DE WAAG: what changed
Two fiscal 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.
DE WAAG
Largest movements
- Tangible fixed assets -€14,129
down €14,129 (-4.6%), from €308,551 to €294,422
of which Land and buildings: -€14,192
- Cash -€8,505
down €8,505 (-12.1%), from €70,519 to €62,014
mainly Net result for the year (-€24,479) and Current portion of long-term debt (-€7,774)
- Profit (loss) carried forward -€24,479
down €24,479, from €6,622 to -€17,857
- Other debts +€14,881
up €14,881 (+5.4%), from €273,537 to €288,418
- Current portion of long-term debt -€7,774
no longer reported in 2025 (was €7,774)
- Gross operating margin -€42,009
down €42,009 (-99.1%), from €42,403 to €394
- Depreciation -€11,261
down €11,261 (-34.9%), from €32,259 to €20,998
- Financial charges -€445
down €445 (-70.0%), from €636 to €191
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.
Cash bridge derived
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 | €505,602 | €485,663 | -€19,939 | -3.9% |
| Fixed assets | 21/28 | €433,204 | €418,457 | -€14,747 | -3.4% |
| Tangible fixed assets | 22/27 | €308,551 | €294,422 | -€14,129 | -4.6% |
| Land and buildings | 22 | €291,363 | €277,171 | -€14,192 | -4.9% |
| Plant, machinery and equipment | 23 | €14,288 | €14,765 | +€477 | +3.3% |
| Furniture and vehicles | 24 | €2,900 | €2,486 | -€414 | -14.3% |
| Financial fixed assets | 28 | €124,653 | €124,035 | -€618 | -0.5% |
| Current assets | 29/58 | €72,398 | €67,206 | -€5,192 | -7.2% |
| Amounts receivable within one year | 40/41 | €741 | €4,054 | +€3,313 | +447.1% |
| Other amounts receivable | 41 | €741 | €4,054 | +€3,313 | +447.1% |
| Current investments | 50/53 | €1,138 | €1,138 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €70,519 | €62,014 | -€8,505 | -12.1% |
| Total equity and liabilities | 10/49 | €505,602 | €485,663 | -€19,939 | -3.9% |
| Equity | 10/15 | €220,797 | €196,318 | -€24,479 | -11.1% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €64,175 | €64,175 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €49,175 | €49,175 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,622 | -€17,857 | -€24,479 | |
| Amounts payable | 17/49 | €284,805 | €289,345 | +€4,540 | +1.6% |
| Amounts payable within one year | 42/48 | €284,805 | €289,345 | +€4,540 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €7,774 | - | -€7,774 | |
| Trade debts | 44 | €3,494 | €927 | -€2,567 | -73.5% |
| Suppliers | 440/4 | €3,494 | €927 | -€2,567 | -73.5% |
| Other amounts payable | 47/48 | €273,537 | €288,418 | +€14,881 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,259 | €20,998 | -€11,261 | -34.9% |
| Other operating charges | 640/8 | €3,535 | €3,684 | +€149 | +4.2% |
| Gross operating margin | 9900 | €42,403 | €394 | -€42,009 | -99.1% |
| Operating profit (loss) | 9901 | €6,609 | -€24,288 | -€30,897 | |
| Financial charges | 65/66B | €636 | €191 | -€445 | -70.0% |
| Recurring financial charges | 65 | €636 | €191 | -€445 | -70.0% |
| Profit (loss) for the period before taxes | 9903 | €5,973 | -€24,479 | -€30,452 | |
| Profit (loss) for the period | 9904 | €5,973 | -€24,479 | -€30,452 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,973 | -€24,479 | -€30,452 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.