WALECO: 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.
WALECO
Largest movements
- Receivables within one year +€12,797
up €12,797 (+9.3%), from €137,863 to €150,660
of which Other amounts receivable: +€41,114
- Stocks and contracts +€10,068
up €10,068 (+31.4%), from €32,061 to €42,129
- Cash -€10,030
down €10,030 (-43.1%), from €23,276 to €13,247
mainly Investment in fixed assets (net) (-€28,812) and Current portion of long-term debt (-€15,389)
- Deferred charges and accrued income -€5,553
down €5,553 (-49.7%), from €11,182 to €5,628
- Tangible fixed assets -€3,790
down €3,790 (-6.5%), from €58,645 to €54,856
of which Furniture and vehicles: -€5,569
- Advances received +€51,936
new in 2025: €51,936
- Current portion of long-term debt -€15,389
down €15,389 (-41.8%), from €36,798 to €21,409
- Other debts -€11,922
down €11,922 (-51.5%), from €23,141 to €11,219
- Trade debts -€11,079
down €11,079 (-25.1%), from €44,097 to €33,018
- Debts after one year -€6,306
down €6,306 (-19.8%), from €31,785 to €25,478
- Gross operating margin -€94,115
down €94,115 (-40.9%), from €229,932 to €135,817
- Staff costs -€91,806
down €91,806 (-51.9%), from €176,766 to €84,960
- Other operating charges +€8,598
up €8,598 (+335.0%), from €2,567 to €11,165
- Write-downs +€5,789
new in 2025: €5,789
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 | €263,228 | €266,720 | +€3,492 | +1.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €58,845 | €55,056 | -€3,790 | -6.4% |
| Tangible fixed assets | 22/27 | €58,645 | €54,856 | -€3,790 | -6.5% |
| Plant, machinery and equipment | 23 | €7,096 | €9,798 | +€2,703 | +38.1% |
| Furniture and vehicles | 24 | €50,627 | €45,057 | -€5,569 | -11.0% |
| Leasing and similar rights | 25 | €923 | €0 | -€923 | -100.0% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €204,382 | €211,664 | +€7,282 | +3.6% |
| Stocks and contracts in progress | 3 | €32,061 | €42,129 | +€10,068 | +31.4% |
| Stocks | 30/36 | €32,061 | €42,129 | +€10,068 | +31.4% |
| Amounts receivable within one year | 40/41 | €137,863 | €150,660 | +€12,797 | +9.3% |
| Trade receivables | 40 | €135,946 | €107,628 | -€28,317 | -20.8% |
| Other amounts receivable | 41 | €1,917 | €43,032 | +€41,114 | +2144.4% |
| Cash at bank and in hand | 54/58 | €23,276 | €13,247 | -€10,030 | -43.1% |
| Deferred charges and accrued income | 490/1 | €11,182 | €5,628 | -€5,553 | -49.7% |
| Total equity and liabilities | 10/49 | €263,228 | €266,720 | +€3,492 | +1.3% |
| Equity | 10/15 | €83,113 | €78,015 | -€5,098 | -6.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €76,401 | €71,737 | -€4,664 | -6.1% |
| Tax-exempt reserves | 132 | €3,237 | €3,237 | = | 0.0% |
| Distributable reserves | 133 | €73,164 | €68,500 | -€4,664 | -6.4% |
| Profit (loss) carried forward | 14 | €512 | €78 | -€434 | -84.8% |
| Amounts payable | 17/49 | €180,115 | €188,705 | +€8,590 | +4.8% |
| Amounts payable after more than one year | 17 | €31,785 | €25,478 | -€6,306 | -19.8% |
| Financial debts | 170/4 | €31,785 | €25,478 | -€6,306 | -19.8% |
| Amounts payable within one year | 42/48 | €145,722 | €160,968 | +€15,246 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €36,798 | €21,409 | -€15,389 | -41.8% |
| Financial debts | 43 | €30,000 | €30,000 | = | 0.0% |
| Credit institutions | 430/8 | €30,000 | €30,000 | = | 0.0% |
| Trade debts | 44 | €44,097 | €33,018 | -€11,079 | -25.1% |
| Suppliers | 440/4 | €44,097 | €33,018 | -€11,079 | -25.1% |
| Advances received on contracts in progress | 46 | - | €51,936 | +€51,936 | |
| Taxes, remuneration and social security | 45 | €11,685 | €13,385 | +€1,700 | +14.6% |
| Taxes | 450/3 | €5,822 | €2,400 | -€3,422 | -58.8% |
| Remuneration and social security | 454/9 | €5,863 | €10,985 | +€5,123 | +87.4% |
| Other amounts payable | 47/48 | €23,141 | €11,219 | -€11,922 | -51.5% |
| Accrued charges and deferred income | 492/3 | €2,608 | €2,258 | -€350 | -13.4% |
| Remuneration, social security and pensions | 62 | €176,766 | €84,960 | -€91,806 | -51.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,856 | €32,602 | -€2,254 | -6.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,789 | +€5,789 | |
| Other operating charges | 640/8 | €2,567 | €11,165 | +€8,598 | +335.0% |
| Gross operating margin | 9900 | €229,932 | €135,817 | -€94,115 | -40.9% |
| Operating profit (loss) | 9901 | €15,743 | €1,301 | -€14,442 | -91.7% |
| Financial income | 75/76B | €40 | €0 | -€40 | -100.0% |
| Recurring financial income | 75 | €40 | €0 | -€40 | -100.0% |
| Financial charges | 65/66B | €6,691 | €6,399 | -€292 | -4.4% |
| Recurring financial charges | 65 | €6,691 | €6,399 | -€292 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €9,092 | -€5,098 | -€14,190 | |
| Income taxes | 67/77 | €865 | €0 | -€865 | -100.0% |
| Profit (loss) for the period | 9904 | €8,227 | -€5,098 | -€13,325 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,227 | -€5,098 | -€13,325 |
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.