WAEGENAERE: 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.
WAEGENAERE
Largest movements
- Tangible fixed assets -€72,520
down €72,520 (-6.8%), from €1.1m to €1.0m
of which Assets under construction and advance payments: -€214,798
- Cash +€42,495
up €42,495 (+24.8%), from €171,045 to €213,540
mainly Net result for the year (+€106,870) and Depreciation (+€79,293)
- Debts after one year -€46,886
down €46,886 (-6.7%), from €703,932 to €657,046
- Trade debts -€43,346
down €43,346 (-74.5%), from €58,186 to €14,841
- Other debts +€27,846
up €27,846 (+330%), from €8,447 to €36,293
- Reserves +€16,957
up €16,957 (+4.3%), from €398,768 to €415,725
of which Distributable reserves: +€16,957
- Tax, wage and social debts +€12,964
up €12,964 (+109%), from €11,840 to €24,804
of which Taxes: +€18,372
- Gross operating margin +€91,652
up €91,652 (+33.8%), from €271,137 to €362,789
- Depreciation +€47,365
up €47,365 (+148%), from €31,927 to €79,293
- Taxes +€29,443
up €29,443 (+188%), from €15,635 to €45,078
- Financial charges +€7,438
up €7,438 (+42.7%), from €17,432 to €24,871
- Staff costs +€7,171
up €7,171 (+7.5%), from €96,024 to €103,196
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 | €1,253,803 | €1,214,195 | -€39,608 | -3.2% |
| Fixed assets | 21/28 | €1,073,175 | €1,000,655 | -€72,520 | -6.8% |
| Tangible fixed assets | 22/27 | €1,073,175 | €1,000,655 | -€72,520 | -6.8% |
| Land and buildings | 22 | €842,692 | €804,067 | -€38,625 | -4.6% |
| Plant, machinery and equipment | 23 | €10,677 | €10,818 | +€141 | +1.3% |
| Furniture and vehicles | 24 | €5,008 | €51,043 | +€46,035 | +919% |
| Leasing and similar rights | 25 | - | €25,423 | +€25,423 | |
| Other tangible fixed assets | 26 | - | €109,304 | +€109,304 | |
| Assets under construction and advance payments | 27 | €214,798 | €0 | -€214,798 | -100% |
| Current assets | 29/58 | €180,628 | €213,540 | +€32,912 | +18.2% |
| Amounts receivable within one year | 40/41 | €9,583 | €0 | -€9,583 | -100% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €9,583 | €0 | -€9,583 | -100% |
| Cash at bank and in hand | 54/58 | €171,045 | €213,540 | +€42,495 | +24.8% |
| Total equity and liabilities | 10/49 | €1,253,803 | €1,214,195 | -€39,608 | -3.2% |
| Equity | 10/15 | €417,368 | €434,325 | +€16,957 | +4.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €398,768 | €415,725 | +€16,957 | +4.3% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €380,018 | €396,975 | +€16,957 | +4.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €836,435 | €779,870 | -€56,565 | -6.8% |
| Amounts payable after more than one year | 17 | €703,932 | €657,046 | -€46,886 | -6.7% |
| Financial debts | 170/4 | €703,932 | €657,046 | -€46,886 | -6.7% |
| Amounts payable within one year | 42/48 | €132,503 | €122,824 | -€9,679 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | €54,030 | €46,886 | -€7,144 | -13.2% |
| Trade debts | 44 | €58,186 | €14,841 | -€43,346 | -74.5% |
| Suppliers | 440/4 | €58,186 | €14,841 | -€43,346 | -74.5% |
| Taxes, remuneration and social security | 45 | €11,840 | €24,804 | +€12,964 | +109% |
| Taxes | 450/3 | - | €18,372 | +€18,372 | |
| Remuneration and social security | 454/9 | €11,840 | €6,432 | -€5,408 | -45.7% |
| Other amounts payable | 47/48 | €8,447 | €36,293 | +€27,846 | +330% |
| Remuneration, social security and pensions | 62 | €96,024 | €103,196 | +€7,171 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,927 | €79,293 | +€47,365 | +148% |
| Other operating charges | 640/8 | €2,669 | €4,293 | +€1,625 | +60.9% |
| Non-recurring operating charges | 66A | €57,900 | €0 | -€57,900 | -100% |
| Gross operating margin | 9900 | €271,137 | €362,789 | +€91,652 | +33.8% |
| Operating profit (loss) | 9901 | €82,616 | €176,008 | +€93,391 | +113% |
| Financial income | 75/76B | €746 | €811 | +€65 | +8.7% |
| Recurring financial income | 75 | €746 | €811 | +€65 | +8.7% |
| Financial charges | 65/66B | €17,432 | €24,871 | +€7,438 | +42.7% |
| Recurring financial charges | 65 | €17,432 | €24,871 | +€7,438 | +42.7% |
| Profit (loss) for the period before taxes | 9903 | €65,930 | €151,948 | +€86,018 | +130% |
| Income taxes | 67/77 | €15,635 | €45,078 | +€29,443 | +188% |
| Profit (loss) for the period | 9904 | €50,295 | €106,870 | +€56,575 | +112% |
| Profit (loss) for the period to be appropriated | 9905 | €50,295 | €106,870 | +€56,575 | +112% |
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 22 October 2026 via checked.be.