WAP: 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.
WAP
Largest movements
- Receivables within one year +€67,941
up €67,941 (+229.2%), from €29,640 to €97,581
of which Trade receivables: +€75,238
- Stocks and contracts +€47,405
up €47,405 (+566.9%), from €8,362 to €55,767
- Tangible fixed assets +€16,904
up €16,904 (+35.0%), from €48,364 to €65,267
of which Furniture and vehicles: +€23,626
- Cash -€14,996
down €14,996 (-23.2%), from €64,690 to €49,694
mainly Receivables within one year (-€67,941) and Stocks and contracts (-€47,405)
- Deferred charges and accrued income -€3,621
down €3,621 (-70.9%), from €5,107 to €1,486
- Trade debts +€60,122
up €60,122 (+636.3%), from €9,449 to €69,570
- Debts after one year +€33,586
up €33,586 (+322.8%), from €10,405 to €43,991
- Current portion of long-term debt +€11,531
up €11,531 (+68.6%), from €16,810 to €28,341
- Profit (loss) carried forward +€7,736
up €7,736 (+9.3%), from €82,759 to €90,494
- Gross operating margin -€19,459
down €19,459 (-31.5%), from €61,779 to €42,319
- Depreciation -€18,071
down €18,071 (-47.4%), from €38,101 to €20,030
- Taxes -€1,748
down €1,748 (-43.9%), from €3,978 to €2,231
- Other operating charges -€1,003
down €1,003 (-26.2%), from €3,825 to €2,822
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 | €157,798 | €271,431 | +€113,633 | +72.0% |
| Fixed assets | 21/28 | €49,999 | €66,902 | +€16,904 | +33.8% |
| Tangible fixed assets | 22/27 | €48,364 | €65,267 | +€16,904 | +35.0% |
| Plant, machinery and equipment | 23 | €8,927 | €2,205 | -€6,722 | -75.3% |
| Furniture and vehicles | 24 | €39,437 | €63,063 | +€23,626 | +59.9% |
| Financial fixed assets | 28 | €1,635 | €1,635 | = | 0.0% |
| Current assets | 29/58 | €107,799 | €204,528 | +€96,729 | +89.7% |
| Stocks and contracts in progress | 3 | €8,362 | €55,767 | +€47,405 | +566.9% |
| Stocks | 30/36 | €8,362 | €55,767 | +€47,405 | +566.9% |
| Amounts receivable within one year | 40/41 | €29,640 | €97,581 | +€67,941 | +229.2% |
| Trade receivables | 40 | €7,109 | €82,347 | +€75,238 | +1058.4% |
| Other amounts receivable | 41 | €22,531 | €15,234 | -€7,298 | -32.4% |
| Cash at bank and in hand | 54/58 | €64,690 | €49,694 | -€14,996 | -23.2% |
| Deferred charges and accrued income | 490/1 | €5,107 | €1,486 | -€3,621 | -70.9% |
| Total equity and liabilities | 10/49 | €157,798 | €271,431 | +€113,633 | +72.0% |
| Equity | 10/15 | €103,219 | €110,954 | +€7,736 | +7.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €82,759 | €90,494 | +€7,736 | +9.3% |
| Amounts payable | 17/49 | €54,579 | €160,476 | +€105,897 | +194.0% |
| Amounts payable after more than one year | 17 | €10,405 | €43,991 | +€33,586 | +322.8% |
| Financial debts | 170/4 | €10,405 | €43,991 | +€33,586 | +322.8% |
| Amounts payable within one year | 42/48 | €44,174 | €116,109 | +€71,934 | +162.8% |
| Current portion of amounts payable after more than one year | 42 | €16,810 | €28,341 | +€11,531 | +68.6% |
| Trade debts | 44 | €9,449 | €69,570 | +€60,122 | +636.3% |
| Suppliers | 440/4 | €9,449 | €69,570 | +€60,122 | +636.3% |
| Taxes, remuneration and social security | 45 | €3,975 | €4,846 | +€871 | +21.9% |
| Taxes | 450/3 | €75 | €4,846 | +€4,771 | +6372.3% |
| Remuneration and social security | 454/9 | €3,900 | €0 | -€3,900 | -100.0% |
| Other amounts payable | 47/48 | €13,941 | €13,351 | -€590 | -4.2% |
| Accrued charges and deferred income | 492/3 | €0 | €376 | +€376 | |
| Non-recurring operating income | 76A | €10,303 | €2,730 | -€7,573 | -73.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,101 | €20,030 | -€18,071 | -47.4% |
| Other operating charges | 640/8 | €3,825 | €2,822 | -€1,003 | -26.2% |
| Non-recurring operating charges | 66A | - | €6,484 | +€6,484 | |
| Gross operating margin | 9900 | €61,779 | €42,319 | -€19,459 | -31.5% |
| Operating profit (loss) | 9901 | €19,853 | €12,983 | -€6,870 | -34.6% |
| Financial income | 75/76B | €633 | €835 | +€202 | +32.0% |
| Recurring financial income | 75 | €633 | €835 | +€202 | +32.0% |
| Financial charges | 65/66B | €3,477 | €3,852 | +€375 | +10.8% |
| Recurring financial charges | 65 | €3,477 | €3,852 | +€375 | +10.8% |
| Profit (loss) for the period before taxes | 9903 | €17,009 | €9,967 | -€7,043 | -41.4% |
| Income taxes | 67/77 | €3,978 | €2,231 | -€1,748 | -43.9% |
| Profit (loss) for the period | 9904 | €13,031 | €7,736 | -€5,295 | -40.6% |
| Profit (loss) for the period to be appropriated | 9905 | €13,031 | €7,736 | -€5,295 | -40.6% |
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.