BELGIAN WAFFEL: 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.
BELGIAN WAFFEL
Largest movements
- Cash -€85,434
down €85,434 (-77.4%), from €110,353 to €24,919
mainly Receivables within one year (-€72,600) and Other debts (-€24,092)
- Receivables within one year +€72,600
up €72,600 (+200%), from €36,300 to €108,900
- Intangible fixed assets -€22,500
down €22,500 (-19.9%), from €113,299 to €90,799
- Other debts -€24,092
down €24,092 (-9.7%), from €248,181 to €224,089
- Profit (loss) carried forward -€11,966
down €11,966 (-84.1%), from €14,221 to €2,255
- Depreciation -€5,071
down €5,071 (-18.1%), from €27,984 to €22,913
- Gross operating margin +€1,031
up €1,031 (+10.4%), from €9,916 to €10,947
- Financial charges -€912
no longer reported in 2025 (was €912)
- Staff costs -€387
no longer reported in 2025 (was €387)
- Other operating charges -€372
no longer reported in 2025 (was €372)
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 | €289,025 | €252,915 | -€36,110 | -12.5% |
| Fixed assets | 21/28 | €134,371 | €111,095 | -€23,276 | -17.3% |
| Intangible fixed assets | 21 | €113,299 | €90,799 | -€22,500 | -19.9% |
| Tangible fixed assets | 22/27 | €709 | €296 | -€413 | -58.2% |
| Plant, machinery and equipment | 23 | €532 | €296 | -€235 | -44.3% |
| Furniture and vehicles | 24 | €178 | - | -€178 | |
| Financial fixed assets | 28 | €20,363 | €20,000 | -€363 | -1.8% |
| Current assets | 29/58 | €154,653 | €141,819 | -€12,834 | -8.3% |
| Amounts receivable within one year | 40/41 | €36,300 | €108,900 | +€72,600 | +200% |
| Trade receivables | 40 | €36,300 | €108,900 | +€72,600 | +200% |
| Cash at bank and in hand | 54/58 | €110,353 | €24,919 | -€85,434 | -77.4% |
| Deferred charges and accrued income | 490/1 | €8,000 | €8,000 | = | 0.0% |
| Total equity and liabilities | 10/49 | €289,025 | €252,915 | -€36,110 | -12.5% |
| Equity | 10/15 | €34,221 | €22,255 | -€11,966 | -35.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Contributions outside capital | 11 | €20,000 | €20,000 | = | 0.0% |
| Other | 1109/19 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,221 | €2,255 | -€11,966 | -84.1% |
| Amounts payable | 17/49 | €254,804 | €230,660 | -€24,144 | -9.5% |
| Amounts payable within one year | 42/48 | €254,804 | €230,660 | -€24,144 | -9.5% |
| Trade debts | 44 | €528 | €201 | -€327 | -61.9% |
| Suppliers | 440/4 | €528 | €201 | -€327 | -61.9% |
| Taxes, remuneration and social security | 45 | €6,095 | €6,369 | +€274 | +4.5% |
| Taxes | 450/3 | €6,095 | €6,369 | +€274 | +4.5% |
| Other amounts payable | 47/48 | €248,181 | €224,089 | -€24,092 | -9.7% |
| Remuneration, social security and pensions | 62 | €387 | - | -€387 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,984 | €22,913 | -€5,071 | -18.1% |
| Other operating charges | 640/8 | €372 | - | -€372 | |
| Gross operating margin | 9900 | €9,916 | €10,947 | +€1,031 | +10.4% |
| Operating profit (loss) | 9901 | -€18,827 | -€11,966 | +€6,861 | +36.4% |
| Financial charges | 65/66B | €912 | - | -€912 | |
| Recurring financial charges | 65 | €912 | - | -€912 | |
| Profit (loss) for the period before taxes | 9903 | -€19,739 | -€11,966 | +€7,773 | +39.4% |
| Profit (loss) for the period | 9904 | -€19,739 | -€11,966 | +€7,773 | +39.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,739 | -€11,966 | +€7,773 | +39.4% |
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 23 October 2026 via checked.be.