WAC: 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.
WAC
Largest movements
- Receivables within one year -€84,741
down €84,741 (-99.4%), from €85,238 to €498
of which Trade receivables: -€83,910
- Tangible fixed assets -€71,853
down €71,853 (-2.6%), from €2.7m to €2.7m
of which Land and buildings: -€65,650
- Cash -€41,889
down €41,889 (-19.9%), from €210,371 to €168,482
mainly Other debts (-€282,675) and Investment in fixed assets (net) (-€41,086)
- Other debts -€282,675
down €282,675 (-9.2%), from €3.1m to €2.8m
- Profit (loss) carried forward +€41,439
up €41,439, from -€41,434 to €6
- Taxes +€22,273
up €22,273 (+384.9%), from €5,787 to €28,060
- Financial income -€20,736
down €20,736 (-49.0%), from €42,304 to €21,568
- Gross operating margin +€15,062
up €15,062 (+7.5%), from €200,797 to €215,859
- Depreciation -€13,985
down €13,985 (-11.0%), from €126,924 to €112,939
- Other operating charges +€4,201
up €4,201 (+26.3%), from €15,979 to €20,179
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 | €4,091,170 | €3,873,408 | -€217,762 | -5.3% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €2,735,108 | €2,663,255 | -€71,853 | -2.6% |
| Tangible fixed assets | 22/27 | €2,734,588 | €2,662,735 | -€71,853 | -2.6% |
| Land and buildings | 22 | €2,691,676 | €2,626,026 | -€65,650 | -2.4% |
| Plant, machinery and equipment | 23 | €41,012 | €35,326 | -€5,686 | -13.9% |
| Furniture and vehicles | 24 | €1,900 | €1,384 | -€516 | -27.2% |
| Financial fixed assets | 28 | €520 | €520 | = | 0.0% |
| Current assets | 29/58 | €1,356,062 | €1,210,153 | -€145,909 | -10.8% |
| Amounts receivable after more than one year | 29 | €607,668 | €607,668 | = | 0.0% |
| Other amounts receivable | 291 | €607,668 | €607,668 | = | 0.0% |
| Stocks and contracts in progress | 3 | €319,921 | €319,921 | = | 0.0% |
| Stocks | 30/36 | €319,921 | €319,921 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €85,238 | €498 | -€84,741 | -99.4% |
| Trade receivables | 40 | €83,910 | - | -€83,910 | |
| Other amounts receivable | 41 | €1,328 | €498 | -€831 | -62.5% |
| Current investments | 50/53 | €131,562 | €111,505 | -€20,058 | -15.2% |
| Cash at bank and in hand | 54/58 | €210,371 | €168,482 | -€41,889 | -19.9% |
| Deferred charges and accrued income | 490/1 | €1,302 | €2,080 | +€778 | +59.7% |
| Total equity and liabilities | 10/49 | €4,091,170 | €3,873,408 | -€217,762 | -5.3% |
| Equity | 10/15 | €691,740 | €760,900 | +€69,159 | +10.0% |
| Contributions | 10/11 | €733,174 | €733,174 | = | 0.0% |
| Reserves | 13 | - | €27,720 | +€27,720 | |
| Distributable reserves | 133 | - | €27,720 | +€27,720 | |
| Profit (loss) carried forward | 14 | -€41,434 | €6 | +€41,439 | |
| Amounts payable | 17/49 | €3,399,430 | €3,112,509 | -€286,921 | -8.4% |
| Amounts payable after more than one year | 17 | €274,009 | €262,115 | -€11,894 | -4.3% |
| Financial debts | 170/4 | €274,009 | €262,115 | -€11,894 | -4.3% |
| Amounts payable within one year | 42/48 | €3,124,454 | €2,844,461 | -€279,992 | -9.0% |
| Current portion of amounts payable after more than one year | 42 | €33,363 | €11,894 | -€21,470 | -64.4% |
| Trade debts | 44 | - | €0 | = | |
| Suppliers | 440/4 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | €8,322 | €32,475 | +€24,153 | +290.2% |
| Taxes | 450/3 | €8,322 | €32,475 | +€24,153 | +290.2% |
| Other amounts payable | 47/48 | €3,082,768 | €2,800,093 | -€282,675 | -9.2% |
| Accrued charges and deferred income | 492/3 | €968 | €5,932 | +€4,965 | +513.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,924 | €112,939 | -€13,985 | -11.0% |
| Other operating charges | 640/8 | €15,979 | €20,179 | +€4,201 | +26.3% |
| Gross operating margin | 9900 | €200,797 | €215,859 | +€15,062 | +7.5% |
| Operating profit (loss) | 9901 | €57,894 | €82,741 | +€24,847 | +42.9% |
| Financial income | 75/76B | €42,304 | €21,568 | -€20,736 | -49.0% |
| Recurring financial income | 75 | €42,304 | €21,568 | -€20,736 | -49.0% |
| Financial charges | 65/66B | €9,448 | €11,773 | +€2,326 | +24.6% |
| Recurring financial charges | 65 | €9,448 | €11,773 | +€2,326 | +24.6% |
| Profit (loss) for the period before taxes | 9903 | €90,750 | €92,535 | +€1,785 | +2.0% |
| Income taxes | 67/77 | €5,787 | €28,060 | +€22,273 | +384.9% |
| Profit (loss) for the period | 9904 | €84,963 | €64,475 | -€20,487 | -24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €84,963 | €64,475 | -€20,487 | -24.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.