WAFCO: 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.
WAFCO
Largest movements
- Receivables within one year +€112,909
up €112,909 (+78.7%), from €143,377 to €256,286
of which Trade receivables: +€80,364
- Cash -€76,071
down €76,071 (-89.6%), from €84,897 to €8,825
mainly Receivables within one year (-€112,909) and Investment in fixed assets (net) (-€104,325)
- Tangible fixed assets +€10,502
up €10,502 (+4.4%), from €239,086 to €249,588
of which Furniture and vehicles: +€16,608
- Reserves +€102,479
up €102,479 (+40.8%), from €251,311 to €353,790
of which Distributable reserves: +€102,479
- Debts after one year -€24,995
down €24,995 (-48.9%), from €51,131 to €26,136
- Trade debts -€12,654
down €12,654 (-22.2%), from €56,912 to €44,257
- Current portion of long-term debt -€9,468
down €9,468 (-27.5%), from €34,464 to €24,995
- Gross operating margin +€37,770
up €37,770 (+19.5%), from €194,108 to €231,878
- Depreciation +€26,987
up €26,987 (+40.4%), from €66,836 to €93,823
- Other operating charges -€9,408
down €9,408 (-88.2%), from €10,668 to €1,260
- Financial charges +€6,412
up €6,412 (+342%), from €1,872 to €8,284
- Taxes +€2,610
up €2,610 (+10.0%), from €26,003 to €28,612
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 | €472,699 | €520,689 | +€47,990 | +10.2% |
| Fixed assets | 21/28 | €239,086 | €249,588 | +€10,502 | +4.4% |
| Tangible fixed assets | 22/27 | €239,086 | €249,588 | +€10,502 | +4.4% |
| Plant, machinery and equipment | 23 | €113,798 | €107,693 | -€6,105 | -5.4% |
| Furniture and vehicles | 24 | €125,287 | €141,895 | +€16,608 | +13.3% |
| Current assets | 29/58 | €233,613 | €271,101 | +€37,488 | +16.0% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €143,377 | €256,286 | +€112,909 | +78.7% |
| Trade receivables | 40 | €143,377 | €223,741 | +€80,364 | +56.1% |
| Other amounts receivable | 41 | - | €32,545 | +€32,545 | |
| Cash at bank and in hand | 54/58 | €84,897 | €8,825 | -€76,071 | -89.6% |
| Deferred charges and accrued income | 490/1 | €5,339 | €5,989 | +€650 | +12.2% |
| Total equity and liabilities | 10/49 | €472,699 | €520,689 | +€47,990 | +10.2% |
| Equity | 10/15 | €252,311 | €354,790 | +€102,479 | +40.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €251,311 | €353,790 | +€102,479 | +40.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €251,311 | €353,790 | +€102,479 | +40.8% |
| Amounts payable | 17/49 | €220,388 | €165,899 | -€54,489 | -24.7% |
| Amounts payable after more than one year | 17 | €51,131 | €26,136 | -€24,995 | -48.9% |
| Financial debts | 170/4 | €51,131 | €26,136 | -€24,995 | -48.9% |
| Amounts payable within one year | 42/48 | €169,257 | €139,763 | -€29,494 | -17.4% |
| Current portion of amounts payable after more than one year | 42 | €34,464 | €24,995 | -€9,468 | -27.5% |
| Trade debts | 44 | €56,912 | €44,257 | -€12,654 | -22.2% |
| Suppliers | 440/4 | €56,912 | €44,257 | -€12,654 | -22.2% |
| Taxes, remuneration and social security | 45 | €25,852 | €21,967 | -€3,885 | -15.0% |
| Taxes | 450/3 | €22,615 | €16,615 | -€6,000 | -26.5% |
| Remuneration and social security | 454/9 | €3,237 | €5,352 | +€2,115 | +65.3% |
| Other amounts payable | 47/48 | €52,030 | €48,544 | -€3,486 | -6.7% |
| Non-recurring operating income | 76A | €32,000 | €0 | -€32,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,836 | €93,823 | +€26,987 | +40.4% |
| Other operating charges | 640/8 | €10,668 | €1,260 | -€9,408 | -88.2% |
| Non-recurring operating charges | 66A | €672 | €0 | -€672 | -100% |
| Gross operating margin | 9900 | €194,108 | €231,878 | +€37,770 | +19.5% |
| Operating profit (loss) | 9901 | €115,931 | €136,795 | +€20,864 | +18.0% |
| Financial income | 75/76B | €13 | €2,581 | +€2,568 | +20,191% |
| Recurring financial income | 75 | €13 | €2,581 | +€2,568 | +20,191% |
| Financial charges | 65/66B | €1,872 | €8,284 | +€6,412 | +342% |
| Recurring financial charges | 65 | €1,872 | €8,284 | +€6,412 | +342% |
| Profit (loss) for the period before taxes | 9903 | €114,071 | €131,091 | +€17,020 | +14.9% |
| Income taxes | 67/77 | €26,003 | €28,612 | +€2,610 | +10.0% |
| Profit (loss) for the period | 9904 | €88,069 | €102,479 | +€14,410 | +16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €88,069 | €102,479 | +€14,410 | +16.4% |
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.