WAPI FIRE: 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 FIRE
Largest movements
- Receivables within one year +€61,798
up €61,798 (+162%), from €38,064 to €99,862
of which Trade receivables: +€61,798
- Cash +€48,119
up €48,119 (+313%), from €15,381 to €63,500
mainly Net result for the year (+€100,870) and Tax, wage and social debts (+€51,987)
- Tangible fixed assets +€39,668
up €39,668 (+104%), from €38,252 to €77,919
of which Furniture and vehicles: +€32,081
- Stocks and contracts +€18,038
up €18,038 (+71.5%), from €25,223 to €43,261
- Reserves +€100,850
up €100,850 (+531%), from €19,000 to €119,850
- Tax, wage and social debts +€51,987
up €51,987 (+245%), from €21,200 to €73,188
of which Taxes: +€55,539
- Debts after one year +€24,743
up €24,743 (+104%), from €23,730 to €48,473
- Short-term financial debts -€12,581
no longer reported in 2025 (was €12,581)
- Other debts -€11,116
down €11,116 (-35.6%), from €31,201 to €20,086
- Gross operating margin +€210,293
up €210,293 (+299%), from €70,325 to €280,617
- Staff costs +€77,845
up €77,845 (+226%), from €34,498 to €112,343
- Taxes +€39,810
up €39,810 (+353%), from €11,269 to €51,079
- Depreciation +€9,541
up €9,541 (+225%), from €4,242 to €13,783
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 | €119,680 | €287,097 | +€167,417 | +140% |
| Formation expenses | 20 | €960 | €720 | -€240 | -25.0% |
| Fixed assets | 21/28 | €38,252 | €77,919 | +€39,668 | +104% |
| Tangible fixed assets | 22/27 | €38,252 | €77,919 | +€39,668 | +104% |
| Land and buildings | 22 | €2,755 | €7,933 | +€5,178 | +188% |
| Plant, machinery and equipment | 23 | €2,684 | €5,093 | +€2,409 | +89.8% |
| Furniture and vehicles | 24 | €32,812 | €64,893 | +€32,081 | +97.8% |
| Current assets | 29/58 | €80,468 | €208,458 | +€127,989 | +159% |
| Stocks and contracts in progress | 3 | €25,223 | €43,261 | +€18,038 | +71.5% |
| Stocks | 30/36 | €25,223 | €43,261 | +€18,038 | +71.5% |
| Amounts receivable within one year | 40/41 | €38,064 | €99,862 | +€61,798 | +162% |
| Trade receivables | 40 | €35,214 | €97,012 | +€61,798 | +175% |
| Other amounts receivable | 41 | €2,850 | €2,850 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €15,381 | €63,500 | +€48,119 | +313% |
| Deferred charges and accrued income | 490/1 | €1,800 | €1,834 | +€34 | +1.9% |
| Total equity and liabilities | 10/49 | €119,680 | €287,097 | +€167,417 | +140% |
| Equity | 10/15 | €24,146 | €125,015 | +€100,870 | +418% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €19,000 | €119,850 | +€100,850 | +531% |
| Distributable reserves | 133 | €19,000 | €119,850 | +€100,850 | +531% |
| Profit (loss) carried forward | 14 | €146 | €165 | +€20 | +13.5% |
| Amounts payable | 17/49 | €95,534 | €162,082 | +€66,548 | +69.7% |
| Amounts payable after more than one year | 17 | €23,730 | €48,473 | +€24,743 | +104% |
| Financial debts | 170/4 | €23,730 | €48,473 | +€24,743 | +104% |
| Amounts payable within one year | 42/48 | €71,804 | €113,609 | +€41,805 | +58.2% |
| Current portion of amounts payable after more than one year | 42 | €6,821 | €14,769 | +€7,948 | +117% |
| Financial debts | 43 | €12,581 | - | -€12,581 | |
| Credit institutions | 430/8 | €12,581 | - | -€12,581 | |
| Trade debts | 44 | - | €5,567 | +€5,567 | |
| Suppliers | 440/4 | - | €5,567 | +€5,567 | |
| Taxes, remuneration and social security | 45 | €21,200 | €73,188 | +€51,987 | +245% |
| Taxes | 450/3 | €17,648 | €73,188 | +€55,539 | +315% |
| Remuneration and social security | 454/9 | €3,552 | - | -€3,552 | |
| Other amounts payable | 47/48 | €31,201 | €20,086 | -€11,116 | -35.6% |
| Remuneration, social security and pensions | 62 | €34,498 | €112,343 | +€77,845 | +226% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,242 | €13,783 | +€9,541 | +225% |
| Other operating charges | 640/8 | €541 | €670 | +€128 | +23.7% |
| Gross operating margin | 9900 | €70,325 | €280,617 | +€210,293 | +299% |
| Operating profit (loss) | 9901 | €31,043 | €153,821 | +€122,778 | +396% |
| Financial income | 75/76B | €253 | €565 | +€312 | +124% |
| Recurring financial income | 75 | €253 | €2 | -€251 | -99.3% |
| Non-recurring financial income | 76B | - | €563 | +€563 | |
| Financial charges | 65/66B | €880 | €2,437 | +€1,556 | +177% |
| Recurring financial charges | 65 | €880 | €2,321 | +€1,440 | +164% |
| Non-recurring financial charges | 66B | - | €116 | +€116 | |
| Profit (loss) for the period before taxes | 9903 | €30,415 | €151,949 | +€121,534 | +400% |
| Income taxes | 67/77 | €11,269 | €51,079 | +€39,810 | +353% |
| Profit (loss) for the period | 9904 | €19,146 | €100,870 | +€81,724 | +427% |
| Profit (loss) for the period to be appropriated | 9905 | €19,146 | €100,870 | +€81,724 | +427% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.