De Waele Projects: 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 Waele Projects
Largest movements
- Stocks and contracts -€240,517
down €240,517 (-58.0%), from €414,685 to €174,168
- Cash +€211,969
up €211,969 (+162.3%), from €130,608 to €342,578
mainly Stocks and contracts (+€240,517) and Depreciation (+€58,643)
- Tangible fixed assets -€38,851
down €38,851 (-2.1%), from €1.9m to €1.8m
of which Land and buildings: -€39,923
- Debts after one year -€53,968
down €53,968 (-6.0%), from €898,234 to €844,266
- Other debts -€50,000
down €50,000 (-2.9%), from €1.7m to €1.7m
- Profit (loss) carried forward +€38,231
up €38,231 (+14.8%), from -€257,477 to -€219,246
- Gross operating margin +€53,320
up €53,320 (+61.8%), from €86,242 to €139,561
- Financial charges -€3,020
down €3,020 (-7.5%), from €40,178 to €37,158
- Other operating charges +€2,242
up €2,242 (+68.2%), from €3,287 to €5,529
- Depreciation +€1,484
up €1,484 (+2.6%), from €57,159 to €58,643
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 | €2,399,604 | €2,334,592 | -€65,012 | -2.7% |
| Fixed assets | 21/28 | €1,851,111 | €1,812,260 | -€38,851 | -2.1% |
| Tangible fixed assets | 22/27 | €1,851,111 | €1,812,260 | -€38,851 | -2.1% |
| Land and buildings | 22 | €1,851,111 | €1,811,188 | -€39,923 | -2.2% |
| Plant, machinery and equipment | 23 | - | €1,071 | +€1,071 | |
| Current assets | 29/58 | €548,493 | €522,332 | -€26,161 | -4.8% |
| Stocks and contracts in progress | 3 | €414,685 | €174,168 | -€240,517 | -58.0% |
| Stocks | 30/36 | €414,685 | €174,168 | -€240,517 | -58.0% |
| Amounts receivable within one year | 40/41 | €3,200 | €4,925 | +€1,725 | +53.9% |
| Trade receivables | 40 | €3,200 | €4,920 | +€1,720 | +53.8% |
| Other amounts receivable | 41 | - | €5 | +€5 | |
| Cash at bank and in hand | 54/58 | €130,608 | €342,578 | +€211,969 | +162.3% |
| Deferred charges and accrued income | 490/1 | - | €663 | +€663 | |
| Total equity and liabilities | 10/49 | €2,399,604 | €2,334,592 | -€65,012 | -2.7% |
| Equity | 10/15 | -€256,477 | -€218,246 | +€38,231 | +14.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€257,477 | -€219,246 | +€38,231 | +14.8% |
| Amounts payable | 17/49 | €2,656,081 | €2,552,838 | -€103,243 | -3.9% |
| Amounts payable after more than one year | 17 | €898,234 | €844,266 | -€53,968 | -6.0% |
| Financial debts | 170/4 | €898,234 | €844,266 | -€53,968 | -6.0% |
| Amounts payable within one year | 42/48 | €1,754,547 | €1,706,159 | -€48,388 | -2.8% |
| Current portion of amounts payable after more than one year | 42 | €51,885 | €53,968 | +€2,084 | +4.0% |
| Trade debts | 44 | €1,389 | €1,193 | -€195 | -14.1% |
| Suppliers | 440/4 | €1,389 | €1,193 | -€195 | -14.1% |
| Taxes, remuneration and social security | 45 | €583 | €306 | -€277 | -47.5% |
| Taxes | 450/3 | €583 | €306 | -€277 | -47.5% |
| Other amounts payable | 47/48 | €1,700,691 | €1,650,691 | -€50,000 | -2.9% |
| Accrued charges and deferred income | 492/3 | €3,300 | €2,414 | -€886 | -26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,159 | €58,643 | +€1,484 | +2.6% |
| Other operating charges | 640/8 | €3,287 | €5,529 | +€2,242 | +68.2% |
| Gross operating margin | 9900 | €86,242 | €139,561 | +€53,320 | +61.8% |
| Operating profit (loss) | 9901 | €25,796 | €75,389 | +€49,593 | +192.3% |
| Financial income | 75/76B | €18 | - | -€18 | |
| Recurring financial income | 75 | €18 | - | -€18 | |
| Financial charges | 65/66B | €40,178 | €37,158 | -€3,020 | -7.5% |
| Recurring financial charges | 65 | €40,178 | €37,158 | -€3,020 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | -€14,364 | €38,231 | +€52,595 | |
| Profit (loss) for the period | 9904 | -€14,364 | €38,231 | +€52,595 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,364 | €38,231 | +€52,595 |
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 2 October 2026 via checked.be.