Dr. WAETS Peter: what changed
Two fiscal 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. WAETS Peter
Largest movements
- Receivables within one year +€59,739
up €59,739 (+298.3%), from €20,027 to €79,766
- Cash +€24,871
up €24,871 (+35.6%), from €69,785 to €94,656
mainly Net result for the year (+€128,581) and Depreciation (+€12,111)
- Deferred charges and accrued income -€11,658
down €11,658 (-11.8%), from €98,762 to €87,104
- Tangible fixed assets -€7,333
down €7,333 (-14.2%), from €51,807 to €44,474
of which Furniture and vehicles: -€11,590
- Reserves +€51,257
up €51,257 (+15.7%), from €326,198 to €377,455
- Tax, wage and social debts +€9,039
up €9,039 (+1149.0%), from €787 to €9,826
- Other debts +€4,822
up €4,822 (+112.6%), from €4,282 to €9,105
- Gross operating margin +€55,602
up €55,602 (+41.4%), from €134,436 to €190,038
- Taxes +€15,616
up €15,616 (+40.5%), from €38,556 to €54,171
- Depreciation +€5,968
up €5,968 (+97.1%), from €6,143 to €12,111
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.
Cash bridge derived
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 | €347,415 | €413,052 | +€65,637 | +18.9% |
| Fixed assets | 21/28 | €52,600 | €45,267 | -€7,333 | -13.9% |
| Tangible fixed assets | 22/27 | €51,807 | €44,474 | -€7,333 | -14.2% |
| Plant, machinery and equipment | 23 | - | €4,257 | +€4,257 | |
| Furniture and vehicles | 24 | €51,807 | €40,217 | -€11,590 | -22.4% |
| Financial fixed assets | 28 | €793 | €793 | = | 0.0% |
| Current assets | 29/58 | €294,815 | €367,785 | +€72,970 | +24.8% |
| Amounts receivable within one year | 40/41 | €20,027 | €79,766 | +€59,739 | +298.3% |
| Other amounts receivable | 41 | €20,027 | €79,766 | +€59,739 | +298.3% |
| Current investments | 50/53 | €106,241 | €106,259 | +€18 | 0.0% |
| Cash at bank and in hand | 54/58 | €69,785 | €94,656 | +€24,871 | +35.6% |
| Deferred charges and accrued income | 490/1 | €98,762 | €87,104 | -€11,658 | -11.8% |
| Total equity and liabilities | 10/49 | €347,415 | €413,052 | +€65,637 | +18.9% |
| Equity | 10/15 | €341,306 | €392,563 | +€51,257 | +15.0% |
| Contributions | 10/11 | €15,108 | €15,108 | = | 0.0% |
| Reserves | 13 | €326,198 | €377,455 | +€51,257 | +15.7% |
| Distributable reserves | 133 | €326,198 | €377,455 | +€51,257 | +15.7% |
| Amounts payable | 17/49 | €6,109 | €20,489 | +€14,380 | +235.4% |
| Amounts payable within one year | 42/48 | €6,109 | €20,489 | +€14,380 | +235.4% |
| Trade debts | 44 | €1,040 | €1,559 | +€519 | +49.9% |
| Suppliers | 440/4 | €1,040 | €1,559 | +€519 | +49.9% |
| Taxes, remuneration and social security | 45 | €787 | €9,826 | +€9,039 | +1149.0% |
| Taxes | 450/3 | €787 | €9,826 | +€9,039 | +1149.0% |
| Other amounts payable | 47/48 | €4,282 | €9,105 | +€4,822 | +112.6% |
| Non-recurring operating income | 76A | €7,000 | - | -€7,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,143 | €12,111 | +€5,968 | +97.1% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €134,436 | €190,038 | +€55,602 | +41.4% |
| Operating profit (loss) | 9901 | €128,175 | €177,807 | +€49,632 | +38.7% |
| Financial income | 75/76B | €5,911 | €5,001 | -€910 | -15.4% |
| Recurring financial income | 75 | €5,911 | €5,001 | -€910 | -15.4% |
| Financial charges | 65/66B | €69 | €55 | -€14 | -20.2% |
| Recurring financial charges | 65 | €69 | €55 | -€14 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €134,016 | €182,752 | +€48,736 | +36.4% |
| Income taxes | 67/77 | €38,556 | €54,171 | +€15,616 | +40.5% |
| Profit (loss) for the period | 9904 | €95,461 | €128,581 | +€33,120 | +34.7% |
| Profit (loss) for the period to be appropriated | 9905 | €95,461 | €128,581 | +€33,120 | +34.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.