DOKTER WAFFELAERT: what changed
DOKTER WAFFELAERT
Largest movements
- Current investments +€67,029
up €67,029 (+66.4%), from €100,882 to €167,911
- Tangible fixed assets -€37,615
down €37,615 (-7.3%), from €516,689 to €479,075
of which Land and buildings: -€27,843
- Cash +€8,314
up €8,314 (+54.8%), from €15,183 to €23,497
mainly Depreciation (+€71,250) and Net result for the year (+€70,151)
- Reserves +€70,151
up €70,151 (+13.6%), from €515,515 to €585,666
- Debts after one year -€21,774
down €21,774 (-34.4%), from €63,381 to €41,607
- Tax, wage and social debts -€8,636
down €8,636 (-42.0%), from €20,571 to €11,935
of which Taxes: -€8,886
- Depreciation +€4,692
up €4,692 (+7.0%), from €66,558 to €71,250
- Taxes -€4,120
down €4,120 (-12.9%), from €32,018 to €27,897
- Financial income +€3,945
up €3,945 (+1,377%), from €286 to €4,232
- Gross operating margin -€2,006
down €2,006 (-1.1%), from €177,456 to €175,450
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 | €633,102 | €677,845 | +€44,743 | +7.1% |
| Fixed assets | 21/28 | €516,689 | €479,075 | -€37,615 | -7.3% |
| Tangible fixed assets | 22/27 | €516,689 | €479,075 | -€37,615 | -7.3% |
| Land and buildings | 22 | €428,178 | €400,335 | -€27,843 | -6.5% |
| Plant, machinery and equipment | 23 | €34,627 | €28,652 | -€5,975 | -17.3% |
| Furniture and vehicles | 24 | €53,884 | €50,088 | -€3,796 | -7.0% |
| Current assets | 29/58 | €116,413 | €198,770 | +€82,357 | +70.7% |
| Amounts receivable within one year | 40/41 | €347 | €3,918 | +€3,571 | +1,028% |
| Trade receivables | 40 | €347 | €3,918 | +€3,571 | +1,028% |
| Current investments | 50/53 | €100,882 | €167,911 | +€67,029 | +66.4% |
| Cash at bank and in hand | 54/58 | €15,183 | €23,497 | +€8,314 | +54.8% |
| Deferred charges and accrued income | 490/1 | - | €3,444 | +€3,444 | |
| Total equity and liabilities | 10/49 | €633,102 | €677,845 | +€44,743 | +7.1% |
| Equity | 10/15 | €527,915 | €598,066 | +€70,151 | +13.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €515,515 | €585,666 | +€70,151 | +13.6% |
| Distributable reserves | 133 | €515,515 | €585,666 | +€70,151 | +13.6% |
| Amounts payable | 17/49 | €105,187 | €79,778 | -€25,409 | -24.2% |
| Amounts payable after more than one year | 17 | €63,381 | €41,607 | -€21,774 | -34.4% |
| Other amounts payable | 178/9 | €63,381 | €41,607 | -€21,774 | -34.4% |
| Amounts payable within one year | 42/48 | €41,806 | €38,172 | -€3,634 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €19,475 | €21,024 | +€1,549 | +8.0% |
| Trade debts | 44 | €1,760 | €5,212 | +€3,453 | +196% |
| Suppliers | 440/4 | €1,760 | €5,212 | +€3,453 | +196% |
| Taxes, remuneration and social security | 45 | €20,571 | €11,935 | -€8,636 | -42.0% |
| Taxes | 450/3 | €18,071 | €9,185 | -€8,886 | -49.2% |
| Remuneration and social security | 454/9 | €2,500 | €2,750 | +€250 | +10.0% |
| Non-recurring operating income | 76A | €3,000 | €0 | -€3,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,558 | €71,250 | +€4,692 | +7.0% |
| Other operating charges | 640/8 | €2,612 | €2,753 | +€140 | +5.4% |
| Gross operating margin | 9900 | €177,456 | €175,450 | -€2,006 | -1.1% |
| Operating profit (loss) | 9901 | €108,286 | €101,448 | -€6,838 | -6.3% |
| Financial income | 75/76B | €286 | €4,232 | +€3,945 | +1,377% |
| Recurring financial income | 75 | €286 | €4,232 | +€3,945 | +1,377% |
| Financial charges | 65/66B | €9,034 | €7,631 | -€1,403 | -15.5% |
| Recurring financial charges | 65 | €9,034 | €7,631 | -€1,403 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €99,539 | €98,049 | -€1,490 | -1.5% |
| Income taxes | 67/77 | €32,018 | €27,897 | -€4,120 | -12.9% |
| Profit (loss) for the period | 9904 | €67,521 | €70,151 | +€2,630 | +3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €67,521 | €70,151 | +€2,630 | +3.9% |
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 2 November 2026 via checked.be.