Three 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.
Three Wave
Largest movements
- Current investments +€47,473
new in 2025: €47,473
- Deferred charges and accrued income +€14,311
up €14,311 (+1047.0%), from €1,367 to €15,678
- Cash +€13,407
up €13,407 (+16.0%), from €84,039 to €97,445
mainly Net result for the year (+€81,516) and Receivables within one year (+€12,251)
- Receivables within one year -€12,251
down €12,251 (-78.5%), from €15,605 to €3,354
of which Trade receivables: -€15,605
- Profit (loss) carried forward +€81,516
new in 2025: €81,516
- Tax, wage and social debts -€10,489
down €10,489 (-53.3%), from €19,667 to €9,178
- Other debts -€7,795
down €7,795 (-88.9%), from €8,764 to €970
- Gross operating margin +€23,990
up €23,990 (+29.6%), from €81,182 to €105,172
- Taxes -€2,248
down €2,248 (-9.4%), from €23,894 to €21,646
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.
Cash bridge derived
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 | €105,186 | €169,012 | +€63,826 | +60.7% |
| Fixed assets | 21/28 | €4,175 | €5,062 | +€887 | +21.2% |
| Tangible fixed assets | 22/27 | €4,175 | €5,062 | +€887 | +21.2% |
| Plant, machinery and equipment | 23 | €4,175 | €3,178 | -€997 | -23.9% |
| Furniture and vehicles | 24 | - | €1,884 | +€1,884 | |
| Current assets | 29/58 | €101,011 | €163,950 | +€62,940 | +62.3% |
| Amounts receivable within one year | 40/41 | €15,605 | €3,354 | -€12,251 | -78.5% |
| Trade receivables | 40 | €15,605 | €0 | -€15,605 | -100.0% |
| Other amounts receivable | 41 | - | €3,354 | +€3,354 | |
| Current investments | 50/53 | - | €47,473 | +€47,473 | |
| Cash at bank and in hand | 54/58 | €84,039 | €97,445 | +€13,407 | +16.0% |
| Deferred charges and accrued income | 490/1 | €1,367 | €15,678 | +€14,311 | +1047.0% |
| Total equity and liabilities | 10/49 | €105,186 | €169,012 | +€63,826 | +60.7% |
| Equity | 10/15 | €71,673 | €153,189 | +€81,516 | +113.7% |
| Contributions | 10/11 | €4,200 | €4,200 | = | 0.0% |
| Reserves | 13 | €67,473 | €67,473 | = | 0.0% |
| Distributable reserves | 133 | €67,473 | €67,473 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €81,516 | +€81,516 | |
| Amounts payable | 17/49 | €33,513 | €15,823 | -€17,689 | -52.8% |
| Amounts payable within one year | 42/48 | €33,513 | €15,823 | -€17,689 | -52.8% |
| Trade debts | 44 | €5,081 | €5,676 | +€595 | +11.7% |
| Suppliers | 440/4 | €5,081 | €5,676 | +€595 | +11.7% |
| Taxes, remuneration and social security | 45 | €19,667 | €9,178 | -€10,489 | -53.3% |
| Taxes | 450/3 | €19,667 | €9,178 | -€10,489 | -53.3% |
| Other amounts payable | 47/48 | €8,764 | €970 | -€7,795 | -88.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €809 | €1,251 | +€442 | +54.7% |
| Other operating charges | 640/8 | €417 | €566 | +€149 | +35.8% |
| Gross operating margin | 9900 | €81,182 | €105,172 | +€23,990 | +29.6% |
| Operating profit (loss) | 9901 | €79,956 | €103,354 | +€23,398 | +29.3% |
| Financial charges | 65/66B | €58 | €193 | +€135 | +233.7% |
| Recurring financial charges | 65 | €58 | €193 | +€135 | +233.7% |
| Profit (loss) for the period before taxes | 9903 | €79,898 | €103,161 | +€23,263 | +29.1% |
| Income taxes | 67/77 | €23,894 | €21,646 | -€2,248 | -9.4% |
| Profit (loss) for the period | 9904 | €56,004 | €81,516 | +€25,511 | +45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €56,004 | €81,516 | +€25,511 | +45.6% |
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 10 October 2026 via checked.be.