WAF: 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.
WAF
Largest movements
- Receivables within one year -€14,189
down €14,189 (-61.7%), from €23,011 to €8,822
- Deferred charges and accrued income +€11,214
new in 2025: €11,214
- Tangible fixed assets -€10,318
down €10,318 (-69.0%), from €14,952 to €4,634
- Cash -€10,137
down €10,137 (-23.8%), from €42,604 to €32,467
mainly Net result for the year (-€11,696) and Deferred charges and accrued income (-€11,214)
- Financial fixed assets +€5,700
up €5,700 (+285.0%), from €2,000 to €7,700
- Profit (loss) carried forward -€11,696
down €11,696 (-32.0%), from €36,563 to €24,867
- Debts after one year -€7,282
no longer reported in 2025 (was €7,282)
- Current portion of long-term debt +€2,116
up €2,116 (+254.6%), from €831 to €2,947
- Tax, wage and social debts -€869
down €869 (-4.7%), from €18,540 to €17,672
- Turnover -€203,638
no longer reported in 2025 (was €203,638)
- Purchases and services -€143,566
no longer reported in 2025 (was €143,566)
- Gross operating margin -€55,430
down €55,430 (-92.3%), from €60,072 to €4,643
- Depreciation +€10,318
new in 2025: €10,318
- Financial charges +€9,526
up €9,526, from -€8,684 to €841
of which Non-recurring financial charges: +€8,851
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 | €82,567 | €64,837 | -€17,730 | -21.5% |
| Fixed assets | 21/28 | €16,952 | €12,334 | -€4,618 | -27.2% |
| Tangible fixed assets | 22/27 | €14,952 | €4,634 | -€10,318 | -69.0% |
| Furniture and vehicles | 24 | €14,952 | €4,634 | -€10,318 | -69.0% |
| Financial fixed assets | 28 | €2,000 | €7,700 | +€5,700 | +285.0% |
| Current assets | 29/58 | €65,615 | €52,503 | -€13,112 | -20.0% |
| Amounts receivable within one year | 40/41 | €23,011 | €8,822 | -€14,189 | -61.7% |
| Other amounts receivable | 41 | €23,011 | €8,822 | -€14,189 | -61.7% |
| Cash at bank and in hand | 54/58 | €42,604 | €32,467 | -€10,137 | -23.8% |
| Deferred charges and accrued income | 490/1 | - | €11,214 | +€11,214 | |
| Total equity and liabilities | 10/49 | €82,567 | €64,837 | -€17,730 | -21.5% |
| Equity | 10/15 | €55,914 | €44,218 | -€11,696 | -20.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €751 | €751 | = | 0.0% |
| Distributable reserves | 133 | €751 | €751 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,563 | €24,867 | -€11,696 | -32.0% |
| Amounts payable | 17/49 | €26,653 | €20,619 | -€6,034 | -22.6% |
| Amounts payable after more than one year | 17 | €7,282 | - | -€7,282 | |
| Financial debts | 170/4 | €7,282 | - | -€7,282 | |
| Amounts payable within one year | 42/48 | €19,372 | €20,619 | +€1,248 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €831 | €2,947 | +€2,116 | +254.6% |
| Taxes, remuneration and social security | 45 | €18,540 | €17,672 | -€869 | -4.7% |
| Taxes | 450/3 | €18,540 | €17,672 | -€869 | -4.7% |
| Turnover | 70 | €203,638 | - | -€203,638 | |
| Goods, raw materials, services and sundry goods | 60/61 | €143,566 | - | -€143,566 | |
| Remuneration, social security and pensions | 62 | €2,020 | - | -€2,020 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €10,318 | +€10,318 | |
| Other operating charges | 640/8 | €7,934 | €2,333 | -€5,601 | -70.6% |
| Gross operating margin | 9900 | €60,072 | €4,643 | -€55,430 | -92.3% |
| Operating profit (loss) | 9901 | €50,119 | -€8,008 | -€58,127 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | -€8,684 | €841 | +€9,526 | |
| Recurring financial charges | 65 | €166 | €841 | +€675 | +405.9% |
| Non-recurring financial charges | 66B | -€8,851 | - | +€8,851 | |
| Profit (loss) for the period before taxes | 9903 | €58,803 | -€8,849 | -€67,652 | |
| Income taxes | 67/77 | €12,328 | €2,847 | -€9,482 | -76.9% |
| Profit (loss) for the period | 9904 | €46,475 | -€11,696 | -€58,170 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,475 | -€11,696 | -€58,170 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.