De Waeler: 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 Waeler
Largest movements
- Tangible fixed assets -€46,433
down €46,433 (-7.9%), from €589,336 to €542,903
of which Land and buildings: -€30,398
- Cash +€37,305
up €37,305 (+407%), from €9,163 to €46,468
mainly Depreciation (+€48,920) and Receivables within one year (+€36,360)
- Receivables within one year -€36,360
down €36,360 (-59.0%), from €61,625 to €25,265
of which Other amounts receivable: -€45,410
- Profit (loss) carried forward -€49,033
down €49,033 (-18.9%), from -€259,457 to -€308,490
- Depreciation -€13,196
down €13,196 (-21.2%), from €62,116 to €48,920
- Gross operating margin -€378
down €378 (-3.8%), from €10,078 to €9,700
- Other operating charges +€162
up €162 (+3.0%), from €5,364 to €5,526
- Financial income -€120
no longer reported in 2025 (was €120)
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 | €664,388 | €619,060 | -€45,329 | -6.8% |
| Fixed assets | 21/28 | €589,336 | €542,903 | -€46,433 | -7.9% |
| Tangible fixed assets | 22/27 | €589,336 | €542,903 | -€46,433 | -7.9% |
| Land and buildings | 22 | €541,885 | €511,487 | -€30,398 | -5.6% |
| Plant, machinery and equipment | 23 | €27,352 | €18,317 | -€9,035 | -33.0% |
| Furniture and vehicles | 24 | €20,099 | €13,099 | -€7,000 | -34.8% |
| Current assets | 29/58 | €75,053 | €76,157 | +€1,104 | +1.5% |
| Amounts receivable within one year | 40/41 | €61,625 | €25,265 | -€36,360 | -59.0% |
| Trade receivables | 40 | €16,050 | €25,100 | +€9,050 | +56.4% |
| Other amounts receivable | 41 | €45,575 | €165 | -€45,410 | -99.6% |
| Cash at bank and in hand | 54/58 | €9,163 | €46,468 | +€37,305 | +407% |
| Deferred charges and accrued income | 490/1 | €4,265 | €4,424 | +€159 | +3.7% |
| Total equity and liabilities | 10/49 | €664,388 | €619,060 | -€45,329 | -6.8% |
| Equity | 10/15 | -€193,511 | -€242,545 | -€49,033 | -25.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | - | €61,500 | +€61,500 | |
| Issued capital | 100 | - | €61,500 | +€61,500 | |
| Reserves | 13 | €4,445 | €4,445 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,445 | €4,445 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,445 | €4,445 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€259,457 | -€308,490 | -€49,033 | -18.9% |
| Amounts payable | 17/49 | €857,900 | €861,604 | +€3,705 | +0.4% |
| Amounts payable within one year | 42/48 | €853,679 | €857,363 | +€3,684 | +0.4% |
| Trade debts | 44 | €8,104 | €7,778 | -€326 | -4.0% |
| Suppliers | 440/4 | €8,104 | €7,778 | -€326 | -4.0% |
| Taxes, remuneration and social security | 45 | €211 | - | -€211 | |
| Taxes | 450/3 | €211 | - | -€211 | |
| Other amounts payable | 47/48 | €845,364 | €849,585 | +€4,221 | +0.5% |
| Accrued charges and deferred income | 492/3 | €4,221 | €4,242 | +€21 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,116 | €48,920 | -€13,196 | -21.2% |
| Other operating charges | 640/8 | €5,364 | €5,526 | +€162 | +3.0% |
| Gross operating margin | 9900 | €10,078 | €9,700 | -€378 | -3.8% |
| Operating profit (loss) | 9901 | -€57,402 | -€44,746 | +€12,656 | +22.0% |
| Financial income | 75/76B | €120 | - | -€120 | |
| Recurring financial income | 75 | €120 | - | -€120 | |
| Financial charges | 65/66B | €4,266 | €4,287 | +€21 | +0.5% |
| Recurring financial charges | 65 | €4,266 | €4,287 | +€21 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | -€61,548 | -€49,033 | +€12,515 | +20.3% |
| Profit (loss) for the period | 9904 | -€61,548 | -€49,033 | +€12,515 | +20.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€61,548 | -€49,033 | +€12,515 | +20.3% |
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 20 October 2026 via checked.be.