WALDECO: 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.
WALDECO
Largest movements
- Receivables within one year -€98,484
down €98,484 (-34.5%), from €285,072 to €186,588
of which Other amounts receivable: -€67,907
- Cash -€33,461
down €33,461 (-26.4%), from €126,694 to €93,233
mainly Trade debts (-€96,765) and Net result for the year (-€38,025)
- Deferred charges and accrued income -€19,010
down €19,010 (-26.8%), from €70,964 to €51,954
- Tangible fixed assets +€7,378
up €7,378 (+11.5%), from €64,008 to €71,386
of which Plant, machinery and equipment: +€7,315
- Trade debts -€96,765
down €96,765 (-48.9%), from €197,713 to €100,949
- Profit (loss) carried forward -€38,025
down €38,025, from €192 to -€37,833
- Advances received -€8,480
down €8,480 (-19.5%), from €43,509 to €35,030
- Gross operating margin -€39,558
down €39,558 (-7.5%), from €527,497 to €487,939
- Depreciation +€15,700
up €15,700 (+99.3%), from €15,811 to €31,511
- Taxes -€5,927
no longer reported in 2025 (was €5,927)
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €568,939 | €423,839 | -€145,100 | -25.5% |
| Fixed assets | 21/28 | €86,208 | €92,064 | +€5,855 | +6.8% |
| Intangible fixed assets | 21 | €22,200 | €20,678 | -€1,522 | -6.9% |
| Tangible fixed assets | 22/27 | €64,008 | €71,386 | +€7,378 | +11.5% |
| Plant, machinery and equipment | 23 | €763 | €8,078 | +€7,315 | +959% |
| Furniture and vehicles | 24 | €56,185 | €61,480 | +€5,295 | +9.4% |
| Leasing and similar rights | 25 | €4,880 | - | -€4,880 | |
| Other tangible fixed assets | 26 | €2,181 | €1,827 | -€353 | -16.2% |
| Current assets | 29/58 | €482,730 | €331,775 | -€150,955 | -31.3% |
| Amounts receivable within one year | 40/41 | €285,072 | €186,588 | -€98,484 | -34.5% |
| Trade receivables | 40 | €200,378 | €169,801 | -€30,577 | -15.3% |
| Other amounts receivable | 41 | €84,695 | €16,788 | -€67,907 | -80.2% |
| Cash at bank and in hand | 54/58 | €126,694 | €93,233 | -€33,461 | -26.4% |
| Deferred charges and accrued income | 490/1 | €70,964 | €51,954 | -€19,010 | -26.8% |
| Total equity and liabilities | 10/49 | €568,939 | €423,839 | -€145,100 | -25.5% |
| Equity | 10/15 | €302,402 | €264,377 | -€38,025 | -12.6% |
| Contributions | 10/11 | €6,210 | €6,210 | = | 0.0% |
| Reserves | 13 | €296,000 | €296,000 | = | 0.0% |
| Distributable reserves | 133 | €296,000 | €296,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €192 | -€37,833 | -€38,025 | |
| Amounts payable | 17/49 | €266,537 | €159,462 | -€107,074 | -40.2% |
| Amounts payable within one year | 42/48 | €266,199 | €159,318 | -€106,881 | -40.2% |
| Current portion of amounts payable after more than one year | 42 | €4,719 | - | -€4,719 | |
| Financial debts | 43 | €723 | - | -€723 | |
| Credit institutions | 430/8 | €723 | - | -€723 | |
| Trade debts | 44 | €197,713 | €100,949 | -€96,765 | -48.9% |
| Suppliers | 440/4 | €197,713 | €100,949 | -€96,765 | -48.9% |
| Advances received on contracts in progress | 46 | €43,509 | €35,030 | -€8,480 | -19.5% |
| Taxes, remuneration and social security | 45 | €11,691 | €14,783 | +€3,093 | +26.5% |
| Taxes | 450/3 | €709 | €1,618 | +€910 | +128% |
| Remuneration and social security | 454/9 | €10,982 | €13,165 | +€2,183 | +19.9% |
| Other amounts payable | 47/48 | €7,843 | €8,556 | +€713 | +9.1% |
| Accrued charges and deferred income | 492/3 | €338 | €144 | -€194 | -57.3% |
| Remuneration, social security and pensions | 62 | €488,802 | €486,771 | -€2,031 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,811 | €31,511 | +€15,700 | +99.3% |
| Other operating charges | 640/8 | €1,732 | €5,794 | +€4,062 | +234% |
| Gross operating margin | 9900 | €527,497 | €487,939 | -€39,558 | -7.5% |
| Operating profit (loss) | 9901 | €21,151 | -€36,138 | -€57,290 | |
| Financial income | 75/76B | €23 | €1 | -€22 | -95.7% |
| Recurring financial income | 75 | €23 | €1 | -€22 | -95.7% |
| Financial charges | 65/66B | €1,213 | €1,888 | +€675 | +55.6% |
| Recurring financial charges | 65 | €1,213 | €1,888 | +€675 | +55.6% |
| Profit (loss) for the period before taxes | 9903 | €19,961 | -€38,025 | -€57,987 | |
| Income taxes | 67/77 | €5,927 | - | -€5,927 | |
| Profit (loss) for the period | 9904 | €14,035 | -€38,025 | -€52,060 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,035 | -€38,025 | -€52,060 |
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 18 October 2026 via checked.be.