LA WACHE: 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.
LA WACHE
Largest movements
- Receivables within one year -€107,129
down €107,129 (-42.5%), from €252,322 to €145,193
of which Other amounts receivable: -€118,361
- Cash +€36,687
new in 2025: €36,687
mainly Net result for the year (+€185,525) and Receivables within one year (+€107,129)
- Tangible fixed assets -€25,952
down €25,952 (-23.7%), from €109,468 to €83,516
of which Leasing and similar rights: -€21,097
- Intangible fixed assets -€9,465
down €9,465 (-45.5%), from €20,793 to €11,328
- Profit (loss) carried forward +€185,525
up €185,525 (+43.1%), from -€430,802 to -€245,277
- Tax, wage and social debts -€172,344
down €172,344 (-62.8%), from €274,429 to €102,085
of which Remuneration and social security: -€123,763
- Other debts -€60,539
down €60,539 (-74.8%), from €80,925 to €20,386
- Current portion of long-term debt -€24,423
down €24,423 (-55.4%), from €44,078 to €19,654
- Trade debts -€18,563
down €18,563 (-12.3%), from €151,067 to €132,504
- Gross operating margin +€303,410
up €303,410 (+77.0%), from €393,848 to €697,258
- Staff costs -€131,817
down €131,817 (-21.7%), from €608,610 to €476,794
- Financial charges -€40,723
no longer reported in 2025 (was €40,723)
- Write-downs -€7,562
no longer reported in 2025 (was €7,562)
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 | €427,333 | €321,473 | -€105,860 | -24.8% |
| Fixed assets | 21/28 | €153,896 | €118,478 | -€35,417 | -23.0% |
| Intangible fixed assets | 21 | €20,793 | €11,328 | -€9,465 | -45.5% |
| Tangible fixed assets | 22/27 | €109,468 | €83,516 | -€25,952 | -23.7% |
| Plant, machinery and equipment | 23 | €9,670 | €6,781 | -€2,889 | -29.9% |
| Furniture and vehicles | 24 | €10,844 | €8,146 | -€2,697 | -24.9% |
| Leasing and similar rights | 25 | €67,203 | €46,106 | -€21,097 | -31.4% |
| Other tangible fixed assets | 26 | €21,752 | €22,482 | +€730 | +3.4% |
| Financial fixed assets | 28 | €23,635 | €23,635 | = | 0.0% |
| Current assets | 29/58 | €273,437 | €202,995 | -€70,442 | -25.8% |
| Amounts receivable within one year | 40/41 | €252,322 | €145,193 | -€107,129 | -42.5% |
| Trade receivables | 40 | €133,960 | €145,193 | +€11,233 | +8.4% |
| Other amounts receivable | 41 | €118,361 | - | -€118,361 | |
| Current investments | 50/53 | €21,115 | €21,115 | = | 0.0% |
| Cash at bank and in hand | 54/58 | - | €36,687 | +€36,687 | |
| Total equity and liabilities | 10/49 | €427,333 | €321,473 | -€105,860 | -24.8% |
| Equity | 10/15 | -€141,778 | €43,747 | +€185,525 | |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €282,024 | €282,024 | = | 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% |
| Distributable reserves | 133 | €280,164 | €280,164 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€430,802 | -€245,277 | +€185,525 | +43.1% |
| Amounts payable | 17/49 | €569,111 | €277,726 | -€291,384 | -51.2% |
| Amounts payable after more than one year | 17 | €12,672 | €3,098 | -€9,575 | -75.6% |
| Financial debts | 170/4 | €12,672 | €3,098 | -€9,575 | -75.6% |
| Amounts payable within one year | 42/48 | €552,963 | €274,629 | -€278,334 | -50.3% |
| Current portion of amounts payable after more than one year | 42 | €44,078 | €19,654 | -€24,423 | -55.4% |
| Financial debts | 43 | €2,464 | - | -€2,464 | |
| Credit institutions | 430/8 | €2,464 | - | -€2,464 | |
| Trade debts | 44 | €151,067 | €132,504 | -€18,563 | -12.3% |
| Suppliers | 440/4 | €151,067 | €132,504 | -€18,563 | -12.3% |
| Taxes, remuneration and social security | 45 | €274,429 | €102,085 | -€172,344 | -62.8% |
| Taxes | 450/3 | €79,330 | €30,749 | -€48,582 | -61.2% |
| Remuneration and social security | 454/9 | €195,099 | €71,336 | -€123,763 | -63.4% |
| Other amounts payable | 47/48 | €80,925 | €20,386 | -€60,539 | -74.8% |
| Accrued charges and deferred income | 492/3 | €3,476 | - | -€3,476 | |
| Remuneration, social security and pensions | 62 | €608,610 | €476,794 | -€131,817 | -21.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,923 | €38,248 | +€324 | +0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,562 | - | -€7,562 | |
| Other operating charges | 640/8 | €312 | €407 | +€95 | +30.5% |
| Gross operating margin | 9900 | €393,848 | €697,258 | +€303,410 | +77.0% |
| Operating profit (loss) | 9901 | -€260,560 | €181,810 | +€442,370 | |
| Financial income | 75/76B | - | €3,715 | +€3,715 | |
| Recurring financial income | 75 | - | €3,715 | +€3,715 | |
| Financial charges | 65/66B | €40,723 | - | -€40,723 | |
| Recurring financial charges | 65 | €40,723 | - | -€40,723 | |
| Profit (loss) for the period before taxes | 9903 | -€301,283 | €185,525 | +€486,808 | |
| Income taxes | 67/77 | -€417 | - | +€417 | |
| Profit (loss) for the period | 9904 | -€300,866 | €185,525 | +€486,391 | |
| Profit (loss) for the period to be appropriated | 9905 | -€300,866 | €185,525 | +€486,391 |
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 22 October 2026 via checked.be.