DR. WAEREBEEK: 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. WAEREBEEK
Largest movements
- Cash -€93,301
down €93,301 (-24.8%), from €375,677 to €282,376
mainly Investment in fixed assets (net) (-€99,136) and Current investments (-€64,309)
- Tangible fixed assets +€73,351
up €73,351 (+536%), from €13,677 to €87,029
of which Furniture and vehicles: +€54,481
- Current investments +€64,309
up €64,309 (+73.1%), from €87,985 to €152,294
- Receivables after one year +€63,899
up €63,899 (+566%), from €11,286 to €75,185
- Reserves +€115,959
up €115,959 (+26.4%), from €438,858 to €554,817
- Tax, wage and social debts -€7,975
down €7,975 (-28.0%), from €28,462 to €20,487
- Financial income +€18,472
up €18,472 (+75.4%), from €24,492 to €42,964
- Depreciation +€17,551
up €17,551 (+213%), from €8,233 to €25,784
- Gross operating margin +€8,274
up €8,274 (+5.3%), from €155,166 to €163,441
- Taxes +€2,560
up €2,560 (+5.0%), from €50,880 to €53,440
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 | €493,282 | €600,484 | +€107,201 | +21.7% |
| Fixed assets | 21/28 | €13,677 | €87,029 | +€73,351 | +536% |
| Tangible fixed assets | 22/27 | €13,677 | €87,029 | +€73,351 | +536% |
| Plant, machinery and equipment | 23 | €934 | €23,302 | +€22,368 | +2,395% |
| Furniture and vehicles | 24 | - | €54,481 | +€54,481 | |
| Other tangible fixed assets | 26 | €12,743 | €9,246 | -€3,497 | -27.4% |
| Current assets | 29/58 | €479,605 | €513,455 | +€33,850 | +7.1% |
| Amounts receivable after more than one year | 29 | €11,286 | €75,185 | +€63,899 | +566% |
| Other amounts receivable | 291 | €11,286 | €75,185 | +€63,899 | +566% |
| Current investments | 50/53 | €87,985 | €152,294 | +€64,309 | +73.1% |
| Cash at bank and in hand | 54/58 | €375,677 | €282,376 | -€93,301 | -24.8% |
| Deferred charges and accrued income | 490/1 | €4,657 | €3,600 | -€1,057 | -22.7% |
| Total equity and liabilities | 10/49 | €493,282 | €600,484 | +€107,201 | +21.7% |
| Equity | 10/15 | €457,458 | €573,417 | +€115,959 | +25.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €438,858 | €554,817 | +€115,959 | +26.4% |
| Distributable reserves | 133 | €438,858 | €554,817 | +€115,959 | +26.4% |
| Amounts payable | 17/49 | €35,825 | €27,067 | -€8,758 | -24.4% |
| Amounts payable within one year | 42/48 | €35,825 | €27,067 | -€8,758 | -24.4% |
| Trade debts | 44 | €7,362 | €6,580 | -€782 | -10.6% |
| Suppliers | 440/4 | €7,362 | €6,580 | -€782 | -10.6% |
| Taxes, remuneration and social security | 45 | €28,462 | €20,487 | -€7,975 | -28.0% |
| Taxes | 450/3 | €28,462 | €20,487 | -€7,975 | -28.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,233 | €25,784 | +€17,551 | +213% |
| Other operating charges | 640/8 | €1,017 | €1,062 | +€45 | +4.4% |
| Gross operating margin | 9900 | €155,166 | €163,441 | +€8,274 | +5.3% |
| Operating profit (loss) | 9901 | €145,916 | €136,595 | -€9,322 | -6.4% |
| Financial income | 75/76B | €24,492 | €42,964 | +€18,472 | +75.4% |
| Recurring financial income | 75 | €24,492 | €42,964 | +€18,472 | +75.4% |
| Financial charges | 65/66B | €9,671 | €10,160 | +€489 | +5.1% |
| Recurring financial charges | 65 | €9,671 | €10,160 | +€489 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | €160,738 | €169,399 | +€8,661 | +5.4% |
| Income taxes | 67/77 | €50,880 | €53,440 | +€2,560 | +5.0% |
| Profit (loss) for the period | 9904 | €109,858 | €115,959 | +€6,101 | +5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €109,858 | €115,959 | +€6,101 | +5.6% |
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 30 October 2026 via checked.be.