DR. WAEGEMANS: 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.
DR. WAEGEMANS
Largest movements
- Receivables after one year -€210,000
no longer reported in 2025 (was €210,000)
- Cash -€135,077
down €135,077 (-41.7%), from €324,246 to €189,169
mainly Contributions, distributions and other (-€502,948) and Current investments (-€23,968)
- Current investments +€23,968
up €23,968 (+6.8%), from €350,530 to €374,498
- Reserves -€321,151
down €321,151 (-33.3%), from €965,097 to €643,946
of which Distributable reserves: -€321,151
- Financial income +€20,038
up €20,038 (+129%), from €15,516 to €35,554
- Taxes +€6,110
up €6,110 (+8.7%), from €70,490 to €76,600
- Financial charges +€2,507
up €2,507, from -€123 to €2,383
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 | €997,406 | €675,702 | -€321,704 | -32.3% |
| Fixed assets | 21/28 | €5,844 | €10,195 | +€4,351 | +74.5% |
| Tangible fixed assets | 22/27 | €5,844 | €10,195 | +€4,351 | +74.5% |
| Furniture and vehicles | 24 | €4,613 | €9,277 | +€4,664 | +101% |
| Other tangible fixed assets | 26 | €1,231 | €918 | -€313 | -25.4% |
| Current assets | 29/58 | €991,562 | €665,507 | -€326,055 | -32.9% |
| Amounts receivable after more than one year | 29 | €210,000 | - | -€210,000 | |
| Other amounts receivable | 291 | €210,000 | - | -€210,000 | |
| Amounts receivable within one year | 40/41 | €99,900 | €96,896 | -€3,005 | -3.0% |
| Trade receivables | 40 | €34,169 | €50,013 | +€15,845 | +46.4% |
| Other amounts receivable | 41 | €65,732 | €46,883 | -€18,849 | -28.7% |
| Current investments | 50/53 | €350,530 | €374,498 | +€23,968 | +6.8% |
| Cash at bank and in hand | 54/58 | €324,246 | €189,169 | -€135,077 | -41.7% |
| Deferred charges and accrued income | 490/1 | €6,886 | €4,944 | -€1,942 | -28.2% |
| Total equity and liabilities | 10/49 | €997,406 | €675,702 | -€321,704 | -32.3% |
| Equity | 10/15 | €977,497 | €656,346 | -€321,151 | -32.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €965,097 | €643,946 | -€321,151 | -33.3% |
| Non-distributable reserves | 130/1 | €16,683 | €16,683 | = | 0.0% |
| Reserves not available under the articles | 1311 | €16,683 | €16,683 | = | 0.0% |
| Distributable reserves | 133 | €948,414 | €627,263 | -€321,151 | -33.9% |
| Amounts payable | 17/49 | €19,909 | €19,356 | -€553 | -2.8% |
| Amounts payable within one year | 42/48 | €19,909 | €19,356 | -€553 | -2.8% |
| Trade debts | 44 | €1,969 | €1,176 | -€793 | -40.3% |
| Suppliers | 440/4 | €1,969 | €1,176 | -€793 | -40.3% |
| Taxes, remuneration and social security | 45 | €16,939 | €18,180 | +€1,240 | +7.3% |
| Taxes | 450/3 | €16,939 | €18,180 | +€1,240 | +7.3% |
| Other amounts payable | 47/48 | €1,000 | - | -€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,587 | €1,896 | +€308 | +19.4% |
| Other operating charges | 640/8 | €1,289 | €1,206 | -€83 | -6.4% |
| Gross operating margin | 9900 | €228,120 | €228,327 | +€207 | +0.1% |
| Operating profit (loss) | 9901 | €225,244 | €225,226 | -€18 | 0.0% |
| Financial income | 75/76B | €15,516 | €35,554 | +€20,038 | +129% |
| Recurring financial income | 75 | €15,516 | €35,554 | +€20,038 | +129% |
| Financial charges | 65/66B | -€123 | €2,383 | +€2,507 | |
| Recurring financial charges | 65 | -€123 | €2,383 | +€2,507 | |
| Profit (loss) for the period before taxes | 9903 | €240,884 | €258,396 | +€17,513 | +7.3% |
| Income taxes | 67/77 | €70,490 | €76,600 | +€6,110 | +8.7% |
| Profit (loss) for the period | 9904 | €170,394 | €181,797 | +€11,403 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €170,394 | €181,797 | +€11,403 | +6.7% |
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 29 October 2026 via checked.be.