WALEF: 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.
WALEF
Largest movements
- Tangible fixed assets +€19,413
up €19,413 (+4.3%), from €455,728 to €475,141
of which Plant, machinery and equipment: +€32,204
- Receivables within one year +€16,543
up €16,543 (+17.3%), from €95,793 to €112,336
of which Trade receivables: +€12,789
- Profit (loss) carried forward +€29,321
up €29,321 (+9.9%), from -€295,603 to -€266,282
- Other debts +€14,843
up €14,843 (+5.2%), from €287,701 to €302,545
- Write-downs -€225,000
no longer reported in 2025 (was €225,000)
- Gross operating margin +€29,966
up €29,966 (+28.0%), from €106,942 to €136,908
- Staff costs +€14,604
up €14,604 (+42.2%), from €34,607 to €49,211
- Depreciation -€5,936
down €5,936 (-11.3%), from €52,710 to €46,774
- Other operating charges -€1,958
down €1,958 (-14.5%), from €13,499 to €11,541
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 | €559,889 | €592,203 | +€32,314 | +5.8% |
| Fixed assets | 21/28 | €455,988 | €475,341 | +€19,353 | +4.2% |
| Tangible fixed assets | 22/27 | €455,728 | €475,141 | +€19,413 | +4.3% |
| Land and buildings | 22 | €208,843 | €196,052 | -€12,791 | -6.1% |
| Plant, machinery and equipment | 23 | €246,885 | €279,089 | +€32,204 | +13.0% |
| Financial fixed assets | 28 | €260 | €200 | -€60 | -23.1% |
| Current assets | 29/58 | €103,902 | €116,862 | +€12,961 | +12.5% |
| Amounts receivable within one year | 40/41 | €95,793 | €112,336 | +€16,543 | +17.3% |
| Trade receivables | 40 | €95,793 | €108,582 | +€12,789 | +13.4% |
| Other amounts receivable | 41 | - | €3,754 | +€3,754 | |
| Current investments | 50/53 | €5,830 | - | -€5,830 | |
| Cash at bank and in hand | 54/58 | €2,279 | €4,526 | +€2,247 | +98.6% |
| Total equity and liabilities | 10/49 | €559,889 | €592,203 | +€32,314 | +5.8% |
| Equity | 10/15 | €242,233 | €270,838 | +€28,605 | +11.8% |
| Contributions | 10/11 | €535,450 | €535,450 | = | 0.0% |
| Capital | 10 | €535,450 | €535,450 | = | 0.0% |
| Issued capital | 100 | €535,450 | €535,450 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€295,603 | -€266,282 | +€29,321 | +9.9% |
| Investment grants | 15 | €2,386 | €1,670 | -€716 | -30.0% |
| Amounts payable | 17/49 | €317,657 | €321,365 | +€3,709 | +1.2% |
| Amounts payable after more than one year | 17 | €5,550 | €2,250 | -€3,300 | -59.5% |
| Other amounts payable | 178/9 | €5,550 | €2,250 | -€3,300 | -59.5% |
| Amounts payable within one year | 42/48 | €312,107 | €319,115 | +€7,009 | +2.2% |
| Trade debts | 44 | €16,162 | €12,708 | -€3,454 | -21.4% |
| Suppliers | 440/4 | €16,162 | €12,708 | -€3,454 | -21.4% |
| Taxes, remuneration and social security | 45 | €8,243 | €3,862 | -€4,381 | -53.1% |
| Taxes | 450/3 | €4,061 | - | -€4,061 | |
| Remuneration and social security | 454/9 | €4,182 | €3,862 | -€320 | -7.6% |
| Other amounts payable | 47/48 | €287,701 | €302,545 | +€14,843 | +5.2% |
| Remuneration, social security and pensions | 62 | €34,607 | €49,211 | +€14,604 | +42.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,710 | €46,774 | -€5,936 | -11.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €225,000 | - | -€225,000 | |
| Other operating charges | 640/8 | €13,499 | €11,541 | -€1,958 | -14.5% |
| Gross operating margin | 9900 | €106,942 | €136,908 | +€29,966 | +28.0% |
| Operating profit (loss) | 9901 | -€218,873 | €29,382 | +€248,256 | |
| Financial income | 75/76B | €716 | €732 | +€17 | +2.3% |
| Recurring financial income | 75 | €716 | €732 | +€17 | +2.3% |
| Financial charges | 65/66B | €478 | €793 | +€315 | +66.0% |
| Recurring financial charges | 65 | €478 | €793 | +€315 | +66.0% |
| Profit (loss) for the period before taxes | 9903 | -€218,635 | €29,322 | +€247,957 | |
| Income taxes | 67/77 | - | €1 | +€1 | |
| Profit (loss) for the period | 9904 | -€218,635 | €29,321 | +€247,956 | |
| Profit (loss) for the period to be appropriated | 9905 | -€218,635 | €29,321 | +€247,956 |
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 3 October 2026 via checked.be.