WAPA: 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.
What changed
WAPA
NACE 46.442, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€332,908
2024 · €433,227-€100,319
Equity
€2.2m
2024 · €2.5m-€238,615
Cash
€731,518
2024 · €564,216+€167,302
Balance sheet total
€3.7m
2024 · €3.6m+€39,027
Largest movements
Assets
- Cash +€167,302
up €167,302 (+29.7%), from €564,216 to €731,518
mainly Other debts (+€500,349) and Net result for the year (+€332,908)
- Tangible fixed assets -€51,455
down €51,455 (-5.5%), from €941,028 to €889,573
- Receivables within one year -€49,407
down €49,407 (-14.2%), from €346,853 to €297,446
of which Trade receivables: -€32,856
Equity and liabilities
- Other debts +€500,349
up €500,349 (+703%), from €71,175 to €571,524
- Reserves -€238,615
down €238,615 (-13.8%), from €1.7m to €1.5m
of which Distributable reserves: -€238,615
- Trade debts -€171,532
down €171,532 (-68.0%), from €252,395 to €80,863
- Debts after one year -€38,285
down €38,285 (-6.2%), from €619,093 to €580,808
Income statement
- Gross operating margin -€173,951
down €173,951 (-14.7%), from €1.2m to €1.0m
- Staff costs -€48,441
down €48,441 (-9.9%), from €487,233 to €438,793
- Taxes -€28,301
down €28,301 (-19.1%), from €148,267 to €119,966
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.
Result 2024
€433,227
Gross operating margin
-€173,951
Staff costs
+€48,441
Depreciation
-€5,784
Write-downs
+€2,869
Other operating charges
-€4,373
Financial income
+€4,278
Financial charges
-€100
Taxes
+€28,301
Result 2025
€332,908
raises the resultlowers the result
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.
From operations
+€795,787
Investment
-€20,250
Financing
-€608,235
Cash 2024
€564,216
From operations (derived)
+€795,787
Net result for the year
+€332,908
Depreciation
+€71,705
Stocks and contracts
+€22,143
Receivables within one year
+€49,407
Deferred charges and accrued income
+€5,270
Trade debts
-€171,532
Tax, wage and social debts
-€14,122
Smaller working-capital items
-€342
Other debts
+€500,349
Investment (derived)
-€20,250
Investment in fixed assets (net)
-€20,250
Financing
-€608,235
Debts after one year
-€38,285
Current portion of long-term debt
+€1,573
Contributions, distributions and other
-€571,524
Cash 2025
€731,518
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,626,136 | €3,665,163 | +€39,027 | +1.1% |
| Fixed assets | 21/28 | €941,028 | €889,573 | -€51,455 | -5.5% |
| Tangible fixed assets | 22/27 | €941,028 | €889,573 | -€51,455 | -5.5% |
| Land and buildings | 22 | €735,998 | €721,928 | -€14,070 | -1.9% |
| Plant, machinery and equipment | 23 | €21,499 | €14,257 | -€7,242 | -33.7% |
| Furniture and vehicles | 24 | €164,317 | €140,435 | -€23,882 | -14.5% |
| Other tangible fixed assets | 26 | €19,214 | €12,953 | -€6,261 | -32.6% |
| Current assets | 29/58 | €2,685,108 | €2,775,590 | +€90,482 | +3.4% |
| Amounts receivable after more than one year | 29 | €400,000 | €400,000 | = | 0.0% |
| Other amounts receivable | 291 | €400,000 | €400,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,348,117 | €1,325,974 | -€22,143 | -1.6% |
| Stocks | 30/36 | €1,348,117 | €1,325,974 | -€22,143 | -1.6% |
| Amounts receivable within one year | 40/41 | €346,853 | €297,446 | -€49,407 | -14.2% |
| Trade receivables | 40 | €226,581 | €193,726 | -€32,856 | -14.5% |
| Other amounts receivable | 41 | €120,272 | €103,721 | -€16,551 | -13.8% |
| Cash at bank and in hand | 54/58 | €564,216 | €731,518 | +€167,302 | +29.7% |
| Deferred charges and accrued income | 490/1 | €25,922 | €20,652 | -€5,270 | -20.3% |
| Total equity and liabilities | 10/49 | €3,626,136 | €3,665,163 | +€39,027 | +1.1% |
| Equity | 10/15 | €2,473,038 | €2,234,422 | -€238,615 | -9.6% |
| Contributions | 10/11 | €750,000 | €750,000 | = | 0.0% |
| Capital | 10 | €750,000 | €750,000 | = | 0.0% |
| Issued capital | 100 | €750,000 | €750,000 | = | 0.0% |
| Reserves | 13 | €1,723,038 | €1,484,422 | -€238,615 | -13.8% |
| Non-distributable reserves | 130/1 | €75,000 | €75,000 | = | 0.0% |
| Legal reserve | 130 | €75,000 | €75,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €500 | €500 | = | 0.0% |
| Distributable reserves | 133 | €1,647,537 | €1,408,922 | -€238,615 | -14.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,153,098 | €1,430,740 | +€277,642 | +24.1% |
| Amounts payable after more than one year | 17 | €619,093 | €580,808 | -€38,285 | -6.2% |
| Financial debts | 170/4 | €619,093 | €580,808 | -€38,285 | -6.2% |
| Amounts payable within one year | 42/48 | €531,538 | €847,651 | +€316,113 | +59.5% |
| Current portion of amounts payable after more than one year | 42 | €39,836 | €41,409 | +€1,573 | +3.9% |
| Trade debts | 44 | €252,395 | €80,863 | -€171,532 | -68.0% |
| Suppliers | 440/4 | €252,395 | €80,863 | -€171,532 | -68.0% |
| Advances received on contracts in progress | 46 | €645 | €489 | -€157 | -24.3% |
| Taxes, remuneration and social security | 45 | €167,488 | €153,366 | -€14,122 | -8.4% |
| Taxes | 450/3 | €87,383 | €114,692 | +€27,309 | +31.3% |
| Remuneration and social security | 454/9 | €80,105 | €38,674 | -€41,431 | -51.7% |
| Other amounts payable | 47/48 | €71,175 | €571,524 | +€500,349 | +703% |
| Accrued charges and deferred income | 492/3 | €2,467 | €2,282 | -€185 | -7.5% |
| Non-recurring operating income | 76A | €48,426 | €10,331 | -€38,095 | -78.7% |
| Remuneration, social security and pensions | 62 | €487,233 | €438,793 | -€48,441 | -9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,921 | €71,705 | +€5,784 | +8.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,372 | €503 | -€2,869 | -85.1% |
| Other operating charges | 640/8 | €33,145 | €37,517 | +€4,373 | +13.2% |
| Gross operating margin | 9900 | €1,180,508 | €1,006,556 | -€173,951 | -14.7% |
| Operating profit (loss) | 9901 | €590,837 | €458,039 | -€132,798 | -22.5% |
| Financial income | 75/76B | €21,065 | €25,343 | +€4,278 | +20.3% |
| Recurring financial income | 75 | €21,065 | €25,343 | +€4,278 | +20.3% |
| Financial charges | 65/66B | €30,407 | €30,507 | +€100 | +0.3% |
| Recurring financial charges | 65 | €30,407 | €30,507 | +€100 | +0.3% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €581,494 | €452,875 | -€128,619 | -22.1% |
| Income taxes | 67/77 | €148,267 | €119,966 | -€28,301 | -19.1% |
| Profit (loss) for the period | 9904 | €433,227 | €332,908 | -€100,319 | -23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €433,227 | €332,908 | -€100,319 | -23.2% |
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 22 October 2026 via checked.be.