thewave: 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.
What changed
thewave
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.2m
2024 · €315,344+€1.9m
Equity
€15.3m
2024 · €1.1m+€14.2m
Cash
€752,509
2024 · €794,088-€41,579
Balance sheet total
€21.5m
2024 · €1.4m+€20.1m
Largest movements
Assets
- Financial fixed assets +€20.2m
new in 2025: €20.2m
Equity and liabilities
- Contributions +€12.0m
up €12.0m (+1,506%), from €796,940 to €12.8m
of which Capital: +€12.0m
- Debts after one year +€4.9m
new in 2025: €4.9m
- Profit (loss) carried forward +€2.1m
up €2.1m (+679%), from €302,887 to €2.4m
- Other debts +€405,787
up €405,787 (+129,133%), from €314 to €406,101
- Current portion of long-term debt +€266,667
new in 2025: €266,667
Income statement
- Turnover -€3.2m
no longer reported in 2025 (was €3.2m)
- Goods and materials -€2.4m
no longer reported in 2025 (was €2.4m)
- Financial income +€1.7m
up €1.7m (+137,418%), from €1,239 to €1.7m
- Gross operating margin +€1.2m
new in 2025: €1.2m
- Financial charges +€193,369
up €193,369 (+31,320%), from €617 to €193,986
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.
Result 2024
€315,344
Turnover
-€3.2m
Other operating income
-€8,989
Goods and materials
+€2.4m
Services and other goods
+€140,357
Staff costs
-€158,027
Depreciation
-€2,502
Other operating charges
+€540
Other operating items
+€1.2m
Financial income
+€1.7m
Financial charges
-€193,369
Taxes
-€71,254
Result 2025
€2.2m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€3.0m
Investment
-€20.2m
Financing
+€17.2m
Cash 2024
€794,088
From operations (derived)
+€3.0m
Net result for the year
+€2.2m
Depreciation
+€16,533
Receivables within one year
-€121,408
Deferred charges and accrued income
+€143,640
Trade debts
+€117,467
Tax, wage and social debts
+€93,223
Other debts
+€405,787
Accrued charges and deferred income
+€125,253
Investment (derived)
-€20.2m
Investment in fixed assets (net)
-€20.2m
Financing
+€17.2m
Debts after one year
+€4.9m
Current portion of long-term debt
+€266,667
Contributions, distributions and other
+€12.0m
Cash 2025
€752,509
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,425,088 | €21,531,980 | +€20.1m | +1,411% |
| Fixed assets | 21/28 | €66,311 | €20,237,014 | +€20.2m | +30,419% |
| Intangible fixed assets | 21 | €31,182 | €22,122 | -€9,059 | -29.1% |
| Tangible fixed assets | 22/27 | €35,129 | €30,573 | -€4,556 | -13.0% |
| Furniture and vehicles | 24 | €4,029 | €3,481 | -€549 | -13.6% |
| Other tangible fixed assets | 26 | €31,100 | €27,093 | -€4,007 | -12.9% |
| Financial fixed assets | 28 | - | €20,184,318 | +€20.2m | |
| Current assets | 29/58 | €1,358,777 | €1,294,966 | -€63,811 | -4.7% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €389,831 | €511,240 | +€121,408 | +31.1% |
| Trade receivables | 40 | €389,517 | €511,133 | +€121,616 | +31.2% |
| Other amounts receivable | 41 | €314 | €106 | -€208 | -66.2% |
| Cash at bank and in hand | 54/58 | €794,088 | €752,509 | -€41,579 | -5.2% |
| Deferred charges and accrued income | 490/1 | €174,858 | €31,218 | -€143,640 | -82.1% |
| Total equity and liabilities | 10/49 | €1,425,088 | €21,531,980 | +€20.1m | +1,411% |
| Equity | 10/15 | €1,138,964 | €15,304,127 | +€14.2m | +1,244% |
| Contributions | 10/11 | €796,940 | €12,796,940 | +€12.0m | +1,506% |
| Capital | 10 | €391,370 | €12,391,370 | +€12.0m | +3,066% |
| Issued capital | 100 | €391,370 | €12,391,370 | +€12.0m | +3,066% |
| Contributions outside capital | 11 | €405,570 | €405,570 | = | 0.0% |
| Share premium | 1100/10 | €405,570 | €405,570 | = | 0.0% |
| Reserves | 13 | €39,137 | €147,695 | +€108,558 | +277% |
| Non-distributable reserves | 130/1 | €39,137 | €147,695 | +€108,558 | +277% |
| Legal reserve | 130 | €39,137 | €147,695 | +€108,558 | +277% |
| Profit (loss) carried forward | 14 | €302,887 | €2,359,492 | +€2.1m | +679% |
| Amounts payable | 17/49 | €286,124 | €6,227,854 | +€5.9m | +2,077% |
| Amounts payable after more than one year | 17 | - | €4,933,333 | +€4.9m | |
| Financial debts | 170/4 | - | €4,933,333 | +€4.9m | |
| Amounts payable within one year | 42/48 | €266,553 | €1,149,697 | +€883,143 | +331% |
| Current portion of amounts payable after more than one year | 42 | - | €266,667 | +€266,667 | |
| Trade debts | 44 | €231,230 | €348,697 | +€117,467 | +50.8% |
| Suppliers | 440/4 | €231,230 | €348,697 | +€117,467 | +50.8% |
| Taxes, remuneration and social security | 45 | €35,009 | €128,232 | +€93,223 | +266% |
| Taxes | 450/3 | €22,792 | €78,081 | +€55,289 | +243% |
| Remuneration and social security | 454/9 | €12,217 | €50,151 | +€37,934 | +310% |
| Other amounts payable | 47/48 | €314 | €406,101 | +€405,787 | +129,133% |
| Accrued charges and deferred income | 492/3 | €19,571 | €144,824 | +€125,253 | +640% |
| Operating income | 70/76A | €3,159,118 | - | -€3.2m | |
| Turnover | 70 | €3,150,129 | - | -€3.2m | |
| Other operating income | 74 | €8,989 | - | -€8,989 | |
| Non-recurring operating income | 76A | - | €22,107 | +€22,107 | |
| Operating charges | 60/66A | €2,736,909 | - | -€2.7m | |
| Goods for resale, raw materials and consumables | 60 | €2,352,932 | - | -€2.4m | |
| Purchases | 600/8 | €2,352,932 | - | -€2.4m | |
| Services and other goods | 61 | €140,357 | - | -€140,357 | |
| Remuneration, social security and pensions | 62 | €227,613 | €385,640 | +€158,027 | +69.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,031 | €16,533 | +€2,502 | +17.8% |
| Other operating charges | 640/8 | €1,976 | €1,436 | -€540 | -27.3% |
| Gross operating margin | 9900 | - | €1,244,009 | +€1.2m | |
| Operating profit (loss) | 9901 | €422,209 | €840,400 | +€418,190 | +99.0% |
| Financial income | 75/76B | €1,239 | €1,703,480 | +€1.7m | +137,418% |
| Recurring financial income | 75 | €1,239 | €1,703,480 | +€1.7m | +137,418% |
| Income from current assets | 751 | €1,074 | - | -€1,074 | |
| Other financial income | 752/9 | €165 | - | -€165 | |
| Financial charges | 65/66B | €617 | €193,986 | +€193,369 | +31,320% |
| Recurring financial charges | 65 | €617 | €193,986 | +€193,369 | +31,320% |
| Debt charges | 650 | €319 | - | -€319 | |
| Other financial charges | 652/9 | €298 | - | -€298 | |
| Profit (loss) for the period before taxes | 9903 | €422,830 | €2,349,894 | +€1.9m | +456% |
| Income taxes | 67/77 | €107,487 | €178,741 | +€71,254 | +66.3% |
| Taxes | 670/3 | €107,487 | - | -€107,487 | |
| Profit (loss) for the period | 9904 | €315,344 | €2,171,153 | +€1.9m | +589% |
| Profit (loss) for the period to be appropriated | 9905 | €315,344 | €2,171,153 | +€1.9m | +589% |
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.