HUMAN WAVES: 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.
HUMAN WAVES
Largest movements
- Intangible fixed assets -€33,938
down €33,938 (-24.0%), from €141,399 to €107,461
- Receivables within one year +€3,255
up €3,255 (+12.9%), from €25,289 to €28,544
of which Other amounts receivable: +€3,342
- Tangible fixed assets -€2,682
down €2,682 (-100%), from €2,682 to €0
- Profit (loss) carried forward -€36,098
down €36,098 (-92.8%), from €38,878 to €2,780
- Investment grants -€18,884
down €18,884 (-100%), from €18,884 to €0
- Trade debts +€16,416
up €16,416 (+334%), from €4,921 to €21,337
- Other debts +€2,806
up €2,806 (+43.8%), from €6,405 to €9,211
- Tax, wage and social debts +€2,585
up €2,585 (+47.0%), from €5,502 to €8,086
- Gross operating margin -€87,918
down €87,918 (-88.6%), from €99,283 to €11,365
- Financial income -€11,793
down €11,793 (-38.4%), from €30,678 to €18,884
- Depreciation +€2,835
up €2,835 (+4.4%), from €65,061 to €67,895
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 | €204,799 | €171,624 | -€33,175 | -16.2% |
| Fixed assets | 21/28 | €144,131 | €107,511 | -€36,620 | -25.4% |
| Intangible fixed assets | 21 | €141,399 | €107,461 | -€33,938 | -24.0% |
| Tangible fixed assets | 22/27 | €2,682 | €0 | -€2,682 | -100% |
| Plant, machinery and equipment | 23 | €2,682 | €0 | -€2,682 | -100% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €60,667 | €64,113 | +€3,445 | +5.7% |
| Amounts receivable within one year | 40/41 | €25,289 | €28,544 | +€3,255 | +12.9% |
| Trade receivables | 40 | €4,373 | €4,285 | -€87 | -2.0% |
| Other amounts receivable | 41 | €20,916 | €24,258 | +€3,342 | +16.0% |
| Cash at bank and in hand | 54/58 | €35,378 | €35,569 | +€191 | +0.5% |
| Total equity and liabilities | 10/49 | €204,799 | €171,624 | -€33,175 | -16.2% |
| Equity | 10/15 | €187,971 | €132,989 | -€54,982 | -29.3% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €5,209 | €5,209 | = | 0.0% |
| Distributable reserves | 133 | €5,209 | €5,209 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,878 | €2,780 | -€36,098 | -92.8% |
| Investment grants | 15 | €18,884 | €0 | -€18,884 | -100% |
| Amounts payable | 17/49 | €16,827 | €38,635 | +€21,808 | +130% |
| Amounts payable within one year | 42/48 | €16,827 | €38,635 | +€21,808 | +130% |
| Trade debts | 44 | €4,921 | €21,337 | +€16,416 | +334% |
| Suppliers | 440/4 | €4,921 | €21,337 | +€16,416 | +334% |
| Taxes, remuneration and social security | 45 | €5,502 | €8,086 | +€2,585 | +47.0% |
| Taxes | 450/3 | €5,502 | €8,086 | +€2,585 | +47.0% |
| Other amounts payable | 47/48 | €6,405 | €9,211 | +€2,806 | +43.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,061 | €67,895 | +€2,835 | +4.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €470 | €400 | -€70 | -15.0% |
| Gross operating margin | 9900 | €99,283 | €11,365 | -€87,918 | -88.6% |
| Operating profit (loss) | 9901 | €33,753 | -€56,930 | -€90,682 | |
| Financial income | 75/76B | €30,678 | €18,884 | -€11,793 | -38.4% |
| Recurring financial income | 75 | €30,678 | €18,884 | -€11,793 | -38.4% |
| Financial charges | 65/66B | €879 | €1,394 | +€515 | +58.6% |
| Recurring financial charges | 65 | €879 | €1,394 | +€515 | +58.6% |
| Profit (loss) for the period before taxes | 9903 | €63,551 | -€39,440 | -€102,991 | |
| Income taxes | 67/77 | -€3,175 | -€3,342 | -€167 | -5.3% |
| Profit (loss) for the period | 9904 | €66,726 | -€36,098 | -€102,824 | |
| Profit (loss) for the period to be appropriated | 9905 | €66,726 | -€36,098 | -€102,824 |
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 13 October 2026 via checked.be.