The Waffle: 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.
The Waffle
Largest movements
- Cash -€147,340
no longer reported in 2025 (was €147,340)
mainly Current investments (-€99,564) and Net result for the year (-€54,989)
- Current investments +€99,564
new in 2025: €99,564
- Tangible fixed assets -€39,876
down €39,876 (-23.7%), from €168,193 to €128,317
of which Furniture and vehicles: -€30,731
- Receivables within one year +€18,499
up €18,499 (+1,051%), from €1,760 to €20,259
of which Other amounts receivable: +€10,238
- Deferred charges and accrued income -€12,562
down €12,562 (-81.8%), from €15,351 to €2,789
- Reserves -€54,989
down €54,989 (-57.8%), from €95,168 to €40,179
of which Distributable reserves: -€54,989
- Debts after one year -€19,408
down €19,408 (-27.4%), from €70,907 to €51,499
- Tax, wage and social debts +€7,654
up €7,654 (+9.6%), from €80,142 to €87,797
of which Remuneration and social security: +€4,188
- Other debts -€5,857
down €5,857 (-96.5%), from €6,071 to €214
- Trade debts -€3,832
down €3,832 (-14.2%), from €27,034 to €23,202
- Staff costs +€124,830
up €124,830 (+23.1%), from €540,201 to €665,032
- Gross operating margin +€21,360
up €21,360 (+3.3%), from €644,059 to €665,419
- Taxes -€7,847
down €7,847, from €7,284 to -€563
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 | €337,294 | €258,326 | -€78,968 | -23.4% |
| Fixed assets | 21/28 | €169,997 | €129,536 | -€40,461 | -23.8% |
| Intangible fixed assets | 21 | €1,044 | €458 | -€585 | -56.1% |
| Tangible fixed assets | 22/27 | €168,193 | €128,317 | -€39,876 | -23.7% |
| Plant, machinery and equipment | 23 | €15,474 | €9,409 | -€6,064 | -39.2% |
| Furniture and vehicles | 24 | €120,734 | €90,003 | -€30,731 | -25.5% |
| Other tangible fixed assets | 26 | €31,986 | €28,906 | -€3,081 | -9.6% |
| Financial fixed assets | 28 | €760 | €760 | = | 0.0% |
| Current assets | 29/58 | €167,297 | €128,790 | -€38,507 | -23.0% |
| Stocks and contracts in progress | 3 | €2,845 | €6,179 | +€3,333 | +117% |
| Stocks | 30/36 | €2,845 | €6,179 | +€3,333 | +117% |
| Amounts receivable within one year | 40/41 | €1,760 | €20,259 | +€18,499 | +1,051% |
| Trade receivables | 40 | €1,760 | €10,021 | +€8,261 | +469% |
| Other amounts receivable | 41 | - | €10,238 | +€10,238 | |
| Current investments | 50/53 | - | €99,564 | +€99,564 | |
| Cash at bank and in hand | 54/58 | €147,340 | - | -€147,340 | |
| Deferred charges and accrued income | 490/1 | €15,351 | €2,789 | -€12,562 | -81.8% |
| Total equity and liabilities | 10/49 | €337,294 | €258,326 | -€78,968 | -23.4% |
| Equity | 10/15 | €113,768 | €58,779 | -€54,989 | -48.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €95,168 | €40,179 | -€54,989 | -57.8% |
| 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 | €93,308 | €38,319 | -€54,989 | -58.9% |
| Amounts payable | 17/49 | €223,526 | €199,546 | -€23,979 | -10.7% |
| Amounts payable after more than one year | 17 | €70,907 | €51,499 | -€19,408 | -27.4% |
| Financial debts | 170/4 | €70,907 | €51,499 | -€19,408 | -27.4% |
| Amounts payable within one year | 42/48 | €152,619 | €148,047 | -€4,572 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €23,794 | €20,053 | -€3,741 | -15.7% |
| Financial debts | 43 | €15,578 | €16,782 | +€1,205 | +7.7% |
| Credit institutions | 430/8 | €15,578 | €16,782 | +€1,205 | +7.7% |
| Trade debts | 44 | €27,034 | €23,202 | -€3,832 | -14.2% |
| Suppliers | 440/4 | €27,034 | €23,202 | -€3,832 | -14.2% |
| Taxes, remuneration and social security | 45 | €80,142 | €87,797 | +€7,654 | +9.6% |
| Taxes | 450/3 | €15,720 | €19,186 | +€3,466 | +22.1% |
| Remuneration and social security | 454/9 | €64,423 | €68,610 | +€4,188 | +6.5% |
| Other amounts payable | 47/48 | €6,071 | €214 | -€5,857 | -96.5% |
| Remuneration, social security and pensions | 62 | €540,201 | €665,032 | +€124,830 | +23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,949 | €47,646 | +€3,696 | +8.4% |
| Other operating charges | 640/8 | €3,818 | €5,438 | +€1,620 | +42.4% |
| Gross operating margin | 9900 | €644,059 | €665,419 | +€21,360 | +3.3% |
| Operating profit (loss) | 9901 | €56,090 | -€52,697 | -€108,787 | |
| Financial income | 75/76B | €311 | €1,102 | +€791 | +254% |
| Recurring financial income | 75 | €311 | €1,102 | +€791 | +254% |
| Financial charges | 65/66B | €7,251 | €3,958 | -€3,293 | -45.4% |
| Recurring financial charges | 65 | €7,251 | €3,958 | -€3,293 | -45.4% |
| Profit (loss) for the period before taxes | 9903 | €49,150 | -€55,552 | -€104,703 | |
| Income taxes | 67/77 | €7,284 | -€563 | -€7,847 | |
| Profit (loss) for the period | 9904 | €41,867 | -€54,989 | -€96,856 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,867 | -€54,989 | -€96,856 |
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 20 October 2026 via checked.be.