Waar De Ring: 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.
Waar De Ring
Largest movements
- Stocks and contracts -€1.0m
down €1.0m (-12.8%), from €8.0m to €7.0m
- Financial fixed assets +€461,112
up €461,112 (+3.1%), from €15.1m to €15.6m
- Short-term financial debts -€1.1m
down €1.1m (-18.0%), from €6.3m to €5.2m
- Debts after one year +€442,008
up €442,008 (+3.8%), from €11.6m to €12.0m
- Trade debts -€333,165
down €333,165 (-94.9%), from €351,012 to €17,846
- Accrued charges and deferred income +€277,197
up €277,197 (+53.4%), from €518,875 to €796,072
- Gross operating margin +€267,061
up €267,061 (+25.4%), from €1.1m to €1.3m
- Financial charges -€120,884
down €120,884 (-10.4%), from €1.2m to €1.0m
- Financial income +€59,551
up €59,551 (+1,515%), from €3,931 to €63,482
- Taxes +€55,450
new in 2025: €55,450
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 | €23,629,103 | €23,144,456 | -€484,647 | -2.1% |
| Fixed assets | 21/28 | €15,188,793 | €15,641,170 | +€452,377 | +3.0% |
| Intangible fixed assets | 21 | €85,163 | €76,428 | -€8,735 | -10.3% |
| Financial fixed assets | 28 | €15,103,630 | €15,564,742 | +€461,112 | +3.1% |
| Current assets | 29/58 | €8,440,310 | €7,503,285 | -€937,024 | -11.1% |
| Stocks and contracts in progress | 3 | €7,978,021 | €6,958,870 | -€1.0m | -12.8% |
| Stocks | 30/36 | €7,978,021 | €6,958,870 | -€1.0m | -12.8% |
| Amounts receivable within one year | 40/41 | €262,152 | €159,550 | -€102,602 | -39.1% |
| Trade receivables | 40 | €122,152 | - | -€122,152 | |
| Other amounts receivable | 41 | €140,000 | €159,550 | +€19,550 | +14.0% |
| Cash at bank and in hand | 54/58 | €200,137 | €325,722 | +€125,584 | +62.7% |
| Deferred charges and accrued income | 490/1 | - | €59,143 | +€59,143 | |
| Total equity and liabilities | 10/49 | €23,629,103 | €23,144,456 | -€484,647 | -2.1% |
| Equity | 10/15 | €4,845,907 | €5,112,558 | +€266,651 | +5.5% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €4,457,126 | €4,612,558 | +€155,431 | +3.5% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | €4,407,126 | €4,562,558 | +€155,431 | +3.5% |
| Profit (loss) carried forward | 14 | -€111,219 | - | +€111,219 | |
| Amounts payable | 17/49 | €18,783,195 | €18,031,898 | -€751,297 | -4.0% |
| Amounts payable after more than one year | 17 | €11,582,253 | €12,024,261 | +€442,008 | +3.8% |
| Financial debts | 170/4 | €11,582,253 | €12,024,261 | +€442,008 | +3.8% |
| Amounts payable within one year | 42/48 | €6,682,068 | €5,211,565 | -€1.5m | -22.0% |
| Financial debts | 43 | €6,331,056 | €5,193,719 | -€1.1m | -18.0% |
| Credit institutions | 430/8 | €6,331,056 | €5,193,719 | -€1.1m | -18.0% |
| Trade debts | 44 | €351,012 | €17,846 | -€333,165 | -94.9% |
| Suppliers | 440/4 | €351,012 | €17,846 | -€333,165 | -94.9% |
| Accrued charges and deferred income | 492/3 | €518,875 | €796,072 | +€277,197 | +53.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,184 | €8,735 | +€6,551 | +300% |
| Other operating charges | 640/8 | €8,203 | €15,828 | +€7,625 | +93.0% |
| Gross operating margin | 9900 | €1,053,425 | €1,320,486 | +€267,061 | +25.4% |
| Operating profit (loss) | 9901 | €1,043,038 | €1,295,923 | +€252,885 | +24.2% |
| Financial income | 75/76B | €3,931 | €63,482 | +€59,551 | +1,515% |
| Recurring financial income | 75 | €3,931 | €63,482 | +€59,551 | +1,515% |
| Financial charges | 65/66B | €1,158,188 | €1,037,304 | -€120,884 | -10.4% |
| Recurring financial charges | 65 | €1,158,188 | €1,037,304 | -€120,884 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | -€111,219 | €322,101 | +€433,320 | |
| Income taxes | 67/77 | - | €55,450 | +€55,450 | |
| Profit (loss) for the period | 9904 | -€111,219 | €266,651 | +€377,870 | |
| Profit (loss) for the period to be appropriated | 9905 | -€111,219 | €266,651 | +€377,870 |
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 16 October 2026 via checked.be.