WAPI: 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.
WAPI
Largest movements
- Receivables within one year +€54,281
up €54,281 (+63.3%), from €85,818 to €140,099
of which Other amounts receivable: +€28,430
- Stocks and contracts +€23,294
up €23,294 (+173%), from €13,470 to €36,765
- Tangible fixed assets -€22,342
down €22,342 (-7.4%), from €301,356 to €279,014
of which Land and buildings: -€19,693
- Cash -€12,905
down €12,905 (-20.9%), from €61,762 to €48,858
mainly Receivables within one year (-€54,281) and Stocks and contracts (-€23,294)
- Deferred charges and accrued income +€9,779
up €9,779 (+317%), from €3,085 to €12,863
- Reserves +€44,166
up €44,166 (+13.1%), from €336,147 to €380,313
of which Distributable reserves: +€44,166
- Trade debts +€11,793
up €11,793 (+23.5%), from €50,245 to €62,038
- Tax, wage and social debts +€7,740
up €7,740 (+55.2%), from €14,023 to €21,763
of which Taxes: +€11,378
- Gross operating margin +€98,676
up €98,676 (+117%), from €84,469 to €183,145
- Staff costs +€39,710
up €39,710 (+89.5%), from €44,368 to €84,078
- Taxes +€11,829
up €11,829 (+1,538%), from €769 to €12,598
- Depreciation -€9,345
down €9,345 (-21.5%), from €43,405 to €34,060
- Other operating charges +€7,699
up €7,699 (+2,158%), from €357 to €8,056
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 | €465,658 | €517,766 | +€52,108 | +11.2% |
| Fixed assets | 21/28 | €301,523 | €279,181 | -€22,342 | -7.4% |
| Tangible fixed assets | 22/27 | €301,356 | €279,014 | -€22,342 | -7.4% |
| Land and buildings | 22 | €226,048 | €206,355 | -€19,693 | -8.7% |
| Plant, machinery and equipment | 23 | €62,320 | €63,985 | +€1,665 | +2.7% |
| Furniture and vehicles | 24 | €12,987 | €8,674 | -€4,314 | -33.2% |
| Financial fixed assets | 28 | €167 | €167 | = | 0.0% |
| Current assets | 29/58 | €164,135 | €238,585 | +€74,450 | +45.4% |
| Stocks and contracts in progress | 3 | €13,470 | €36,765 | +€23,294 | +173% |
| Stocks | 30/36 | €13,470 | €36,765 | +€23,294 | +173% |
| Amounts receivable within one year | 40/41 | €85,818 | €140,099 | +€54,281 | +63.3% |
| Trade receivables | 40 | €57,357 | €83,209 | +€25,852 | +45.1% |
| Other amounts receivable | 41 | €28,461 | €56,891 | +€28,430 | +99.9% |
| Cash at bank and in hand | 54/58 | €61,762 | €48,858 | -€12,905 | -20.9% |
| Deferred charges and accrued income | 490/1 | €3,085 | €12,863 | +€9,779 | +317% |
| Total equity and liabilities | 10/49 | €465,658 | €517,766 | +€52,108 | +11.2% |
| Equity | 10/15 | €356,147 | €400,313 | +€44,166 | +12.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €336,147 | €380,313 | +€44,166 | +13.1% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €334,147 | €378,313 | +€44,166 | +13.2% |
| Amounts payable | 17/49 | €109,511 | €117,453 | +€7,942 | +7.3% |
| Amounts payable after more than one year | 17 | €25,767 | €22,423 | -€3,344 | -13.0% |
| Financial debts | 170/4 | €25,767 | €22,423 | -€3,344 | -13.0% |
| Amounts payable within one year | 42/48 | €83,744 | €95,030 | +€11,286 | +13.5% |
| Current portion of amounts payable after more than one year | 42 | €15,529 | €11,230 | -€4,299 | -27.7% |
| Trade debts | 44 | €50,245 | €62,038 | +€11,793 | +23.5% |
| Suppliers | 440/4 | €50,245 | €62,038 | +€11,793 | +23.5% |
| Taxes, remuneration and social security | 45 | €14,023 | €21,763 | +€7,740 | +55.2% |
| Taxes | 450/3 | €2,202 | €13,580 | +€11,378 | +517% |
| Remuneration and social security | 454/9 | €11,821 | €8,182 | -€3,639 | -30.8% |
| Other amounts payable | 47/48 | €3,947 | - | -€3,947 | |
| Non-recurring operating income | 76A | €896 | €38,969 | +€38,073 | +4,250% |
| Remuneration, social security and pensions | 62 | €44,368 | €84,078 | +€39,710 | +89.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,405 | €34,060 | -€9,345 | -21.5% |
| Other operating charges | 640/8 | €357 | €8,056 | +€7,699 | +2,158% |
| Non-recurring operating charges | 66A | €300 | - | -€300 | |
| Gross operating margin | 9900 | €84,469 | €183,145 | +€98,676 | +117% |
| Operating profit (loss) | 9901 | -€3,960 | €56,952 | +€60,912 | |
| Financial income | 75/76B | €1,646 | €2,694 | +€1,048 | +63.7% |
| Recurring financial income | 75 | €1,646 | €2,694 | +€1,048 | +63.7% |
| Financial charges | 65/66B | €4,205 | €2,882 | -€1,323 | -31.5% |
| Recurring financial charges | 65 | €4,205 | €2,849 | -€1,356 | -32.3% |
| Non-recurring financial charges | 66B | - | €33 | +€33 | |
| Profit (loss) for the period before taxes | 9903 | -€6,519 | €56,764 | +€63,283 | |
| Income taxes | 67/77 | €769 | €12,598 | +€11,829 | +1,538% |
| Profit (loss) for the period | 9904 | -€7,288 | €44,166 | +€51,454 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,288 | €44,166 | +€51,454 |
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 14 October 2026 via checked.be.