ASSURANCES DE WATERLOO: 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.
ASSURANCES DE WATERLOO
Largest movements
- Intangible fixed assets -€88,968
down €88,968 (-17.1%), from €521,279 to €432,311
- Financial fixed assets +€55,746
up €55,746 (+637%), from €8,747 to €64,493
- Tangible fixed assets +€32,897
up €32,897 (+53.3%), from €61,734 to €94,630
of which Leasing and similar rights: +€29,127
- Cash +€26,940
up €26,940 (+764%), from €3,527 to €30,467
mainly Depreciation (+€101,996) and Net result for the year (+€68,177)
- Current portion of long-term debt +€37,579
up €37,579 (+44.2%), from €84,948 to €122,527
- Debts after one year -€29,485
down €29,485 (-9.2%), from €319,474 to €289,989
- Accrued charges and deferred income +€27,902
up €27,902 (+53.3%), from €52,394 to €80,296
- Tax, wage and social debts -€11,258
down €11,258 (-22.3%), from €50,542 to €39,285
of which Taxes: -€5,663
- Profit (loss) carried forward +€8,177
up €8,177 (+27.8%), from €29,395 to €37,572
- Gross operating margin -€39,395
down €39,395 (-6.9%), from €570,642 to €531,248
- Staff costs -€29,588
down €29,588 (-8.5%), from €348,483 to €318,895
- Depreciation -€6,142
down €6,142 (-5.7%), from €108,138 to €101,996
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 | €721,457 | €754,266 | +€32,809 | +4.5% |
| Fixed assets | 21/28 | €591,761 | €591,435 | -€326 | -0.1% |
| Intangible fixed assets | 21 | €521,279 | €432,311 | -€88,968 | -17.1% |
| Tangible fixed assets | 22/27 | €61,734 | €94,630 | +€32,897 | +53.3% |
| Plant, machinery and equipment | 23 | €55,611 | €59,380 | +€3,769 | +6.8% |
| Furniture and vehicles | 24 | €6,123 | €6,123 | = | 0.0% |
| Leasing and similar rights | 25 | - | €29,127 | +€29,127 | |
| Financial fixed assets | 28 | €8,747 | €64,493 | +€55,746 | +637% |
| Current assets | 29/58 | €129,697 | €162,832 | +€33,135 | +25.5% |
| Amounts receivable within one year | 40/41 | €126,170 | €132,365 | +€6,195 | +4.9% |
| Trade receivables | 40 | €126,170 | €132,365 | +€6,195 | +4.9% |
| Cash at bank and in hand | 54/58 | €3,527 | €30,467 | +€26,940 | +764% |
| Total equity and liabilities | 10/49 | €721,457 | €754,266 | +€32,809 | +4.5% |
| Equity | 10/15 | €97,595 | €105,772 | +€8,177 | +8.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,395 | €37,572 | +€8,177 | +27.8% |
| Amounts payable | 17/49 | €623,862 | €648,495 | +€24,632 | +3.9% |
| Amounts payable after more than one year | 17 | €319,474 | €289,989 | -€29,485 | -9.2% |
| Financial debts | 170/4 | €319,474 | €289,989 | -€29,485 | -9.2% |
| Amounts payable within one year | 42/48 | €251,995 | €278,210 | +€26,215 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €84,948 | €122,527 | +€37,579 | +44.2% |
| Trade debts | 44 | €18,082 | €20,449 | +€2,367 | +13.1% |
| Suppliers | 440/4 | €18,082 | €20,449 | +€2,367 | +13.1% |
| Taxes, remuneration and social security | 45 | €50,542 | €39,285 | -€11,258 | -22.3% |
| Taxes | 450/3 | €12,985 | €7,323 | -€5,663 | -43.6% |
| Remuneration and social security | 454/9 | €37,557 | €31,962 | -€5,595 | -14.9% |
| Other amounts payable | 47/48 | €98,423 | €95,950 | -€2,473 | -2.5% |
| Accrued charges and deferred income | 492/3 | €52,394 | €80,296 | +€27,902 | +53.3% |
| Remuneration, social security and pensions | 62 | €348,483 | €318,895 | -€29,588 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,138 | €101,996 | -€6,142 | -5.7% |
| Other operating charges | 640/8 | €2,559 | €2,083 | -€476 | -18.6% |
| Gross operating margin | 9900 | €570,642 | €531,248 | -€39,395 | -6.9% |
| Operating profit (loss) | 9901 | €111,462 | €108,273 | -€3,189 | -2.9% |
| Financial income | 75/76B | €0 | €60 | +€60 | |
| Recurring financial income | 75 | €0 | €60 | +€60 | |
| Financial charges | 65/66B | €7,516 | €5,175 | -€2,341 | -31.1% |
| Recurring financial charges | 65 | €7,516 | €5,175 | -€2,341 | -31.1% |
| Profit (loss) for the period before taxes | 9903 | €103,946 | €103,158 | -€787 | -0.8% |
| Income taxes | 67/77 | €29,860 | €34,982 | +€5,121 | +17.2% |
| Profit (loss) for the period | 9904 | €74,085 | €68,177 | -€5,908 | -8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €74,085 | €68,177 | -€5,908 | -8.0% |
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 14 October 2026 via checked.be.