W'AARDE: what changed
Two fiscal 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'AARDE
Largest movements
- Cash -€61,032
down €61,032 (-90.9%), from €67,108 to €6,076
mainly Current investments (-€60,956) and Net result for the year (-€9,769)
- Current investments +€60,956
up €60,956 (+96.1%), from €63,400 to €124,356
- Tangible fixed assets -€11,824
down €11,824 (-65.8%), from €17,973 to €6,149
of which Furniture and vehicles: -€12,541
- Profit (loss) carried forward -€9,769
down €9,769 (-46.8%), from €20,858 to €11,089
- Tax, wage and social debts -€1,964
no longer reported in 2025 (was €1,964)
- Gross operating margin -€38,545
down €38,545 (-92.5%), from €41,673 to €3,127
- Taxes -€8,300
down €8,300, from €8,100 to -€201
- Financial income +€1,333
up €1,333 (+3781.5%), from €35 to €1,368
- Financial charges +€877
up €877 (+1421.4%), from €62 to €939
- Depreciation +€647
up €647 (+5.3%), from €12,114 to €12,760
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 | €154,713 | €142,981 | -€11,732 | -7.6% |
| Fixed assets | 21/28 | €17,973 | €6,149 | -€11,824 | -65.8% |
| Tangible fixed assets | 22/27 | €17,973 | €6,149 | -€11,824 | -65.8% |
| Plant, machinery and equipment | 23 | €1,034 | €1,751 | +€717 | +69.4% |
| Furniture and vehicles | 24 | €16,939 | €4,398 | -€12,541 | -74.0% |
| Current assets | 29/58 | €136,740 | €136,832 | +€91 | +0.1% |
| Amounts receivable within one year | 40/41 | €6,232 | €6,277 | +€45 | +0.7% |
| Trade receivables | 40 | - | €90 | +€90 | |
| Other amounts receivable | 41 | €6,232 | €6,187 | -€45 | -0.7% |
| Current investments | 50/53 | €63,400 | €124,356 | +€60,956 | +96.1% |
| Cash at bank and in hand | 54/58 | €67,108 | €6,076 | -€61,032 | -90.9% |
| Deferred charges and accrued income | 490/1 | - | €122 | +€122 | |
| Total equity and liabilities | 10/49 | €154,713 | €142,981 | -€11,732 | -7.6% |
| Equity | 10/15 | €149,850 | €140,081 | -€9,769 | -6.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €122,792 | €122,792 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €120,932 | €120,932 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,858 | €11,089 | -€9,769 | -46.8% |
| Amounts payable | 17/49 | €4,864 | €2,900 | -€1,964 | -40.4% |
| Amounts payable within one year | 42/48 | €4,864 | €2,900 | -€1,964 | -40.4% |
| Trade debts | 44 | €2,900 | €2,900 | = | 0.0% |
| Suppliers | 440/4 | €2,900 | €2,900 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,964 | - | -€1,964 | |
| Taxes | 450/3 | €1,964 | - | -€1,964 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,114 | €12,760 | +€647 | +5.3% |
| Other operating charges | 640/8 | €387 | €765 | +€378 | +97.6% |
| Gross operating margin | 9900 | €41,673 | €3,127 | -€38,545 | -92.5% |
| Operating profit (loss) | 9901 | €29,172 | -€10,398 | -€39,570 | |
| Financial income | 75/76B | €35 | €1,368 | +€1,333 | +3781.5% |
| Recurring financial income | 75 | €35 | €1,368 | +€1,333 | +3781.5% |
| Financial charges | 65/66B | €62 | €939 | +€877 | +1421.4% |
| Recurring financial charges | 65 | €62 | €939 | +€877 | +1421.4% |
| Profit (loss) for the period before taxes | 9903 | €29,145 | -€9,969 | -€39,115 | |
| Income taxes | 67/77 | €8,100 | -€201 | -€8,300 | |
| Profit (loss) for the period | 9904 | €21,046 | -€9,769 | -€30,814 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,046 | -€9,769 | -€30,814 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.