DE WAELE: 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 WAELE
Largest movements
- Receivables after one year +€550,000
new in 2025: €550,000
- Current investments -€542,435
down €542,435 (-100%), from €542,435 to €0
- Tangible fixed assets -€125,526
down €125,526 (-26.7%), from €469,817 to €344,291
of which Land and buildings: -€305,860
- Cash +€51,565
up €51,565 (+34.1%), from €151,313 to €202,878
mainly Current investments (+€542,435) and Investment in fixed assets (net) (+€68,827)
- Receivables within one year +€28,187
up €28,187 (+262%), from €10,740 to €38,927
of which Other amounts receivable: +€26,411
- Profit (loss) carried forward +€42,331
up €42,331 (+5.6%), from €754,822 to €797,153
- Trade debts +€39,568
up €39,568 (+127%), from €31,079 to €70,648
- Provisions -€32,026
down €32,026 (-100%), from €32,026 to €0
- Debts after one year -€23,565
down €23,565 (-33.2%), from €71,065 to €47,499
- Tax, wage and social debts -€17,315
down €17,315 (-21.0%), from €82,268 to €64,953
of which Taxes: -€56,396
- Gross operating margin -€112,185
down €112,185 (-22.5%), from €499,257 to €387,072
- Depreciation -€46,841
down €46,841 (-45.2%), from €103,539 to €56,699
- Staff costs -€29,242
down €29,242 (-9.9%), from €295,822 to €266,580
- Other operating charges -€8,815
down €8,815 (-49.4%), from €17,854 to €9,039
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 | €1,420,145 | €1,418,492 | -€1,653 | -0.1% |
| Fixed assets | 21/28 | €469,942 | €344,416 | -€125,526 | -26.7% |
| Tangible fixed assets | 22/27 | €469,817 | €344,291 | -€125,526 | -26.7% |
| Land and buildings | 22 | €440,807 | €134,947 | -€305,860 | -69.4% |
| Plant, machinery and equipment | 23 | €29,010 | €28,616 | -€394 | -1.4% |
| Other tangible fixed assets | 26 | - | €180,728 | +€180,728 | |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €950,202 | €1,074,075 | +€123,873 | +13.0% |
| Amounts receivable after more than one year | 29 | - | €550,000 | +€550,000 | |
| Trade receivables | 290 | - | €550,000 | +€550,000 | |
| Stocks and contracts in progress | 3 | €245,714 | €264,239 | +€18,525 | +7.5% |
| Stocks | 30/36 | €245,714 | €264,239 | +€18,525 | +7.5% |
| Amounts receivable within one year | 40/41 | €10,740 | €38,927 | +€28,187 | +262% |
| Trade receivables | 40 | €7,330 | €9,106 | +€1,776 | +24.2% |
| Other amounts receivable | 41 | €3,410 | €29,821 | +€26,411 | +774% |
| Current investments | 50/53 | €542,435 | €0 | -€542,435 | -100% |
| Cash at bank and in hand | 54/58 | €151,313 | €202,878 | +€51,565 | +34.1% |
| Deferred charges and accrued income | 490/1 | - | €18,030 | +€18,030 | |
| Total equity and liabilities | 10/49 | €1,420,145 | €1,418,492 | -€1,653 | -0.1% |
| Equity | 10/15 | €1,068,174 | €1,110,504 | +€42,331 | +4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €294,751 | €294,751 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Tax-exempt reserves | 132 | €8,804 | €8,804 | = | 0.0% |
| Distributable reserves | 133 | €284,088 | €285,948 | +€1,860 | +0.7% |
| Profit (loss) carried forward | 14 | €754,822 | €797,153 | +€42,331 | +5.6% |
| Provisions and deferred taxes | 16 | €32,026 | €0 | -€32,026 | -100% |
| Provisions for liabilities and charges | 160/5 | €32,026 | €0 | -€32,026 | -100% |
| Pensions and similar obligations | 160 | €32,026 | €0 | -€32,026 | -100% |
| Amounts payable | 17/49 | €319,945 | €307,988 | -€11,958 | -3.7% |
| Amounts payable after more than one year | 17 | €71,065 | €47,499 | -€23,565 | -33.2% |
| Financial debts | 170/4 | €71,065 | €47,499 | -€23,565 | -33.2% |
| Amounts payable within one year | 42/48 | €236,115 | €259,166 | +€23,051 | +9.8% |
| Current portion of amounts payable after more than one year | 42 | €22,767 | €23,565 | +€798 | +3.5% |
| Trade debts | 44 | €31,079 | €70,648 | +€39,568 | +127% |
| Suppliers | 440/4 | €31,079 | €70,648 | +€39,568 | +127% |
| Taxes, remuneration and social security | 45 | €82,268 | €64,953 | -€17,315 | -21.0% |
| Taxes | 450/3 | €82,268 | €25,872 | -€56,396 | -68.6% |
| Remuneration and social security | 454/9 | - | €39,081 | +€39,081 | |
| Other amounts payable | 47/48 | €100,000 | €100,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €12,766 | €1,322 | -€11,443 | -89.6% |
| Non-recurring operating income | 76A | €20,049 | €20,565 | +€516 | +2.6% |
| Remuneration, social security and pensions | 62 | €295,822 | €266,580 | -€29,242 | -9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,539 | €56,699 | -€46,841 | -45.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,837 | -€5,000 | -€3,163 | -172% |
| Other operating charges | 640/8 | €17,854 | €9,039 | -€8,815 | -49.4% |
| Non-recurring operating charges | 66A | - | €2,457 | +€2,457 | |
| Gross operating margin | 9900 | €499,257 | €387,072 | -€112,185 | -22.5% |
| Operating profit (loss) | 9901 | €83,879 | €57,297 | -€26,581 | -31.7% |
| Financial income | 75/76B | €20,074 | €24,306 | +€4,232 | +21.1% |
| Recurring financial income | 75 | €20,074 | €24,306 | +€4,232 | +21.1% |
| Financial charges | 65/66B | €5,251 | €6,095 | +€844 | +16.1% |
| Recurring financial charges | 65 | €5,251 | €6,095 | +€844 | +16.1% |
| Profit (loss) for the period before taxes | 9903 | €98,701 | €75,508 | -€23,193 | -23.5% |
| Income taxes | 67/77 | €30,860 | €33,178 | +€2,318 | +7.5% |
| Profit (loss) for the period | 9904 | €67,841 | €42,331 | -€25,511 | -37.6% |
| Profit (loss) for the period to be appropriated | 9905 | €67,841 | €42,331 | -€25,511 | -37.6% |
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 18 October 2026 via checked.be.