WAMA: 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.
WAMA
Largest movements
- Receivables within one year -€235,426
down €235,426 (-30.9%), from €762,912 to €527,486
of which Trade receivables: -€235,017
- Stocks and contracts -€126,551
down €126,551 (-5.8%), from €2.2m to €2.1m
- Tangible fixed assets +€61,789
up €61,789 (+47.8%), from €129,340 to €191,129
of which Land and buildings: +€63,793
- Trade debts -€167,134
down €167,134 (-41.8%), from €399,630 to €232,496
- Advances received -€135,166
down €135,166 (-64.1%), from €210,788 to €75,622
- Other debts +€75,412
up €75,412 (+4.8%), from €1.6m to €1.7m
- Short-term financial debts -€60,000
down €60,000 (-26.3%), from €228,000 to €168,000
- Gross operating margin -€47,079
down €47,079 (-43.8%), from €107,420 to €60,341
- Depreciation -€19,924
down €19,924 (-56.7%), from €35,159 to €15,235
- Financial charges -€13,981
down €13,981 (-42.5%), from €32,929 to €18,948
- Other operating charges +€4,153
up €4,153 (+113.4%), from €3,662 to €7,815
- Taxes -€2,403
no longer reported in 2025 (was €2,403)
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 | €3,122,536 | €2,825,891 | -€296,645 | -9.5% |
| Fixed assets | 21/28 | €132,880 | €194,669 | +€61,789 | +46.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €129,340 | €191,129 | +€61,789 | +47.8% |
| Land and buildings | 22 | €99,362 | €163,155 | +€63,793 | +64.2% |
| Plant, machinery and equipment | 23 | €8,353 | €3,920 | -€4,433 | -53.1% |
| Furniture and vehicles | 24 | €18,784 | €21,551 | +€2,767 | +14.7% |
| Other tangible fixed assets | 26 | €2,841 | €2,503 | -€338 | -11.9% |
| Financial fixed assets | 28 | €3,540 | €3,540 | = | 0.0% |
| Current assets | 29/58 | €2,989,656 | €2,631,222 | -€358,434 | -12.0% |
| Stocks and contracts in progress | 3 | €2,186,730 | €2,060,179 | -€126,551 | -5.8% |
| Stocks | 30/36 | €2,186,730 | €2,060,179 | -€126,551 | -5.8% |
| Amounts receivable within one year | 40/41 | €762,912 | €527,486 | -€235,426 | -30.9% |
| Trade receivables | 40 | €735,207 | €500,190 | -€235,017 | -32.0% |
| Other amounts receivable | 41 | €27,705 | €27,296 | -€409 | -1.5% |
| Cash at bank and in hand | 54/58 | €14 | €3,033 | +€3,019 | +21564.3% |
| Deferred charges and accrued income | 490/1 | €40,000 | €40,524 | +€524 | +1.3% |
| Total equity and liabilities | 10/49 | €3,122,536 | €2,825,891 | -€296,645 | -9.5% |
| Equity | 10/15 | €637,846 | €656,189 | +€18,343 | +2.9% |
| Contributions | 10/11 | €410,000 | €410,000 | = | 0.0% |
| Capital | 10 | €410,000 | €410,000 | = | 0.0% |
| Issued capital | 100 | €410,000 | €410,000 | = | 0.0% |
| Reserves | 13 | €221,000 | €221,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €41,000 | €41,000 | = | 0.0% |
| Legal reserve | 130 | €41,000 | €41,000 | = | 0.0% |
| Distributable reserves | 133 | €180,000 | €180,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,846 | €25,189 | +€18,343 | +267.9% |
| Amounts payable | 17/49 | €2,484,690 | €2,169,702 | -€314,988 | -12.7% |
| Amounts payable after more than one year | 17 | €29,295 | €16,404 | -€12,891 | -44.0% |
| Financial debts | 170/4 | €29,295 | €7,324 | -€21,971 | -75.0% |
| Other amounts payable | 178/9 | - | €9,080 | +€9,080 | |
| Amounts payable within one year | 42/48 | €2,455,395 | €2,153,298 | -€302,097 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €21,972 | €21,972 | = | 0.0% |
| Financial debts | 43 | €228,000 | €168,000 | -€60,000 | -26.3% |
| Credit institutions | 430/8 | €228,000 | €168,000 | -€60,000 | -26.3% |
| Trade debts | 44 | €399,630 | €232,496 | -€167,134 | -41.8% |
| Suppliers | 440/4 | €399,630 | €232,496 | -€167,134 | -41.8% |
| Advances received on contracts in progress | 46 | €210,788 | €75,622 | -€135,166 | -64.1% |
| Taxes, remuneration and social security | 45 | €15,209 | - | -€15,209 | |
| Taxes | 450/3 | €13,191 | - | -€13,191 | |
| Remuneration and social security | 454/9 | €2,018 | - | -€2,018 | |
| Other amounts payable | 47/48 | €1,579,796 | €1,655,208 | +€75,412 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,159 | €15,235 | -€19,924 | -56.7% |
| Other operating charges | 640/8 | €3,662 | €7,815 | +€4,153 | +113.4% |
| Gross operating margin | 9900 | €107,420 | €60,341 | -€47,079 | -43.8% |
| Operating profit (loss) | 9901 | €68,599 | €37,291 | -€31,308 | -45.6% |
| Financial income | 75/76B | €411 | - | -€411 | |
| Recurring financial income | 75 | €411 | - | -€411 | |
| Financial charges | 65/66B | €32,929 | €18,948 | -€13,981 | -42.5% |
| Recurring financial charges | 65 | €32,929 | €18,948 | -€13,981 | -42.5% |
| Profit (loss) for the period before taxes | 9903 | €36,081 | €18,343 | -€17,738 | -49.2% |
| Income taxes | 67/77 | €2,403 | - | -€2,403 | |
| Profit (loss) for the period | 9904 | €33,678 | €18,343 | -€15,335 | -45.5% |
| Profit (loss) for the period to be appropriated | 9905 | €33,678 | €18,343 | -€15,335 | -45.5% |
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 6 October 2026 via checked.be.