WAELBERS: 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.
WAELBERS
Largest movements
- Cash +€34,950
up €34,950 (+34.1%), from €102,507 to €137,457
mainly Net result for the year (+€39,262) and Depreciation (+€30,847)
- Tangible fixed assets -€26,405
down €26,405 (-43.4%), from €60,877 to €34,472
of which Furniture and vehicles: -€27,124
- Receivables within one year +€4,133
up €4,133 (+9.7%), from €42,822 to €46,954
of which Trade receivables: +€4,133
- Reserves +€27,070
up €27,070 (+17.2%), from €156,936 to €184,006
- Current portion of long-term debt -€17,029
down €17,029 (-83.0%), from €20,508 to €3,479
- Debts after one year -€3,479
no longer reported in 2025 (was €3,479)
- Trade debts +€3,475
up €3,475 (+95.2%), from €3,650 to €7,126
- Tax, wage and social debts +€3,330
up €3,330 (+41.4%), from €8,053 to €11,383
- Gross operating margin +€31,298
up €31,298 (+56.2%), from €55,697 to €86,996
- Taxes +€10,818
up €10,818 (+184%), from €5,895 to €16,713
- Depreciation -€1,248
down €1,248 (-3.9%), from €32,096 to €30,847
- Financial income +€965
up €965 (+78.8%), from €1,224 to €2,189
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 | €208,957 | €221,162 | +€12,205 | +5.8% |
| Fixed assets | 21/28 | €60,877 | €34,472 | -€26,405 | -43.4% |
| Tangible fixed assets | 22/27 | €60,877 | €34,472 | -€26,405 | -43.4% |
| Plant, machinery and equipment | 23 | €1,513 | €4,237 | +€2,725 | +180% |
| Furniture and vehicles | 24 | €57,358 | €30,234 | -€27,124 | -47.3% |
| Other tangible fixed assets | 26 | €2,006 | - | -€2,006 | |
| Current assets | 29/58 | €148,081 | €186,690 | +€38,609 | +26.1% |
| Amounts receivable within one year | 40/41 | €42,822 | €46,954 | +€4,133 | +9.7% |
| Trade receivables | 40 | €42,812 | €46,945 | +€4,133 | +9.7% |
| Other amounts receivable | 41 | €9 | €9 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €102,507 | €137,457 | +€34,950 | +34.1% |
| Deferred charges and accrued income | 490/1 | €2,752 | €2,278 | -€473 | -17.2% |
| Total equity and liabilities | 10/49 | €208,957 | €221,162 | +€12,205 | +5.8% |
| Equity | 10/15 | €169,336 | €196,406 | +€27,070 | +16.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €156,936 | €184,006 | +€27,070 | +17.2% |
| Distributable reserves | 133 | €156,936 | €184,006 | +€27,070 | +17.2% |
| Amounts payable | 17/49 | €39,622 | €24,756 | -€14,865 | -37.5% |
| Amounts payable after more than one year | 17 | €3,479 | - | -€3,479 | |
| Financial debts | 170/4 | €3,479 | - | -€3,479 | |
| Amounts payable within one year | 42/48 | €34,901 | €23,154 | -€11,746 | -33.7% |
| Current portion of amounts payable after more than one year | 42 | €20,508 | €3,479 | -€17,029 | -83.0% |
| Trade debts | 44 | €3,650 | €7,126 | +€3,475 | +95.2% |
| Suppliers | 440/4 | €3,650 | €7,126 | +€3,475 | +95.2% |
| Advances received on contracts in progress | 46 | €41 | - | -€41 | |
| Taxes, remuneration and social security | 45 | €8,053 | €11,383 | +€3,330 | +41.4% |
| Taxes | 450/3 | €8,053 | €11,383 | +€3,330 | +41.4% |
| Other amounts payable | 47/48 | €2,648 | €1,166 | -€1,482 | -56.0% |
| Accrued charges and deferred income | 492/3 | €1,242 | €1,602 | +€360 | +29.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,096 | €30,847 | -€1,248 | -3.9% |
| Other operating charges | 640/8 | €1,414 | €1,666 | +€252 | +17.8% |
| Non-recurring operating charges | 66A | €142,889 | - | -€142,889 | |
| Gross operating margin | 9900 | €55,697 | €86,996 | +€31,298 | +56.2% |
| Operating profit (loss) | 9901 | -€120,701 | €54,482 | +€175,183 | |
| Financial income | 75/76B | €1,224 | €2,189 | +€965 | +78.8% |
| Recurring financial income | 75 | €1,224 | €2,189 | +€965 | +78.8% |
| Financial charges | 65/66B | €1,294 | €696 | -€598 | -46.2% |
| Recurring financial charges | 65 | €1,294 | €696 | -€598 | -46.2% |
| Profit (loss) for the period before taxes | 9903 | -€120,771 | €55,975 | +€176,746 | |
| Income taxes | 67/77 | €5,895 | €16,713 | +€10,818 | +184% |
| Profit (loss) for the period | 9904 | -€126,666 | €39,262 | +€165,928 | |
| Profit (loss) for the period to be appropriated | 9905 | -€126,666 | €39,262 | +€165,928 |
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 18 October 2026 via checked.be.