VN WATERLOO: 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.
VN WATERLOO
Largest movements
- Tangible fixed assets -€231,676
down €231,676 (-100%), from €231,676 to €0
of which Other tangible fixed assets: -€176,314
- Stocks and contracts -€191,756
down €191,756 (-100%), from €191,756 to €0
- Cash +€76,972
up €76,972 (+291%), from €26,438 to €103,410
mainly Stocks and contracts (+€191,756) and Investment in fixed assets (net) (+€149,702)
- Receivables within one year +€58,720
up €58,720 (+439%), from €13,375 to €72,095
of which Trade receivables: +€58,720
- Deferred charges and accrued income -€11,771
down €11,771 (-100%), from €11,771 to €0
- Other debts -€160,000
down €160,000 (-44.4%), from €360,000 to €200,000
- Trade debts -€132,027
down €132,027 (-81.9%), from €161,288 to €29,260
- Profit (loss) carried forward +€107,358
up €107,358 (+26.1%), from -€411,518 to -€304,160
- Debts after one year -€69,255
down €69,255 (-32.3%), from €214,507 to €145,253
- Tax, wage and social debts -€46,717
down €46,717 (-85.9%), from €54,409 to €7,692
of which Remuneration and social security: -€39,056
- Gross operating margin +€268,362
up €268,362 (+363%), from €73,869 to €342,231
- Write-downs -€92,667
down €92,667, from €9,816 to -€82,851
- Staff costs -€84,733
down €84,733 (-42.8%), from €197,819 to €113,086
- Other operating charges +€16,554
up €16,554 (+86.2%), from €19,211 to €35,765
- Financial income -€4,050
down €4,050 (-73.7%), from €5,497 to €1,447
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 | €475,269 | €175,758 | -€299,511 | -63.0% |
| Fixed assets | 21/28 | €231,928 | €253 | -€231,676 | -99.9% |
| Tangible fixed assets | 22/27 | €231,676 | €0 | -€231,676 | -100% |
| Plant, machinery and equipment | 23 | €32,512 | €0 | -€32,512 | -100% |
| Furniture and vehicles | 24 | €22,850 | €0 | -€22,850 | -100% |
| Other tangible fixed assets | 26 | €176,314 | €0 | -€176,314 | -100% |
| Financial fixed assets | 28 | €253 | €253 | = | 0.0% |
| Current assets | 29/58 | €243,341 | €175,505 | -€67,835 | -27.9% |
| Stocks and contracts in progress | 3 | €191,756 | €0 | -€191,756 | -100% |
| Stocks | 30/36 | €191,756 | €0 | -€191,756 | -100% |
| Amounts receivable within one year | 40/41 | €13,375 | €72,095 | +€58,720 | +439% |
| Trade receivables | 40 | €13,375 | €72,095 | +€58,720 | +439% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €26,438 | €103,410 | +€76,972 | +291% |
| Deferred charges and accrued income | 490/1 | €11,771 | €0 | -€11,771 | -100% |
| Total equity and liabilities | 10/49 | €475,269 | €175,758 | -€299,511 | -63.0% |
| Equity | 10/15 | -€391,518 | -€284,160 | +€107,358 | +27.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€411,518 | -€304,160 | +€107,358 | +26.1% |
| Amounts payable | 17/49 | €866,787 | €459,918 | -€406,869 | -46.9% |
| Amounts payable after more than one year | 17 | €214,507 | €145,253 | -€69,255 | -32.3% |
| Financial debts | 170/4 | €214,507 | €145,253 | -€69,255 | -32.3% |
| Amounts payable within one year | 42/48 | €652,280 | €314,665 | -€337,615 | -51.8% |
| Current portion of amounts payable after more than one year | 42 | €76,584 | €77,713 | +€1,129 | +1.5% |
| Trade debts | 44 | €161,288 | €29,260 | -€132,027 | -81.9% |
| Suppliers | 440/4 | €161,288 | €29,260 | -€132,027 | -81.9% |
| Taxes, remuneration and social security | 45 | €54,409 | €7,692 | -€46,717 | -85.9% |
| Taxes | 450/3 | €15,353 | €7,692 | -€7,661 | -49.9% |
| Remuneration and social security | 454/9 | €39,056 | €0 | -€39,056 | -100% |
| Other amounts payable | 47/48 | €360,000 | €200,000 | -€160,000 | -44.4% |
| Non-recurring operating income | 76A | - | €60,317 | +€60,317 | |
| Remuneration, social security and pensions | 62 | €197,819 | €113,086 | -€84,733 | -42.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,974 | €81,974 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,816 | -€82,851 | -€92,667 | |
| Other operating charges | 640/8 | €19,211 | €35,765 | +€16,554 | +86.2% |
| Non-recurring operating charges | 66A | - | €80,229 | +€80,229 | |
| Gross operating margin | 9900 | €73,869 | €342,231 | +€268,362 | +363% |
| Operating profit (loss) | 9901 | -€234,950 | €114,027 | +€348,977 | |
| Financial income | 75/76B | €5,497 | €1,447 | -€4,050 | -73.7% |
| Recurring financial income | 75 | €5,497 | €1,447 | -€4,050 | -73.7% |
| Financial charges | 65/66B | €10,163 | €8,116 | -€2,047 | -20.1% |
| Recurring financial charges | 65 | €10,163 | €8,116 | -€2,047 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | -€239,616 | €107,358 | +€346,974 | |
| Profit (loss) for the period | 9904 | -€239,616 | €107,358 | +€346,974 | |
| Profit (loss) for the period to be appropriated | 9905 | -€239,616 | €107,358 | +€346,974 |
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 17 October 2026 via checked.be.