WAB: 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.
WAB
Largest movements
- Receivables within one year +€54,194
up €54,194 (+27.9%), from €194,498 to €248,691
of which Trade receivables: +€51,631
- Tangible fixed assets -€48,227
down €48,227 (-3.2%), from €1.5m to €1.5m
of which Land and buildings: -€26,697
- Cash +€45,286
up €45,286 (+114.6%), from €39,532 to €84,817
mainly Net result for the year (+€131,650) and Depreciation (+€76,450)
- Deferred charges and accrued income +€23,957
up €23,957 (+60.4%), from €39,644 to €63,601
- Profit (loss) carried forward +€70,824
up €70,824, from -€70,824 to €0
- Reserves +€60,826
up €60,826 (+185.9%), from €32,719 to €93,545
- Debts after one year -€57,405
down €57,405 (-3.8%), from €1.5m to €1.5m
- Trade debts -€26,293
down €26,293 (-88.6%), from €29,671 to €3,378
- Gross operating margin +€162,294
up €162,294 (+88.8%), from €182,722 to €345,016
- Other operating charges -€39,862
down €39,862 (-52.7%), from €75,663 to €35,801
- Taxes +€33,527
up €33,527 (+5554.3%), from €604 to €34,130
- Depreciation +€13,047
up €13,047 (+20.6%), from €63,403 to €76,450
- Financial charges -€6,508
down €6,508 (-20.7%), from €31,432 to €24,924
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 | €1,815,063 | €1,877,820 | +€62,757 | +3.5% |
| Fixed assets | 21/28 | €1,541,389 | €1,480,710 | -€60,679 | -3.9% |
| Intangible fixed assets | 21 | €36,452 | €24,000 | -€12,452 | -34.2% |
| Tangible fixed assets | 22/27 | €1,504,937 | €1,456,710 | -€48,227 | -3.2% |
| Land and buildings | 22 | €1,413,658 | €1,386,961 | -€26,697 | -1.9% |
| Furniture and vehicles | 24 | €87,479 | €66,478 | -€21,001 | -24.0% |
| Other tangible fixed assets | 26 | €3,801 | €3,271 | -€529 | -13.9% |
| Current assets | 29/58 | €273,673 | €397,110 | +€123,436 | +45.1% |
| Amounts receivable within one year | 40/41 | €194,498 | €248,691 | +€54,194 | +27.9% |
| Trade receivables | 40 | €70,427 | €122,058 | +€51,631 | +73.3% |
| Other amounts receivable | 41 | €124,071 | €126,633 | +€2,563 | +2.1% |
| Cash at bank and in hand | 54/58 | €39,532 | €84,817 | +€45,286 | +114.6% |
| Deferred charges and accrued income | 490/1 | €39,644 | €63,601 | +€23,957 | +60.4% |
| Total equity and liabilities | 10/49 | €1,815,063 | €1,877,820 | +€62,757 | +3.5% |
| Equity | 10/15 | -€28,905 | €102,745 | +€131,650 | |
| Contributions | 10/11 | €9,200 | €9,200 | = | 0.0% |
| Reserves | 13 | €32,719 | €93,545 | +€60,826 | +185.9% |
| Distributable reserves | 133 | €32,719 | €93,545 | +€60,826 | +185.9% |
| Profit (loss) carried forward | 14 | -€70,824 | €0 | +€70,824 | |
| Amounts payable | 17/49 | €1,843,968 | €1,775,075 | -€68,893 | -3.7% |
| Amounts payable after more than one year | 17 | €1,529,710 | €1,472,305 | -€57,405 | -3.8% |
| Financial debts | 170/4 | €1,529,710 | €1,472,305 | -€57,405 | -3.8% |
| Amounts payable within one year | 42/48 | €314,258 | €284,417 | -€29,840 | -9.5% |
| Current portion of amounts payable after more than one year | 42 | €43,957 | €47,405 | +€3,448 | +7.8% |
| Trade debts | 44 | €29,671 | €3,378 | -€26,293 | -88.6% |
| Suppliers | 440/4 | €29,671 | €3,378 | -€26,293 | -88.6% |
| Taxes, remuneration and social security | 45 | €11,904 | €23,555 | +€11,651 | +97.9% |
| Taxes | 450/3 | €587 | €14,013 | +€13,426 | +2289.1% |
| Remuneration and social security | 454/9 | €11,317 | €9,542 | -€1,775 | -15.7% |
| Other amounts payable | 47/48 | €228,726 | €210,080 | -€18,646 | -8.2% |
| Accrued charges and deferred income | 492/3 | €0 | €18,352 | +€18,352 | |
| Non-recurring operating income | 76A | €10,083 | €7,123 | -€2,959 | -29.4% |
| Remuneration, social security and pensions | 62 | €43,162 | €41,583 | -€1,580 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,403 | €76,450 | +€13,047 | +20.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,763 | €0 | +€3,763 | |
| Other operating charges | 640/8 | €75,663 | €35,801 | -€39,862 | -52.7% |
| Non-recurring operating charges | 66A | €0 | €663 | +€663 | |
| Gross operating margin | 9900 | €182,722 | €345,016 | +€162,294 | +88.8% |
| Operating profit (loss) | 9901 | €4,256 | €190,519 | +€186,263 | +4376.1% |
| Financial income | 75/76B | €2,323 | €185 | -€2,139 | -92.0% |
| Recurring financial income | 75 | €2,323 | €185 | -€2,139 | -92.0% |
| Financial charges | 65/66B | €31,432 | €24,924 | -€6,508 | -20.7% |
| Recurring financial charges | 65 | €31,432 | €24,924 | -€6,508 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | -€24,852 | €165,780 | +€190,632 | |
| Income taxes | 67/77 | €604 | €34,130 | +€33,527 | +5554.3% |
| Profit (loss) for the period | 9904 | -€25,455 | €131,650 | +€157,106 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,455 | €131,650 | +€157,106 |
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 10 October 2026 via checked.be.