WATERLOO HILLS: 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 HILLS
Largest movements
- Cash -€46,404
down €46,404 (-41.8%), from €111,066 to €64,661
mainly Contributions, distributions and other (-€171,852) and Current investments (-€40,000)
- Current investments +€40,000
up €40,000 (+20.0%), from €200,000 to €240,000
- Tangible fixed assets -€15,611
down €15,611 (-25.6%), from €60,949 to €45,338
of which Furniture and vehicles: -€10,065
- Receivables within one year +€3,978
up €3,978 (+27.9%), from €14,279 to €18,257
of which Trade receivables: +€9,378
- Reserves -€149,363
down €149,363 (-58.0%), from €257,318 to €107,955
- Other debts +€130,511
up €130,511 (+159%), from €81,869 to €212,380
- Gross operating margin -€28,520
down €28,520 (-39.2%), from €72,715 to €44,195
- Taxes -€6,386
down €6,386 (-38.4%), from €16,638 to €10,252
- Financial income +€4,118
up €4,118 (+150%), from €2,736 to €6,854
- Financial charges -€1,446
down €1,446 (-95.1%), from €1,520 to €74
- Other operating charges +€783
up €783 (+42.5%), from €1,840 to €2,623
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 | €390,444 | €372,905 | -€17,539 | -4.5% |
| Fixed assets | 21/28 | €60,949 | €45,338 | -€15,611 | -25.6% |
| Tangible fixed assets | 22/27 | €60,949 | €45,338 | -€15,611 | -25.6% |
| Land and buildings | 22 | €22,414 | €18,678 | -€3,736 | -16.7% |
| Furniture and vehicles | 24 | €27,970 | €17,906 | -€10,065 | -36.0% |
| Other tangible fixed assets | 26 | €10,565 | €8,754 | -€1,810 | -17.1% |
| Current assets | 29/58 | €329,495 | €327,567 | -€1,929 | -0.6% |
| Amounts receivable within one year | 40/41 | €14,279 | €18,257 | +€3,978 | +27.9% |
| Trade receivables | 40 | €6,824 | €16,202 | +€9,378 | +137% |
| Other amounts receivable | 41 | €7,455 | €2,055 | -€5,400 | -72.4% |
| Current investments | 50/53 | €200,000 | €240,000 | +€40,000 | +20.0% |
| Cash at bank and in hand | 54/58 | €111,066 | €64,661 | -€46,404 | -41.8% |
| Deferred charges and accrued income | 490/1 | €4,150 | €4,648 | +€498 | +12.0% |
| Total equity and liabilities | 10/49 | €390,444 | €372,905 | -€17,539 | -4.5% |
| Equity | 10/15 | €291,901 | €142,538 | -€149,363 | -51.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €257,318 | €107,955 | -€149,363 | -58.0% |
| Distributable reserves | 133 | €257,318 | €107,955 | -€149,363 | -58.0% |
| Profit (loss) carried forward | 14 | €28,383 | €28,383 | = | 0.0% |
| Amounts payable | 17/49 | €98,543 | €230,367 | +€131,824 | +134% |
| Amounts payable within one year | 42/48 | €98,543 | €229,271 | +€130,728 | +133% |
| Trade debts | 44 | €4,550 | €4,764 | +€214 | +4.7% |
| Suppliers | 440/4 | €4,550 | €4,764 | +€214 | +4.7% |
| Taxes, remuneration and social security | 45 | €12,124 | €12,126 | +€3 | 0.0% |
| Taxes | 450/3 | €12,124 | €12,126 | +€3 | 0.0% |
| Other amounts payable | 47/48 | €81,869 | €212,380 | +€130,511 | +159% |
| Accrued charges and deferred income | 492/3 | - | €1,096 | +€1,096 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,972 | €15,611 | -€361 | -2.3% |
| Other operating charges | 640/8 | €1,840 | €2,623 | +€783 | +42.5% |
| Gross operating margin | 9900 | €72,715 | €44,195 | -€28,520 | -39.2% |
| Operating profit (loss) | 9901 | €54,903 | €25,961 | -€28,942 | -52.7% |
| Financial income | 75/76B | €2,736 | €6,854 | +€4,118 | +150% |
| Recurring financial income | 75 | €2,736 | €6,854 | +€4,118 | +150% |
| Financial charges | 65/66B | €1,520 | €74 | -€1,446 | -95.1% |
| Recurring financial charges | 65 | €1,520 | €74 | -€1,446 | -95.1% |
| Profit (loss) for the period before taxes | 9903 | €56,119 | €32,741 | -€23,378 | -41.7% |
| Income taxes | 67/77 | €16,638 | €10,252 | -€6,386 | -38.4% |
| Profit (loss) for the period | 9904 | €39,481 | €22,489 | -€16,992 | -43.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,481 | €22,489 | -€16,992 | -43.0% |
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 15 October 2026 via checked.be.