ON THE WAVE: 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.
ON THE WAVE
Largest movements
- Financial fixed assets +€691,328
up €691,328 (+23,044%), from €3,000 to €694,328
- Cash +€36,235
up €36,235 (+210%), from €17,239 to €53,474
mainly Contributions, distributions and other (+€691,328) and Net result for the year (+€28,310)
- Revaluation surpluses +€691,328
new in 2025: €691,328
- Profit (loss) carried forward +€28,310
up €28,310 (+501%), from €5,647 to €33,957
- Tax, wage and social debts +€13,772
up €13,772 (+195%), from €7,060 to €20,831
- Accrued charges and deferred income +€12,597
new in 2025: €12,597
- Other debts -€8,508
no longer reported in 2025 (was €8,508)
- Gross operating margin +€13,188
up €13,188 (+30.2%), from €43,638 to €56,827
- Taxes +€10,604
new in 2025: €10,604
- Staff costs -€2,455
down €2,455 (-16.6%), from €14,768 to €12,313
- Financial charges +€2,454
up €2,454 (+797%), from €308 to €2,761
of which Financial charges: +€2,457
- Depreciation +€823
up €823 (+161%), from €512 to €1,334
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 | €40,511 | €782,208 | +€741,697 | +1,831% |
| Fixed assets | 21/28 | €3,748 | €699,804 | +€696,056 | +18,572% |
| Tangible fixed assets | 22/27 | €748 | €5,475 | +€4,727 | +632% |
| Furniture and vehicles | 24 | €748 | €5,475 | +€4,727 | +632% |
| Financial fixed assets | 28 | €3,000 | €694,328 | +€691,328 | +23,044% |
| Current assets | 29/58 | €36,763 | €82,404 | +€45,641 | +124% |
| Amounts receivable within one year | 40/41 | €15,467 | €20,314 | +€4,847 | +31.3% |
| Trade receivables | 40 | €13,235 | €17,782 | +€4,547 | +34.4% |
| Other amounts receivable | 41 | €2,232 | €2,532 | +€300 | +13.4% |
| Cash at bank and in hand | 54/58 | €17,239 | €53,474 | +€36,235 | +210% |
| Deferred charges and accrued income | 490/1 | €4,057 | €8,615 | +€4,558 | +112% |
| Total equity and liabilities | 10/49 | €40,511 | €782,208 | +€741,697 | +1,831% |
| Equity | 10/15 | €24,247 | €743,885 | +€719,638 | +2,968% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €691,328 | +€691,328 | |
| Profit (loss) carried forward | 14 | €5,647 | €33,957 | +€28,310 | +501% |
| Amounts payable | 17/49 | €16,264 | €38,323 | +€22,058 | +136% |
| Amounts payable after more than one year | 17 | - | €2,679 | +€2,679 | |
| Financial debts | 170/4 | - | €2,679 | +€2,679 | |
| Amounts payable within one year | 42/48 | €16,264 | €23,047 | +€6,783 | +41.7% |
| Financial debts | 43 | - | €1,524 | +€1,524 | |
| Credit institutions | 430/8 | - | €1,524 | +€1,524 | |
| Trade debts | 44 | €697 | €692 | -€5 | -0.7% |
| Suppliers | 440/4 | €697 | €692 | -€5 | -0.7% |
| Taxes, remuneration and social security | 45 | €7,060 | €20,831 | +€13,772 | +195% |
| Taxes | 450/3 | €7,060 | €20,831 | +€13,772 | +195% |
| Other amounts payable | 47/48 | €8,508 | - | -€8,508 | |
| Accrued charges and deferred income | 492/3 | - | €12,597 | +€12,597 | |
| Remuneration, social security and pensions | 62 | €14,768 | €12,313 | -€2,455 | -16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €512 | €1,334 | +€823 | +161% |
| Other operating charges | 640/8 | €1,265 | €1,504 | +€239 | +18.9% |
| Gross operating margin | 9900 | €43,638 | €56,827 | +€13,188 | +30.2% |
| Operating profit (loss) | 9901 | €27,094 | €41,675 | +€14,582 | +53.8% |
| Financial income | 75/76B | €6 | - | -€6 | |
| Recurring financial income | 75 | €6 | - | -€6 | |
| Non-recurring financial income | 76B | €6 | - | -€6 | |
| Financial charges | 65/66B | €308 | €2,761 | +€2,454 | +797% |
| Recurring financial charges | 65 | €305 | €2,761 | +€2,457 | +806% |
| Non-recurring financial charges | 66B | €3 | - | -€3 | |
| Profit (loss) for the period before taxes | 9903 | €26,792 | €38,914 | +€12,122 | +45.2% |
| Income taxes | 67/77 | - | €10,604 | +€10,604 | |
| Profit (loss) for the period | 9904 | €26,792 | €28,310 | +€1,518 | +5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,792 | €28,310 | +€1,518 | +5.7% |
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 21 October 2026 via checked.be.