WAM: 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.
WAM
Largest movements
- Cash +€2.2m
up €2.2m (+226.0%), from €993,106 to €3.2m
- Tangible fixed assets +€1.4m
up €1.4m (+143.3%), from €1.0m to €2.5m
of which Land and buildings: +€1.4m
- Receivables within one year +€75,334
up €75,334 (+161.5%), from €46,651 to €121,985
of which Other amounts receivable: +€67,859
- Other debts +€3.7m
up €3.7m (+1156.1%), from €322,372 to €4.0m
- Trade debts +€206,348
up €206,348 (+795.1%), from €25,954 to €232,302
- Profit (loss) carried forward -€143,736
new in 2025: -€143,736
- Gross operating margin -€260,138
down €260,138, from €232,846 to -€27,292
- Financial charges +€128,116
up €128,116 (+15001.9%), from €854 to €128,970
- Taxes -€70,305
no longer reported in 2025 (was €70,305)
- Financial income +€43,729
up €43,729 (+1556.2%), from €2,810 to €46,539
- Other operating charges +€11,376
up €11,376 (+157.3%), from €7,233 to €18,609
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,049,291 | €5,822,955 | +€3.8m | +184.1% |
| Fixed assets | 21/28 | €1,008,384 | €2,453,429 | +€1.4m | +143.3% |
| Tangible fixed assets | 22/27 | €1,008,267 | €2,453,312 | +€1.4m | +143.3% |
| Land and buildings | 22 | €1,007,423 | €2,452,903 | +€1.4m | +143.5% |
| Furniture and vehicles | 24 | €844 | €409 | -€435 | -51.5% |
| Financial fixed assets | 28 | €117 | €117 | = | 0.0% |
| Current assets | 29/58 | €1,040,907 | €3,369,526 | +€2.3m | +223.7% |
| Stocks and contracts in progress | 3 | €1,150 | €1,021 | -€129 | -11.2% |
| Stocks | 30/36 | €1,150 | €1,021 | -€129 | -11.2% |
| Amounts receivable within one year | 40/41 | €46,651 | €121,985 | +€75,334 | +161.5% |
| Trade receivables | 40 | €18,180 | €25,655 | +€7,475 | +41.1% |
| Other amounts receivable | 41 | €28,471 | €96,330 | +€67,859 | +238.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €993,106 | €3,237,124 | +€2.2m | +226.0% |
| Deferred charges and accrued income | 490/1 | - | €9,396 | +€9,396 | |
| Total equity and liabilities | 10/49 | €2,049,291 | €5,822,955 | +€3.8m | +184.1% |
| Equity | 10/15 | €1,684,371 | €1,540,635 | -€143,736 | -8.5% |
| 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 | €1,622,371 | €1,622,371 | = | 0.0% |
| Non-distributable reserves | 130/1 | €37,520 | €37,520 | = | 0.0% |
| Legal reserve | 130 | €37,520 | €37,520 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,955 | €1,955 | = | 0.0% |
| Distributable reserves | 133 | €1,582,896 | €1,582,896 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€143,736 | -€143,736 | |
| Amounts payable | 17/49 | €364,920 | €4,282,320 | +€3.9m | +1073.5% |
| Amounts payable within one year | 42/48 | €363,745 | €4,282,320 | +€3.9m | +1077.3% |
| Trade debts | 44 | €25,954 | €232,302 | +€206,348 | +795.1% |
| Suppliers | 440/4 | €25,954 | €232,302 | +€206,348 | +795.1% |
| Taxes, remuneration and social security | 45 | €15,419 | €566 | -€14,853 | -96.3% |
| Taxes | 450/3 | €15,093 | €50 | -€15,043 | -99.7% |
| Remuneration and social security | 454/9 | €326 | €516 | +€190 | +58.3% |
| Other amounts payable | 47/48 | €322,372 | €4,049,452 | +€3.7m | +1156.1% |
| Accrued charges and deferred income | 492/3 | €1,175 | - | -€1,175 | |
| Remuneration, social security and pensions | 62 | €5,043 | €13,836 | +€8,793 | +174.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,568 | €1,568 | = | 0.0% |
| Other operating charges | 640/8 | €7,233 | €18,609 | +€11,376 | +157.3% |
| Gross operating margin | 9900 | €232,846 | -€27,292 | -€260,138 | |
| Operating profit (loss) | 9901 | €219,002 | -€61,305 | -€280,307 | |
| Financial income | 75/76B | €2,810 | €46,539 | +€43,729 | +1556.2% |
| Recurring financial income | 75 | €2,810 | €46,539 | +€43,729 | +1556.2% |
| Financial charges | 65/66B | €854 | €128,970 | +€128,116 | +15001.9% |
| Recurring financial charges | 65 | €854 | €128,970 | +€128,116 | +15001.9% |
| Profit (loss) for the period before taxes | 9903 | €220,958 | -€143,736 | -€364,694 | |
| Income taxes | 67/77 | €70,305 | - | -€70,305 | |
| Profit (loss) for the period | 9904 | €150,653 | -€143,736 | -€294,389 | |
| Profit (loss) for the period to be appropriated | 9905 | €150,653 | -€143,736 | -€294,389 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.