WAEYAERT: 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.
WAEYAERT
Largest movements
- Cash -€38,821
down €38,821 (-10.7%), from €363,599 to €324,778
mainly Investment in fixed assets (net) (-€50,933) and Contributions, distributions and other (-€26,597)
- Tangible fixed assets +€27,761
up €27,761 (+6.6%), from €421,130 to €448,890
- Reserves -€35,353
down €35,353 (-5.1%), from €699,952 to €664,599
of which Distributable reserves: -€35,353
- Other debts +€26,597
up €26,597 (+42,018%), from €63 to €26,660
- Financial income -€3,098
down €3,098 (-49.8%), from €6,223 to €3,125
- Depreciation +€2,565
up €2,565 (+12.9%), from €19,907 to €22,472
- Gross operating margin +€1,696
up €1,696 (+12.3%), from €13,787 to €15,483
- Other operating charges +€884
up €884 (+24.6%), from €3,593 to €4,477
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 | €786,595 | €777,206 | -€9,390 | -1.2% |
| Fixed assets | 21/28 | €421,130 | €449,590 | +€28,461 | +6.8% |
| Tangible fixed assets | 22/27 | €421,130 | €448,890 | +€27,761 | +6.6% |
| Land and buildings | 22 | €421,130 | €448,890 | +€27,761 | +6.6% |
| Financial fixed assets | 28 | - | €700 | +€700 | |
| Current assets | 29/58 | €365,466 | €327,615 | -€37,850 | -10.4% |
| Amounts receivable within one year | 40/41 | €1,867 | €937 | -€930 | -49.8% |
| Other amounts receivable | 41 | €1,867 | €937 | -€930 | -49.8% |
| Cash at bank and in hand | 54/58 | €363,599 | €324,778 | -€38,821 | -10.7% |
| Deferred charges and accrued income | 490/1 | €0 | €1,900 | +€1,900 | |
| Total equity and liabilities | 10/49 | €786,595 | €777,206 | -€9,390 | -1.2% |
| Equity | 10/15 | €749,952 | €714,599 | -€35,353 | -4.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €699,952 | €664,599 | -€35,353 | -5.1% |
| Tax-exempt reserves | 132 | €107,341 | €107,341 | = | 0.0% |
| Distributable reserves | 133 | €592,611 | €557,257 | -€35,353 | -6.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €35,780 | €35,780 | = | 0.0% |
| Deferred taxes | 168 | €35,780 | €35,780 | = | 0.0% |
| Amounts payable | 17/49 | €863 | €26,826 | +€25,964 | +3,010% |
| Amounts payable within one year | 42/48 | €177 | €26,826 | +€26,649 | +15,028% |
| Trade debts | 44 | €114 | €166 | +€52 | +45.6% |
| Suppliers | 440/4 | €114 | €166 | +€52 | +45.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €63 | €26,660 | +€26,597 | +42,018% |
| Accrued charges and deferred income | 492/3 | €685 | €0 | -€685 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,907 | €22,472 | +€2,565 | +12.9% |
| Other operating charges | 640/8 | €3,593 | €4,477 | +€884 | +24.6% |
| Gross operating margin | 9900 | €13,787 | €15,483 | +€1,696 | +12.3% |
| Operating profit (loss) | 9901 | -€9,713 | -€11,466 | -€1,753 | -18.1% |
| Financial income | 75/76B | €6,223 | €3,125 | -€3,098 | -49.8% |
| Recurring financial income | 75 | €6,223 | €3,125 | -€3,098 | -49.8% |
| Financial charges | 65/66B | €395 | €415 | +€20 | +5.0% |
| Recurring financial charges | 65 | €395 | €415 | +€20 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | -€3,885 | -€8,756 | -€4,871 | -125% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€3,885 | -€8,756 | -€4,871 | -125% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,885 | -€8,756 | -€4,871 | -125% |
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.