WATERLOO 1410: 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.
WATERLOO 1410
Largest movements
- Stocks and contracts +€191,434
up €191,434 (+23.5%), from €815,011 to €1.0m
- Cash +€186,019
up €186,019 (+86.1%), from €215,972 to €401,991
mainly Net result for the year (+€258,037) and Depreciation (+€125,295)
- Tangible fixed assets -€125,286
down €125,286 (-15.7%), from €796,307 to €671,021
of which Other tangible fixed assets: -€117,246
- Receivables within one year +€85,335
up €85,335 (+67.8%), from €125,821 to €211,156
of which Trade receivables: +€84,818
- Reserves +€258,037
up €258,037 (+763%), from €33,810 to €291,847
- Trade debts +€64,209
up €64,209 (+24.9%), from €257,448 to €321,657
- Debts after one year -€59,711
down €59,711 (-4.1%), from €1.5m to €1.4m
- Tax, wage and social debts +€27,817
up €27,817 (+24.0%), from €115,749 to €143,566
of which Taxes: +€20,447
- Accrued charges and deferred income +€27,356
up €27,356 (+45.7%), from €59,834 to €87,190
- Gross operating margin +€180,603
up €180,603 (+24.7%), from €730,978 to €911,581
- Taxes +€74,358
up €74,358 (+445%), from €16,696 to €91,054
- Staff costs +€38,503
up €38,503 (+10.9%), from €353,450 to €391,952
- Financial charges -€10,623
down €10,623 (-16.3%), from €65,041 to €54,418
- Other operating charges +€9,949
up €9,949 (+244%), from €4,069 to €14,019
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,015,729 | €2,333,437 | +€317,708 | +15.8% |
| Formation expenses | 20 | €9 | €0 | -€9 | -100% |
| Fixed assets | 21/28 | €796,307 | €671,021 | -€125,286 | -15.7% |
| Tangible fixed assets | 22/27 | €796,307 | €671,021 | -€125,286 | -15.7% |
| Plant, machinery and equipment | 23 | €518 | €312 | -€206 | -39.9% |
| Furniture and vehicles | 24 | €8,703 | €870 | -€7,833 | -90.0% |
| Other tangible fixed assets | 26 | €787,086 | €669,840 | -€117,246 | -14.9% |
| Current assets | 29/58 | €1,219,413 | €1,662,416 | +€443,003 | +36.3% |
| Stocks and contracts in progress | 3 | €815,011 | €1,006,446 | +€191,434 | +23.5% |
| Stocks | 30/36 | €815,011 | €1,006,446 | +€191,434 | +23.5% |
| Amounts receivable within one year | 40/41 | €125,821 | €211,156 | +€85,335 | +67.8% |
| Trade receivables | 40 | €125,262 | €210,079 | +€84,818 | +67.7% |
| Other amounts receivable | 41 | €559 | €1,077 | +€517 | +92.5% |
| Cash at bank and in hand | 54/58 | €215,972 | €401,991 | +€186,019 | +86.1% |
| Deferred charges and accrued income | 490/1 | €62,609 | €42,823 | -€19,785 | -31.6% |
| Total equity and liabilities | 10/49 | €2,015,729 | €2,333,437 | +€317,708 | +15.8% |
| Equity | 10/15 | €83,810 | €341,847 | +€258,037 | +308% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €33,810 | €291,847 | +€258,037 | +763% |
| Distributable reserves | 133 | €33,810 | €291,847 | +€258,037 | +763% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,931,919 | €1,991,590 | +€59,671 | +3.1% |
| Amounts payable after more than one year | 17 | €1,474,205 | €1,414,494 | -€59,711 | -4.1% |
| Other amounts payable | 178/9 | €1,474,205 | €1,414,494 | -€59,711 | -4.1% |
| Amounts payable within one year | 42/48 | €397,880 | €489,906 | +€92,026 | +23.1% |
| Trade debts | 44 | €257,448 | €321,657 | +€64,209 | +24.9% |
| Suppliers | 440/4 | €257,448 | €321,657 | +€64,209 | +24.9% |
| Taxes, remuneration and social security | 45 | €115,749 | €143,566 | +€27,817 | +24.0% |
| Taxes | 450/3 | €60,004 | €80,451 | +€20,447 | +34.1% |
| Remuneration and social security | 454/9 | €55,746 | €63,116 | +€7,370 | +13.2% |
| Other amounts payable | 47/48 | €24,683 | €24,683 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €59,834 | €87,190 | +€27,356 | +45.7% |
| Remuneration, social security and pensions | 62 | €353,450 | €391,952 | +€38,503 | +10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,755 | €125,295 | -€2,460 | -1.9% |
| Other operating charges | 640/8 | €4,069 | €14,019 | +€9,949 | +244% |
| Gross operating margin | 9900 | €730,978 | €911,581 | +€180,603 | +24.7% |
| Operating profit (loss) | 9901 | €245,704 | €380,315 | +€134,611 | +54.8% |
| Financial income | 75/76B | €18,244 | €23,194 | +€4,951 | +27.1% |
| Recurring financial income | 75 | €18,244 | €23,194 | +€4,951 | +27.1% |
| Financial charges | 65/66B | €65,041 | €54,418 | -€10,623 | -16.3% |
| Recurring financial charges | 65 | €65,041 | €54,418 | -€10,623 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €198,906 | €349,091 | +€150,185 | +75.5% |
| Income taxes | 67/77 | €16,696 | €91,054 | +€74,358 | +445% |
| Profit (loss) for the period | 9904 | €182,210 | €258,037 | +€75,827 | +41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €182,210 | €258,037 | +€75,827 | +41.6% |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.