DR. WAELBERS: what changed
DR. WAELBERS
Largest movements
- Receivables within one year +€32,820
up €32,820 (+861%), from €3,811 to €36,631
- Tangible fixed assets -€7,233
down €7,233 (-17.4%), from €41,510 to €34,277
of which Furniture and vehicles: -€4,774
- Cash +€5,480
up €5,480 (+3.4%), from €160,455 to €165,935
mainly Net result for the year (+€246,635) and Other debts (+€23,317)
- Other debts +€23,317
up €23,317 (+11.4%), from €204,307 to €227,624
- Tax, wage and social debts +€22,964
up €22,964, from €0 to €22,964
of which Taxes: +€22,964
- Debts after one year -€9,005
down €9,005 (-100%), from €9,005 to €0
- Current portion of long-term debt -€2,921
down €2,921 (-24.5%), from €11,926 to €9,005
- Trade debts -€2,859
down €2,859 (-98.2%), from €2,910 to €51
- Gross operating margin +€61,039
up €61,039 (+21.9%), from €278,272 to €339,312
- Taxes +€14,233
up €14,233 (+23.3%), from €61,175 to €75,408
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 | €229,335 | €260,837 | +€31,502 | +13.7% |
| Fixed assets | 21/28 | €41,510 | €34,277 | -€7,233 | -17.4% |
| Tangible fixed assets | 22/27 | €41,510 | €34,277 | -€7,233 | -17.4% |
| Plant, machinery and equipment | 23 | €21,596 | €19,137 | -€2,459 | -11.4% |
| Furniture and vehicles | 24 | €19,914 | €15,141 | -€4,774 | -24.0% |
| Current assets | 29/58 | €187,825 | €226,559 | +€38,734 | +20.6% |
| Amounts receivable within one year | 40/41 | €3,811 | €36,631 | +€32,820 | +861% |
| Other amounts receivable | 41 | €3,811 | €36,631 | +€32,820 | +861% |
| Cash at bank and in hand | 54/58 | €160,455 | €165,935 | +€5,480 | +3.4% |
| Deferred charges and accrued income | 490/1 | €23,559 | €23,993 | +€434 | +1.8% |
| Total equity and liabilities | 10/49 | €229,335 | €260,837 | +€31,502 | +13.7% |
| Equity | 10/15 | €1,000 | €1,000 | = | 0.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €228,335 | €259,837 | +€31,502 | +13.8% |
| Amounts payable after more than one year | 17 | €9,005 | €0 | -€9,005 | -100% |
| Financial debts | 170/4 | €9,005 | €0 | -€9,005 | -100% |
| Amounts payable within one year | 42/48 | €219,143 | €259,644 | +€40,501 | +18.5% |
| Current portion of amounts payable after more than one year | 42 | €11,926 | €9,005 | -€2,921 | -24.5% |
| Trade debts | 44 | €2,910 | €51 | -€2,859 | -98.2% |
| Suppliers | 440/4 | €2,910 | €51 | -€2,859 | -98.2% |
| Taxes, remuneration and social security | 45 | €0 | €22,964 | +€22,964 | |
| Taxes | 450/3 | €0 | €22,964 | +€22,964 | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €204,307 | €227,624 | +€23,317 | +11.4% |
| Accrued charges and deferred income | 492/3 | €188 | €193 | +€5 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,790 | €15,127 | +€337 | +2.3% |
| Other operating charges | 640/8 | €528 | €603 | +€75 | +14.2% |
| Non-recurring operating charges | 66A | - | €1,176 | +€1,176 | |
| Gross operating margin | 9900 | €278,272 | €339,312 | +€61,039 | +21.9% |
| Operating profit (loss) | 9901 | €262,954 | €322,406 | +€59,452 | +22.6% |
| Financial charges | 65/66B | €401 | €363 | -€38 | -9.4% |
| Recurring financial charges | 65 | €401 | €363 | -€38 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €262,554 | €322,043 | +€59,489 | +22.7% |
| Income taxes | 67/77 | €61,175 | €75,408 | +€14,233 | +23.3% |
| Profit (loss) for the period | 9904 | €201,379 | €246,635 | +€45,256 | +22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €201,379 | €246,635 | +€45,256 | +22.5% |
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 8 November 2026 via checked.be.