WAMAX: 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.
WAMAX
Largest movements
- Tangible fixed assets -€103,960
down €103,960 (-30.1%), from €345,308 to €241,349
of which Plant, machinery and equipment: -€95,605
- Receivables within one year -€44,754
down €44,754 (-57.4%), from €78,020 to €33,266
of which Other amounts receivable: -€44,754
- Cash +€42,069
up €42,069 (+54.5%), from €77,179 to €119,248
mainly Depreciation (+€109,009) and Receivables within one year (+€44,754)
- Deferred charges and accrued income -€15,167
down €15,167 (-44.0%), from €34,433 to €19,265
- Profit (loss) carried forward -€129,751
down €129,751 (-341%), from -€38,042 to -€167,793
- Trade debts +€19,895
up €19,895 (+15.8%), from €125,628 to €145,522
- Debts after one year -€17,730
down €17,730 (-100%), from €17,730 to €0
- Staff costs +€224,753
up €224,753 (+25.1%), from €896,261 to €1.1m
- Gross operating margin +€99,293
up €99,293 (+9.7%), from €1.0m to €1.1m
- Depreciation -€26,888
down €26,888 (-19.8%), from €135,897 to €109,009
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.
Derived cash bridge
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 | €563,503 | €436,627 | -€126,876 | -22.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €346,903 | €242,944 | -€103,960 | -30.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €345,308 | €241,349 | -€103,960 | -30.1% |
| Plant, machinery and equipment | 23 | €315,698 | €220,093 | -€95,605 | -30.3% |
| Furniture and vehicles | 24 | €27,045 | €20,029 | -€7,017 | -25.9% |
| Other tangible fixed assets | 26 | €2,565 | €1,227 | -€1,338 | -52.2% |
| Financial fixed assets | 28 | €1,595 | €1,595 | = | 0.0% |
| Current assets | 29/58 | €216,600 | €193,684 | -€22,916 | -10.6% |
| Stocks and contracts in progress | 3 | €26,968 | €21,905 | -€5,063 | -18.8% |
| Stocks | 30/36 | €26,968 | €21,905 | -€5,063 | -18.8% |
| Amounts receivable within one year | 40/41 | €78,020 | €33,266 | -€44,754 | -57.4% |
| Trade receivables | 40 | €1,161 | €1,161 | = | 0.0% |
| Other amounts receivable | 41 | €76,858 | €32,104 | -€44,754 | -58.2% |
| Cash at bank and in hand | 54/58 | €77,179 | €119,248 | +€42,069 | +54.5% |
| Deferred charges and accrued income | 490/1 | €34,433 | €19,265 | -€15,167 | -44.0% |
| Total equity and liabilities | 10/49 | €563,503 | €436,627 | -€126,876 | -22.5% |
| Equity | 10/15 | €263,516 | €133,765 | -€129,751 | -49.2% |
| Contributions | 10/11 | €287,500 | €287,500 | = | 0.0% |
| Reserves | 13 | €14,057 | €14,057 | = | 0.0% |
| Distributable reserves | 133 | €14,057 | €14,057 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,042 | -€167,793 | -€129,751 | -341% |
| Amounts payable | 17/49 | €299,987 | €302,863 | +€2,875 | +1.0% |
| Amounts payable after more than one year | 17 | €17,730 | €0 | -€17,730 | -100% |
| Financial debts | 170/4 | €17,730 | €0 | -€17,730 | -100% |
| Amounts payable within one year | 42/48 | €282,257 | €302,863 | +€20,605 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €22,178 | €17,730 | -€4,448 | -20.1% |
| Trade debts | 44 | €125,628 | €145,522 | +€19,895 | +15.8% |
| Suppliers | 440/4 | €125,628 | €145,522 | +€19,895 | +15.8% |
| Taxes, remuneration and social security | 45 | €131,376 | €136,440 | +€5,064 | +3.9% |
| Taxes | 450/3 | €1,628 | €7,026 | +€5,398 | +332% |
| Remuneration and social security | 454/9 | €129,748 | €129,414 | -€334 | -0.3% |
| Other amounts payable | 47/48 | €3,076 | €3,170 | +€94 | +3.1% |
| Remuneration, social security and pensions | 62 | €896,261 | €1,121,014 | +€224,753 | +25.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,897 | €109,009 | -€26,888 | -19.8% |
| Other operating charges | 640/8 | €17,643 | €15,065 | -€2,578 | -14.6% |
| Gross operating margin | 9900 | €1,021,192 | €1,120,486 | +€99,293 | +9.7% |
| Operating profit (loss) | 9901 | -€28,608 | -€124,602 | -€95,994 | -336% |
| Financial income | 75/76B | €916 | €1,776 | +€860 | +93.8% |
| Recurring financial income | 75 | €916 | €1,776 | +€860 | +93.8% |
| Financial charges | 65/66B | €10,926 | €6,566 | -€4,360 | -39.9% |
| Recurring financial charges | 65 | €10,926 | €6,566 | -€4,360 | -39.9% |
| Profit (loss) for the period before taxes | 9903 | -€38,617 | -€129,392 | -€90,775 | -235% |
| Income taxes | 67/77 | €299 | €359 | +€59 | +19.9% |
| Profit (loss) for the period | 9904 | -€38,917 | -€129,751 | -€90,834 | -233% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,917 | -€129,751 | -€90,834 | -233% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.