De Waere: 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 Waere
Largest movements
- Tangible fixed assets +€290,312
up €290,312 (+14.6%), from €2.0m to €2.3m
of which Land and buildings: +€251,854
- Cash -€77,309
down €77,309 (-69.6%), from €111,123 to €33,814
mainly Investment in fixed assets (net) (-€462,486) and Other debts (-€202,900)
- Contributions +€625,000
up €625,000 (+25.9%), from €2.4m to €3.0m
- Other debts -€202,900
down €202,900 (-82.5%), from €246,052 to €43,152
- Profit (loss) carried forward -€174,090
down €174,090 (-26.6%), from -€655,658 to -€829,747
- Trade debts -€51,450
down €51,450 (-51.3%), from €100,294 to €48,843
- Gross operating margin +€93,658
up €93,658, from -€61,160 to €32,498
- Depreciation +€32,834
up €32,834 (+23.6%), from €139,340 to €172,174
- Staff costs +€1,122
up €1,122 (+3.9%), from €29,001 to €30,123
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 | €2,112,723 | €2,309,133 | +€196,410 | +9.3% |
| Fixed assets | 21/28 | €1,984,412 | €2,274,724 | +€290,312 | +14.6% |
| Tangible fixed assets | 22/27 | €1,984,412 | €2,274,724 | +€290,312 | +14.6% |
| Land and buildings | 22 | €1,580,645 | €1,832,498 | +€251,854 | +15.9% |
| Plant, machinery and equipment | 23 | €403,768 | €435,665 | +€31,897 | +7.9% |
| Furniture and vehicles | 24 | - | €6,561 | +€6,561 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €128,311 | €34,409 | -€93,902 | -73.2% |
| Amounts receivable within one year | 40/41 | €9,207 | €73 | -€9,134 | -99.2% |
| Trade receivables | 40 | €9,130 | €0 | -€9,130 | -100% |
| Other amounts receivable | 41 | €77 | €73 | -€4 | -5.4% |
| Cash at bank and in hand | 54/58 | €111,123 | €33,814 | -€77,309 | -69.6% |
| Deferred charges and accrued income | 490/1 | €7,980 | €521 | -€7,459 | -93.5% |
| Total equity and liabilities | 10/49 | €2,112,723 | €2,309,133 | +€196,410 | +9.3% |
| Equity | 10/15 | €1,763,548 | €2,214,458 | +€450,910 | +25.6% |
| Contributions | 10/11 | €2,412,000 | €3,037,000 | +€625,000 | +25.9% |
| Capital | 10 | €2,412,000 | €3,037,000 | +€625,000 | +25.9% |
| Issued capital | 100 | €2,662,000 | €3,162,000 | +€500,000 | +18.8% |
| Uncalled capital | 101 | €250,000 | €125,000 | -€125,000 | -50.0% |
| Reserves | 13 | €7,205 | €7,205 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,005 | €1,005 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€655,658 | -€829,747 | -€174,090 | -26.6% |
| Amounts payable | 17/49 | €349,175 | €94,675 | -€254,500 | -72.9% |
| Amounts payable within one year | 42/48 | €349,175 | €94,675 | -€254,500 | -72.9% |
| Trade debts | 44 | €100,294 | €48,843 | -€51,450 | -51.3% |
| Suppliers | 440/4 | €100,294 | €48,843 | -€51,450 | -51.3% |
| Taxes, remuneration and social security | 45 | €2,829 | €2,679 | -€150 | -5.3% |
| Remuneration and social security | 454/9 | €2,829 | €2,679 | -€150 | -5.3% |
| Other amounts payable | 47/48 | €246,052 | €43,152 | -€202,900 | -82.5% |
| Non-recurring operating income | 76A | €52,786 | €0 | -€52,786 | -100% |
| Remuneration, social security and pensions | 62 | €29,001 | €30,123 | +€1,122 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,340 | €172,174 | +€32,834 | +23.6% |
| Other operating charges | 640/8 | €4,740 | €4,883 | +€143 | +3.0% |
| Gross operating margin | 9900 | -€61,160 | €32,498 | +€93,658 | |
| Operating profit (loss) | 9901 | -€234,241 | -€174,683 | +€59,558 | +25.4% |
| Financial income | 75/76B | €258 | €774 | +€516 | +200% |
| Recurring financial income | 75 | €258 | €774 | +€516 | +200% |
| Financial charges | 65/66B | €294 | €181 | -€113 | -38.3% |
| Recurring financial charges | 65 | €294 | €181 | -€113 | -38.3% |
| Profit (loss) for the period before taxes | 9903 | -€234,277 | -€174,090 | +€60,187 | +25.7% |
| Profit (loss) for the period | 9904 | -€234,277 | -€174,090 | +€60,187 | +25.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€234,277 | -€174,090 | +€60,187 | +25.7% |
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 28 October 2026 via checked.be.