WAAG: 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.
WAAG
Largest movements
- Tangible fixed assets -€7,745
down €7,745 (-4.0%), from €192,271 to €184,526
- Deferred charges and accrued income -€2,175
no longer reported in 2025 (was €2,175)
- Other debts +€151,040
up €151,040 (+3484.2%), from €4,335 to €155,375
- Debts after one year -€137,496
down €137,496 (-70.1%), from €196,045 to €58,550
- Profit (loss) carried forward -€10,955
down €10,955 (-38.2%), from -€28,674 to -€39,629
- Current portion of long-term debt -€9,655
down €9,655 (-57.6%), from €16,771 to €7,117
- Gross operating margin +€8,360
up €8,360, from -€602 to €7,758
- Financial charges -€5,019
down €5,019 (-50.6%), from €9,918 to €4,898
- Depreciation -€3,892
down €3,892 (-26.8%), from €14,512 to €10,620
- Other operating charges -€686
down €686 (-43.5%), from €1,578 to €892
- Staff costs +€170
up €170 (+8.1%), from €2,093 to €2,263
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 | €196,887 | €188,593 | -€8,293 | -4.2% |
| Fixed assets | 21/28 | €192,271 | €184,526 | -€7,745 | -4.0% |
| Tangible fixed assets | 22/27 | €192,271 | €184,526 | -€7,745 | -4.0% |
| Land and buildings | 22 | €174,890 | €171,461 | -€3,429 | -2.0% |
| Plant, machinery and equipment | 23 | €10,399 | €8,001 | -€2,398 | -23.1% |
| Furniture and vehicles | 24 | €6,982 | €5,064 | -€1,917 | -27.5% |
| Current assets | 29/58 | €4,616 | €4,067 | -€549 | -11.9% |
| Amounts receivable within one year | 40/41 | €375 | €1,582 | +€1,207 | +321.7% |
| Trade receivables | 40 | €206 | €1,480 | +€1,274 | +619.2% |
| Other amounts receivable | 41 | €169 | €102 | -€68 | -39.9% |
| Cash at bank and in hand | 54/58 | €2,066 | €2,485 | +€419 | +20.3% |
| Deferred charges and accrued income | 490/1 | €2,175 | - | -€2,175 | |
| Total equity and liabilities | 10/49 | €196,887 | €188,593 | -€8,293 | -4.2% |
| Equity | 10/15 | -€26,158 | -€37,113 | -€10,955 | -41.9% |
| Contributions | 10/11 | €2,516 | €2,516 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,674 | -€39,629 | -€10,955 | -38.2% |
| Amounts payable | 17/49 | €223,045 | €225,706 | +€2,661 | +1.2% |
| Amounts payable after more than one year | 17 | €196,045 | €58,550 | -€137,496 | -70.1% |
| Financial debts | 170/4 | €196,045 | €58,550 | -€137,496 | -70.1% |
| Amounts payable within one year | 42/48 | €25,867 | €167,156 | +€141,289 | +546.2% |
| Current portion of amounts payable after more than one year | 42 | €16,771 | €7,117 | -€9,655 | -57.6% |
| Trade debts | 44 | €3,857 | €4,571 | +€714 | +18.5% |
| Suppliers | 440/4 | €3,857 | €4,571 | +€714 | +18.5% |
| Advances received on contracts in progress | 46 | €752 | - | -€752 | |
| Taxes, remuneration and social security | 45 | €152 | €93 | -€59 | -38.9% |
| Taxes | 450/3 | - | €93 | +€93 | |
| Remuneration and social security | 454/9 | €152 | - | -€152 | |
| Other amounts payable | 47/48 | €4,335 | €155,375 | +€151,040 | +3484.2% |
| Accrued charges and deferred income | 492/3 | €1,132 | - | -€1,132 | |
| Remuneration, social security and pensions | 62 | €2,093 | €2,263 | +€170 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,512 | €10,620 | -€3,892 | -26.8% |
| Other operating charges | 640/8 | €1,578 | €892 | -€686 | -43.5% |
| Gross operating margin | 9900 | -€602 | €7,758 | +€8,360 | |
| Operating profit (loss) | 9901 | -€18,785 | -€6,017 | +€12,767 | +68.0% |
| Financial income | 75/76B | €28 | €3 | -€25 | -89.4% |
| Recurring financial income | 75 | €28 | €3 | -€25 | -89.4% |
| Financial charges | 65/66B | €9,918 | €4,898 | -€5,019 | -50.6% |
| Recurring financial charges | 65 | €9,918 | €4,898 | -€5,019 | -50.6% |
| Profit (loss) for the period before taxes | 9903 | -€28,674 | -€10,913 | +€17,761 | +61.9% |
| Income taxes | 67/77 | - | €42 | +€42 | |
| Profit (loss) for the period | 9904 | -€28,674 | -€10,955 | +€17,719 | +61.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,674 | -€10,955 | +€17,719 | +61.8% |
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 30 September 2026 via checked.be.