WAHA: 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.
WAHA
Largest movements
- Receivables within one year +€272,673
up €272,673 (+22.5%), from €1.2m to €1.5m
of which Trade receivables: +€275,958
- Reserves +€253,163
up €253,163 (+45.0%), from €562,111 to €815,274
of which Distributable reserves: +€160,515
- Taxes -€11,715
down €11,715 (-12.4%), from €94,702 to €82,988
- Gross operating margin +€11,305
up €11,305 (+3.2%), from €348,932 to €360,237
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 | €2,884,979 | €3,138,802 | +€253,824 | +8.8% |
| Fixed assets | 21/28 | €1,671,965 | €1,652,564 | -€19,402 | -1.2% |
| Tangible fixed assets | 22/27 | €1,671,965 | €1,652,564 | -€19,402 | -1.2% |
| Land and buildings | 22 | €1,671,965 | €1,652,564 | -€19,402 | -1.2% |
| Current assets | 29/58 | €1,213,013 | €1,486,239 | +€273,226 | +22.5% |
| Amounts receivable within one year | 40/41 | €1,212,449 | €1,485,122 | +€272,673 | +22.5% |
| Trade receivables | 40 | €1,197,125 | €1,473,083 | +€275,958 | +23.1% |
| Other amounts receivable | 41 | €15,324 | €12,039 | -€3,285 | -21.4% |
| Cash at bank and in hand | 54/58 | €564 | €1,117 | +€552 | +97.9% |
| Total equity and liabilities | 10/49 | €2,884,979 | €3,138,802 | +€253,824 | +8.8% |
| Equity | 10/15 | €2,859,864 | €3,113,027 | +€253,163 | +8.9% |
| Contributions | 10/11 | €830,753 | €830,753 | = | 0.0% |
| Capital | 10 | €830,000 | €830,000 | = | 0.0% |
| Issued capital | 100 | €830,000 | €830,000 | = | 0.0% |
| Contributions outside capital | 11 | €753 | €753 | = | 0.0% |
| Share premium | 1100/10 | €753 | €753 | = | 0.0% |
| Revaluation surpluses | 12 | €1,467,000 | €1,467,000 | = | 0.0% |
| Reserves | 13 | €562,111 | €815,274 | +€253,163 | +45.0% |
| Non-distributable reserves | 130/1 | €15,520 | €23,969 | +€8,448 | +54.4% |
| Legal reserve | 130 | €15,520 | €23,969 | +€8,448 | +54.4% |
| Tax-exempt reserves | 132 | €147,350 | €231,550 | +€84,200 | +57.1% |
| Distributable reserves | 133 | €399,241 | €559,756 | +€160,515 | +40.2% |
| Amounts payable | 17/49 | €25,114 | €25,775 | +€661 | +2.6% |
| Amounts payable within one year | 42/48 | €25,114 | €25,775 | +€661 | +2.6% |
| Trade debts | 44 | €3,513 | €4,200 | +€687 | +19.5% |
| Suppliers | 440/4 | €3,513 | €4,200 | +€687 | +19.5% |
| Taxes, remuneration and social security | 45 | €1,601 | €1,575 | -€26 | -1.6% |
| Taxes | 450/3 | €1,601 | €1,575 | -€26 | -1.6% |
| Other amounts payable | 47/48 | €20,000 | €20,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,402 | €19,402 | = | 0.0% |
| Other operating charges | 640/8 | €5,770 | €5,749 | -€21 | -0.4% |
| Gross operating margin | 9900 | €348,932 | €360,237 | +€11,305 | +3.2% |
| Operating profit (loss) | 9901 | €323,760 | €335,086 | +€11,326 | +3.5% |
| Financial income | 75/76B | - | €1,863 | +€1,863 | |
| Recurring financial income | 75 | - | €1,863 | +€1,863 | |
| Financial charges | 65/66B | €751 | €799 | +€48 | +6.4% |
| Recurring financial charges | 65 | €751 | €799 | +€48 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | €323,009 | €336,151 | +€13,141 | +4.1% |
| Income taxes | 67/77 | €94,702 | €82,988 | -€11,715 | -12.4% |
| Profit (loss) for the period | 9904 | €228,307 | €253,163 | +€24,856 | +10.9% |
| Transfer to tax-exempt reserves | 689 | €84,200 | €84,200 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €144,107 | €168,963 | +€24,856 | +17.2% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.