W.A.P.: 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.
W.A.P.
Largest movements
- Receivables within one year +€1.3m
up €1.3m (+5727.8%), from €22,143 to €1.3m
of which Other amounts receivable: +€1.3m
- Tangible fixed assets -€1.1m
down €1.1m (-27.8%), from €4.1m to €2.9m
of which Land and buildings: -€1.1m
- Reserves +€1.9m
up €1.9m (+2825.2%), from €68,081 to €2.0m
of which Tax-exempt reserves: +€1.9m
- Other debts -€1.1m
down €1.1m (-93.3%), from €1.2m to €79,982
- Debts after one year -€1.1m
down €1.1m (-62.9%), from €1.7m to €619,746
- Provisions +€641,141
new in 2025: €641,141
- Current portion of long-term debt -€150,475
down €150,475 (-44.0%), from €342,031 to €191,556
- Gross operating margin +€2.4m
up €2.4m (+686.4%), from €352,142 to €2.8m
- Financial charges -€123,685
down €123,685 (-72.1%), from €171,529 to €47,844
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 | €4,168,929 | €4,305,514 | +€136,585 | +3.3% |
| Fixed assets | 21/28 | €4,087,909 | €2,949,894 | -€1.1m | -27.8% |
| Tangible fixed assets | 22/27 | €4,087,909 | €2,949,894 | -€1.1m | -27.8% |
| Land and buildings | 22 | €4,018,135 | €2,906,341 | -€1.1m | -27.7% |
| Furniture and vehicles | 24 | €27,752 | €11,210 | -€16,542 | -59.6% |
| Other tangible fixed assets | 26 | €42,022 | €32,343 | -€9,679 | -23.0% |
| Current assets | 29/58 | €81,020 | €1,355,620 | +€1.3m | +1573.2% |
| Amounts receivable within one year | 40/41 | €22,143 | €1,290,457 | +€1.3m | +5727.8% |
| Trade receivables | 40 | €17,800 | €20,528 | +€2,728 | +15.3% |
| Other amounts receivable | 41 | €4,343 | €1,269,930 | +€1.3m | +29140.8% |
| Cash at bank and in hand | 54/58 | €37,277 | €65,163 | +€27,886 | +74.8% |
| Deferred charges and accrued income | 490/1 | €21,600 | €0 | -€21,600 | -100.0% |
| Total equity and liabilities | 10/49 | €4,168,929 | €4,305,514 | +€136,585 | +3.3% |
| Equity | 10/15 | €853,448 | €2,650,245 | +€1.8m | +210.5% |
| Contributions | 10/11 | €675,000 | €675,000 | = | 0.0% |
| Capital | 10 | €675,000 | €675,000 | = | 0.0% |
| Issued capital | 100 | €675,000 | €675,000 | = | 0.0% |
| Reserves | 13 | €68,081 | €1,991,503 | +€1.9m | +2825.2% |
| Non-distributable reserves | 130/1 | €67,500 | €67,500 | = | 0.0% |
| Legal reserve | 130 | €67,500 | €67,500 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €1,923,422 | +€1.9m | |
| Distributable reserves | 133 | €581 | €581 | +€0 | +0.1% |
| Profit (loss) carried forward | 14 | €110,367 | -€16,258 | -€126,625 | |
| Provisions and deferred taxes | 16 | - | €641,141 | +€641,141 | |
| Deferred taxes | 168 | - | €641,141 | +€641,141 | |
| Amounts payable | 17/49 | €3,315,481 | €1,014,128 | -€2.3m | -69.4% |
| Amounts payable after more than one year | 17 | €1,671,280 | €619,746 | -€1.1m | -62.9% |
| Financial debts | 170/4 | €1,671,280 | €619,746 | -€1.1m | -62.9% |
| Amounts payable within one year | 42/48 | €1,598,062 | €347,059 | -€1.3m | -78.3% |
| Current portion of amounts payable after more than one year | 42 | €342,031 | €191,556 | -€150,475 | -44.0% |
| Trade debts | 44 | €56,374 | €75,521 | +€19,147 | +34.0% |
| Suppliers | 440/4 | €56,374 | €75,521 | +€19,147 | +34.0% |
| Other amounts payable | 47/48 | €1,199,657 | €79,982 | -€1.1m | -93.3% |
| Accrued charges and deferred income | 492/3 | €46,139 | €47,324 | +€1,185 | +2.6% |
| Non-recurring operating income | 76A | - | €2,564,563 | +€2.6m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €228,604 | €229,577 | +€973 | +0.4% |
| Other operating charges | 640/8 | €67,772 | €53,818 | -€13,954 | -20.6% |
| Gross operating margin | 9900 | €352,142 | €2,769,176 | +€2.4m | +686.4% |
| Operating profit (loss) | 9901 | €55,766 | €2,485,781 | +€2.4m | +4357.5% |
| Financial charges | 65/66B | €171,529 | €47,844 | -€123,685 | -72.1% |
| Recurring financial charges | 65 | €171,529 | €47,844 | -€123,685 | -72.1% |
| Profit (loss) for the period before taxes | 9903 | -€115,763 | €2,437,937 | +€2.6m | |
| Transfer to deferred taxes | 680 | - | €641,141 | +€641,141 | |
| Profit (loss) for the period | 9904 | -€115,763 | €1,796,796 | +€1.9m | |
| Transfer to tax-exempt reserves | 689 | - | €1,923,422 | +€1.9m | |
| Profit (loss) for the period to be appropriated | 9905 | -€115,763 | -€126,626 | -€10,863 | -9.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.