserves | 130/1 | €65,560 | €65,560 | = | 0.0% |
| Legal reserve | 130 | €65,560 | €65,560 | = | 0.0% |
| Tax-exempt reserves | 132 | €393,160 | €409,538 | +€16,378 | +4.2% |
| Distributable reserves | 133 | €1,484,000 | €1,484,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,128,437 | €2,144,972 | +€16,535 | +0.8% |
| Provisions and deferred taxes | 16 | €93,740 | - | -€93,740 | |
| Provisions for liabilities and charges | 160/5 | €93,740 | - | -€93,740 | |
| Environmental obligations | 163 | €93,740 | - | -€93,740 | |
| Amounts payable | 17/49 | €3,977,060 | €5,308,778 | +€1.3m | +33.5% |
| Amounts payable within one year | 42/48 | €3,977,060 | €5,308,778 | +€1.3m | +33.5% |
| Financial debts | 43 | - | €175,000 | +€175,000 | |
| Credit institutions | 430/8 | - | €175,000 | +€175,000 | |
| Trade debts | 44 | €213,386 | €417,143 | +€203,757 | +95.5% |
| Suppliers | 440/4 | €213,386 | €417,143 | +€203,757 | +95.5% |
| Taxes, remuneration and social security | 45 | €7,504 | €13,698 | +€6,194 | +82.6% |
| Remuneration and social security | 454/9 | €7,504 | €13,698 | +€6,194 | +82.6% |
| Other amounts payable | 47/48 | €3,756,171 | €4,702,937 | +€946,766 | +25.2% |
| Non-recurring operating income | 76A | - | €93,740 | +€93,740 | |
| Remuneration, social security and pensions | 62 | €124,898 | €135,127 | +€10,229 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,069 | €34,538 | +€6,469 | +23.0% |
| Other operating charges | 640/8 | €1,920 | €1,838 | -€81 | -4.2% |
| Gross operating margin | 9900 | €298,803 | €290,757 | -€8,046 | -2.7% |
| Operating profit (loss) | 9901 | €143,916 | €119,253 | -€24,663 | -17.1% |
| Financial income | 75/76B | €0 | €12,430 | +€12,430 | +15537450.0% |
| Recurring financial income | 75 | €0 | €12,430 | +€12,430 | +15537450.0% |
| Financial charges | 65/66B | €41,864 | €74,015 | +€32,151 | +76.8% |
| Recurring financial charges | 65 | €41,864 | €74,015 | +€32,151 | +76.8% |
| Profit (loss) for the period before taxes | 9903 | €102,052 | €57,668 | -€44,384 | -43.5% |
| Income taxes | 67/77 | €30,057 | €24,754 | -€5,302 | -17.6% |
| Profit (loss) for the period | 9904 | €71,995 | €32,913 | -€39,082 | -54.3% |
| Transfer to tax-exempt reserves | 689 | €35,781 | €16,378 | -€19,402 | -54.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,215 | €16,535 | -€19,680 | -54.3% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.