Waffles 'n Beer: what changed
Waffles 'n Beer
Largest movements
- Receivables within one year -€24,911
down €24,911 (-68.0%), from €36,634 to €11,723
of which Trade receivables: -€20,191
- Cash +€21,293
up €21,293 (+26.7%), from €79,813 to €101,106
mainly Net result for the year (+€57,582) and Depreciation (+€32,969)
- Tangible fixed assets -€10,770
down €10,770 (-5.4%), from €199,876 to €189,107
of which Land and buildings: -€23,355
- Financial fixed assets +€9,150
new in 2025: €9,150
- Stocks and contracts +€6,966
up €6,966 (+155%), from €4,480 to €11,446
- Trade debts -€83,869
down €83,869 (-67.4%), from €124,427 to €40,558
- Reserves +€57,582
up €57,582 (+249%), from €23,090 to €80,671
- Tax, wage and social debts +€20,717
up €20,717 (+165%), from €12,526 to €33,243
- Other debts +€11,213
up €11,213 (+9.5%), from €117,992 to €129,205
- Debts after one year -€9,768
down €9,768 (-26.6%), from €36,781 to €27,013
- Gross operating margin +€100,550
up €100,550 (+72.8%), from €138,180 to €238,730
- Financial charges +€37,835
up €37,835 (+39.8%), from €95,014 to €132,849
- Depreciation +€14,996
up €14,996 (+83.4%), from €17,973 to €32,969
- Taxes +€12,651
up €12,651 (+902%), from €1,403 to €14,054
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €327,848 | €328,354 | +€506 | +0.2% |
| Fixed assets | 21/28 | €206,394 | €202,048 | -€4,346 | -2.1% |
| Intangible fixed assets | 21 | €6,518 | €3,791 | -€2,727 | -41.8% |
| Tangible fixed assets | 22/27 | €199,876 | €189,107 | -€10,770 | -5.4% |
| Land and buildings | 22 | €171,487 | €148,132 | -€23,355 | -13.6% |
| Plant, machinery and equipment | 23 | €28,389 | €40,975 | +€12,586 | +44.3% |
| Financial fixed assets | 28 | - | €9,150 | +€9,150 | |
| Current assets | 29/58 | €121,453 | €126,306 | +€4,853 | +4.0% |
| Stocks and contracts in progress | 3 | €4,480 | €11,446 | +€6,966 | +155% |
| Stocks | 30/36 | €4,480 | €11,446 | +€6,966 | +155% |
| Amounts receivable within one year | 40/41 | €36,634 | €11,723 | -€24,911 | -68.0% |
| Trade receivables | 40 | €28,278 | €8,088 | -€20,191 | -71.4% |
| Other amounts receivable | 41 | €8,356 | €3,636 | -€4,721 | -56.5% |
| Cash at bank and in hand | 54/58 | €79,813 | €101,106 | +€21,293 | +26.7% |
| Deferred charges and accrued income | 490/1 | €526 | €2,030 | +€1,504 | +286% |
| Total equity and liabilities | 10/49 | €327,848 | €328,354 | +€506 | +0.2% |
| Equity | 10/15 | €25,090 | €82,671 | +€57,582 | +230% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €23,090 | €80,671 | +€57,582 | +249% |
| Distributable reserves | 133 | €23,090 | €80,671 | +€57,582 | +249% |
| Amounts payable | 17/49 | €302,758 | €245,683 | -€57,075 | -18.9% |
| Amounts payable after more than one year | 17 | €36,781 | €27,013 | -€9,768 | -26.6% |
| Financial debts | 170/4 | €36,781 | €27,013 | -€9,768 | -26.6% |
| Amounts payable within one year | 42/48 | €265,978 | €218,507 | -€47,471 | -17.8% |
| Current portion of amounts payable after more than one year | 42 | €9,405 | €9,768 | +€363 | +3.9% |
| Trade debts | 44 | €124,427 | €40,558 | -€83,869 | -67.4% |
| Suppliers | 440/4 | €124,427 | €40,558 | -€83,869 | -67.4% |
| Advances received on contracts in progress | 46 | €1,628 | €5,734 | +€4,105 | +252% |
| Taxes, remuneration and social security | 45 | €12,526 | €33,243 | +€20,717 | +165% |
| Taxes | 450/3 | €12,526 | €33,243 | +€20,717 | +165% |
| Other amounts payable | 47/48 | €117,992 | €129,205 | +€11,213 | +9.5% |
| Accrued charges and deferred income | 492/3 | - | €163 | +€163 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,973 | €32,969 | +€14,996 | +83.4% |
| Other operating charges | 640/8 | €762 | €1,314 | +€552 | +72.5% |
| Gross operating margin | 9900 | €138,180 | €238,730 | +€100,550 | +72.8% |
| Operating profit (loss) | 9901 | €119,445 | €204,447 | +€85,002 | +71.2% |
| Financial income | 75/76B | €61 | €37 | -€24 | -39.4% |
| Recurring financial income | 75 | €61 | €37 | -€24 | -39.4% |
| Financial charges | 65/66B | €95,014 | €132,849 | +€37,835 | +39.8% |
| Recurring financial charges | 65 | €95,014 | €132,849 | +€37,835 | +39.8% |
| Profit (loss) for the period before taxes | 9903 | €24,493 | €71,635 | +€47,143 | +192% |
| Income taxes | 67/77 | €1,403 | €14,054 | +€12,651 | +902% |
| Profit (loss) for the period | 9904 | €23,090 | €57,582 | +€34,492 | +149% |
| Profit (loss) for the period to be appropriated | 9905 | €23,090 | €57,582 | +€34,492 | +149% |
Next steps
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 8 November 2026 via checked.be.