WAPEI: 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.
WAPEI
Largest movements
- Tangible fixed assets +€32,846
up €32,846 (+15.0%), from €219,289 to €252,135
of which Land and buildings: +€32,656
- Receivables within one year +€18,015
up €18,015 (+23.7%), from €75,980 to €93,995
of which Other amounts receivable: +€20,320
- Tax, wage and social debts +€47,057
up €47,057 (+26737.1%), from €176 to €47,233
- Reserves +€31,200
up €31,200 (+1677.4%), from €1,860 to €33,060
- Debts after one year -€18,000
down €18,000 (-11.3%), from €159,000 to €141,000
- Profit (loss) carried forward -€9,959
down €9,959 (-5.8%), from €171,021 to €161,062
- Trade debts +€6,653
up €6,653 (+6335.8%), from €105 to €6,758
- Gross operating margin -€11,782
down €11,782 (-14.2%), from €83,193 to €71,411
- Depreciation +€8,098
up €8,098 (+90.9%), from €8,905 to €17,003
- Taxes +€4,506
up €4,506 (+42.1%), from €10,707 to €15,213
- Financial charges +€3,426
up €3,426 (+102.9%), from €3,329 to €6,755
- Other operating charges -€2,628
down €2,628 (-36.8%), from €7,137 to €4,509
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €362,562 | €419,513 | +€56,951 | +15.7% |
| Fixed assets | 21/28 | €219,289 | €252,135 | +€32,846 | +15.0% |
| Tangible fixed assets | 22/27 | €219,289 | €252,135 | +€32,846 | +15.0% |
| Land and buildings | 22 | €197,925 | €230,581 | +€32,656 | +16.5% |
| Plant, machinery and equipment | 23 | €19,634 | €18,528 | -€1,106 | -5.6% |
| Furniture and vehicles | 24 | €1,730 | €3,025 | +€1,295 | +74.9% |
| Current assets | 29/58 | €143,273 | €167,378 | +€24,105 | +16.8% |
| Amounts receivable within one year | 40/41 | €75,980 | €93,995 | +€18,015 | +23.7% |
| Trade receivables | 40 | €18,291 | €15,986 | -€2,305 | -12.6% |
| Other amounts receivable | 41 | €57,689 | €78,009 | +€20,320 | +35.2% |
| Cash at bank and in hand | 54/58 | €67,293 | €71,100 | +€3,807 | +5.7% |
| Deferred charges and accrued income | 490/1 | - | €2,283 | +€2,283 | |
| Total equity and liabilities | 10/49 | €362,562 | €419,513 | +€56,951 | +15.7% |
| Equity | 10/15 | €185,281 | €206,522 | +€21,241 | +11.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €33,060 | +€31,200 | +1677.4% |
| Distributable reserves | 133 | €1,860 | €33,060 | +€31,200 | +1677.4% |
| Profit (loss) carried forward | 14 | €171,021 | €161,062 | -€9,959 | -5.8% |
| Amounts payable | 17/49 | €177,281 | €212,991 | +€35,710 | +20.1% |
| Amounts payable after more than one year | 17 | €159,000 | €141,000 | -€18,000 | -11.3% |
| Financial debts | 170/4 | €159,000 | €141,000 | -€18,000 | -11.3% |
| Amounts payable within one year | 42/48 | €18,281 | €71,991 | +€53,710 | +293.8% |
| Financial debts | 43 | €18,000 | €18,000 | = | 0.0% |
| Credit institutions | 430/8 | €18,000 | €18,000 | = | 0.0% |
| Trade debts | 44 | €105 | €6,758 | +€6,653 | +6335.8% |
| Suppliers | 440/4 | €105 | €6,758 | +€6,653 | +6335.8% |
| Taxes, remuneration and social security | 45 | €176 | €47,233 | +€47,057 | +26737.1% |
| Taxes | 450/3 | €176 | €47,233 | +€47,057 | +26737.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,905 | €17,003 | +€8,098 | +90.9% |
| Other operating charges | 640/8 | €7,137 | €4,509 | -€2,628 | -36.8% |
| Gross operating margin | 9900 | €83,193 | €71,411 | -€11,782 | -14.2% |
| Operating profit (loss) | 9901 | €67,151 | €49,899 | -€17,252 | -25.7% |
| Financial income | 75/76B | €2,846 | €3,309 | +€463 | +16.3% |
| Recurring financial income | 75 | €2,846 | €3,309 | +€463 | +16.3% |
| Financial charges | 65/66B | €3,329 | €6,755 | +€3,426 | +102.9% |
| Recurring financial charges | 65 | €3,329 | €6,755 | +€3,426 | +102.9% |
| Profit (loss) for the period before taxes | 9903 | €66,668 | €46,453 | -€20,215 | -30.3% |
| Income taxes | 67/77 | €10,707 | €15,213 | +€4,506 | +42.1% |
| Profit (loss) for the period | 9904 | €55,961 | €31,240 | -€24,721 | -44.2% |
| Profit (loss) for the period to be appropriated | 9905 | €55,961 | €31,240 | -€24,721 | -44.2% |
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 5 October 2026 via checked.be.