SystemsWaves: 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.
SystemsWaves
Largest movements
- Current investments +€483,765
up €483,765 (+635%), from €76,235 to €560,000
- Tangible fixed assets -€310,543
down €310,543 (-67.3%), from €461,161 to €150,618
of which Land and buildings: -€313,431
- Cash +€12,956
up €12,956 (+113%), from €11,443 to €24,399
mainly Investment in fixed assets (net) (+€305,488) and Net result for the year (+€212,492)
- Receivables within one year -€10,690
down €10,690 (-57.4%), from €18,638 to €7,947
of which Other amounts receivable: -€10,743
- Reserves +€167,091
up €167,091 (+42.2%), from €395,740 to €562,831
- Tax, wage and social debts +€27,386
up €27,386 (+286%), from €9,591 to €36,977
- Debts after one year -€26,355
down €26,355 (-26.1%), from €100,816 to €74,461
- Accrued charges and deferred income +€13,592
new in 2025: €13,592
- Gross operating margin +€246,095
up €246,095 (+330%), from €74,592 to €320,687
- Taxes +€80,007
up €80,007 (+551%), from €14,510 to €94,518
- Depreciation -€12,237
down €12,237 (-70.8%), from €17,292 to €5,055
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 | €569,516 | €745,608 | +€176,092 | +30.9% |
| Fixed assets | 21/28 | €461,161 | €150,618 | -€310,543 | -67.3% |
| Tangible fixed assets | 22/27 | €461,161 | €150,618 | -€310,543 | -67.3% |
| Land and buildings | 22 | €460,545 | €147,114 | -€313,431 | -68.1% |
| Furniture and vehicles | 24 | €616 | €3,504 | +€2,888 | +469% |
| Current assets | 29/58 | €108,355 | €594,990 | +€486,635 | +449% |
| Amounts receivable within one year | 40/41 | €18,638 | €7,947 | -€10,690 | -57.4% |
| Trade receivables | 40 | €0 | €53 | +€53 | |
| Other amounts receivable | 41 | €18,638 | €7,894 | -€10,743 | -57.6% |
| Current investments | 50/53 | €76,235 | €560,000 | +€483,765 | +635% |
| Cash at bank and in hand | 54/58 | €11,443 | €24,399 | +€12,956 | +113% |
| Deferred charges and accrued income | 490/1 | €2,040 | €2,643 | +€603 | +29.6% |
| Total equity and liabilities | 10/49 | €569,516 | €745,608 | +€176,092 | +30.9% |
| Equity | 10/15 | €414,340 | €581,431 | +€167,091 | +40.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €395,740 | €562,831 | +€167,091 | +42.2% |
| Distributable reserves | 133 | €395,740 | €562,831 | +€167,091 | +42.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €155,177 | €164,177 | +€9,001 | +5.8% |
| Amounts payable after more than one year | 17 | €100,816 | €74,461 | -€26,355 | -26.1% |
| Financial debts | 170/4 | €100,816 | €74,461 | -€26,355 | -26.1% |
| Amounts payable within one year | 42/48 | €54,360 | €76,124 | +€21,764 | +40.0% |
| Current portion of amounts payable after more than one year | 42 | €25,540 | €26,355 | +€814 | +3.2% |
| Trade debts | 44 | €16,209 | €10,565 | -€5,644 | -34.8% |
| Suppliers | 440/4 | €16,209 | €10,565 | -€5,644 | -34.8% |
| Taxes, remuneration and social security | 45 | €9,591 | €36,977 | +€27,386 | +286% |
| Taxes | 450/3 | €9,591 | €36,977 | +€27,386 | +286% |
| Other amounts payable | 47/48 | €3,021 | €2,228 | -€793 | -26.2% |
| Accrued charges and deferred income | 492/3 | - | €13,592 | +€13,592 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,292 | €5,055 | -€12,237 | -70.8% |
| Other operating charges | 640/8 | €2,194 | €2,292 | +€98 | +4.5% |
| Gross operating margin | 9900 | €74,592 | €320,687 | +€246,095 | +330% |
| Operating profit (loss) | 9901 | €55,105 | €313,339 | +€258,234 | +469% |
| Financial income | 75/76B | €542 | €553 | +€11 | +2.0% |
| Recurring financial income | 75 | €542 | €553 | +€11 | +2.0% |
| Financial charges | 65/66B | €3,868 | €6,882 | +€3,014 | +77.9% |
| Recurring financial charges | 65 | €3,868 | €6,882 | +€3,014 | +77.9% |
| Profit (loss) for the period before taxes | 9903 | €51,779 | €307,010 | +€255,231 | +493% |
| Income taxes | 67/77 | €14,510 | €94,518 | +€80,007 | +551% |
| Profit (loss) for the period | 9904 | €37,269 | €212,492 | +€175,223 | +470% |
| Profit (loss) for the period to be appropriated | 9905 | €37,269 | €212,492 | +€175,223 | +470% |
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.