I-WACC: 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.
I-WACC
Largest movements
- Receivables within one year +€55,692
up €55,692 (+18.2%), from €306,213 to €361,905
of which Other amounts receivable: +€47,460
- Intangible fixed assets -€10,636
down €10,636 (-11.5%), from €92,778 to €82,142
- Reserves +€88,823
up €88,823 (+33.7%), from €263,461 to €352,284
of which Distributable reserves: +€88,823
- Current portion of long-term debt -€33,170
down €33,170 (-54.3%), from €61,057 to €27,887
- Tax, wage and social debts -€12,656
down €12,656 (-26.5%), from €47,754 to €35,098
- Financial income -€60,195
down €60,195 (-38.4%), from €156,883 to €96,689
- Gross operating margin -€23,004
down €23,004 (-51.5%), from €44,635 to €21,630
- Taxes -€15,309
down €15,309 (-63.6%), from €24,073 to €8,764
- Financial charges +€2,030
up €2,030 (+40.3%), from €5,034 to €7,063
- Other operating charges -€1,774
down €1,774 (-61.2%), from €2,898 to €1,125
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 | €508,796 | €555,900 | +€47,104 | +9.3% |
| Fixed assets | 21/28 | €143,316 | €130,773 | -€12,544 | -8.8% |
| Intangible fixed assets | 21 | €92,778 | €82,142 | -€10,636 | -11.5% |
| Tangible fixed assets | 22/27 | €4,972 | €3,064 | -€1,908 | -38.4% |
| Plant, machinery and equipment | 23 | €2,452 | €1,726 | -€726 | -29.6% |
| Furniture and vehicles | 24 | €2,519 | €1,337 | -€1,182 | -46.9% |
| Financial fixed assets | 28 | €45,567 | €45,567 | = | 0.0% |
| Current assets | 29/58 | €365,480 | €425,128 | +€59,648 | +16.3% |
| Amounts receivable within one year | 40/41 | €306,213 | €361,905 | +€55,692 | +18.2% |
| Trade receivables | 40 | €21,478 | €29,709 | +€8,232 | +38.3% |
| Other amounts receivable | 41 | €284,735 | €332,196 | +€47,460 | +16.7% |
| Current investments | 50/53 | €49,027 | €49,380 | +€353 | +0.7% |
| Cash at bank and in hand | 54/58 | €10,240 | €13,842 | +€3,603 | +35.2% |
| Total equity and liabilities | 10/49 | €508,796 | €555,900 | +€47,104 | +9.3% |
| Equity | 10/15 | €282,061 | €370,884 | +€88,823 | +31.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €263,461 | €352,284 | +€88,823 | +33.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €261,601 | €350,424 | +€88,823 | +34.0% |
| Amounts payable | 17/49 | €226,735 | €185,016 | -€41,719 | -18.4% |
| Amounts payable after more than one year | 17 | €112,210 | €116,266 | +€4,056 | +3.6% |
| Financial debts | 170/4 | €112,210 | €116,266 | +€4,056 | +3.6% |
| Amounts payable within one year | 42/48 | €114,525 | €68,750 | -€45,775 | -40.0% |
| Current portion of amounts payable after more than one year | 42 | €61,057 | €27,887 | -€33,170 | -54.3% |
| Trade debts | 44 | €5,066 | €5,765 | +€699 | +13.8% |
| Suppliers | 440/4 | €5,066 | €5,765 | +€699 | +13.8% |
| Taxes, remuneration and social security | 45 | €47,754 | €35,098 | -€12,656 | -26.5% |
| Taxes | 450/3 | €47,754 | €35,098 | -€12,656 | -26.5% |
| Other amounts payable | 47/48 | €648 | €0 | -€648 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,387 | €12,544 | -€844 | -6.3% |
| Other operating charges | 640/8 | €2,898 | €1,125 | -€1,774 | -61.2% |
| Gross operating margin | 9900 | €44,635 | €21,630 | -€23,004 | -51.5% |
| Operating profit (loss) | 9901 | €28,349 | €7,962 | -€20,387 | -71.9% |
| Financial income | 75/76B | €156,883 | €96,689 | -€60,195 | -38.4% |
| Recurring financial income | 75 | €156,883 | €96,689 | -€60,195 | -38.4% |
| Financial charges | 65/66B | €5,034 | €7,063 | +€2,030 | +40.3% |
| Recurring financial charges | 65 | €5,034 | €7,063 | +€2,030 | +40.3% |
| Profit (loss) for the period before taxes | 9903 | €180,198 | €97,587 | -€82,611 | -45.8% |
| Income taxes | 67/77 | €24,073 | €8,764 | -€15,309 | -63.6% |
| Profit (loss) for the period | 9904 | €156,125 | €88,823 | -€67,303 | -43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €156,125 | €88,823 | -€67,303 | -43.1% |
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 20 October 2026 via checked.be.