DUVAL WATERLOO: 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.
DUVAL WATERLOO
Largest movements
- Receivables after one year +€53,064
new in 2024: €53,064
- Intangible fixed assets -€28,589
down €28,589 (-13.8%), from €207,268 to €178,679
- Receivables within one year -€26,689
no longer reported in 2024 (was €26,689)
- Financial fixed assets -€6,000
down €6,000 (-28.3%), from €21,180 to €15,180
- Debts after one year -€37,402
down €37,402 (-24.1%), from €155,153 to €117,751
- Profit (loss) carried forward +€25,297
up €25,297, from -€16,816 to €8,481
- Trade debts -€5,562
down €5,562 (-8.1%), from €68,600 to €63,038
- Accrued charges and deferred income +€3,271
new in 2024: €3,271
- Tax, wage and social debts +€2,846
up €2,846 (+17.0%), from €16,783 to €19,629
of which Taxes: +€6,810
- Gross operating margin +€57,800
up €57,800 (+55.0%), from €105,030 to €162,830
- Financial charges +€11,659
up €11,659 (+177.1%), from €6,585 to €18,243
- Staff costs +€10,827
up €10,827 (+20.7%), from €52,375 to €63,203
- Other operating charges +€2,294
up €2,294 (+9.8%), from €23,522 to €25,815
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €271,012 | €260,405 | -€10,607 | -3.9% |
| Fixed assets | 21/28 | €231,905 | €195,291 | -€36,615 | -15.8% |
| Intangible fixed assets | 21 | €207,268 | €178,679 | -€28,589 | -13.8% |
| Tangible fixed assets | 22/27 | €3,457 | €1,431 | -€2,026 | -58.6% |
| Plant, machinery and equipment | 23 | €3,339 | €1,431 | -€1,908 | -57.1% |
| Other tangible fixed assets | 26 | €118 | - | -€118 | |
| Financial fixed assets | 28 | €21,180 | €15,180 | -€6,000 | -28.3% |
| Current assets | 29/58 | €39,107 | €65,114 | +€26,008 | +66.5% |
| Amounts receivable after more than one year | 29 | - | €53,064 | +€53,064 | |
| Other amounts receivable | 291 | - | €53,064 | +€53,064 | |
| Stocks and contracts in progress | 3 | €1,550 | €1,550 | = | 0.0% |
| Stocks | 30/36 | €1,550 | €1,550 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €26,689 | - | -€26,689 | |
| Trade receivables | 40 | €26,689 | - | -€26,689 | |
| Cash at bank and in hand | 54/58 | €10,867 | €10,501 | -€367 | -3.4% |
| Total equity and liabilities | 10/49 | €271,012 | €260,405 | -€10,607 | -3.9% |
| Equity | 10/15 | -€4,956 | €20,341 | +€25,297 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,816 | €8,481 | +€25,297 | |
| Amounts payable | 17/49 | €275,968 | €240,064 | -€35,904 | -13.0% |
| Amounts payable after more than one year | 17 | €155,153 | €117,751 | -€37,402 | -24.1% |
| Financial debts | 170/4 | €155,153 | €117,751 | -€37,402 | -24.1% |
| Amounts payable within one year | 42/48 | €120,815 | €119,042 | -€1,772 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €35,432 | €36,375 | +€943 | +2.7% |
| Trade debts | 44 | €68,600 | €63,038 | -€5,562 | -8.1% |
| Suppliers | 440/4 | €68,600 | €63,038 | -€5,562 | -8.1% |
| Taxes, remuneration and social security | 45 | €16,783 | €19,629 | +€2,846 | +17.0% |
| Taxes | 450/3 | €8,073 | €14,883 | +€6,810 | +84.4% |
| Remuneration and social security | 454/9 | €8,710 | €4,746 | -€3,963 | -45.5% |
| Accrued charges and deferred income | 492/3 | - | €3,271 | +€3,271 | |
| Remuneration, social security and pensions | 62 | €52,375 | €63,203 | +€10,827 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,789 | €30,615 | -€174 | -0.6% |
| Other operating charges | 640/8 | €23,522 | €25,815 | +€2,294 | +9.8% |
| Gross operating margin | 9900 | €105,030 | €162,830 | +€57,800 | +55.0% |
| Operating profit (loss) | 9901 | -€1,655 | €43,197 | +€44,852 | |
| Financial income | 75/76B | - | €343 | +€343 | |
| Recurring financial income | 75 | - | €343 | +€343 | |
| Financial charges | 65/66B | €6,585 | €18,243 | +€11,659 | +177.1% |
| Recurring financial charges | 65 | €6,585 | €18,243 | +€11,659 | +177.1% |
| Profit (loss) for the period before taxes | 9903 | -€8,240 | €25,297 | +€33,537 | |
| Profit (loss) for the period | 9904 | -€8,240 | €25,297 | +€33,537 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,240 | €25,297 | +€33,537 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.