IWAVE: 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.
IWAVE
Largest movements
- Tangible fixed assets -€11,840
down €11,840 (-4.5%), from €260,691 to €248,851
of which Land and buildings: -€10,483
- Receivables within one year +€4,130
up €4,130 (+39.2%), from €10,531 to €14,661
of which Trade receivables: +€4,074
- Deferred charges and accrued income -€2,960
down €2,960 (-40.0%), from €7,407 to €4,447
- Debts after one year -€23,250
down €23,250 (-13.8%), from €168,093 to €144,842
- Other debts +€19,905
up €19,905 (+68.1%), from €29,235 to €49,140
- Tax, wage and social debts -€9,240
down €9,240 (-33.3%), from €27,708 to €18,468
of which Taxes: -€7,219
- Financial charges +€23,591
up €23,591 (+389.7%), from €6,054 to €29,645
- Gross operating margin +€9,204
up €9,204 (+17.9%), from €51,444 to €60,648
- Taxes -€3,540
down €3,540 (-36.0%), from €9,846 to €6,306
- Other operating charges -€1,962
down €1,962 (-56.0%), from €3,504 to €1,542
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 | €294,440 | €283,706 | -€10,734 | -3.6% |
| Fixed assets | 21/28 | €260,823 | €248,983 | -€11,840 | -4.5% |
| Tangible fixed assets | 22/27 | €260,691 | €248,851 | -€11,840 | -4.5% |
| Land and buildings | 22 | €258,178 | €247,695 | -€10,483 | -4.1% |
| Furniture and vehicles | 24 | €870 | €0 | -€870 | -100.0% |
| Other tangible fixed assets | 26 | €1,644 | €1,156 | -€487 | -29.7% |
| Financial fixed assets | 28 | €132 | €132 | = | 0.0% |
| Current assets | 29/58 | €33,617 | €34,722 | +€1,106 | +3.3% |
| Amounts receivable within one year | 40/41 | €10,531 | €14,661 | +€4,130 | +39.2% |
| Trade receivables | 40 | €10,531 | €14,605 | +€4,074 | +38.7% |
| Other amounts receivable | 41 | - | €56 | +€56 | |
| Current investments | 50/53 | €1,740 | €1,740 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €13,939 | €13,874 | -€65 | -0.5% |
| Deferred charges and accrued income | 490/1 | €7,407 | €4,447 | -€2,960 | -40.0% |
| Total equity and liabilities | 10/49 | €294,440 | €283,706 | -€10,734 | -3.6% |
| Equity | 10/15 | €36,464 | €37,621 | +€1,156 | +3.2% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €36,463 | €37,620 | +€1,156 | +3.2% |
| Distributable reserves | 133 | €36,463 | €37,620 | +€1,156 | +3.2% |
| Amounts payable | 17/49 | €257,976 | €246,085 | -€11,891 | -4.6% |
| Amounts payable after more than one year | 17 | €168,093 | €144,842 | -€23,250 | -13.8% |
| Financial debts | 170/4 | €168,093 | €144,842 | -€23,250 | -13.8% |
| Amounts payable within one year | 42/48 | €89,883 | €101,242 | +€11,359 | +12.6% |
| Current portion of amounts payable after more than one year | 42 | €23,666 | €25,599 | +€1,933 | +8.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €9,274 | €8,035 | -€1,239 | -13.4% |
| Suppliers | 440/4 | €9,274 | €8,035 | -€1,239 | -13.4% |
| Taxes, remuneration and social security | 45 | €27,708 | €18,468 | -€9,240 | -33.3% |
| Taxes | 450/3 | €25,687 | €18,468 | -€7,219 | -28.1% |
| Remuneration and social security | 454/9 | €2,021 | €0 | -€2,021 | -100.0% |
| Other amounts payable | 47/48 | €29,235 | €49,140 | +€19,905 | +68.1% |
| Remuneration, social security and pensions | 62 | €250 | - | -€250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,926 | €11,840 | -€86 | -0.7% |
| Other operating charges | 640/8 | €3,504 | €1,542 | -€1,962 | -56.0% |
| Gross operating margin | 9900 | €51,444 | €60,648 | +€9,204 | +17.9% |
| Operating profit (loss) | 9901 | €35,764 | €47,266 | +€11,503 | +32.2% |
| Financial income | 75/76B | €2 | €1 | -€0 | -27.7% |
| Recurring financial income | 75 | €2 | €1 | -€0 | -27.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €6,054 | €29,645 | +€23,591 | +389.7% |
| Recurring financial charges | 65 | €6,054 | €29,645 | +€23,591 | +389.7% |
| Profit (loss) for the period before taxes | 9903 | €29,711 | €17,622 | -€12,089 | -40.7% |
| Income taxes | 67/77 | €9,846 | €6,306 | -€3,540 | -36.0% |
| Profit (loss) for the period | 9904 | €19,865 | €11,316 | -€8,549 | -43.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,865 | €11,316 | -€8,549 | -43.0% |
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 8 October 2026 via checked.be.