BART WAEGEBAERT: 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.
What changed
BART WAEGEBAERT
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€144,792
2024 · €320,708-€175,916
Equity
€1.1m
2024 · €1.1m-€31,718
Cash
€55,432
2024 · €63,300-€7,868
Balance sheet total
€1.4m
2024 · €1.4m+€583
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Other debts +€177,359
up €177,359 (+37,742%), from €470 to €177,829
- Short-term financial debts -€62,477
down €62,477 (-51.0%), from €122,500 to €60,023
- Tax, wage and social debts -€55,343
down €55,343 (-56.0%), from €98,817 to €43,474
of which Taxes: -€56,907
- Reserves -€31,718
down €31,718 (-2.9%), from €1.1m to €1.0m
of which Non-distributable reserves: -€31,718
- Debts after one year -€18,176
down €18,176 (-33.5%), from €54,176 to €36,000
Income statement
- Gross operating margin -€290,634
down €290,634 (-55.4%), from €524,193 to €233,559
- Taxes -€103,323
down €103,323 (-60.1%), from €171,874 to €68,551
- Financial income +€7,345
up €7,345 (+43.1%), from €17,028 to €24,373
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.
Result 2024
€320,708
Gross operating margin
-€290,634
Depreciation
+€2,085
Other operating charges
+€1,881
Other operating items
-€471
Financial income
+€7,345
Financial charges
+€555
Taxes
+€103,323
Result 2025
€144,792
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€305,671
Investment
-€48,870
Financing
-€264,669
Cash 2024
€63,300
From operations (derived)
+€305,671
Net result for the year
+€144,792
Depreciation
+€35,466
Receivables within one year
+€7,261
Deferred charges and accrued income
-€2,308
Trade debts
-€1,557
Tax, wage and social debts
-€55,343
Other debts
+€177,359
Investment (derived)
-€48,870
Investment in fixed assets (net)
-€48,870
Financing
-€264,669
Debts after one year
-€18,176
Current portion of long-term debt
-€7,505
Short-term financial debts
-€62,477
Contributions, distributions and other
-€176,510
Cash 2025
€55,432
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,411,520 | €1,412,103 | +€583 | 0.0% |
| Fixed assets | 21/28 | €647,998 | €661,403 | +€13,405 | +2.1% |
| Tangible fixed assets | 22/27 | €641,798 | €655,203 | +€13,405 | +2.1% |
| Land and buildings | 22 | €622,937 | €649,556 | +€26,619 | +4.3% |
| Plant, machinery and equipment | 23 | €2,348 | €1,245 | -€1,104 | -47.0% |
| Furniture and vehicles | 24 | €16,513 | €4,402 | -€12,111 | -73.3% |
| Financial fixed assets | 28 | €6,200 | €6,200 | = | 0.0% |
| Current assets | 29/58 | €763,522 | €750,700 | -€12,822 | -1.7% |
| Amounts receivable after more than one year | 29 | €164,000 | €164,000 | = | 0.0% |
| Other amounts receivable | 291 | €164,000 | €164,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €515,313 | €508,052 | -€7,261 | -1.4% |
| Trade receivables | 40 | €165,417 | €60,349 | -€105,068 | -63.5% |
| Other amounts receivable | 41 | €349,896 | €447,703 | +€97,807 | +28.0% |
| Cash at bank and in hand | 54/58 | €63,300 | €55,432 | -€7,868 | -12.4% |
| Deferred charges and accrued income | 490/1 | €20,909 | €23,217 | +€2,308 | +11.0% |
| Total equity and liabilities | 10/49 | €1,411,520 | €1,412,103 | +€583 | 0.0% |
| Equity | 10/15 | €1,097,921 | €1,066,203 | -€31,718 | -2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,079,321 | €1,047,603 | -€31,718 | -2.9% |
| Non-distributable reserves | 130/1 | €617,603 | €585,885 | -€31,718 | -5.1% |
| Other | 1319 | €617,603 | €585,885 | -€31,718 | -5.1% |
| Tax-exempt reserves | 132 | €223 | €223 | = | 0.0% |
| Distributable reserves | 133 | €461,495 | €461,495 | = | 0.0% |
| Amounts payable | 17/49 | €313,599 | €345,899 | +€32,301 | +10.3% |
| Amounts payable after more than one year | 17 | €54,176 | €36,000 | -€18,176 | -33.5% |
| Financial debts | 170/4 | €54,176 | €36,000 | -€18,176 | -33.5% |
| Amounts payable within one year | 42/48 | €259,423 | €309,900 | +€50,477 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | €25,681 | €18,176 | -€7,505 | -29.2% |
| Financial debts | 43 | €122,500 | €60,023 | -€62,477 | -51.0% |
| Credit institutions | 430/8 | €122,500 | €60,023 | -€62,477 | -51.0% |
| Trade debts | 44 | €11,955 | €10,398 | -€1,557 | -13.0% |
| Suppliers | 440/4 | €11,955 | €10,398 | -€1,557 | -13.0% |
| Taxes, remuneration and social security | 45 | €98,817 | €43,474 | -€55,343 | -56.0% |
| Taxes | 450/3 | €98,011 | €41,104 | -€56,907 | -58.1% |
| Remuneration and social security | 454/9 | €806 | €2,370 | +€1,564 | +194% |
| Other amounts payable | 47/48 | €470 | €177,829 | +€177,359 | +37,742% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,551 | €35,466 | -€2,085 | -5.6% |
| Other operating charges | 640/8 | €5,427 | €3,546 | -€1,881 | -34.7% |
| Non-recurring operating charges | 66A | €563 | €1,035 | +€471 | +83.6% |
| Gross operating margin | 9900 | €524,193 | €233,559 | -€290,634 | -55.4% |
| Operating profit (loss) | 9901 | €480,653 | €193,513 | -€287,140 | -59.7% |
| Financial income | 75/76B | €17,028 | €24,373 | +€7,345 | +43.1% |
| Recurring financial income | 75 | €17,028 | €24,373 | +€7,345 | +43.1% |
| Financial charges | 65/66B | €5,098 | €4,543 | -€555 | -10.9% |
| Recurring financial charges | 65 | €5,098 | €4,543 | -€555 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €492,582 | €213,343 | -€279,240 | -56.7% |
| Income taxes | 67/77 | €171,874 | €68,551 | -€103,323 | -60.1% |
| Profit (loss) for the period | 9904 | €320,708 | €144,792 | -€175,916 | -54.9% |
| Profit (loss) for the period to be appropriated | 9905 | €320,708 | €144,792 | -€175,916 | -54.9% |
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 13 October 2026 via checked.be.