WALDORF: what changed
What changed
WALDORF
NACE 47.552, Retail sale of lighting equipment
filed annual accounts (NBB)
Net result for the year
€14,882
2024 · €17,244-€2,362
Equity
€886,358
2024 · €871,475+€14,882
Cash
€1,133
2024 · €8,974-€7,841
Balance sheet total
€1.3m
2024 · €1.4m-€34,395
Largest movements
Assets
- Tangible fixed assets -€35,995
down €35,995 (-3.7%), from €985,077 to €949,082
of which Land and buildings: -€35,895
- Receivables within one year +€14,303
up €14,303 (+21.7%), from €65,787 to €80,090
of which Other amounts receivable: +€15,250
Equity and liabilities
- Debts after one year -€32,957
down €32,957 (-10.6%), from €310,827 to €277,870
- Tax, wage and social debts -€24,881
down €24,881 (-71.5%), from €34,788 to €9,907
- Profit (loss) carried forward +€14,882
up €14,882 (+1.9%), from €764,010 to €778,893
Income statement
- Gross operating margin -€18,213
down €18,213 (-22.7%), from €80,302 to €62,089
- Financial charges -€10,505
down €10,505 (-95.4%), from €11,007 to €502
- Depreciation -€3,451
down €3,451 (-8.1%), from €42,721 to €39,270
- Taxes -€2,835
down €2,835 (-39.9%), from €7,098 to €4,263
- Financial income -€825
down €825 (-36.7%), from €2,247 to €1,421
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€17,244
Gross operating margin
-€18,213
Depreciation
+€3,451
Other operating charges
-€114
Financial income
-€825
Financial charges
+€10,505
Taxes
+€2,835
Result 2025
€14,882
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€32,014
Investment
-€3,275
Financing
-€36,581
Cash 2024
€8,974
From operations (derived)
+€32,014
Net result for the year
+€14,882
Depreciation
+€39,270
Receivables within one year
-€14,303
Deferred charges and accrued income
+€4,861
Trade debts
+€5,052
Tax, wage and social debts
-€24,881
Other debts
+€4,000
Accrued charges and deferred income
+€3,133
Investment (derived)
-€3,275
Investment in fixed assets (net)
-€3,275
Financing
-€36,581
Debts after one year
-€32,957
Current portion of long-term debt
-€3,624
Cash 2025
€1,133
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,377,365 | €1,342,970 | -€34,395 | -2.5% |
| Fixed assets | 21/28 | €1,216,511 | €1,180,516 | -€35,995 | -3.0% |
| Tangible fixed assets | 22/27 | €985,077 | €949,082 | -€35,995 | -3.7% |
| Land and buildings | 22 | €984,749 | €948,854 | -€35,895 | -3.6% |
| Furniture and vehicles | 24 | €328 | €228 | -€101 | -30.6% |
| Financial fixed assets | 28 | €231,434 | €231,434 | = | 0.0% |
| Current assets | 29/58 | €160,853 | €162,454 | +€1,601 | +1.0% |
| Amounts receivable within one year | 40/41 | €65,787 | €80,090 | +€14,303 | +21.7% |
| Trade receivables | 40 | €15,449 | €14,502 | -€947 | -6.1% |
| Other amounts receivable | 41 | €50,338 | €65,588 | +€15,250 | +30.3% |
| Cash at bank and in hand | 54/58 | €8,974 | €1,133 | -€7,841 | -87.4% |
| Deferred charges and accrued income | 490/1 | €86,092 | €81,231 | -€4,861 | -5.6% |
| Total equity and liabilities | 10/49 | €1,377,365 | €1,342,970 | -€34,395 | -2.5% |
| Equity | 10/15 | €871,475 | €886,358 | +€14,882 | +1.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €45,465 | €45,465 | = | 0.0% |
| Non-distributable reserves | 130/1 | €45,465 | €45,465 | = | 0.0% |
| Legal reserve | 130 | €45,465 | €45,465 | = | 0.0% |
| Profit (loss) carried forward | 14 | €764,010 | €778,893 | +€14,882 | +1.9% |
| Amounts payable | 17/49 | €505,889 | €456,612 | -€49,277 | -9.7% |
| Amounts payable after more than one year | 17 | €310,827 | €277,870 | -€32,957 | -10.6% |
| Financial debts | 170/4 | €310,827 | €277,870 | -€32,957 | -10.6% |
| Amounts payable within one year | 42/48 | €195,062 | €175,609 | -€19,453 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €32,577 | €28,953 | -€3,624 | -11.1% |
| Trade debts | 44 | €6,580 | €11,632 | +€5,052 | +76.8% |
| Suppliers | 440/4 | €6,580 | €11,632 | +€5,052 | +76.8% |
| Taxes, remuneration and social security | 45 | €34,788 | €9,907 | -€24,881 | -71.5% |
| Taxes | 450/3 | €34,788 | €9,907 | -€24,881 | -71.5% |
| Other amounts payable | 47/48 | €121,118 | €125,118 | +€4,000 | +3.3% |
| Accrued charges and deferred income | 492/3 | - | €3,133 | +€3,133 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,721 | €39,270 | -€3,451 | -8.1% |
| Other operating charges | 640/8 | €4,479 | €4,594 | +€114 | +2.6% |
| Gross operating margin | 9900 | €80,302 | €62,089 | -€18,213 | -22.7% |
| Operating profit (loss) | 9901 | €33,101 | €18,225 | -€14,876 | -44.9% |
| Financial income | 75/76B | €2,247 | €1,421 | -€825 | -36.7% |
| Recurring financial income | 75 | €2,247 | €1,421 | -€825 | -36.7% |
| Financial charges | 65/66B | €11,007 | €502 | -€10,505 | -95.4% |
| Recurring financial charges | 65 | €11,007 | €502 | -€10,505 | -95.4% |
| Profit (loss) for the period before taxes | 9903 | €24,341 | €19,145 | -€5,197 | -21.3% |
| Income taxes | 67/77 | €7,098 | €4,263 | -€2,835 | -39.9% |
| Profit (loss) for the period | 9904 | €17,244 | €14,882 | -€2,362 | -13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,244 | €14,882 | -€2,362 | -13.7% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.