3rd Wave: 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.
3rd Wave
Largest movements
- Tangible fixed assets +€257,533
up €257,533, from €0 to €257,533
of which Land and buildings: +€251,699
- Receivables after one year +€57,000
new in 2025: €57,000
- Cash +€31,363
up €31,363 (+17.0%), from €184,349 to €215,712
mainly Debts after one year (+€181,066) and Net result for the year (+€92,491)
- Intangible fixed assets -€30,000
down €30,000 (-25.0%), from €119,918 to €89,918
- Receivables within one year -€14,664
down €14,664 (-42.1%), from €34,871 to €20,207
of which Trade receivables: -€16,760
- Debts after one year +€181,066
new in 2025: €181,066
- Profit (loss) carried forward +€92,491
up €92,491 (+35.3%), from €261,879 to €354,370
- Current portion of long-term debt +€17,662
new in 2025: €17,662
- Other debts +€10,351
up €10,351 (+488%), from €2,120 to €12,472
- Other operating charges +€31,932
up €31,932 (+4,856%), from €658 to €32,589
- Gross operating margin +€25,946
up €25,946 (+17.8%), from €145,597 to €171,543
- Depreciation +€7,425
up €7,425 (+24.7%), from €30,082 to €37,508
- Financial charges +€4,723
up €4,723 (+87.8%), from €5,376 to €10,099
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 | €339,138 | €640,370 | +€301,231 | +88.8% |
| Fixed assets | 21/28 | €119,918 | €347,451 | +€227,533 | +190% |
| Intangible fixed assets | 21 | €119,918 | €89,918 | -€30,000 | -25.0% |
| Tangible fixed assets | 22/27 | €0 | €257,533 | +€257,533 | |
| Land and buildings | 22 | - | €251,699 | +€251,699 | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €5,833 | +€5,833 | |
| Current assets | 29/58 | €219,221 | €292,919 | +€73,699 | +33.6% |
| Amounts receivable after more than one year | 29 | - | €57,000 | +€57,000 | |
| Other amounts receivable | 291 | - | €57,000 | +€57,000 | |
| Amounts receivable within one year | 40/41 | €34,871 | €20,207 | -€14,664 | -42.1% |
| Trade receivables | 40 | €23,760 | €7,000 | -€16,760 | -70.5% |
| Other amounts receivable | 41 | €11,111 | €13,207 | +€2,096 | +18.9% |
| Cash at bank and in hand | 54/58 | €184,349 | €215,712 | +€31,363 | +17.0% |
| Total equity and liabilities | 10/49 | €339,138 | €640,370 | +€301,231 | +88.8% |
| Equity | 10/15 | €323,931 | €416,422 | +€92,491 | +28.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €52 | €52 | = | 0.0% |
| Distributable reserves | 133 | €52 | €52 | = | 0.0% |
| Profit (loss) carried forward | 14 | €261,879 | €354,370 | +€92,491 | +35.3% |
| Amounts payable | 17/49 | €15,207 | €223,948 | +€208,741 | +1,373% |
| Amounts payable after more than one year | 17 | - | €181,066 | +€181,066 | |
| Financial debts | 170/4 | - | €181,066 | +€181,066 | |
| Amounts payable within one year | 42/48 | €15,207 | €42,882 | +€27,675 | +182% |
| Current portion of amounts payable after more than one year | 42 | - | €17,662 | +€17,662 | |
| Trade debts | 44 | €3,617 | €232 | -€3,386 | -93.6% |
| Suppliers | 440/4 | €3,617 | €232 | -€3,386 | -93.6% |
| Taxes, remuneration and social security | 45 | €9,469 | €12,517 | +€3,047 | +32.2% |
| Taxes | 450/3 | €9,469 | €12,517 | +€3,047 | +32.2% |
| Other amounts payable | 47/48 | €2,120 | €12,472 | +€10,351 | +488% |
| Remuneration, social security and pensions | 62 | €466 | €152 | -€315 | -67.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,082 | €37,508 | +€7,425 | +24.7% |
| Other operating charges | 640/8 | €658 | €32,589 | +€31,932 | +4,856% |
| Gross operating margin | 9900 | €145,597 | €171,543 | +€25,946 | +17.8% |
| Operating profit (loss) | 9901 | €114,391 | €101,295 | -€13,096 | -11.4% |
| Financial income | 75/76B | €300 | €1,516 | +€1,216 | +405% |
| Recurring financial income | 75 | €300 | €1,516 | +€1,216 | +405% |
| Financial charges | 65/66B | €5,376 | €10,099 | +€4,723 | +87.8% |
| Recurring financial charges | 65 | €5,376 | €10,099 | +€4,723 | +87.8% |
| Profit (loss) for the period before taxes | 9903 | €109,315 | €92,711 | -€16,603 | -15.2% |
| Income taxes | 67/77 | €68 | €221 | +€153 | +225% |
| Profit (loss) for the period | 9904 | €109,247 | €92,491 | -€16,756 | -15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €109,247 | €92,491 | -€16,756 | -15.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.