DE WAEL: 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.
DE WAEL
Largest movements
- Cash -€51,916
down €51,916 (-63.1%), from €82,237 to €30,321
mainly Accrued charges and deferred income (-€154,172) and Contributions, distributions and other (-€9,659)
- Tangible fixed assets -€34,241
down €34,241 (-14.8%), from €231,499 to €197,259
of which Land and buildings: -€18,606
- Receivables within one year -€9,302
down €9,302 (-1.8%), from €530,167 to €520,865
of which Trade receivables: -€11,010
- Accrued charges and deferred income -€154,172
down €154,172 (-56.7%), from €271,837 to €117,665
- Trade debts +€43,133
up €43,133 (+11.4%), from €377,971 to €421,104
- Profit (loss) carried forward +€14,816
up €14,816 (+7.6%), from €194,732 to €209,547
- Gross operating margin -€15,016
down €15,016 (-18.3%), from €81,979 to €66,963
- Staff costs -€14,165
down €14,165 (-100%), from €14,165 to €0
- Depreciation -€8,240
down €8,240 (-28.3%), from €29,145 to €20,905
- Other operating charges +€4,689
up €4,689 (+74.6%), from €6,282 to €10,970
- Financial income -€3,678
down €3,678 (-58.7%), from €6,271 to €2,592
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 | €895,376 | €794,716 | -€100,660 | -11.2% |
| Fixed assets | 21/28 | €233,581 | €199,340 | -€34,241 | -14.7% |
| Tangible fixed assets | 22/27 | €231,499 | €197,259 | -€34,241 | -14.8% |
| Land and buildings | 22 | €209,875 | €191,269 | -€18,606 | -8.9% |
| Plant, machinery and equipment | 23 | €4,591 | €5,749 | +€1,158 | +25.2% |
| Furniture and vehicles | 24 | €17,034 | €241 | -€16,793 | -98.6% |
| Financial fixed assets | 28 | €2,081 | €2,081 | = | 0.0% |
| Current assets | 29/58 | €661,795 | €595,376 | -€66,419 | -10.0% |
| Amounts receivable after more than one year | 29 | €46,170 | €40,505 | -€5,665 | -12.3% |
| Other amounts receivable | 291 | €46,170 | €40,505 | -€5,665 | -12.3% |
| Amounts receivable within one year | 40/41 | €530,167 | €520,865 | -€9,302 | -1.8% |
| Trade receivables | 40 | €375,387 | €364,378 | -€11,010 | -2.9% |
| Other amounts receivable | 41 | €154,780 | €156,488 | +€1,708 | +1.1% |
| Cash at bank and in hand | 54/58 | €82,237 | €30,321 | -€51,916 | -63.1% |
| Deferred charges and accrued income | 490/1 | €3,221 | €3,685 | +€464 | +14.4% |
| Total equity and liabilities | 10/49 | €895,376 | €794,716 | -€100,660 | -11.2% |
| Equity | 10/15 | €224,070 | €238,886 | +€14,816 | +6.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €23,138 | €23,138 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €2,533 | €2,533 | = | 0.0% |
| Profit (loss) carried forward | 14 | €194,732 | €209,547 | +€14,816 | +7.6% |
| Amounts payable | 17/49 | €671,306 | €555,830 | -€115,475 | -17.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €399,469 | €438,165 | +€38,696 | +9.7% |
| Current portion of amounts payable after more than one year | 42 | €4,978 | €0 | -€4,978 | -100% |
| Financial debts | 43 | - | €179 | +€179 | |
| Credit institutions | 430/8 | - | €179 | +€179 | |
| Trade debts | 44 | €377,971 | €421,104 | +€43,133 | +11.4% |
| Suppliers | 440/4 | €377,971 | €421,104 | +€43,133 | +11.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €15,890 | €16,617 | +€727 | +4.6% |
| Taxes | 450/3 | €13,390 | €14,103 | +€713 | +5.3% |
| Remuneration and social security | 454/9 | €2,500 | €2,514 | +€14 | +0.6% |
| Other amounts payable | 47/48 | €630 | €264 | -€366 | -58.0% |
| Accrued charges and deferred income | 492/3 | €271,837 | €117,665 | -€154,172 | -56.7% |
| Remuneration, social security and pensions | 62 | €14,165 | €0 | -€14,165 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,145 | €20,905 | -€8,240 | -28.3% |
| Other operating charges | 640/8 | €6,282 | €10,970 | +€4,689 | +74.6% |
| Non-recurring operating charges | 66A | - | €2,984 | +€2,984 | |
| Gross operating margin | 9900 | €81,979 | €66,963 | -€15,016 | -18.3% |
| Operating profit (loss) | 9901 | €32,387 | €32,104 | -€283 | -0.9% |
| Financial income | 75/76B | €6,271 | €2,592 | -€3,678 | -58.7% |
| Recurring financial income | 75 | €6,271 | €2,592 | -€3,678 | -58.7% |
| Financial charges | 65/66B | €1,809 | €328 | -€1,481 | -81.9% |
| Recurring financial charges | 65 | €1,809 | €328 | -€1,481 | -81.9% |
| Profit (loss) for the period before taxes | 9903 | €36,849 | €34,369 | -€2,480 | -6.7% |
| Income taxes | 67/77 | €7,595 | €9,894 | +€2,300 | +30.3% |
| Profit (loss) for the period | 9904 | €29,254 | €24,474 | -€4,780 | -16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €29,254 | €24,474 | -€4,780 | -16.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.