WALDBADEN: what changed
Two fiscal 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.
WALDBADEN
Largest movements
- Tangible fixed assets +€783,964
up €783,964 (+274.2%), from €285,929 to €1.1m
of which Assets under construction and advance payments: +€780,236
- Cash -€114,438
no longer reported in 2025 (was €114,438)
mainly Investment in fixed assets (net) (-€789,437) and Net result for the year (-€71,276)
- Receivables within one year -€29,663
down €29,663 (-86.1%), from €34,469 to €4,806
of which Trade receivables: -€33,078
- Debts after one year +€741,564
up €741,564 (+357.9%), from €207,180 to €948,744
- Profit (loss) carried forward -€71,276
down €71,276 (-129.9%), from -€54,868 to -€126,144
- Trade debts -€36,252
down €36,252 (-42.1%), from €86,054 to €49,801
- Gross operating margin -€23,949
down €23,949 (-55.3%), from -€43,325 to -€67,275
- Financial charges -€2,684
down €2,684 (-98.0%), from €2,739 to €55
- Financial income +€1,498
up €1,498 (+134.2%), from €1,116 to €2,614
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 | €437,123 | €1,083,886 | +€646,763 | +148.0% |
| Fixed assets | 21/28 | €285,929 | €1,069,894 | +€783,964 | +274.2% |
| Tangible fixed assets | 22/27 | €285,929 | €1,069,894 | +€783,964 | +274.2% |
| Land and buildings | 22 | €11,111 | €20,312 | +€9,200 | +82.8% |
| Plant, machinery and equipment | 23 | €16,303 | €12,019 | -€4,284 | -26.3% |
| Furniture and vehicles | 24 | €4,685 | €3,497 | -€1,188 | -25.4% |
| Assets under construction and advance payments | 27 | €253,830 | €1,034,066 | +€780,236 | +307.4% |
| Current assets | 29/58 | €151,193 | €13,993 | -€137,201 | -90.7% |
| Amounts receivable within one year | 40/41 | €34,469 | €4,806 | -€29,663 | -86.1% |
| Trade receivables | 40 | €33,078 | - | -€33,078 | |
| Other amounts receivable | 41 | €1,391 | €4,806 | +€3,415 | +245.5% |
| Current investments | 50/53 | - | €7,332 | +€7,332 | |
| Cash at bank and in hand | 54/58 | €114,438 | - | -€114,438 | |
| Deferred charges and accrued income | 490/1 | €2,287 | €1,854 | -€433 | -18.9% |
| Total equity and liabilities | 10/49 | €437,123 | €1,083,886 | +€646,763 | +148.0% |
| Equity | 10/15 | €138,532 | €67,256 | -€71,276 | -51.5% |
| Contributions | 10/11 | €193,400 | €193,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€54,868 | -€126,144 | -€71,276 | -129.9% |
| Amounts payable | 17/49 | €298,591 | €1,016,630 | +€718,039 | +240.5% |
| Amounts payable after more than one year | 17 | €207,180 | €948,744 | +€741,564 | +357.9% |
| Financial debts | 170/4 | €207,180 | €948,744 | +€741,564 | +357.9% |
| Amounts payable within one year | 42/48 | €91,411 | €63,481 | -€27,929 | -30.6% |
| Current portion of amounts payable after more than one year | 42 | €5,357 | €13,680 | +€8,323 | +155.4% |
| Trade debts | 44 | €86,054 | €49,801 | -€36,252 | -42.1% |
| Suppliers | 440/4 | €86,054 | €49,801 | -€36,252 | -42.1% |
| Accrued charges and deferred income | 492/3 | - | €4,405 | +€4,405 | |
| Remuneration, social security and pensions | 62 | €502 | - | -€502 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,472 | €5,472 | = | 0.0% |
| Other operating charges | 640/8 | €877 | €1,088 | +€211 | +24.0% |
| Gross operating margin | 9900 | -€43,325 | -€67,275 | -€23,949 | -55.3% |
| Operating profit (loss) | 9901 | -€50,177 | -€73,835 | -€23,658 | -47.1% |
| Financial income | 75/76B | €1,116 | €2,614 | +€1,498 | +134.2% |
| Recurring financial income | 75 | €1,116 | €2,614 | +€1,498 | +134.2% |
| Financial charges | 65/66B | €2,739 | €55 | -€2,684 | -98.0% |
| Recurring financial charges | 65 | €2,739 | €55 | -€2,684 | -98.0% |
| Profit (loss) for the period before taxes | 9903 | -€51,801 | -€71,276 | -€19,475 | -37.6% |
| Income taxes | 67/77 | €24 | - | -€24 | |
| Profit (loss) for the period | 9904 | -€51,825 | -€71,276 | -€19,451 | -37.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,825 | -€71,276 | -€19,451 | -37.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.