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.
WAPA
Largest movements
- Cash +€22,598
up €22,598 (+34.4%), from €65,641 to €88,240
mainly Depreciation (+€17,685) and Receivables within one year (+€14,161)
- Tangible fixed assets -€17,685
down €17,685 (-28.1%), from €62,995 to €45,310
of which Leasing and similar rights: -€14,785
- Receivables within one year -€14,161
down €14,161 (-67.8%), from €20,887 to €6,726
of which Other amounts receivable: -€16,049
- Debts after one year -€25,462
down €25,462 (-23.8%), from €106,761 to €81,298
- Profit (loss) carried forward +€8,591
up €8,591 (+6.1%), from €141,053 to €149,644
- Gross operating margin -€6,719
down €6,719 (-13.9%), from €48,283 to €41,564
- Depreciation -€1,269
down €1,269 (-6.7%), from €18,954 to €17,685
- Financial charges -€895
down €895 (-13.4%), from €6,702 to €5,807
- Taxes +€492
up €492 (+7.6%), from €6,487 to €6,979
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 | €303,276 | €294,044 | -€9,232 | -3.0% |
| Fixed assets | 21/28 | €216,170 | €198,485 | -€17,685 | -8.2% |
| Tangible fixed assets | 22/27 | €62,995 | €45,310 | -€17,685 | -28.1% |
| Furniture and vehicles | 24 | €7,673 | €5,211 | -€2,462 | -32.1% |
| Leasing and similar rights | 25 | €52,941 | €38,156 | -€14,785 | -27.9% |
| Other tangible fixed assets | 26 | €2,382 | €1,943 | -€439 | -18.4% |
| Financial fixed assets | 28 | €153,175 | €153,175 | = | 0.0% |
| Current assets | 29/58 | €87,105 | €95,559 | +€8,453 | +9.7% |
| Amounts receivable within one year | 40/41 | €20,887 | €6,726 | -€14,161 | -67.8% |
| Trade receivables | 40 | €4,817 | €6,704 | +€1,888 | +39.2% |
| Other amounts receivable | 41 | €16,070 | €21 | -€16,049 | -99.9% |
| Cash at bank and in hand | 54/58 | €65,641 | €88,240 | +€22,598 | +34.4% |
| Deferred charges and accrued income | 490/1 | €577 | €593 | +€16 | +2.9% |
| Total equity and liabilities | 10/49 | €303,276 | €294,044 | -€9,232 | -3.0% |
| Equity | 10/15 | €155,313 | €163,904 | +€8,591 | +5.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €141,053 | €149,644 | +€8,591 | +6.1% |
| Amounts payable | 17/49 | €147,963 | €130,140 | -€17,823 | -12.0% |
| Amounts payable after more than one year | 17 | €106,761 | €81,298 | -€25,462 | -23.8% |
| Financial debts | 170/4 | €106,761 | €81,298 | -€25,462 | -23.8% |
| Amounts payable within one year | 42/48 | €41,202 | €48,842 | +€7,639 | +18.5% |
| Current portion of amounts payable after more than one year | 42 | €24,350 | €26,808 | +€2,458 | +10.1% |
| Financial debts | 43 | €701 | €10 | -€692 | -98.6% |
| Credit institutions | 430/8 | €701 | €10 | -€692 | -98.6% |
| Trade debts | 44 | €4,830 | €7,764 | +€2,934 | +60.7% |
| Suppliers | 440/4 | €4,830 | €7,764 | +€2,934 | +60.7% |
| Taxes, remuneration and social security | 45 | €8,401 | €10,257 | +€1,857 | +22.1% |
| Taxes | 450/3 | €6,046 | €4,368 | -€1,678 | -27.7% |
| Remuneration and social security | 454/9 | €2,355 | €5,889 | +€3,534 | +150% |
| Other amounts payable | 47/48 | €2,920 | €4,003 | +€1,082 | +37.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,954 | €17,685 | -€1,269 | -6.7% |
| Other operating charges | 640/8 | €1,447 | €1,702 | +€256 | +17.7% |
| Gross operating margin | 9900 | €48,283 | €41,564 | -€6,719 | -13.9% |
| Operating profit (loss) | 9901 | €27,882 | €22,176 | -€5,706 | -20.5% |
| Financial charges | 65/66B | €6,702 | €5,807 | -€895 | -13.4% |
| Recurring financial charges | 65 | €6,702 | €5,807 | -€895 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €21,180 | €16,370 | -€4,810 | -22.7% |
| Income taxes | 67/77 | €6,487 | €6,979 | +€492 | +7.6% |
| Profit (loss) for the period | 9904 | €14,693 | €9,391 | -€5,302 | -36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,693 | €9,391 | -€5,302 | -36.1% |
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 18 October 2026 via checked.be.