WATERLOO FINANCE: 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 FINANCE
Largest movements
- Current investments +€32,000
up €32,000 (+11.6%), from €275,140 to €307,140
- Receivables after one year -€20,000
no longer reported in 2025 (was €20,000)
- Tangible fixed assets -€10,591
down €10,591 (-20.0%), from €52,938 to €42,347
- Receivables within one year -€4,603
down €4,603 (-13.5%), from €34,083 to €29,480
of which Trade receivables: -€5,210
- Other debts +€11,039
up €11,039 (+7,577%), from €146 to €11,185
- Trade debts +€10,370
up €10,370 (+1,647%), from €630 to €10,999
- Tax, wage and social debts -€9,804
down €9,804 (-94.7%), from €10,349 to €545
- Reserves -€8,500
down €8,500 (-2.5%), from €336,860 to €328,360
- Current portion of long-term debt -€7,866
no longer reported in 2025 (was €7,866)
- Gross operating margin -€33,401
down €33,401 (-45.4%), from €73,605 to €40,204
- Taxes -€10,141
down €10,141 (-46.1%), from €22,019 to €11,878
- Depreciation +€6,001
up €6,001 (+97.8%), from €6,133 to €12,134
- Other operating charges -€5,772
down €5,772 (-90.9%), from €6,347 to €575
- Financial income +€5,504
up €5,504 (+160%), from €3,444 to €8,948
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 | €391,808 | €387,510 | -€4,298 | -1.1% |
| Fixed assets | 21/28 | €52,938 | €42,347 | -€10,591 | -20.0% |
| Tangible fixed assets | 22/27 | €52,938 | €42,347 | -€10,591 | -20.0% |
| Furniture and vehicles | 24 | €52,938 | €42,347 | -€10,591 | -20.0% |
| Current assets | 29/58 | €338,870 | €345,163 | +€6,293 | +1.9% |
| Amounts receivable after more than one year | 29 | €20,000 | - | -€20,000 | |
| Other amounts receivable | 291 | €20,000 | - | -€20,000 | |
| Amounts receivable within one year | 40/41 | €34,083 | €29,480 | -€4,603 | -13.5% |
| Trade receivables | 40 | €32,509 | €27,299 | -€5,210 | -16.0% |
| Other amounts receivable | 41 | €1,573 | €2,180 | +€607 | +38.6% |
| Current investments | 50/53 | €275,140 | €307,140 | +€32,000 | +11.6% |
| Cash at bank and in hand | 54/58 | €8,683 | €7,847 | -€836 | -9.6% |
| Deferred charges and accrued income | 490/1 | €965 | €696 | -€268 | -27.8% |
| Total equity and liabilities | 10/49 | €391,808 | €387,510 | -€4,298 | -1.1% |
| Equity | 10/15 | €372,817 | €364,781 | -€8,037 | -2.2% |
| Contributions | 10/11 | €9,200 | €9,200 | = | 0.0% |
| Reserves | 13 | €336,860 | €328,360 | -€8,500 | -2.5% |
| Distributable reserves | 133 | €336,860 | €328,360 | -€8,500 | -2.5% |
| Profit (loss) carried forward | 14 | €26,757 | €27,221 | +€463 | +1.7% |
| Amounts payable | 17/49 | €18,991 | €22,729 | +€3,739 | +19.7% |
| Amounts payable within one year | 42/48 | €18,991 | €22,729 | +€3,739 | +19.7% |
| Current portion of amounts payable after more than one year | 42 | €7,866 | - | -€7,866 | |
| Trade debts | 44 | €630 | €10,999 | +€10,370 | +1,647% |
| Suppliers | 440/4 | €630 | €10,999 | +€10,370 | +1,647% |
| Taxes, remuneration and social security | 45 | €10,349 | €545 | -€9,804 | -94.7% |
| Taxes | 450/3 | €10,349 | €545 | -€9,804 | -94.7% |
| Other amounts payable | 47/48 | €146 | €11,185 | +€11,039 | +7,577% |
| Non-recurring operating income | 76A | €4,699 | - | -€4,699 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,133 | €12,134 | +€6,001 | +97.8% |
| Other operating charges | 640/8 | €6,347 | €575 | -€5,772 | -90.9% |
| Gross operating margin | 9900 | €73,605 | €40,204 | -€33,401 | -45.4% |
| Operating profit (loss) | 9901 | €61,124 | €27,494 | -€33,630 | -55.0% |
| Financial income | 75/76B | €3,444 | €8,948 | +€5,504 | +160% |
| Recurring financial income | 75 | €3,444 | €8,948 | +€5,504 | +160% |
| Financial charges | 65/66B | €823 | €100 | -€723 | -87.8% |
| Recurring financial charges | 65 | €823 | €100 | -€723 | -87.8% |
| Profit (loss) for the period before taxes | 9903 | €63,746 | €36,342 | -€27,404 | -43.0% |
| Income taxes | 67/77 | €22,019 | €11,878 | -€10,141 | -46.1% |
| Profit (loss) for the period | 9904 | €41,726 | €24,463 | -€17,263 | -41.4% |
| Profit (loss) for the period to be appropriated | 9905 | €41,726 | €24,463 | -€17,263 | -41.4% |
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 20 October 2026 via checked.be.