WAAROOST: 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.
WAAROOST
Largest movements
- Receivables within one year +€1.7m
up €1.7m (+102%), from €1.7m to €3.4m
of which Trade receivables: +€1.3m
- Cash -€991,736
down €991,736 (-70.8%), from €1.4m to €408,625
mainly Receivables within one year (-€1.7m) and Contributions, distributions and other (-€822,000)
- Tangible fixed assets +€97,093
up €97,093 (+5,317%), from €1,826 to €98,919
of which Furniture and vehicles: +€97,549
- Other debts +€697,099
up €697,099 (+558%), from €125,000 to €822,099
- Trade debts +€174,195
up €174,195 (+19.9%), from €873,904 to €1.0m
- Reserves -€118,133
down €118,133 (-5.9%), from €2.0m to €1.9m
of which Tax-exempt reserves: -€113,931
- Debts after one year +€65,597
new in 2025: €65,597
- Gross operating margin +€312,015
up €312,015 (+32.7%), from €953,311 to €1.3m
- Staff costs +€205,602
up €205,602 (+181%), from €113,576 to €319,178
- Financial income +€50,436
up €50,436 (+658%), from €7,662 to €58,098
- Financial charges +€49,845
up €49,845 (+557%), from €8,947 to €58,791
- Taxes +€39,084
up €39,084 (+20.1%), from €194,362 to €233,446
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,544,069 | €5,415,669 | +€871,600 | +19.2% |
| Fixed assets | 21/28 | €20,576 | €117,669 | +€97,093 | +472% |
| Tangible fixed assets | 22/27 | €1,826 | €98,919 | +€97,093 | +5,317% |
| Plant, machinery and equipment | 23 | €1,826 | €1,370 | -€456 | -25.0% |
| Furniture and vehicles | 24 | - | €97,549 | +€97,549 | |
| Financial fixed assets | 28 | €18,750 | €18,750 | = | 0.0% |
| Current assets | 29/58 | €4,523,493 | €5,298,000 | +€774,507 | +17.1% |
| Stocks and contracts in progress | 3 | €1,427,518 | €1,470,276 | +€42,758 | +3.0% |
| Stocks | 30/36 | €1,427,518 | €1,470,276 | +€42,758 | +3.0% |
| Amounts receivable within one year | 40/41 | €1,693,976 | €3,418,120 | +€1.7m | +102% |
| Trade receivables | 40 | €1,682,800 | €2,950,100 | +€1.3m | +75.3% |
| Other amounts receivable | 41 | €11,175 | €468,020 | +€456,845 | +4,088% |
| Cash at bank and in hand | 54/58 | €1,400,362 | €408,625 | -€991,736 | -70.8% |
| Deferred charges and accrued income | 490/1 | €1,638 | €978 | -€660 | -40.3% |
| Total equity and liabilities | 10/49 | €4,544,069 | €5,415,669 | +€871,600 | +19.2% |
| Equity | 10/15 | €2,067,303 | €1,949,170 | -€118,133 | -5.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €2,005,803 | €1,887,670 | -€118,133 | -5.9% |
| Non-distributable reserves | 130/1 | €19,835 | €6,150 | -€13,685 | -69.0% |
| Legal reserve | 130 | €19,835 | €6,150 | -€13,685 | -69.0% |
| Tax-exempt reserves | 132 | €923,667 | €809,736 | -€113,931 | -12.3% |
| Distributable reserves | 133 | €1,062,301 | €1,071,785 | +€9,483 | +0.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,476,766 | €3,466,499 | +€989,732 | +40.0% |
| Amounts payable after more than one year | 17 | - | €65,597 | +€65,597 | |
| Financial debts | 170/4 | - | €65,597 | +€65,597 | |
| Amounts payable within one year | 42/48 | €2,476,766 | €3,398,390 | +€921,624 | +37.2% |
| Current portion of amounts payable after more than one year | 42 | - | €15,798 | +€15,798 | |
| Financial debts | 43 | €1,250,000 | €1,250,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,250,000 | €1,250,000 | = | 0.0% |
| Trade debts | 44 | €873,904 | €1,048,099 | +€174,195 | +19.9% |
| Suppliers | 440/4 | €873,904 | €1,048,099 | +€174,195 | +19.9% |
| Taxes, remuneration and social security | 45 | €227,862 | €262,394 | +€34,532 | +15.2% |
| Taxes | 450/3 | €210,798 | €234,205 | +€23,406 | +11.1% |
| Remuneration and social security | 454/9 | €17,064 | €28,189 | +€11,126 | +65.2% |
| Other amounts payable | 47/48 | €125,000 | €822,099 | +€697,099 | +558% |
| Accrued charges and deferred income | 492/3 | - | €2,512 | +€2,512 | |
| Non-recurring operating income | 76A | €1,250 | €207 | -€1,043 | -83.5% |
| Remuneration, social security and pensions | 62 | €113,576 | €319,178 | +€205,602 | +181% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €228 | €7,137 | +€6,909 | +3,029% |
| Other operating charges | 640/8 | €377 | €1,004 | +€627 | +166% |
| Non-recurring operating charges | 66A | €2,365 | €0 | -€2,365 | -100% |
| Gross operating margin | 9900 | €953,311 | €1,265,326 | +€312,015 | +32.7% |
| Operating profit (loss) | 9901 | €836,765 | €938,007 | +€101,243 | +12.1% |
| Financial income | 75/76B | €7,662 | €58,098 | +€50,436 | +658% |
| Recurring financial income | 75 | €7,662 | €58,098 | +€50,436 | +658% |
| Financial charges | 65/66B | €8,947 | €58,791 | +€49,845 | +557% |
| Recurring financial charges | 65 | €8,947 | €58,791 | +€49,845 | +557% |
| Profit (loss) for the period before taxes | 9903 | €835,480 | €937,313 | +€101,834 | +12.2% |
| Income taxes | 67/77 | €194,362 | €233,446 | +€39,084 | +20.1% |
| Profit (loss) for the period | 9904 | €641,118 | €703,867 | +€62,749 | +9.8% |
| Transfer from tax-exempt reserves | 789 | €180,769 | €113,931 | -€66,838 | -37.0% |
| Profit (loss) for the period to be appropriated | 9905 | €821,887 | €817,798 | -€4,089 | -0.5% |
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.