WALDECOR: 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.
WALDECOR
Largest movements
- Tangible fixed assets +€132,607
up €132,607 (+1788.8%), from €7,413 to €140,020
of which Furniture and vehicles: +€133,658
- Receivables within one year -€42,596
down €42,596 (-56.0%), from €76,018 to €33,423
of which Trade receivables: -€39,498
- Cash +€10,311
up €10,311 (+76.0%), from €13,568 to €23,879
mainly Debts after one year (+€51,340) and Net result for the year (+€48,159)
- Debts after one year +€51,340
new in 2025: €51,340
- Other debts +€41,025
up €41,025 (+575.1%), from €7,134 to €48,159
- Current portion of long-term debt +€9,566
up €9,566 (+265.7%), from €3,600 to €13,166
- Trade debts -€3,092
down €3,092 (-50.5%), from €6,124 to €3,032
- Tax, wage and social debts +€3,033
up €3,033 (+165.6%), from €1,832 to €4,865
of which Taxes: +€2,833
- Gross operating margin +€51,861
up €51,861 (+154.1%), from €33,649 to €85,510
- Depreciation +€7,019
up €7,019 (+105.3%), from €6,669 to €13,688
- Taxes +€1,633
up €1,633 (+9.6%), from €17,032 to €18,665
- Other operating charges +€1,017
up €1,017 (+81.5%), from €1,248 to €2,265
- Financial charges +€863
up €863 (+43.1%), from €2,003 to €2,867
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 | €97,474 | €199,347 | +€101,873 | +104.5% |
| Fixed assets | 21/28 | €7,413 | €140,020 | +€132,607 | +1788.8% |
| Tangible fixed assets | 22/27 | €7,413 | €140,020 | +€132,607 | +1788.8% |
| Plant, machinery and equipment | 23 | €1,147 | €96 | -€1,051 | -91.6% |
| Furniture and vehicles | 24 | €6,266 | €139,924 | +€133,658 | +2133.0% |
| Current assets | 29/58 | €90,061 | €59,327 | -€30,734 | -34.1% |
| Amounts receivable within one year | 40/41 | €76,018 | €33,423 | -€42,596 | -56.0% |
| Trade receivables | 40 | €60,627 | €21,128 | -€39,498 | -65.2% |
| Other amounts receivable | 41 | €15,392 | €12,294 | -€3,098 | -20.1% |
| Cash at bank and in hand | 54/58 | €13,568 | €23,879 | +€10,311 | +76.0% |
| Deferred charges and accrued income | 490/1 | €475 | €2,025 | +€1,550 | +326.6% |
| Total equity and liabilities | 10/49 | €97,474 | €199,347 | +€101,873 | +104.5% |
| Equity | 10/15 | €78,785 | €78,785 | = | 0.0% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €6,794 | €6,794 | = | 0.0% |
| Distributable reserves | 133 | €6,794 | €6,794 | = | 0.0% |
| Profit (loss) carried forward | 14 | €65,991 | €65,991 | = | 0.0% |
| Amounts payable | 17/49 | €18,689 | €120,562 | +€101,873 | +545.1% |
| Amounts payable after more than one year | 17 | - | €51,340 | +€51,340 | |
| Financial debts | 170/4 | - | €51,340 | +€51,340 | |
| Amounts payable within one year | 42/48 | €18,689 | €69,222 | +€50,532 | +270.4% |
| Current portion of amounts payable after more than one year | 42 | €3,600 | €13,166 | +€9,566 | +265.7% |
| Trade debts | 44 | €6,124 | €3,032 | -€3,092 | -50.5% |
| Suppliers | 440/4 | €6,124 | €3,032 | -€3,092 | -50.5% |
| Taxes, remuneration and social security | 45 | €1,832 | €4,865 | +€3,033 | +165.6% |
| Taxes | 450/3 | €1,832 | €4,665 | +€2,833 | +154.7% |
| Remuneration and social security | 454/9 | - | €200 | +€200 | |
| Other amounts payable | 47/48 | €7,134 | €48,159 | +€41,025 | +575.1% |
| Non-recurring operating income | 76A | - | €50,967 | +€50,967 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,669 | €13,688 | +€7,019 | +105.3% |
| Other operating charges | 640/8 | €1,248 | €2,265 | +€1,017 | +81.5% |
| Gross operating margin | 9900 | €33,649 | €85,510 | +€51,861 | +154.1% |
| Operating profit (loss) | 9901 | €25,732 | €69,557 | +€43,825 | +170.3% |
| Financial income | 75/76B | €97 | €133 | +€36 | +36.5% |
| Recurring financial income | 75 | €97 | €133 | +€36 | +36.5% |
| Financial charges | 65/66B | €2,003 | €2,867 | +€863 | +43.1% |
| Recurring financial charges | 65 | €2,003 | €2,867 | +€863 | +43.1% |
| Profit (loss) for the period before taxes | 9903 | €23,826 | €66,824 | +€42,998 | +180.5% |
| Income taxes | 67/77 | €17,032 | €18,665 | +€1,633 | +9.6% |
| Profit (loss) for the period | 9904 | €6,794 | €48,159 | +€41,364 | +608.8% |
| Profit (loss) for the period to be appropriated | 9905 | €6,794 | €48,159 | +€41,364 | +608.8% |
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 7 October 2026 via checked.be.