BELGIAN WAFFLES NUMBER ONE: 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 WAFFLES NUMBER ONE
Largest movements
- Tangible fixed assets +€83,646
up €83,646 (+59.1%), from €141,573 to €225,218
of which Other tangible fixed assets: +€79,868
- Cash +€14,219
up €14,219 (+135%), from €10,548 to €24,768
mainly Trade debts (+€62,257) and Other debts (+€34,428)
- Trade debts +€62,257
up €62,257 (+98.4%), from €63,288 to €125,546
- Other debts +€34,428
up €34,428 (+5,876%), from €586 to €35,014
- Short-term financial debts +€33,322
up €33,322 (+850%), from €3,920 to €37,242
- Current portion of long-term debt -€21,396
down €21,396 (-100%), from €21,396 to €0
- Tax, wage and social debts -€9,932
down €9,932 (-23.3%), from €42,610 to €32,678
of which Remuneration and social security: -€12,299
- Gross operating margin +€30,666
up €30,666 (+13.1%), from €234,345 to €265,011
- Staff costs +€28,927
up €28,927 (+13.9%), from €208,760 to €237,687
- Other operating charges -€3,846
down €3,846 (-47.1%), from €8,161 to €4,315
- Financial charges -€2,924
down €2,924 (-30.2%), from €9,689 to €6,765
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 | €234,134 | €334,685 | +€100,551 | +42.9% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €144,069 | €227,714 | +€83,646 | +58.1% |
| Tangible fixed assets | 22/27 | €141,573 | €225,218 | +€83,646 | +59.1% |
| Plant, machinery and equipment | 23 | €31,693 | €40,288 | +€8,594 | +27.1% |
| Furniture and vehicles | 24 | €9,617 | €6,968 | -€2,649 | -27.5% |
| Leasing and similar rights | 25 | €8,666 | €6,498 | -€2,168 | -25.0% |
| Other tangible fixed assets | 26 | €91,597 | €171,465 | +€79,868 | +87.2% |
| Financial fixed assets | 28 | €2,496 | €2,496 | = | 0.0% |
| Current assets | 29/58 | €90,065 | €106,970 | +€16,905 | +18.8% |
| Stocks and contracts in progress | 3 | €8,413 | €9,080 | +€667 | +7.9% |
| Stocks | 30/36 | €8,413 | €9,080 | +€667 | +7.9% |
| Amounts receivable within one year | 40/41 | €69,646 | €71,628 | +€1,983 | +2.8% |
| Trade receivables | 40 | €17,324 | €60,000 | +€42,676 | +246% |
| Other amounts receivable | 41 | €52,322 | €11,628 | -€40,694 | -77.8% |
| Cash at bank and in hand | 54/58 | €10,548 | €24,768 | +€14,219 | +135% |
| Deferred charges and accrued income | 490/1 | €1,458 | €1,494 | +€36 | +2.5% |
| Total equity and liabilities | 10/49 | €234,134 | €334,685 | +€100,551 | +42.9% |
| Equity | 10/15 | -€182 | €780 | +€962 | |
| 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% |
| Revaluation surpluses | 12 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €57,446 | €57,446 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €51,246 | €51,246 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€179,627 | -€178,665 | +€962 | +0.5% |
| Amounts payable | 17/49 | €234,315 | €333,904 | +€99,589 | +42.5% |
| Amounts payable after more than one year | 17 | €102,515 | €102,515 | = | 0.0% |
| Financial debts | 170/4 | €102,515 | €102,515 | = | 0.0% |
| Amounts payable within one year | 42/48 | €131,800 | €231,389 | +€99,589 | +75.6% |
| Current portion of amounts payable after more than one year | 42 | €21,396 | €0 | -€21,396 | -100% |
| Financial debts | 43 | €3,920 | €37,242 | +€33,322 | +850% |
| Credit institutions | 430/8 | €3,920 | €37,242 | +€33,322 | +850% |
| Trade debts | 44 | €63,288 | €125,546 | +€62,257 | +98.4% |
| Suppliers | 440/4 | €63,288 | €125,546 | +€62,257 | +98.4% |
| Advances received on contracts in progress | 46 | - | €910 | +€910 | |
| Taxes, remuneration and social security | 45 | €42,610 | €32,678 | -€9,932 | -23.3% |
| Taxes | 450/3 | €9,168 | €11,535 | +€2,367 | +25.8% |
| Remuneration and social security | 454/9 | €33,442 | €21,143 | -€12,299 | -36.8% |
| Other amounts payable | 47/48 | €586 | €35,014 | +€34,428 | +5,876% |
| Remuneration, social security and pensions | 62 | €208,760 | €237,687 | +€28,927 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,424 | €14,890 | +€466 | +3.2% |
| Other operating charges | 640/8 | €8,161 | €4,315 | -€3,846 | -47.1% |
| Gross operating margin | 9900 | €234,345 | €265,011 | +€30,666 | +13.1% |
| Operating profit (loss) | 9901 | €3,000 | €8,118 | +€5,119 | +171% |
| Financial income | 75/76B | €48 | €13 | -€36 | -73.7% |
| Recurring financial income | 75 | €48 | €13 | -€36 | -73.7% |
| Financial charges | 65/66B | €9,689 | €6,765 | -€2,924 | -30.2% |
| Recurring financial charges | 65 | €9,689 | €6,765 | -€2,924 | -30.2% |
| Profit (loss) for the period before taxes | 9903 | -€6,641 | €1,366 | +€8,007 | |
| Income taxes | 67/77 | €460 | €404 | -€56 | -12.1% |
| Profit (loss) for the period | 9904 | -€7,101 | €962 | +€8,063 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,101 | €962 | +€8,063 |
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 25 October 2026 via checked.be.