WAPAFRI: 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.
WAPAFRI
Largest movements
- Tangible fixed assets +€40,423
up €40,423 (+694.8%), from €5,818 to €46,241
of which Furniture and vehicles: +€38,821
- Cash +€18,296
up €18,296 (+13.6%), from €134,741 to €153,037
mainly Net result for the year (+€42,593) and Debts after one year (+€22,914)
- Receivables within one year -€5,022
down €5,022 (-68.0%), from €7,383 to €2,361
of which Other amounts receivable: -€5,118
- Reserves +€23,000
up €23,000 (+16.2%), from €141,610 to €164,610
of which Distributable reserves: +€23,000
- Debts after one year +€22,914
new in 2025: €22,914
- Current portion of long-term debt +€5,690
new in 2025: €5,690
- Gross operating margin +€14,512
up €14,512 (+15.2%), from €95,737 to €110,249
- Staff costs +€9,638
up €9,638 (+28.5%), from €33,799 to €43,437
- Depreciation +€2,550
up €2,550 (+117.1%), from €2,178 to €4,727
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 | €171,458 | €226,565 | +€55,107 | +32.1% |
| Fixed assets | 21/28 | €5,818 | €46,241 | +€40,423 | +694.8% |
| Tangible fixed assets | 22/27 | €5,818 | €46,241 | +€40,423 | +694.8% |
| Plant, machinery and equipment | 23 | €5,818 | €7,420 | +€1,602 | +27.5% |
| Furniture and vehicles | 24 | - | €38,821 | +€38,821 | |
| Current assets | 29/58 | €165,640 | €180,324 | +€14,684 | +8.9% |
| Stocks and contracts in progress | 3 | €2,575 | €4,202 | +€1,627 | +63.2% |
| Stocks | 30/36 | €2,575 | €4,202 | +€1,627 | +63.2% |
| Amounts receivable within one year | 40/41 | €7,383 | €2,361 | -€5,022 | -68.0% |
| Trade receivables | 40 | €1,191 | €1,287 | +€96 | +8.0% |
| Other amounts receivable | 41 | €6,191 | €1,074 | -€5,118 | -82.7% |
| Current investments | 50/53 | €20,000 | €20,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €134,741 | €153,037 | +€18,296 | +13.6% |
| Deferred charges and accrued income | 490/1 | €942 | €725 | -€217 | -23.0% |
| Total equity and liabilities | 10/49 | €171,458 | €226,565 | +€55,107 | +32.1% |
| Equity | 10/15 | €157,260 | €180,853 | +€23,593 | +15.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €141,610 | €164,610 | +€23,000 | +16.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €139,750 | €162,750 | +€23,000 | +16.5% |
| Profit (loss) carried forward | 14 | €3,250 | €3,843 | +€593 | +18.2% |
| Amounts payable | 17/49 | €14,198 | €45,712 | +€31,514 | +222.0% |
| Amounts payable after more than one year | 17 | - | €22,914 | +€22,914 | |
| Financial debts | 170/4 | - | €22,914 | +€22,914 | |
| Amounts payable within one year | 42/48 | €14,198 | €22,797 | +€8,600 | +60.6% |
| Current portion of amounts payable after more than one year | 42 | - | €5,690 | +€5,690 | |
| Trade debts | 44 | €550 | €1,570 | +€1,020 | +185.7% |
| Suppliers | 440/4 | €550 | €1,570 | +€1,020 | +185.7% |
| Taxes, remuneration and social security | 45 | €13,648 | €15,402 | +€1,754 | +12.9% |
| Taxes | 450/3 | €12,054 | €10,693 | -€1,361 | -11.3% |
| Remuneration and social security | 454/9 | €1,594 | €4,708 | +€3,114 | +195.4% |
| Other amounts payable | 47/48 | - | €136 | +€136 | |
| Non-recurring operating income | 76A | - | €620 | +€620 | |
| Remuneration, social security and pensions | 62 | €33,799 | €43,437 | +€9,638 | +28.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,178 | €4,727 | +€2,550 | +117.1% |
| Other operating charges | 640/8 | €539 | €593 | +€55 | +10.2% |
| Gross operating margin | 9900 | €95,737 | €110,249 | +€14,512 | +15.2% |
| Operating profit (loss) | 9901 | €59,222 | €61,491 | +€2,270 | +3.8% |
| Financial income | 75/76B | €1,399 | €855 | -€544 | -38.9% |
| Recurring financial income | 75 | €1,399 | €855 | -€544 | -38.9% |
| Financial charges | 65/66B | €270 | €579 | +€309 | +114.7% |
| Recurring financial charges | 65 | €270 | €579 | +€309 | +114.7% |
| Profit (loss) for the period before taxes | 9903 | €60,351 | €61,767 | +€1,417 | +2.3% |
| Income taxes | 67/77 | €19,746 | €19,175 | -€571 | -2.9% |
| Profit (loss) for the period | 9904 | €40,605 | €42,593 | +€1,988 | +4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €40,605 | €42,593 | +€1,988 | +4.9% |
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 4 October 2026 via checked.be.