LOUIS DE WAELE: 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.
LOUIS DE WAELE
Largest movements
- Receivables within one year +€1.3m
up €1.3m (+38.4%), from €3.3m to €4.5m
of which Other amounts receivable: +€1.3m
- Profit (loss) carried forward +€810,351
up €810,351 (+12.3%), from €6.6m to €7.4m
- Other debts +€458,156
up €458,156 (+8.2%), from €5.6m to €6.1m
- Financial income -€358,121
down €358,121 (-17.0%), from €2.1m to €1.7m
- Financial charges -€89,007
down €89,007 (-17.6%), from €504,295 to €415,288
- Staff costs +€3,753
up €3,753 (+11.4%), from €32,927 to €36,679
- Gross operating margin -€2,051
down €2,051 (-9.8%), from €20,912 to €18,861
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 | €15,499,078 | €16,754,922 | +€1.3m | +8.1% |
| Fixed assets | 21/28 | €12,215,537 | €12,215,537 | = | 0.0% |
| Financial fixed assets | 28 | €12,215,537 | €12,215,537 | = | 0.0% |
| Current assets | 29/58 | €3,283,540 | €4,539,385 | +€1.3m | +38.2% |
| Amounts receivable within one year | 40/41 | €3,275,149 | €4,533,654 | +€1.3m | +38.4% |
| Trade receivables | 40 | €3,964 | €4,019 | +€55 | +1.4% |
| Other amounts receivable | 41 | €3,271,185 | €4,529,635 | +€1.3m | +38.5% |
| Cash at bank and in hand | 54/58 | €7,773 | €5,731 | -€2,042 | -26.3% |
| Deferred charges and accrued income | 490/1 | €618 | - | -€618 | |
| Total equity and liabilities | 10/49 | €15,499,078 | €16,754,922 | +€1.3m | +8.1% |
| Equity | 10/15 | €6,857,782 | €7,668,133 | +€810,351 | +11.8% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €125,000 | €125,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €110,000 | €110,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,582,782 | €7,393,133 | +€810,351 | +12.3% |
| Amounts payable | 17/49 | €8,641,296 | €9,086,789 | +€445,493 | +5.2% |
| Amounts payable within one year | 42/48 | €8,641,296 | €9,086,789 | +€445,493 | +5.2% |
| Financial debts | 43 | €3,000,000 | €3,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €3,000,000 | €3,000,000 | = | 0.0% |
| Trade debts | 44 | €18,720 | €4,822 | -€13,897 | -74.2% |
| Suppliers | 440/4 | €18,720 | €4,822 | -€13,897 | -74.2% |
| Taxes, remuneration and social security | 45 | €2,884 | €4,118 | +€1,234 | +42.8% |
| Remuneration and social security | 454/9 | €2,884 | €4,118 | +€1,234 | +42.8% |
| Other amounts payable | 47/48 | €5,619,692 | €6,077,848 | +€458,156 | +8.2% |
| Remuneration, social security and pensions | 62 | €32,927 | €36,679 | +€3,753 | +11.4% |
| Other operating charges | 640/8 | €1,110 | €1,223 | +€113 | +10.2% |
| Gross operating margin | 9900 | €20,912 | €18,861 | -€2,051 | -9.8% |
| Operating profit (loss) | 9901 | -€13,124 | -€19,041 | -€5,917 | -45.1% |
| Financial income | 75/76B | €2,102,885 | €1,744,764 | -€358,121 | -17.0% |
| Recurring financial income | 75 | €2,102,885 | €1,744,764 | -€358,121 | -17.0% |
| Financial charges | 65/66B | €504,295 | €415,288 | -€89,007 | -17.6% |
| Recurring financial charges | 65 | €504,295 | €415,288 | -€89,007 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | €1,585,466 | €1,310,435 | -€275,031 | -17.3% |
| Income taxes | 67/77 | - | €83 | +€83 | |
| Profit (loss) for the period | 9904 | €1,585,466 | €1,310,351 | -€275,115 | -17.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,585,466 | €1,310,351 | -€275,115 | -17.4% |
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 30 October 2026 via checked.be.