WAF: 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.
What changed
WAF
NACE 25.110, Manufacture of metal structures and parts of structures
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€26,086
2024 · -€32,736+€6,649
Equity
€2.8m
2024 · €2.9m-€26,086
Cash
€406,917
2024 · €223,385+€183,533
Balance sheet total
€6.3m
2024 · €7.2m-€856,742
Largest movements
Assets
- Stocks and contracts -€763,784
down €763,784 (-19.6%), from €3.9m to €3.1m
of which Contracts in progress: -€696,934
- Receivables within one year -€204,544
down €204,544 (-7.5%), from €2.7m to €2.5m
of which Trade receivables: -€223,188
- Cash +€183,533
up €183,533 (+82.2%), from €223,385 to €406,917
mainly Stocks and contracts (+€763,784) and Receivables within one year (+€204,544)
Equity and liabilities
- Trade debts -€656,307
down €656,307 (-33.3%), from €2.0m to €1.3m
- Advances received -€169,665
down €169,665 (-100%), from €169,665 to €0
- Other debts +€76,596
up €76,596 (+7.7%), from €995,712 to €1.1m
Income statement
- Staff costs +€39,581
up €39,581 (+1.8%), from €2.2m to €2.3m
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.
Result 2024
-€32,736
Gross operating margin
+€15,244
Staff costs
-€39,581
Depreciation
+€13,353
Write-downs
+€3,618
Other operating charges
+€8,969
Financial income
+€2,220
Financial charges
+€7,386
Taxes
-€4,558
Result 2025
-€26,086
raises the resultlowers the result
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.
From operations
+€236,658
Investment
-€13,595
Financing
-€39,531
Cash 2024
€223,385
From operations (derived)
+€236,658
Net result for the year
-€26,086
Depreciation
+€71,760
Stocks and contracts
+€763,784
Receivables within one year
+€204,544
Deferred charges and accrued income
+€13,782
Trade debts
-€656,307
Tax, wage and social debts
-€46,806
Advances received
-€169,665
Other debts
+€76,596
Accrued charges and deferred income
+€5,056
Investment (derived)
-€13,595
Investment in fixed assets (net)
-€13,595
Financing
-€39,531
Debts after one year
-€28,753
Current portion of long-term debt
-€10,599
Short-term financial debts
-€179
Cash 2025
€406,917
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,171,024 | €6,314,282 | -€856,742 | -11.9% |
| Fixed assets | 21/28 | €310,669 | €252,504 | -€58,165 | -18.7% |
| Tangible fixed assets | 22/27 | €310,480 | €252,316 | -€58,165 | -18.7% |
| Land and buildings | 22 | €34,851 | €26,054 | -€8,797 | -25.2% |
| Plant, machinery and equipment | 23 | €199,002 | €185,144 | -€13,858 | -7.0% |
| Furniture and vehicles | 24 | €56,762 | €23,915 | -€32,847 | -57.9% |
| Other tangible fixed assets | 26 | €19,865 | €17,202 | -€2,663 | -13.4% |
| Financial fixed assets | 28 | €188 | €188 | = | 0.0% |
| Current assets | 29/58 | €6,860,355 | €6,061,778 | -€798,577 | -11.6% |
| Stocks and contracts in progress | 3 | €3,895,843 | €3,132,059 | -€763,784 | -19.6% |
| Stocks | 30/36 | €1,558,450 | €1,491,600 | -€66,850 | -4.3% |
| Contracts in progress | 37 | €2,337,393 | €1,640,459 | -€696,934 | -29.8% |
| Amounts receivable within one year | 40/41 | €2,713,150 | €2,508,606 | -€204,544 | -7.5% |
| Trade receivables | 40 | €1,919,543 | €1,696,355 | -€223,188 | -11.6% |
| Other amounts receivable | 41 | €793,607 | €812,252 | +€18,645 | +2.3% |
| Cash at bank and in hand | 54/58 | €223,385 | €406,917 | +€183,533 | +82.2% |
| Deferred charges and accrued income | 490/1 | €27,977 | €14,195 | -€13,782 | -49.3% |
| Total equity and liabilities | 10/49 | €7,171,024 | €6,314,282 | -€856,742 | -11.9% |
| Equity | 10/15 | €2,860,338 | €2,834,251 | -€26,086 | -0.9% |
| Contributions | 10/11 | €261,000 | €261,000 | = | 0.0% |
| Capital | 10 | €261,000 | €261,000 | = | 0.0% |
| Issued capital | 100 | €261,000 | €261,000 | = | 0.0% |
| Reserves | 13 | €2,599,338 | €2,573,251 | -€26,086 | -1.0% |
| Non-distributable reserves | 130/1 | €26,100 | €26,100 | = | 0.0% |
| Legal reserve | 130 | €26,100 | €26,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,649 | €18,649 | = | 0.0% |
| Distributable reserves | 133 | €2,554,588 | €2,528,502 | -€26,086 | -1.0% |
| Amounts payable | 17/49 | €4,310,686 | €3,480,030 | -€830,656 | -19.3% |
| Amounts payable after more than one year | 17 | €40,317 | €11,564 | -€28,753 | -71.3% |
| Financial debts | 170/4 | €40,317 | €11,564 | -€28,753 | -71.3% |
| Amounts payable within one year | 42/48 | €4,247,953 | €3,440,993 | -€806,959 | -19.0% |
| Current portion of amounts payable after more than one year | 42 | €39,352 | €28,753 | -€10,599 | -26.9% |
| Financial debts | 43 | €592,227 | €592,049 | -€179 | 0.0% |
| Credit institutions | 430/8 | €592,227 | €592,049 | -€179 | 0.0% |
| Trade debts | 44 | €1,971,187 | €1,314,880 | -€656,307 | -33.3% |
| Suppliers | 440/4 | €1,971,187 | €1,314,880 | -€656,307 | -33.3% |
| Advances received on contracts in progress | 46 | €169,665 | €0 | -€169,665 | -100% |
| Taxes, remuneration and social security | 45 | €479,810 | €433,004 | -€46,806 | -9.8% |
| Taxes | 450/3 | €161,453 | €111,176 | -€50,277 | -31.1% |
| Remuneration and social security | 454/9 | €318,357 | €321,828 | +€3,471 | +1.1% |
| Other amounts payable | 47/48 | €995,712 | €1,072,308 | +€76,596 | +7.7% |
| Accrued charges and deferred income | 492/3 | €22,417 | €27,473 | +€5,056 | +22.6% |
| Remuneration, social security and pensions | 62 | €2,216,150 | €2,255,731 | +€39,581 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,113 | €71,760 | -€13,353 | -15.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,584 | €966 | -€3,618 | -78.9% |
| Other operating charges | 640/8 | €43,199 | €34,231 | -€8,969 | -20.8% |
| Gross operating margin | 9900 | €2,373,555 | €2,388,798 | +€15,244 | +0.6% |
| Operating profit (loss) | 9901 | €24,508 | €26,111 | +€1,602 | +6.5% |
| Financial income | 75/76B | €23,491 | €25,711 | +€2,220 | +9.4% |
| Recurring financial income | 75 | €23,491 | €25,711 | +€2,220 | +9.4% |
| Financial charges | 65/66B | €78,793 | €71,407 | -€7,386 | -9.4% |
| Recurring financial charges | 65 | €78,793 | €71,407 | -€7,386 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | -€30,794 | -€19,586 | +€11,208 | +36.4% |
| Income taxes | 67/77 | €1,942 | €6,500 | +€4,558 | +235% |
| Profit (loss) for the period | 9904 | -€32,736 | -€26,086 | +€6,649 | +20.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,736 | -€26,086 | +€6,649 | +20.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.