WATERLOO INVEST: 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 INVEST
Largest movements
- Current investments +€2.8m
up €2.8m (+1,108%), from €250,000 to €3.0m
- Tangible fixed assets -€723,473
down €723,473 (-9.8%), from €7.4m to €6.7m
of which Land and buildings: -€744,463
- Receivables within one year -€211,760
down €211,760 (-48.9%), from €433,323 to €221,563
of which Other amounts receivable: -€162,642
- Cash -€205,308
down €205,308 (-64.8%), from €316,652 to €111,345
mainly Current investments (-€2.8m) and Debts after one year (-€240,256)
- Reserves +€1.6m
up €1.6m (+41.7%), from €3.9m to €5.6m
of which Non-distributable reserves: +€2.4m
- Debts after one year -€240,256
down €240,256 (-10.8%), from €2.2m to €2.0m
- Profit (loss) carried forward +€193,329
up €193,329 (+24.5%), from €789,704 to €983,032
- Other operating charges -€66,709
down €66,709 (-27.8%), from €240,186 to €173,477
- Depreciation -€39,056
down €39,056 (-10.7%), from €364,072 to €325,016
- Taxes +€27,572
up €27,572 (+22.4%), from €122,962 to €150,534
- Financial charges -€24,557
down €24,557 (-21.5%), from €114,313 to €89,756
- Write-downs +€15,714
new in 2025: €15,714
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 | €8,425,516 | €10,050,017 | +€1.6m | +19.3% |
| Fixed assets | 21/28 | €7,425,541 | €6,697,110 | -€728,431 | -9.8% |
| Tangible fixed assets | 22/27 | €7,381,606 | €6,658,133 | -€723,473 | -9.8% |
| Land and buildings | 22 | €7,375,598 | €6,631,135 | -€744,463 | -10.1% |
| Furniture and vehicles | 24 | €6,008 | €26,999 | +€20,990 | +349% |
| Financial fixed assets | 28 | €43,935 | €38,976 | -€4,958 | -11.3% |
| Current assets | 29/58 | €999,975 | €3,352,907 | +€2.4m | +235% |
| Amounts receivable within one year | 40/41 | €433,323 | €221,563 | -€211,760 | -48.9% |
| Trade receivables | 40 | €127,121 | €78,003 | -€49,118 | -38.6% |
| Other amounts receivable | 41 | €306,202 | €143,560 | -€162,642 | -53.1% |
| Current investments | 50/53 | €250,000 | €3,020,000 | +€2.8m | +1,108% |
| Cash at bank and in hand | 54/58 | €316,652 | €111,345 | -€205,308 | -64.8% |
| Total equity and liabilities | 10/49 | €8,425,516 | €10,050,017 | +€1.6m | +19.3% |
| Equity | 10/15 | €5,031,977 | €6,862,512 | +€1.8m | +36.4% |
| Contributions | 10/11 | €313,116 | €313,116 | = | 0.0% |
| Capital | 10 | €313,116 | €313,116 | = | 0.0% |
| Issued capital | 100 | €313,116 | €313,116 | = | 0.0% |
| Reserves | 13 | €3,929,157 | €5,566,364 | +€1.6m | +41.7% |
| Non-distributable reserves | 130/1 | €31,312 | €2,451,312 | +€2.4m | +7,729% |
| Legal reserve | 130 | €31,312 | €31,312 | = | 0.0% |
| Own shares acquired | 1312 | - | €2,420,000 | +€2.4m | |
| Tax-exempt reserves | 132 | €249,374 | €1,626,563 | +€1.4m | +552% |
| Distributable reserves | 133 | €3,648,472 | €1,488,489 | -€2.2m | -59.2% |
| Profit (loss) carried forward | 14 | €789,704 | €983,032 | +€193,329 | +24.5% |
| Amounts payable | 17/49 | €3,393,539 | €3,187,505 | -€206,034 | -6.1% |
| Amounts payable after more than one year | 17 | €2,218,534 | €1,978,278 | -€240,256 | -10.8% |
| Financial debts | 170/4 | €2,218,534 | €1,978,278 | -€240,256 | -10.8% |
| Amounts payable within one year | 42/48 | €1,172,981 | €1,209,227 | +€36,246 | +3.1% |
| Financial debts | 43 | €297,190 | €288,979 | -€8,211 | -2.8% |
| Credit institutions | 430/8 | €297,190 | €288,979 | -€8,211 | -2.8% |
| Taxes, remuneration and social security | 45 | €22,528 | €19,105 | -€3,423 | -15.2% |
| Taxes | 450/3 | €15,746 | €12,653 | -€3,093 | -19.6% |
| Remuneration and social security | 454/9 | €6,782 | €6,452 | -€330 | -4.9% |
| Other amounts payable | 47/48 | €853,263 | €901,143 | +€47,880 | +5.6% |
| Accrued charges and deferred income | 492/3 | €2,024 | - | -€2,024 | |
| Remuneration, social security and pensions | 62 | €44,237 | €49,551 | +€5,314 | +12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €364,072 | €325,016 | -€39,056 | -10.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €15,714 | +€15,714 | |
| Other operating charges | 640/8 | €240,186 | €173,477 | -€66,709 | -27.8% |
| Non-recurring operating charges | 66A | €306 | - | -€306 | |
| Gross operating margin | 9900 | €1,224,727 | €1,223,698 | -€1,029 | -0.1% |
| Operating profit (loss) | 9901 | €575,925 | €659,940 | +€84,014 | +14.6% |
| Financial income | 75/76B | €4,106 | €15,685 | +€11,579 | +282% |
| Recurring financial income | 75 | €4,106 | €15,685 | +€11,579 | +282% |
| Financial charges | 65/66B | €114,313 | €89,756 | -€24,557 | -21.5% |
| Recurring financial charges | 65 | €114,313 | €89,756 | -€24,557 | -21.5% |
| Profit (loss) for the period before taxes | 9903 | €465,718 | €585,868 | +€120,150 | +25.8% |
| Income taxes | 67/77 | €122,962 | €150,534 | +€27,572 | +22.4% |
| Profit (loss) for the period | 9904 | €342,756 | €435,334 | +€92,578 | +27.0% |
| Transfer from tax-exempt reserves | 789 | €17,261 | €18,011 | +€750 | +4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €360,017 | €453,345 | +€93,329 | +25.9% |
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 31 October 2026 via checked.be.