WAFFLE FACTORY DEVELOPMENT: 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
WAFFLE FACTORY DEVELOPMENT
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€102,009
2024 · €66,249+€35,760
Equity
€837,478
2024 · €771,357+€66,121
Cash
€144,562
2024 · €314,301-€169,739
Balance sheet total
€2.6m
2024 · €2.5m+€142,819
Largest movements
Assets
- Financial fixed assets +€300,040
up €300,040 (+20.1%), from €1.5m to €1.8m
of which Affiliated companies: +€300,000
- Cash -€169,739
down €169,739 (-54.0%), from €314,301 to €144,562
mainly Investment in fixed assets (net) (-€301,260) and Tax, wage and social debts (-€113,891)
- Receivables within one year +€58,448
up €58,448 (+15.0%), from €389,101 to €447,550
of which Trade receivables: +€53,091
Equity and liabilities
- Debts after one year +€174,443
up €174,443 (+88.0%), from €198,322 to €372,765
of which Financial debts: +€174,443
- Tax, wage and social debts -€113,891
down €113,891 (-43.1%), from €264,208 to €150,317
of which Taxes: -€108,007
- Reserves +€66,121
up €66,121 (+9.3%), from €711,357 to €777,478
of which Distributable reserves: +€88,567
Income statement
- Staff costs +€135,785
up €135,785 (+10.9%), from €1.2m to €1.4m
- Financial charges -€94,503
down €94,503 (-66.6%), from €141,953 to €47,450
of which Non-recurring financial charges: -€105,000
- Other operating income +€58,075
up €58,075 (+41.2%), from €140,805 to €198,880
- Write-downs -€27,822
down €27,822 (-50.8%), from €54,797 to €26,975
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
€66,249
Turnover
-€8,703
Other operating income
+€58,075
Services and other goods
-€201
Staff costs
-€135,785
Depreciation
+€19,461
Write-downs
+€27,822
Provisions
+€4,280
Other operating charges
-€8,451
Financial income
+€3,156
Financial charges
+€94,503
Taxes
-€18,396
Result 2025
€102,009
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
-€6,819
Investment
-€278,814
Financing
+€115,894
Cash 2024
€314,301
From operations (derived)
-€6,819
Net result for the year
+€102,009
Depreciation
+€25,665
Receivables after one year
+€7,980
Receivables within one year
-€58,448
Deferred charges and accrued income
-€8,941
Provisions
+€3,837
Trade debts
+€23,876
Tax, wage and social debts
-€113,891
Other debts
+€12,769
Accrued charges and deferred income
-€1,675
Investment (derived)
-€278,814
Investment in fixed assets (net)
-€301,260
Current investments
+€22,446
Financing
+€115,894
Debts after one year
+€174,443
Current portion of long-term debt
-€22,662
Contributions, distributions and other
-€35,888
Cash 2025
€144,562
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,474,484 | €2,617,303 | +€142,819 | +5.8% |
| Fixed assets | 21/28 | €1,534,613 | €1,810,208 | +€275,595 | +18.0% |
| Intangible fixed assets | 21 | €4,799 | €1,684 | -€3,115 | -64.9% |
| Tangible fixed assets | 22/27 | €34,162 | €12,832 | -€21,330 | -62.4% |
| Plant, machinery and equipment | 23 | €8,768 | €6,401 | -€2,367 | -27.0% |
| Furniture and vehicles | 24 | €25,395 | €6,431 | -€18,963 | -74.7% |
| Financial fixed assets | 28 | €1,495,652 | €1,795,692 | +€300,040 | +20.1% |
| Affiliated companies | 280/1 | €1,494,753 | €1,794,753 | +€300,000 | +20.1% |
| Participating interests | 280 | €1,494,753 | €1,794,753 | +€300,000 | +20.1% |
| Other financial fixed assets | 284/8 | €899 | €939 | +€40 | +4.4% |
| Amounts receivable and cash guarantees | 285/8 | €899 | €939 | +€40 | +4.4% |
| Current assets | 29/58 | €939,871 | €807,095 | -€132,776 | -14.1% |
| Amounts receivable after more than one year | 29 | €181,391 | €173,411 | -€7,980 | -4.4% |
| Trade receivables | 290 | €26,391 | €13,426 | -€12,965 | -49.1% |
| Other amounts receivable | 291 | €155,000 | €159,985 | +€4,985 | +3.2% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €389,101 | €447,550 | +€58,448 | +15.0% |
| Trade receivables | 40 | €357,421 | €410,512 | +€53,091 | +14.9% |
| Other amounts receivable | 41 | €31,680 | €37,038 | +€5,357 | +16.9% |
| Current investments | 50/53 | €22,446 | €0 | -€22,446 | -100% |
| Own shares | 50 | €22,446 | €0 | -€22,446 | -100% |
| Cash at bank and in hand | 54/58 | €314,301 | €144,562 | -€169,739 | -54.0% |
| Deferred charges and accrued income | 490/1 | €32,632 | €41,572 | +€8,941 | +27.4% |
| Total equity and liabilities | 10/49 | €2,474,484 | €2,617,303 | +€142,819 | +5.8% |
| Equity | 10/15 | €771,357 | €837,478 | +€66,121 | +8.6% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €711,357 | €777,478 | +€66,121 | +9.3% |
| Non-distributable reserves | 130/1 | €28,446 | €6,000 | -€22,446 | -78.9% |
| Reserves not available under the articles | 1311 | €6,000 | €6,000 | = | 0.0% |
| Own shares acquired | 1312 | €22,446 | €0 | -€22,446 | -100% |
| Distributable reserves | 133 | €682,911 | €771,478 | +€88,567 | +13.0% |
| Provisions and deferred taxes | 16 | €449,729 | €453,566 | +€3,837 | +0.9% |
| Provisions for liabilities and charges | 160/5 | €449,729 | €453,566 | +€3,837 | +0.9% |
| Other liabilities and charges | 164/5 | €449,729 | €453,566 | +€3,837 | +0.9% |
| Amounts payable | 17/49 | €1,253,398 | €1,326,259 | +€72,861 | +5.8% |
| Amounts payable after more than one year | 17 | €198,322 | €372,765 | +€174,443 | +88.0% |
| Financial debts | 170/4 | €190,322 | €364,765 | +€174,443 | +91.7% |
| Subordinated loans | 170 | €38,462 | €23,077 | -€15,385 | -40.0% |
| Credit institutions | 173 | €151,860 | €341,688 | +€189,828 | +125% |
| Other amounts payable | 178/9 | €8,000 | €8,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €567,934 | €468,027 | -€99,907 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €253,411 | €230,750 | -€22,662 | -8.9% |
| Trade debts | 44 | €50,314 | €74,190 | +€23,876 | +47.5% |
| Suppliers | 440/4 | €50,314 | €74,190 | +€23,876 | +47.5% |
| Taxes, remuneration and social security | 45 | €264,208 | €150,317 | -€113,891 | -43.1% |
| Taxes | 450/3 | €121,900 | €13,893 | -€108,007 | -88.6% |
| Remuneration and social security | 454/9 | €142,308 | €136,425 | -€5,883 | -4.1% |
| Other amounts payable | 47/48 | - | €12,769 | +€12,769 | |
| Accrued charges and deferred income | 492/3 | €487,143 | €485,468 | -€1,675 | -0.3% |
| Operating income | 70/76A | €2,751,927 | €2,801,299 | +€49,373 | +1.8% |
| Turnover | 70 | €2,611,122 | €2,602,419 | -€8,703 | -0.3% |
| Other operating income | 74 | €140,805 | €198,880 | +€58,075 | +41.2% |
| Operating charges | 60/66A | €2,490,059 | €2,582,934 | +€92,875 | +3.7% |
| Services and other goods | 61 | €1,084,533 | €1,084,734 | +€201 | 0.0% |
| Remuneration, social security and pensions | 62 | €1,245,181 | €1,380,966 | +€135,785 | +10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,126 | €25,665 | -€19,461 | -43.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €54,797 | €26,975 | -€27,822 | -50.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €23,586 | €19,307 | -€4,280 | -18.1% |
| Other operating charges | 640/8 | €36,836 | €45,287 | +€8,451 | +22.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €261,867 | €218,365 | -€43,503 | -16.6% |
| Financial income | 75/76B | €4,049 | €7,204 | +€3,156 | +77.9% |
| Recurring financial income | 75 | €4,049 | €7,204 | +€3,156 | +77.9% |
| Income from financial fixed assets | 750 | €314 | €4,985 | +€4,670 | +1,485% |
| Income from current assets | 751 | €1,592 | €2,220 | +€627 | +39.4% |
| Other financial income | 752/9 | €2,142 | €0 | -€2,142 | -100% |
| Financial charges | 65/66B | €141,953 | €47,450 | -€94,503 | -66.6% |
| Recurring financial charges | 65 | €36,953 | €47,450 | +€10,497 | +28.4% |
| Debt charges | 650 | €31,629 | €40,790 | +€9,161 | +29.0% |
| Other financial charges | 652/9 | €5,324 | €6,660 | +€1,336 | +25.1% |
| Non-recurring financial charges | 66B | €105,000 | €0 | -€105,000 | -100% |
| Profit (loss) for the period before taxes | 9903 | €123,963 | €178,119 | +€54,156 | +43.7% |
| Income taxes | 67/77 | €57,714 | €76,110 | +€18,396 | +31.9% |
| Taxes | 670/3 | €67,402 | €76,110 | +€8,709 | +12.9% |
| Tax adjustments and reversals of tax provisions | 77 | €9,687 | €0 | -€9,687 | -100% |
| Profit (loss) for the period | 9904 | €66,249 | €102,009 | +€35,760 | +54.0% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €66,249 | €102,009 | +€35,760 | +54.0% |
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 20 October 2026 via checked.be.