WAVE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 15 filings
Turnover
€465,620
EBIT margin
7.2%
Net result
€69,708▲ 87.4%
2024 · €37,200
Working capital
€89,268
2024 · -€2,697
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€81,475
▲ 148%
2025
20192025
Net result
€69,708
▲ 87.4%
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€146,103
▲ 91.2%
2025
middle half of the sector
20192025
Total assets
€303,399
▲ 18.4%
2025
lowest quarter of the sector
20192025
Debt
€157,296
▼ 12.5%
2025
20192025
Working capital
€89,268
2025
middle half of the sector
20192025
Solvency
48.2%
▲ 18.3pp
2025
middle half of the sector
20192025
Current ratio
1.83
▲ 0.85
2025
middle half of the sector
20192025
Return on assets (ROA)
23.0%
▲ 8.5pp
2025
highest quarter of the sector
20192025
Staff (FTE)
3.1
▼ 22.5%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€465,620
Operating result€49,500-€33,640▼ 32.0%€54,576▲ 62.2%€18,294▼ 66.5%-€125,790€32,885€81,475▲ 148%
Net result€33,671-€29,271above the sector's middle half▼ 13.1%€47,565above the sector's middle half▲ 62.5%€11,619within the sector's middle half▼ 75.6%-€116,046below the sector's middle half€37,200within the sector's middle half€69,708within the sector's middle half▲ 87.4%
EBIT margin7.2%
Equity€66,786-€96,056within the sector's middle half▲ 43.8%€143,621above the sector's middle half▲ 49.5%€155,241above the sector's middle half▲ 8.1%€39,195below the sector's middle half▼ 74.8%€76,395below the sector's middle half▲ 94.9%€146,103within the sector's middle half▲ 91.2%
Total assets€129,524-€130,103within the sector's middle half▲ 0.4%€210,119within the sector's middle half▲ 61.5%€221,032within the sector's middle half▲ 5.2%€207,938below the sector's middle half▼ 5.9%€256,263below the sector's middle half▲ 23.2%€303,399below the sector's middle half▲ 18.4%
Debt€62,739-€34,047▼ 45.7%€66,497▲ 95.3%€65,791▼ 1.1%€168,743▲ 156%€179,868▲ 6.6%€157,296▼ 12.5%
Working capital€58,116-€36,485within the sector's middle half▼ 37.2%€36,076within the sector's middle half▼ 1.1%€61,567within the sector's middle half▲ 70.7%-€21,863below the sector's middle half-€2,697below the sector's middle half▲ 87.7%€89,268within the sector's middle half
Solvency51.6%-73.8%above the sector's middle half▲ 22.3pp68.4%above the sector's middle half▼ 5.5pp70.2%above the sector's middle half▲ 1.9pp18.8%within the sector's middle half▼ 51.4pp29.8%within the sector's middle half▲ 11.0pp48.2%within the sector's middle half▲ 18.3pp
Current ratio1.93-2.77above the sector's middle half▲ 0.841.54within the sector's middle half▼ 1.221.94within the sector's middle half▲ 0.390.79below the sector's middle half▼ 1.150.98below the sector's middle half▲ 0.191.83within the sector's middle half▲ 0.85
Return on assets (ROA)26.0%-22.5%above the sector's middle half▼ 3.5pp22.6%above the sector's middle half▲ 0.1pp5.3%within the sector's middle half▼ 17.4pp-55.8%below the sector's middle half▼ 61.1pp14.5%above the sector's middle half▲ 70.3pp23.0%above the sector's middle half▲ 8.5pp
Staff (FTE)3.1within the sector's middle half4within the sector's middle half▲ 29.0%3.1within the sector's middle half▼ 22.5%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 148% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €303,399
Fixed assets
€106,049 ▼ 16.6%
Current assets
€197,351 ▲ 52.9%
Equity and liabilities €303,399
Equity
€146,103 ▲ 91.2%
Debt
€157,296 ▼ 12.5%
Debt's share of the balance-sheet total falls from 70.2% to 51.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€98,010▲
2024 · €48,739
Cash flow
€86,244▲
2024 · €53,054
Quick ratio
1.67▲
2024 · 0.86
Debt to equity
1.08▼
2024 · 2.35
ROE
47.7%▼
2024 · 48.7%
Interest coverage
14.33▼
2024 · 80.30
Debt ≤ 1 year
€108,082▼
2024 · €131,806
Debt > 1 year
€40,000=
2024 · €40,000
Income taxes
€7,691▲
2024 · €0
Staff costs
€101,670▼
2024 · €126,593
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 5 | 6 | 4 |
| full-time | 4 | 5 | 4 |
| part-time | 1 | 1 | 0 |
| in full-time equivalents | 4.5 | 5.2 | 4 |
| Average over the year, in full-time equivalents | 3.1 | 4 | 3.1 |
| On a permanent contract | 3 | 3 | 2 |
| Joined | 5 | - | 6 |
| Left | 4 | - | 8 |
| Training hours | - | - | 0 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €54,453 | €328 | €47,607 | €16,909 | €15,481 |
| Financial fixed assets | - | €7,500 | €25 | €27 | €0 |
| Depreciation and write-downs of the year | €19,864 | €21,600 | €15,021 | €15,854 | €16,536 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 2 entries · €9,000 awarded · €9,000 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €465,620 | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | €17,179 | €40,617 | €98,405 | €126,593 | €101,670 | ▼ 19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,466 | €19,412 | €19,864 | €21,600 | €15,021 | €15,854 | €16,536 | ▲ 4.3% |
| Other operating charges640/8 | - | - | €5,474 | €13,776 | €8,365 | €4,137 | €3,074 | ▼ 25.7% |
| Non-recurring operating charges66A | - | - | - | - | €213 | €0 | - | - |
| Gross operating margin9900 | €56,693 | €57,760 | €97,092 | €94,287 | -€3,785 | €179,469 | €202,754 | ▲ 13.0% |
| Operating profit (loss)9901 | €49,500 | €33,640 | €54,576 | €18,294 | -€125,790 | €32,885 | €81,475 | ▲ 148% |
| Financial income75/76B | - | - | €980 | €345 | €7,753 | €4,922 | €2,766 | ▼ 43.8% |
| Recurring financial income75 | €5 | €26 | €980 | €345 | €7,753 | €4,922 | €2,766 | ▼ 43.8% |
| Financial charges65/66B | - | - | €1,753 | €977 | €935 | €607 | €6,842 | ▲ 11× |
| Recurring financial charges65 | €1,817 | €1,468 | €1,753 | €977 | €935 | €607 | €6,842 | ▲ 11× |
| Profit (loss) for the period before taxes9903 | €47,687 | €32,198 | €53,804 | €17,662 | -€118,973 | €37,200 | €77,399 | ▲ 108% |
| Income taxes67/77 | €14,016 | €2,927 | €6,239 | €6,043 | -€2,927 | €0 | €7,691 | - |
| Profit (loss) for the period9904 | €33,671 | €29,271 | €47,565 | €11,619 | -€116,046 | €37,200 | €69,708 | ▲ 87.4% |
| Profit (loss) for the period to be appropriated9905 | €33,671 | €29,271 | €47,565 | €11,619 | -€116,046 | €37,200 | €69,708 | ▲ 87.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €129,524 | €130,103 | €210,119 | €221,032 | €207,938 | €256,263 | €303,399 | ▲ 18.4% |
| Fixed assets21/28 | €8,670 | €72,957 | €107,546 | €93,673 | €126,071 | €127,154 | €106,049 | ▼ 16.6% |
| Tangible fixed assets22/27 | €8,520 | €52,807 | €87,396 | €66,123 | €98,496 | €99,551 | €98,497 | ▼ 1.1% |
| Plant, machinery and equipment23 | - | - | €9,497 | €5,684 | €1,950 | €1,399 | €2,216 | ▲ 58.3% |
| Furniture and vehicles24 | - | - | €19,662 | €8,605 | €6,039 | €18,799 | €15,534 | ▼ 17.4% |
| Other tangible fixed assets26 | - | - | €58,237 | €51,834 | €90,507 | €79,353 | €80,747 | ▲ 1.8% |
| Financial fixed assets28 | €150 | €20,150 | €20,150 | €27,550 | €27,575 | €27,602 | €7,552 | ▼ 72.6% |
| Current assets29/58 | €120,854 | €57,147 | €102,573 | €127,358 | €81,867 | €129,110 | €197,351 | ▲ 52.9% |
| Stocks and contracts in progress3 | €21,157 | €9,230 | €16,251 | €19,866 | €18,852 | €15,998 | €17,351 | ▲ 8.5% |
| Stocks30/36 | - | - | €16,251 | €19,866 | €18,852 | €15,998 | €17,351 | ▲ 8.5% |
| Amounts receivable within one year40/41 | €32 | €7,579 | €9,389 | €8,096 | €0 | - | €10,799 | - |
| Trade receivables40 | - | - | €5,499 | €8,096 | €0 | - | €10,799 | - |
| Other amounts receivable41 | - | - | €3,891 | €0 | - | - | - | - |
| Current investments50/53 | - | - | - | - | - | - | €15,255 | - |
| Cash at bank and in hand54/58 | €99,386 | €40,338 | €59,329 | €99,397 | €60,038 | €110,366 | €150,667 | ▲ 36.5% |
| Deferred charges and accrued income490/1 | - | - | €17,604 | €0 | €2,978 | €2,746 | €3,279 | ▲ 19.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €129,524 | €130,103 | €210,119 | €221,032 | €207,938 | €256,263 | €303,399 | ▲ 18.4% |
| Equity10/15 | €66,786 | €96,056 | €143,621 | €155,241 | €39,195 | €76,395 | €146,103 | ▲ 91.2% |
| Contributions10/11 | €12,000 | - | €13,860 | €13,860 | €12,000 | €12,000 | €12,000 | = |
| Reserves13 | €54,751 | €82,162 | €129,727 | €141,346 | €141,226 | €141,226 | €141,226 | = |
| Non-distributable reserves130/1 | - | - | - | - | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €0 | - | - | - |
| Distributable reserves133 | - | - | €129,727 | €141,346 | €141,226 | €141,226 | €141,226 | = |
| Profit (loss) carried forward14 | €35 | €35 | €35 | €35 | -€114,031 | -€76,831 | -€7,123 | ▲ 90.7% |
| Amounts payable17/49 | €62,739 | €34,047 | €66,497 | €65,791 | €168,743 | €179,868 | €157,296 | ▼ 12.5% |
| Amounts payable after more than one year17 | - | €13,386 | - | - | €40,000 | €40,000 | €40,000 | = |
| Other amounts payable178/9 | - | - | - | - | €40,000 | €40,000 | €40,000 | = |
| Amounts payable within one year42/48 | €62,739 | €20,661 | €66,497 | €65,791 | €103,730 | €131,806 | €108,082 | ▼ 18.0% |
| Current portion of amounts payable after more than one year42 | - | - | €6,178 | €0 | - | - | - | - |
| Trade debts44 | €2,064 | €17,330 | €13,324 | €57 | €53,124 | €53,786 | €20,310 | ▼ 62.2% |
| Suppliers440/4 | - | - | €13,324 | €57 | €53,124 | €53,786 | €20,310 | ▼ 62.2% |
| Taxes, remuneration and social security45 | - | - | €46,995 | €55,734 | €48,188 | €70,184 | €74,062 | ▲ 5.5% |
| Taxes450/3 | - | - | €44,242 | €49,280 | €21,481 | €39,850 | €54,841 | ▲ 37.6% |
| Remuneration and social security454/9 | - | - | €2,753 | €6,454 | €26,707 | €30,334 | €19,220 | ▼ 36.6% |
| Other amounts payable47/48 | - | - | - | €10,000 | €2,418 | €7,837 | €13,711 | ▲ 75.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | €25,013 | €8,062 | €9,214 | ▲ 14.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33,671 | €29,271 | €47,565 | €11,619 | -€116,046 | €37,200 | €69,708 | ▲ 87.4% |
| + Depreciation and write-downs630 | €3,466 | €19,412 | €19,864 | €21,600 | €15,021 | €15,854 | €16,536 | ▲ 4.3% |
| Operating cash flow (approximation) | €37,137 | €48,683 | €67,429 | €33,219 | -€101,025 | €53,054 | €86,244 | ▲ 62.6% |
| Investment in fixed assets (approximation) | - | -€83,699 | -€54,453 | -€7,728 | -€47,419 | -€16,936 | €4,569 | - |
| Change in cash | - | -€59,048 | €18,991 | €40,068 | -€39,360 | €50,329 | €40,301 | ▼ 19.9% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 34,693 companies had the same profile as WAVE has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of WAVE itself: 0.3% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 34,693 companies, not a prediction for WAVE. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-06-2026 | 2026-00227387 | |
| 31-12-2024 | abbreviated format | 28-08-2025 | 2025-00442659 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00435358 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00385051 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20371428 | |
| 31-12-2020 | micro format | 24-09-2021 | 2021-68100447 | |
| 30-09-2019 | micro format | 30-04-2020 | 2020-10400112 | |
| 30-09-2018 | micro format | 05-04-2019 | 2019-09600387 | |
| 30-09-2017 | micro format | 20-04-2018 | 2018-10400095 | |
| 30-09-2016 | abbreviated format | 31-03-2017 | 2017-09000399 |