DE WAAL SOLID FOUNDATIONS: 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.
What changed
DE WAAL SOLID FOUNDATIONS
NACE 23.610, Manufacture of other non-metallic mineral products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.7m
2024 · €2.4m+€226,862
Equity
€9.2m
2024 · €15.5m-€6.3m
Cash
€4.9m
2024 · €5.6m-€754,321
Balance sheet total
€32.2m
2024 · €33.3m-€1.1m
Largest movements
Assets
- Receivables within one year -€4.1m
down €4.1m (-34.9%), from €11.7m to €7.6m
of which Other amounts receivable: -€3.1m
- Tangible fixed assets +€3.6m
up €3.6m (+189.9%), from €1.9m to €5.5m
of which Leasing and similar rights: +€2.2m
- Cash -€754,321
down €754,321 (-13.4%), from €5.6m to €4.9m
mainly Contributions, distributions and other (-€9.0m) and Investment in fixed assets (net) (-€5.1m)
- Financial fixed assets +€413,578
up €413,578 (+3.3%), from €12.4m to €12.8m
of which Affiliated companies: +€400,908
Equity and liabilities
- Reserves -€6.3m
down €6.3m (-42.7%), from €14.8m to €8.5m
of which Distributable reserves: -€6.7m
- Other debts +€6.0m
up €6.0m (+200.0%), from €3.0m to €9.0m
- Tax, wage and social debts -€2.5m
down €2.5m (-72.1%), from €3.5m to €977,320
of which Taxes: -€2.4m
- Debts after one year +€1.6m
up €1.6m (+78.1%), from €2.1m to €3.7m
- Current portion of long-term debt +€436,382
up €436,382 (+203.2%), from €214,785 to €651,167
Income statement
- Turnover -€34.2m
down €34.2m (-46.7%), from €73.3m to €39.1m
- Goods and materials -€2.3m
down €2.3m (-9.7%), from €24.1m to €21.7m
of which Purchases: -€2.7m
- Financial charges -€1.4m
down €1.4m (-73.5%), from €1.9m to €512,639
of which Non-recurring financial charges: -€1.3m
- Provisions -€830,617
down €830,617, from €356,017 to -€474,600
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
€2.4m
Turnover
-€34.2m
Other operating income
-€637,902
Goods and materials
+€2.3m
Services and other goods
+€49,873
Staff costs
+€729,636
Depreciation
-€287,675
Write-downs
+€98,013
Provisions
+€830,617
Other operating charges
-€70,184
Other operating items
+€29.7m
Financial income
-€13,711
Financial charges
+€1.4m
Taxes
+€134,808
Deferred taxes and other
+€129,440
Result 2025
€2.7m
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.
From operations
+€11.3m
Investment
-€5.1m
Financing
-€6.9m
Cash 2024
€5.6m
From operations (derived)
+€11.3m
Net result for the year
+€2.7m
Depreciation
+€1.1m
Stocks and contracts
+€148,152
Receivables within one year
+€4.1m
Deferred charges and accrued income
+€121,207
Provisions
-€367,961
Trade debts
-€132,884
Tax, wage and social debts
-€2.5m
Advances received
+€193,022
Other debts
+€6.0m
Accrued charges and deferred income
-€1,749
Investment (derived)
-€5.1m
Investment in fixed assets (net)
-€5.1m
Financing
-€6.9m
Debts after one year
+€1.6m
Current portion of long-term debt
+€436,382
Contributions, distributions and other
-€9.0m
Cash 2025
€4.9m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €33,270,251 | €32,169,455 | -€1.1m | -3.3% |
| Fixed assets | 21/28 | €14,357,715 | €18,364,056 | +€4.0m | +27.9% |
| Intangible fixed assets | 21 | €39,581 | €13,628 | -€25,953 | -65.6% |
| Tangible fixed assets | 22/27 | €1,906,037 | €5,524,753 | +€3.6m | +189.9% |
| Land and buildings | 22 | €251,505 | €216,125 | -€35,381 | -14.1% |
| Plant, machinery and equipment | 23 | €1,020,773 | €2,498,834 | +€1.5m | +144.8% |
| Furniture and vehicles | 24 | €253,877 | €219,889 | -€33,988 | -13.4% |
| Leasing and similar rights | 25 | €375,764 | €2,589,905 | +€2.2m | +589.2% |
| Other tangible fixed assets | 26 | €4,117 | €0 | -€4,117 | -100.0% |
| Financial fixed assets | 28 | €12,412,098 | €12,825,675 | +€413,578 | +3.3% |
| Affiliated companies | 280/1 | €12,009,736 | €12,410,644 | +€400,908 | +3.3% |
| Participating interests | 280 | €686,736 | €1,516,736 | +€830,000 | +120.9% |
| Amounts receivable | 281 | €11,323,000 | €10,893,908 | -€429,092 | -3.8% |
| Other financial fixed assets | 284/8 | €402,361 | €415,031 | +€12,670 | +3.1% |
| Shares | 284 | €36,975 | €39,475 | +€2,500 | +6.8% |
| Amounts receivable and cash guarantees | 285/8 | €365,386 | €375,556 | +€10,170 | +2.8% |
| Current assets | 29/58 | €18,912,535 | €13,805,399 | -€5.1m | -27.0% |
| Stocks and contracts in progress | 3 | €1,351,536 | €1,203,384 | -€148,152 | -11.0% |
| Stocks | 30/36 | €1,351,536 | €1,203,384 | -€148,152 | -11.0% |
| Raw materials and consumables | 30/31 | €1,336,399 | €1,188,384 | -€148,014 | -11.1% |
| Goods purchased for resale | 34 | €15,138 | €15,000 | -€138 | -0.9% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €11,710,322 | €7,626,865 | -€4.1m | -34.9% |
| Trade receivables | 40 | €7,828,678 | €6,823,859 | -€1.0m | -12.8% |
| Other amounts receivable | 41 | €3,881,643 | €803,007 | -€3.1m | -79.3% |
| Cash at bank and in hand | 54/58 | €5,633,943 | €4,879,622 | -€754,321 | -13.4% |
| Deferred charges and accrued income | 490/1 | €216,735 | €95,528 | -€121,207 | -55.9% |
| Total equity and liabilities | 10/49 | €33,270,251 | €32,169,455 | -€1.1m | -3.3% |
| Equity | 10/15 | €15,535,196 | €9,194,817 | -€6.3m | -40.8% |
| Contributions | 10/11 | €697,831 | €697,831 | = | 0.0% |
| Capital | 10 | €697,831 | €697,831 | = | 0.0% |
| Issued capital | 100 | €697,831 | €697,831 | = | 0.0% |
| Reserves | 13 | €14,837,364 | €8,496,986 | -€6.3m | -42.7% |
| Non-distributable reserves | 130/1 | €69,783 | €69,783 | = | 0.0% |
| Legal reserve | 130 | €69,783 | €69,783 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,202,641 | €7,526,163 | +€323,522 | +4.5% |
| Distributable reserves | 133 | €7,564,940 | €901,039 | -€6.7m | -88.1% |
| Provisions and deferred taxes | 16 | €804,248 | €436,286 | -€367,961 | -45.8% |
| Provisions for liabilities and charges | 160/5 | €559,500 | €84,900 | -€474,600 | -84.8% |
| Other liabilities and charges | 164/5 | €559,500 | €84,900 | -€474,600 | -84.8% |
| Deferred taxes | 168 | €244,748 | €351,386 | +€106,639 | +43.6% |
| Amounts payable | 17/49 | €16,930,807 | €22,538,352 | +€5.6m | +33.1% |
| Amounts payable after more than one year | 17 | €2,093,727 | €3,728,886 | +€1.6m | +78.1% |
| Financial debts | 170/4 | €2,093,727 | €3,728,886 | +€1.6m | +78.1% |
| Leasing and similar obligations | 172 | €293,725 | €2,062,216 | +€1.8m | +602.1% |
| Credit institutions | 173 | €1,800,002 | €1,666,670 | -€133,332 | -7.4% |
| Amounts payable within one year | 42/48 | €14,829,924 | €18,804,058 | +€4.0m | +26.8% |
| Current portion of amounts payable after more than one year | 42 | €214,785 | €651,167 | +€436,382 | +203.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €8,115,434 | €7,982,550 | -€132,884 | -1.6% |
| Suppliers | 440/4 | €8,115,434 | €7,982,550 | -€132,884 | -1.6% |
| Advances received on contracts in progress | 46 | €0 | €193,022 | +€193,022 | |
| Taxes, remuneration and social security | 45 | €3,499,705 | €977,320 | -€2.5m | -72.1% |
| Taxes | 450/3 | €2,486,929 | €89,399 | -€2.4m | -96.4% |
| Remuneration and social security | 454/9 | €1,012,776 | €887,921 | -€124,855 | -12.3% |
| Other amounts payable | 47/48 | €3,000,000 | €9,000,000 | +€6.0m | +200.0% |
| Accrued charges and deferred income | 492/3 | €7,156 | €5,407 | -€1,749 | -24.4% |
| Operating income | 70/76A | €47,967,563 | €42,694,663 | -€5.3m | -11.0% |
| Turnover | 70 | €73,324,676 | €39,114,767 | -€34.2m | -46.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€27,829,611 | €0 | +€27.8m | |
| Own construction capitalised | 72 | - | €1,950,000 | +€2.0m | |
| Other operating income | 74 | €2,267,798 | €1,629,896 | -€637,902 | -28.1% |
| Non-recurring operating income | 76A | €204,700 | €0 | -€204,700 | -100.0% |
| Operating charges | 60/66A | €43,978,964 | €40,155,066 | -€3.8m | -8.7% |
| Goods for resale, raw materials and consumables | 60 | €24,096,664 | €21,747,643 | -€2.3m | -9.7% |
| Purchases | 600/8 | €24,347,418 | €21,599,491 | -€2.7m | -11.3% |
| Change in stocks: decrease (increase) | 609 | -€250,755 | €148,152 | +€398,907 | |
| Services and other goods | 61 | €9,075,484 | €9,025,611 | -€49,873 | -0.5% |
| Remuneration, social security and pensions | 62 | €9,405,515 | €8,675,879 | -€729,636 | -7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €811,492 | €1,099,168 | +€287,675 | +35.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,680 | -€105,693 | -€98,013 | -1276.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €356,017 | -€474,600 | -€830,617 | |
| Other operating charges | 640/8 | €116,875 | €187,059 | +€70,184 | +60.1% |
| Non-recurring operating charges | 66A | €124,597 | €0 | -€124,597 | -100.0% |
| Operating profit (loss) | 9901 | €3,988,599 | €2,539,597 | -€1.4m | -36.3% |
| Financial income | 75/76B | €1,289,870 | €1,276,159 | -€13,711 | -1.1% |
| Recurring financial income | 75 | €685,862 | €446,159 | -€239,703 | -34.9% |
| Income from financial fixed assets | 750 | €500,000 | €150,000 | -€350,000 | -70.0% |
| Income from current assets | 751 | €151,332 | €219,348 | +€68,016 | +44.9% |
| Other financial income | 752/9 | €34,531 | €76,811 | +€42,280 | +122.4% |
| Non-recurring financial income | 76B | €604,007 | €830,000 | +€225,993 | +37.4% |
| Financial charges | 65/66B | €1,937,966 | €512,639 | -€1.4m | -73.5% |
| Recurring financial charges | 65 | €683,960 | €512,639 | -€171,320 | -25.0% |
| Debt charges | 650 | €593,212 | €426,316 | -€166,896 | -28.1% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€1,082,013 | €0 | +€1.1m | |
| Other financial charges | 652/9 | €1,172,761 | €86,323 | -€1.1m | -92.6% |
| Non-recurring financial charges | 66B | €1,254,006 | €0 | -€1.3m | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €3,340,503 | €3,303,117 | -€37,386 | -1.1% |
| Transfer from deferred taxes | 780 | €15,171 | €32,111 | +€16,940 | +111.7% |
| Transfer to deferred taxes | 680 | €251,250 | €138,750 | -€112,500 | -44.8% |
| Income taxes | 67/77 | €671,665 | €536,857 | -€134,808 | -20.1% |
| Taxes | 670/3 | €683,501 | €536,932 | -€146,569 | -21.4% |
| Tax adjustments and reversals of tax provisions | 77 | €11,836 | €76 | -€11,761 | -99.4% |
| Profit (loss) for the period | 9904 | €2,432,759 | €2,659,621 | +€226,862 | +9.3% |
| Transfer from tax-exempt reserves | 789 | €39,949 | €92,728 | +€52,779 | +132.1% |
| Transfer to tax-exempt reserves | 689 | €836,019 | €416,250 | -€419,769 | -50.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,636,689 | €2,336,099 | +€699,410 | +42.7% |
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 30 September 2026 via checked.be.