WAGRALIM: 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.
WAGRALIM
Largest movements
- Receivables within one year -€1.7m
down €1.7m (-32.0%), from €5.4m to €3.7m
of which Other amounts receivable: -€1.7m
- Stocks and contracts +€589,036
up €589,036 (+34.7%), from €1.7m to €2.3m
- Cash +€187,819
up €187,819 (+37.9%), from €495,838 to €683,656
mainly Receivables within one year (+€1.7m) and Debts after one year (+€403,286)
- Accrued charges and deferred income -€1.6m
down €1.6m (-26.5%), from €5.9m to €4.3m
- Reserves +€952,058
new in 2025: €952,058
- Profit (loss) carried forward -€864,244
down €864,244 (-45.0%), from €1.9m to €1.1m
- Debts after one year +€403,286
up €403,286 (+76.3%), from €528,358 to €931,644
- Debts within one year +€102,359
up €102,359 (+22.5%), from €454,152 to €556,511
of which Advances received: +€92,500
- Gross operating margin +€243,167
up €243,167 (+16.0%), from €1.5m to €1.8m
- Staff costs +€137,625
up €137,625 (+9.4%), from €1.5m to €1.6m
- Other operating charges +€74,000
up €74,000 (+1139.3%), from €6,495 to €80,495
- Write-downs +€32,796
new in 2025: €32,796
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 | €8,813,742 | €7,848,446 | -€965,296 | -11.0% |
| Fixed assets | 21/28 | €16,715 | €7,000 | -€9,715 | -58.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €609 | €0 | -€609 | -100.0% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €609 | €0 | -€609 | -100.0% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €16,106 | €7,000 | -€9,106 | -56.5% |
| Current assets | 29/58 | €8,797,027 | €7,841,446 | -€955,581 | -10.9% |
| Stocks and contracts in progress | 3 | €1,697,130 | €2,286,166 | +€589,036 | +34.7% |
| Contracts in progress | 37 | €1,697,130 | €2,286,166 | +€589,036 | +34.7% |
| Amounts receivable within one year | 40/41 | €5,397,142 | €3,671,624 | -€1.7m | -32.0% |
| Trade receivables | 40 | €271,088 | €283,724 | +€12,637 | +4.7% |
| Other amounts receivable | 41 | €5,126,055 | €3,387,900 | -€1.7m | -33.9% |
| Current investments | 50/53 | €1,200,000 | €1,200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €495,838 | €683,656 | +€187,819 | +37.9% |
| Deferred charges and accrued income | 490/1 | €6,918 | - | -€6,918 | |
| Total equity and liabilities | 10/49 | €8,813,742 | €7,848,446 | -€965,296 | -11.0% |
| Equity | 10/15 | €1,939,296 | €2,027,111 | +€87,814 | +4.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Capital | 10 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | - | €952,058 | +€952,058 | |
| Profit (loss) carried forward | 14 | €1,919,296 | €1,055,053 | -€864,244 | -45.0% |
| Amounts payable | 17/49 | €6,874,446 | €5,821,336 | -€1.1m | -15.3% |
| Amounts payable after more than one year | 17 | €528,358 | €931,644 | +€403,286 | +76.3% |
| Financial debts | 170/4 | €528,358 | €931,644 | +€403,286 | +76.3% |
| Amounts payable within one year | 42/48 | €454,152 | €556,511 | +€102,359 | +22.5% |
| Trade debts | 44 | €157,142 | €113,506 | -€43,636 | -27.8% |
| Suppliers | 440/4 | €157,142 | €113,506 | -€43,636 | -27.8% |
| Advances received on contracts in progress | 46 | - | €92,500 | +€92,500 | |
| Taxes, remuneration and social security | 45 | €253,998 | €260,997 | +€6,998 | +2.8% |
| Taxes | 450/3 | €62,542 | €53,209 | -€9,334 | -14.9% |
| Remuneration and social security | 454/9 | €191,456 | €207,788 | +€16,332 | +8.5% |
| Accrued charges and deferred income | 492/3 | €5,891,936 | €4,333,181 | -€1.6m | -26.5% |
| Remuneration, social security and pensions | 62 | €1,457,565 | €1,595,190 | +€137,625 | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €609 | €609 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €32,796 | +€32,796 | |
| Other operating charges | 640/8 | €6,495 | €80,495 | +€74,000 | +1139.3% |
| Gross operating margin | 9900 | €1,521,559 | €1,764,726 | +€243,167 | +16.0% |
| Operating profit (loss) | 9901 | €42,234 | €55,636 | +€13,402 | +31.7% |
| Financial income | 75/76B | €36,347 | €49,397 | +€13,050 | +35.9% |
| Recurring financial income | 75 | €36,347 | €49,397 | +€13,050 | +35.9% |
| Financial charges | 65/66B | €2,804 | €2,840 | +€36 | +1.3% |
| Recurring financial charges | 65 | €2,804 | €2,840 | +€36 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €75,778 | €102,193 | +€26,416 | +34.9% |
| Income taxes | 67/77 | €10,128 | €14,379 | +€4,252 | +42.0% |
| Profit (loss) for the period | 9904 | €65,650 | €87,814 | +€22,164 | +33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €65,650 | €87,814 | +€22,164 | +33.8% |
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 10 October 2026 via checked.be.