WAPAMAX: 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.
WAPAMAX
Largest movements
- Cash +€76,055
up €76,055 (+63.9%), from €119,017 to €195,072
mainly Net result for the year (+€160,436) and Receivables after one year (+€75,500)
- Receivables after one year -€75,500
down €75,500 (-45.5%), from €166,100 to €90,600
- Receivables within one year -€38,273
down €38,273 (-67.8%), from €56,486 to €18,213
- Tangible fixed assets -€13,340
down €13,340 (-45.7%), from €29,202 to €15,862
- Profit (loss) carried forward -€79,503
down €79,503 (-100.0%), from €79,503 to €0
- Other debts +€35,335
up €35,335 (+793.7%), from €4,452 to €39,787
- Debts after one year -€10,023
down €10,023 (-45.2%), from €22,182 to €12,158
- Taxes -€6,702
down €6,702 (-12.2%), from €55,091 to €48,389
- Financial income +€6,103
up €6,103 (+81.1%), from €7,523 to €13,626
- Gross operating margin -€4,336
down €4,336 (-2.0%), from €216,297 to €211,961
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 | €376,040 | €325,329 | -€50,712 | -13.5% |
| Fixed assets | 21/28 | €29,202 | €15,862 | -€13,340 | -45.7% |
| Tangible fixed assets | 22/27 | €29,202 | €15,862 | -€13,340 | -45.7% |
| Furniture and vehicles | 24 | €29,202 | €15,862 | -€13,340 | -45.7% |
| Current assets | 29/58 | €346,839 | €309,467 | -€37,372 | -10.8% |
| Amounts receivable after more than one year | 29 | €166,100 | €90,600 | -€75,500 | -45.5% |
| Other amounts receivable | 291 | €166,100 | €90,600 | -€75,500 | -45.5% |
| Amounts receivable within one year | 40/41 | €56,486 | €18,213 | -€38,273 | -67.8% |
| Trade receivables | 40 | €56,486 | €18,213 | -€38,273 | -67.8% |
| Cash at bank and in hand | 54/58 | €119,017 | €195,072 | +€76,055 | +63.9% |
| Deferred charges and accrued income | 490/1 | €5,236 | €5,582 | +€346 | +6.6% |
| Total equity and liabilities | 10/49 | €376,040 | €325,329 | -€50,712 | -13.5% |
| Equity | 10/15 | €309,908 | €230,405 | -€79,503 | -25.7% |
| Contributions | 10/11 | €4,500 | €4,500 | = | 0.0% |
| Reserves | 13 | €225,905 | €225,905 | = | 0.0% |
| Distributable reserves | 133 | €225,905 | €225,905 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,503 | €0 | -€79,503 | -100.0% |
| Amounts payable | 17/49 | €66,132 | €94,924 | +€28,792 | +43.5% |
| Amounts payable after more than one year | 17 | €22,182 | €12,158 | -€10,023 | -45.2% |
| Financial debts | 170/4 | €22,182 | €12,158 | -€10,023 | -45.2% |
| Amounts payable within one year | 42/48 | €43,730 | €82,765 | +€39,036 | +89.3% |
| Current portion of amounts payable after more than one year | 42 | €9,669 | €10,023 | +€354 | +3.7% |
| Trade debts | 44 | €199 | €618 | +€419 | +210.1% |
| Suppliers | 440/4 | €199 | €618 | +€419 | +210.1% |
| Taxes, remuneration and social security | 45 | €29,409 | €32,337 | +€2,928 | +10.0% |
| Taxes | 450/3 | €29,409 | €32,337 | +€2,928 | +10.0% |
| Other amounts payable | 47/48 | €4,452 | €39,787 | +€35,335 | +793.7% |
| Accrued charges and deferred income | 492/3 | €221 | - | -€221 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,340 | €13,340 | = | 0.0% |
| Other operating charges | 640/8 | €1,909 | €2,349 | +€441 | +23.1% |
| Gross operating margin | 9900 | €216,297 | €211,961 | -€4,336 | -2.0% |
| Operating profit (loss) | 9901 | €201,048 | €196,272 | -€4,776 | -2.4% |
| Financial income | 75/76B | €7,523 | €13,626 | +€6,103 | +81.1% |
| Recurring financial income | 75 | €7,523 | €13,626 | +€6,103 | +81.1% |
| Financial charges | 65/66B | €1,477 | €1,072 | -€405 | -27.4% |
| Recurring financial charges | 65 | €1,477 | €1,072 | -€405 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €207,095 | €208,825 | +€1,731 | +0.8% |
| Income taxes | 67/77 | €55,091 | €48,389 | -€6,702 | -12.2% |
| Profit (loss) for the period | 9904 | €152,003 | €160,436 | +€8,433 | +5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €152,003 | €160,436 | +€8,433 | +5.5% |
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 11 October 2026 via checked.be.