WAF MANAGEMENT: what changed
What changed
WAF MANAGEMENT
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€111,496
2024 · €80,402+€31,094
Equity
€357,836
2024 · €286,590+€71,246
Cash
€37,052
2024 · €12,615+€24,438
Balance sheet total
€723,055
2024 · €692,446+€30,609
Largest movements
Assets
- Cash +€24,438
up €24,438 (+194%), from €12,615 to €37,052
mainly Net result for the year (+€111,496) and Tax, wage and social debts (+€28,118)
Equity and liabilities
- Reserves +€111,496
new in 2025: €111,496
- Debts after one year -€61,499
down €61,499 (-20.4%), from €301,976 to €240,477
- Profit (loss) carried forward -€40,249
down €40,249 (-14.3%), from €281,590 to €241,340
- Tax, wage and social debts +€28,118
up €28,118 (+161%), from €17,457 to €45,575
of which Taxes: +€28,114
- Other debts -€11,978
down €11,978 (-76.1%), from €15,738 to €3,759
Income statement
- Gross operating margin +€63,466
up €63,466 (+65.4%), from €97,071 to €160,538
- Taxes +€31,559
up €31,559 (+227%), from €13,887 to €45,446
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€80,402
Gross operating margin
+€63,466
Other operating charges
-€37
Financial income
-€947
Financial charges
+€170
Taxes
-€31,559
Result 2025
€111,496
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€125,723
Investment
€0
Financing
-€101,285
Cash 2024
€12,615
From operations (derived)
+€125,723
Net result for the year
+€111,496
Receivables within one year
-€3,647
Deferred charges and accrued income
-€2,525
Trade debts
+€4,102
Tax, wage and social debts
+€28,118
Other debts
-€11,978
Accrued charges and deferred income
+€157
Financing
-€101,285
Debts after one year
-€61,499
Current portion of long-term debt
+€503
Short-term financial debts
-€39
Contributions, distributions and other
-€40,249
Cash 2025
€37,052
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €692,446 | €723,055 | +€30,609 | +4.4% |
| Fixed assets | 21/28 | €611,791 | €611,791 | = | 0.0% |
| Financial fixed assets | 28 | €611,791 | €611,791 | = | 0.0% |
| Current assets | 29/58 | €80,655 | €111,265 | +€30,609 | +38.0% |
| Amounts receivable within one year | 40/41 | €68,040 | €71,687 | +€3,647 | +5.4% |
| Trade receivables | 40 | €31,250 | €20,812 | -€10,438 | -33.4% |
| Other amounts receivable | 41 | €36,790 | €50,875 | +€14,085 | +38.3% |
| Cash at bank and in hand | 54/58 | €12,615 | €37,052 | +€24,438 | +194% |
| Deferred charges and accrued income | 490/1 | - | €2,525 | +€2,525 | |
| Total equity and liabilities | 10/49 | €692,446 | €723,055 | +€30,609 | +4.4% |
| Equity | 10/15 | €286,590 | €357,836 | +€71,246 | +24.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €111,496 | +€111,496 | |
| Distributable reserves | 133 | - | €111,496 | +€111,496 | |
| Profit (loss) carried forward | 14 | €281,590 | €241,340 | -€40,249 | -14.3% |
| Amounts payable | 17/49 | €405,856 | €365,220 | -€40,637 | -10.0% |
| Amounts payable after more than one year | 17 | €301,976 | €240,477 | -€61,499 | -20.4% |
| Financial debts | 170/4 | €301,976 | €240,477 | -€61,499 | -20.4% |
| Amounts payable within one year | 42/48 | €103,880 | €124,586 | +€20,705 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €60,996 | €61,499 | +€503 | +0.8% |
| Financial debts | 43 | €8,452 | €8,412 | -€39 | -0.5% |
| Credit institutions | 430/8 | €8,452 | €8,412 | -€39 | -0.5% |
| Trade debts | 44 | €1,238 | €5,340 | +€4,102 | +331% |
| Suppliers | 440/4 | €1,238 | €5,340 | +€4,102 | +331% |
| Taxes, remuneration and social security | 45 | €17,457 | €45,575 | +€28,118 | +161% |
| Taxes | 450/3 | €15,199 | €43,313 | +€28,114 | +185% |
| Remuneration and social security | 454/9 | €2,258 | €2,261 | +€4 | +0.2% |
| Other amounts payable | 47/48 | €15,738 | €3,759 | -€11,978 | -76.1% |
| Accrued charges and deferred income | 492/3 | - | €157 | +€157 | |
| Other operating charges | 640/8 | €512 | €549 | +€37 | +7.2% |
| Gross operating margin | 9900 | €97,071 | €160,538 | +€63,466 | +65.4% |
| Operating profit (loss) | 9901 | €96,559 | €159,988 | +€63,429 | +65.7% |
| Financial income | 75/76B | €1,789 | €843 | -€947 | -52.9% |
| Recurring financial income | 75 | €1,789 | €843 | -€947 | -52.9% |
| Financial charges | 65/66B | €4,060 | €3,890 | -€170 | -4.2% |
| Recurring financial charges | 65 | €4,060 | €3,890 | -€170 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €94,288 | €156,941 | +€62,653 | +66.4% |
| Income taxes | 67/77 | €13,887 | €45,446 | +€31,559 | +227% |
| Profit (loss) for the period | 9904 | €80,402 | €111,496 | +€31,094 | +38.7% |
| Profit (loss) for the period to be appropriated | 9905 | €80,402 | €111,496 | +€31,094 | +38.7% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.