VAWAVE: 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.
VAWAVE
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year -€72,004
down €72,004 (-5.1%), from €1.4m to €1.3m
of which Financial debts: -€54,893
- Profit (loss) carried forward +€40,908
up €40,908 (+518.9%), from €7,883 to €48,791
- Tax, wage and social debts +€20,950
up €20,950 (+650.8%), from €3,219 to €24,170
of which Taxes: +€20,850
- Gross operating margin +€97,730
up €97,730 (+179.0%), from €54,596 to €152,327
- Depreciation +€34,070
up €34,070 (+130.2%), from €26,162 to €60,232
- Financial charges +€20,569
up €20,569 (+133.7%), from €15,385 to €35,954
- Taxes +€10,147
up €10,147 (+2226.2%), from €456 to €10,602
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 | €1,526,152 | €1,522,837 | -€3,315 | -0.2% |
| Fixed assets | 21/28 | €1,503,883 | €1,490,615 | -€13,268 | -0.9% |
| Tangible fixed assets | 22/27 | €1,503,883 | €1,490,615 | -€13,268 | -0.9% |
| Land and buildings | 22 | €1,349,900 | €1,326,689 | -€23,211 | -1.7% |
| Plant, machinery and equipment | 23 | €15,313 | €56,405 | +€41,092 | +268.3% |
| Furniture and vehicles | 24 | €33,650 | €26,005 | -€7,645 | -22.7% |
| Leasing and similar rights | 25 | €105,020 | €81,515 | -€23,504 | -22.4% |
| Current assets | 29/58 | €22,269 | €32,222 | +€9,953 | +44.7% |
| Amounts receivable within one year | 40/41 | €13,657 | €25,594 | +€11,937 | +87.4% |
| Trade receivables | 40 | €10,783 | €25,594 | +€14,811 | +137.4% |
| Other amounts receivable | 41 | €2,874 | €0 | -€2,874 | -100.0% |
| Cash at bank and in hand | 54/58 | €4,965 | €165 | -€4,800 | -96.7% |
| Deferred charges and accrued income | 490/1 | €3,647 | €6,463 | +€2,816 | +77.2% |
| Total equity and liabilities | 10/49 | €1,526,152 | €1,522,837 | -€3,315 | -0.2% |
| Equity | 10/15 | €10,383 | €51,291 | +€40,908 | +394.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,883 | €48,791 | +€40,908 | +518.9% |
| Amounts payable | 17/49 | €1,515,769 | €1,471,545 | -€44,223 | -2.9% |
| Amounts payable after more than one year | 17 | €1,421,110 | €1,349,106 | -€72,004 | -5.1% |
| Financial debts | 170/4 | €861,848 | €806,954 | -€54,893 | -6.4% |
| Other amounts payable | 178/9 | €559,262 | €542,152 | -€17,111 | -3.1% |
| Amounts payable within one year | 42/48 | €94,108 | €121,799 | +€27,691 | +29.4% |
| Current portion of amounts payable after more than one year | 42 | €82,961 | €92,094 | +€9,134 | +11.0% |
| Trade debts | 44 | €7,928 | €5,535 | -€2,393 | -30.2% |
| Suppliers | 440/4 | €7,928 | €5,535 | -€2,393 | -30.2% |
| Taxes, remuneration and social security | 45 | €3,219 | €24,170 | +€20,950 | +650.8% |
| Taxes | 450/3 | €719 | €21,570 | +€20,850 | +2899.0% |
| Remuneration and social security | 454/9 | €2,500 | €2,600 | +€100 | +4.0% |
| Accrued charges and deferred income | 492/3 | €551 | €641 | +€90 | +16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,162 | €60,232 | +€34,070 | +130.2% |
| Other operating charges | 640/8 | €4,711 | €4,630 | -€80 | -1.7% |
| Gross operating margin | 9900 | €54,596 | €152,327 | +€97,730 | +179.0% |
| Operating profit (loss) | 9901 | €23,724 | €87,465 | +€63,741 | +268.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €15,385 | €35,954 | +€20,569 | +133.7% |
| Recurring financial charges | 65 | €15,385 | €35,954 | +€20,569 | +133.7% |
| Profit (loss) for the period before taxes | 9903 | €8,339 | €51,511 | +€43,172 | +517.7% |
| Income taxes | 67/77 | €456 | €10,602 | +€10,147 | +2226.2% |
| Profit (loss) for the period | 9904 | €7,883 | €40,908 | +€33,025 | +418.9% |
| Profit (loss) for the period to be appropriated | 9905 | €7,883 | €40,908 | +€33,025 | +418.9% |
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 9 October 2026 via checked.be.