DE WAELE: what changed
DE WAELE
Largest movements
- Cash +€497,191
up €497,191 (+434%), from €114,682 to €611,873
mainly Receivables within one year (+€160,661) and Stocks and contracts (+€129,769)
- Receivables within one year -€160,661
down €160,661 (-51.7%), from €310,958 to €150,297
of which Trade receivables: -€160,623
- Stocks and contracts -€129,769
down €129,769 (-76.3%), from €170,125 to €40,356
of which Contracts in progress: -€121,500
- Tangible fixed assets +€77,878
up €77,878 (+21.6%), from €360,116 to €437,994
of which Land and buildings: +€98,292
- Reserves +€127,523
up €127,523 (+18.9%), from €676,154 to €803,678
- Tax, wage and social debts +€97,930
up €97,930 (+1,286%), from €7,617 to €105,547
of which Taxes: +€96,780
- Trade debts +€92,718
up €92,718 (+68.5%), from €135,428 to €228,145
- Other debts -€23,036
down €23,036 (-23.4%), from €98,388 to €75,352
- Gross operating margin +€128,790
up €128,790 (+40.5%), from €317,977 to €446,766
- Taxes +€45,523
up €45,523 (+427%), from €10,653 to €56,176
- Staff costs -€22,117
down €22,117 (-10.2%), from €216,599 to €194,481
- Depreciation +€6,654
up €6,654 (+11.8%), from €56,156 to €62,810
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €961,569 | €1,251,359 | +€289,790 | +30.1% |
| Fixed assets | 21/28 | €360,616 | €438,494 | +€77,878 | +21.6% |
| Tangible fixed assets | 22/27 | €360,116 | €437,994 | +€77,878 | +21.6% |
| Land and buildings | 22 | €170,057 | €268,349 | +€98,292 | +57.8% |
| Plant, machinery and equipment | 23 | €46,304 | €47,995 | +€1,692 | +3.7% |
| Furniture and vehicles | 24 | €143,755 | €121,649 | -€22,106 | -15.4% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €600,953 | €812,865 | +€211,912 | +35.3% |
| Stocks and contracts in progress | 3 | €170,125 | €40,356 | -€129,769 | -76.3% |
| Stocks | 30/36 | €33,625 | €25,356 | -€8,269 | -24.6% |
| Contracts in progress | 37 | €136,500 | €15,000 | -€121,500 | -89.0% |
| Amounts receivable within one year | 40/41 | €310,958 | €150,297 | -€160,661 | -51.7% |
| Trade receivables | 40 | €301,386 | €140,763 | -€160,623 | -53.3% |
| Other amounts receivable | 41 | €9,572 | €9,534 | -€38 | -0.4% |
| Cash at bank and in hand | 54/58 | €114,682 | €611,873 | +€497,191 | +434% |
| Deferred charges and accrued income | 490/1 | €5,187 | €10,339 | +€5,151 | +99.3% |
| Total equity and liabilities | 10/49 | €961,569 | €1,251,359 | +€289,790 | +30.1% |
| Equity | 10/15 | €694,754 | €822,278 | +€127,523 | +18.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €676,154 | €803,678 | +€127,523 | +18.9% |
| Distributable reserves | 133 | €676,154 | €803,678 | +€127,523 | +18.9% |
| Amounts payable | 17/49 | €266,815 | €429,081 | +€162,266 | +60.8% |
| Amounts payable after more than one year | 17 | €15,272 | €10,367 | -€4,905 | -32.1% |
| Financial debts | 170/4 | €15,272 | €10,367 | -€4,905 | -32.1% |
| Amounts payable within one year | 42/48 | €246,160 | €413,949 | +€167,789 | +68.2% |
| Current portion of amounts payable after more than one year | 42 | €4,728 | €4,905 | +€177 | +3.7% |
| Trade debts | 44 | €135,428 | €228,145 | +€92,718 | +68.5% |
| Suppliers | 440/4 | €135,428 | €228,145 | +€92,718 | +68.5% |
| Taxes, remuneration and social security | 45 | €7,617 | €105,547 | +€97,930 | +1,286% |
| Taxes | 450/3 | €17 | €96,797 | +€96,780 | +563,003% |
| Remuneration and social security | 454/9 | €7,600 | €8,749 | +€1,149 | +15.1% |
| Other amounts payable | 47/48 | €98,388 | €75,352 | -€23,036 | -23.4% |
| Accrued charges and deferred income | 492/3 | €5,382 | €4,765 | -€617 | -11.5% |
| Non-recurring operating income | 76A | €1,383 | €27,905 | +€26,522 | +1,918% |
| Remuneration, social security and pensions | 62 | €216,599 | €194,481 | -€22,117 | -10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,156 | €62,810 | +€6,654 | +11.8% |
| Other operating charges | 640/8 | €3,417 | €3,578 | +€161 | +4.7% |
| Non-recurring operating charges | 66A | €1,553 | - | -€1,553 | |
| Gross operating margin | 9900 | €317,977 | €446,766 | +€128,790 | +40.5% |
| Operating profit (loss) | 9901 | €40,251 | €185,896 | +€145,645 | +362% |
| Financial income | 75/76B | €722 | €1,685 | +€963 | +133% |
| Recurring financial income | 75 | €722 | €1,685 | +€963 | +133% |
| Financial charges | 65/66B | €3,639 | €3,881 | +€242 | +6.7% |
| Recurring financial charges | 65 | €3,639 | €3,881 | +€242 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | €37,333 | €183,699 | +€146,366 | +392% |
| Income taxes | 67/77 | €10,653 | €56,176 | +€45,523 | +427% |
| Profit (loss) for the period | 9904 | €26,681 | €127,523 | +€100,843 | +378% |
| Profit (loss) for the period to be appropriated | 9905 | €26,681 | €127,523 | +€100,843 | +378% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.