WATERLOO: 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.
What changed
WATERLOO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€429,403
2024 · -€466,448+€37,045
Equity
-€1.6m
2024 · -€1.2m-€429,403
Cash
€41,200
2024 · €60,051-€18,851
Balance sheet total
€3.1m
2024 · €3.5m-€386,321
Largest movements
Assets
- Tangible fixed assets -€377,250
down €377,250 (-11.6%), from €3.2m to €2.9m
of which Plant, machinery and equipment: -€369,161
Equity and liabilities
- Profit (loss) carried forward -€429,403
down €429,403 (-23.2%), from -€1.9m to -€2.3m
- Debts after one year +€104,073
up €104,073 (+2.4%), from €4.4m to €4.5m
- Other debts -€65,835
down €65,835 (-24.0%), from €274,735 to €208,901
Income statement
- Gross operating margin +€88,189
up €88,189 (+95.0%), from €92,818 to €181,007
- Staff costs +€32,461
up €32,461 (+19,871%), from €163 to €32,624
- Depreciation +€12,413
up €12,413 (+2.3%), from €545,623 to €558,036
- Other operating charges +€6,353
up €6,353 (+35.5%), from €17,919 to €24,273
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.
Result 2024
-€466,448
Gross operating margin
+€88,189
Staff costs
-€32,461
Depreciation
-€12,413
Other operating charges
-€6,353
Financial income
-€1,611
Financial charges
+€1,693
Result 2025
-€429,403
raises the resultlowers the result
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.
From operations
+€58,213
Investment
-€180,785
Financing
+€103,722
Cash 2024
€60,051
From operations (derived)
+€58,213
Net result for the year
-€429,403
Depreciation
+€558,036
Receivables within one year
-€9,065
Smaller working-capital items
-€715
Tax, wage and social debts
+€3,459
Other debts
-€65,835
Accrued charges and deferred income
+€1,735
Investment (derived)
-€180,785
Investment in fixed assets (net)
-€180,785
Financing
+€103,722
Debts after one year
+€104,073
Short-term financial debts
-€351
Cash 2025
€41,200
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,455,179 | €3,068,858 | -€386,321 | -11.2% |
| Fixed assets | 21/28 | €3,243,656 | €2,866,406 | -€377,250 | -11.6% |
| Tangible fixed assets | 22/27 | €3,243,564 | €2,866,314 | -€377,250 | -11.6% |
| Land and buildings | 22 | €281,466 | €274,445 | -€7,022 | -2.5% |
| Plant, machinery and equipment | 23 | €2,959,049 | €2,589,888 | -€369,161 | -12.5% |
| Furniture and vehicles | 24 | €3,049 | €1,982 | -€1,068 | -35.0% |
| Financial fixed assets | 28 | €91 | €91 | = | 0.0% |
| Current assets | 29/58 | €211,523 | €202,452 | -€9,071 | -4.3% |
| Amounts receivable within one year | 40/41 | €149,699 | €158,764 | +€9,065 | +6.1% |
| Other amounts receivable | 41 | €149,699 | €158,764 | +€9,065 | +6.1% |
| Cash at bank and in hand | 54/58 | €60,051 | €41,200 | -€18,851 | -31.4% |
| Deferred charges and accrued income | 490/1 | €1,774 | €2,489 | +€715 | +40.3% |
| Total equity and liabilities | 10/49 | €3,455,179 | €3,068,858 | -€386,321 | -11.2% |
| Equity | 10/15 | -€1,187,957 | -€1,617,360 | -€429,403 | -36.1% |
| Contributions | 10/11 | €443,729 | €443,729 | = | 0.0% |
| Capital | 10 | €443,729 | €443,729 | = | 0.0% |
| Issued capital | 100 | €443,729 | €443,729 | = | 0.0% |
| Reserves | 13 | €222,373 | €222,373 | = | 0.0% |
| Non-distributable reserves | 130/1 | €44,373 | €44,373 | = | 0.0% |
| Legal reserve | 130 | €44,373 | €44,373 | = | 0.0% |
| Distributable reserves | 133 | €178,000 | €178,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,854,059 | -€2,283,462 | -€429,403 | -23.2% |
| Amounts payable | 17/49 | €4,643,136 | €4,686,218 | +€43,082 | +0.9% |
| Amounts payable after more than one year | 17 | €4,352,692 | €4,456,765 | +€104,073 | +2.4% |
| Other amounts payable | 178/9 | €4,352,692 | €4,456,765 | +€104,073 | +2.4% |
| Amounts payable within one year | 42/48 | €290,444 | €227,718 | -€62,726 | -21.6% |
| Financial debts | 43 | €396 | €44 | -€351 | -88.8% |
| Credit institutions | 430/8 | €396 | €44 | -€351 | -88.8% |
| Trade debts | 44 | €12,333 | €12,333 | +€0 | 0.0% |
| Suppliers | 440/4 | €12,333 | €12,333 | +€0 | 0.0% |
| Taxes, remuneration and social security | 45 | €2,981 | €6,440 | +€3,459 | +116% |
| Remuneration and social security | 454/9 | €2,981 | €6,440 | +€3,459 | +116% |
| Other amounts payable | 47/48 | €274,735 | €208,901 | -€65,835 | -24.0% |
| Accrued charges and deferred income | 492/3 | - | €1,735 | +€1,735 | |
| Remuneration, social security and pensions | 62 | €163 | €32,624 | +€32,461 | +19,871% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €545,623 | €558,036 | +€12,413 | +2.3% |
| Other operating charges | 640/8 | €17,919 | €24,273 | +€6,353 | +35.5% |
| Gross operating margin | 9900 | €92,818 | €181,007 | +€88,189 | +95.0% |
| Operating profit (loss) | 9901 | -€470,887 | -€433,925 | +€36,963 | +7.8% |
| Financial income | 75/76B | €7,046 | €5,435 | -€1,611 | -22.9% |
| Recurring financial income | 75 | €7,046 | €5,435 | -€1,611 | -22.9% |
| Financial charges | 65/66B | €2,607 | €914 | -€1,693 | -64.9% |
| Recurring financial charges | 65 | €2,607 | €914 | -€1,693 | -64.9% |
| Profit (loss) for the period before taxes | 9903 | -€466,448 | -€429,403 | +€37,045 | +7.9% |
| Profit (loss) for the period | 9904 | -€466,448 | -€429,403 | +€37,045 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€466,448 | -€429,403 | +€37,045 | +7.9% |
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.