WA-LE: 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.
WA-LE
Largest movements
- Tangible fixed assets -€72,103
down €72,103 (-4.4%), from €1.6m to €1.6m
- Debts after one year -€114,614
down €114,614 (-15.0%), from €766,466 to €651,852
- Reserves +€22,814
up €22,814 (+181.6%), from €12,561 to €35,375
of which Distributable reserves: +€21,565
- Gross operating margin -€21,707
down €21,707 (-12.0%), from €181,582 to €159,875
- Taxes -€5,318
down €5,318 (-30.8%), from €17,273 to €11,955
- Staff costs +€3,505
new in 2025: €3,505
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 | €1,713,989 | €1,628,469 | -€85,520 | -5.0% |
| Fixed assets | 21/28 | €1,627,890 | €1,555,787 | -€72,103 | -4.4% |
| Tangible fixed assets | 22/27 | €1,627,765 | €1,555,662 | -€72,103 | -4.4% |
| Land and buildings | 22 | €1,627,765 | €1,555,662 | -€72,103 | -4.4% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €86,099 | €72,682 | -€13,417 | -15.6% |
| Cash at bank and in hand | 54/58 | €666 | €1,205 | +€538 | +80.8% |
| Deferred charges and accrued income | 490/1 | €85,433 | €71,477 | -€13,955 | -16.3% |
| Total equity and liabilities | 10/49 | €1,713,989 | €1,628,469 | -€85,520 | -5.0% |
| Equity | 10/15 | €117,916 | €140,730 | +€22,814 | +19.3% |
| Contributions | 10/11 | €105,355 | €105,355 | = | 0.0% |
| Capital | 10 | €105,355 | €105,355 | = | 0.0% |
| Issued capital | 100 | €105,355 | €105,355 | = | 0.0% |
| Reserves | 13 | €12,561 | €35,375 | +€22,814 | +181.6% |
| Non-distributable reserves | 130/1 | €687 | €1,936 | +€1,249 | +181.6% |
| Legal reserve | 130 | €687 | €1,936 | +€1,249 | +181.6% |
| Distributable reserves | 133 | €11,874 | €33,439 | +€21,565 | +181.6% |
| Amounts payable | 17/49 | €1,596,073 | €1,487,739 | -€108,334 | -6.8% |
| Amounts payable after more than one year | 17 | €766,466 | €651,852 | -€114,614 | -15.0% |
| Financial debts | 170/4 | €766,466 | €651,852 | -€114,614 | -15.0% |
| Amounts payable within one year | 42/48 | €823,439 | €826,899 | +€3,460 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €122,992 | €123,093 | +€101 | +0.1% |
| Trade debts | 44 | €5,623 | €8,856 | +€3,232 | +57.5% |
| Suppliers | 440/4 | €5,623 | €8,856 | +€3,232 | +57.5% |
| Taxes, remuneration and social security | 45 | €14,533 | €17,229 | +€2,696 | +18.5% |
| Taxes | 450/3 | €14,533 | €17,229 | +€2,696 | +18.5% |
| Other amounts payable | 47/48 | €680,291 | €677,722 | -€2,569 | -0.4% |
| Accrued charges and deferred income | 492/3 | €6,168 | €8,988 | +€2,820 | +45.7% |
| Remuneration, social security and pensions | 62 | - | €3,505 | +€3,505 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,973 | €86,640 | -€333 | -0.4% |
| Other operating charges | 640/8 | €19,640 | €20,163 | +€523 | +2.7% |
| Gross operating margin | 9900 | €181,582 | €159,875 | -€21,707 | -12.0% |
| Operating profit (loss) | 9901 | €74,968 | €49,567 | -€25,401 | -33.9% |
| Financial charges | 65/66B | €15,710 | €14,798 | -€912 | -5.8% |
| Recurring financial charges | 65 | €15,710 | €14,798 | -€912 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €59,258 | €34,769 | -€24,489 | -41.3% |
| Income taxes | 67/77 | €17,273 | €11,955 | -€5,318 | -30.8% |
| Profit (loss) for the period | 9904 | €41,985 | €22,814 | -€19,171 | -45.7% |
| Profit (loss) for the period to be appropriated | 9905 | €41,985 | €22,814 | -€19,171 | -45.7% |
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 11 October 2026 via checked.be.