WASE: 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.
WASE
Largest movements
- Cash +€37,556
up €37,556 (+130.7%), from €28,729 to €66,285
mainly Net result for the year (+€144,147) and Depreciation (+€26,461)
- Tangible fixed assets -€26,461
down €26,461 (-9.2%), from €287,897 to €261,436
- Reserves +€44,114
up €44,114 (+3.8%), from €1.1m to €1.2m
- Current portion of long-term debt -€27,285
no longer reported in 2025 (was €27,285)
- Financial income +€95,826
up €95,826 (+1295.8%), from €7,395 to €103,222
- Gross operating margin +€9,736
up €9,736 (+12.1%), from €80,182 to €89,918
- Depreciation -€6,369
down €6,369 (-19.4%), from €32,830 to €26,461
- Taxes +€3,340
up €3,340 (+29.4%), from €11,365 to €14,705
- Financial charges -€1,162
down €1,162 (-78.5%), from €1,480 to €318
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 | €1,242,207 | €1,253,597 | +€11,390 | +0.9% |
| Fixed assets | 21/28 | €1,213,478 | €1,187,017 | -€26,461 | -2.2% |
| Tangible fixed assets | 22/27 | €287,897 | €261,436 | -€26,461 | -9.2% |
| Land and buildings | 22 | €287,897 | €261,436 | -€26,461 | -9.2% |
| Financial fixed assets | 28 | €925,580 | €925,580 | = | 0.0% |
| Current assets | 29/58 | €28,729 | €66,581 | +€37,851 | +131.8% |
| Amounts receivable within one year | 40/41 | - | €295 | +€295 | |
| Other amounts receivable | 41 | - | €295 | +€295 | |
| Cash at bank and in hand | 54/58 | €28,729 | €66,285 | +€37,556 | +130.7% |
| Total equity and liabilities | 10/49 | €1,242,207 | €1,253,597 | +€11,390 | +0.9% |
| Equity | 10/15 | €1,209,148 | €1,253,262 | +€44,114 | +3.6% |
| Contributions | 10/11 | €60,540 | €60,540 | = | 0.0% |
| Reserves | 13 | €1,148,608 | €1,192,722 | +€44,114 | +3.8% |
| Distributable reserves | 133 | €1,148,608 | €1,192,722 | +€44,114 | +3.8% |
| Amounts payable | 17/49 | €33,059 | €335 | -€32,724 | -99.0% |
| Amounts payable within one year | 42/48 | €33,059 | €335 | -€32,724 | -99.0% |
| Current portion of amounts payable after more than one year | 42 | €27,285 | - | -€27,285 | |
| Trade debts | 44 | €1,790 | €335 | -€1,454 | -81.3% |
| Suppliers | 440/4 | €1,790 | €335 | -€1,454 | -81.3% |
| Taxes, remuneration and social security | 45 | €3,984 | - | -€3,984 | |
| Taxes | 450/3 | €3,984 | - | -€3,984 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,830 | €26,461 | -€6,369 | -19.4% |
| Other operating charges | 640/8 | €7,270 | €7,509 | +€238 | +3.3% |
| Gross operating margin | 9900 | €80,182 | €89,918 | +€9,736 | +12.1% |
| Operating profit (loss) | 9901 | €40,081 | €55,948 | +€15,867 | +39.6% |
| Financial income | 75/76B | €7,395 | €103,222 | +€95,826 | +1295.8% |
| Recurring financial income | 75 | €7,395 | €103,222 | +€95,826 | +1295.8% |
| Financial charges | 65/66B | €1,480 | €318 | -€1,162 | -78.5% |
| Recurring financial charges | 65 | €1,480 | €318 | -€1,162 | -78.5% |
| Profit (loss) for the period before taxes | 9903 | €45,997 | €158,852 | +€112,855 | +245.4% |
| Income taxes | 67/77 | €11,365 | €14,705 | +€3,340 | +29.4% |
| Profit (loss) for the period | 9904 | €34,632 | €144,147 | +€109,515 | +316.2% |
| Profit (loss) for the period to be appropriated | 9905 | €34,632 | €144,147 | +€109,515 | +316.2% |
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.