Waterloo Rambo: 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 Rambo
Largest movements
- Tangible fixed assets -€63,061
down €63,061 (-13.8%), from €456,801 to €393,740
of which Other tangible fixed assets: -€53,691
- Receivables within one year +€53,767
up €53,767 (+237.0%), from €22,690 to €76,456
of which Trade receivables: +€61,551
- Cash +€25,611
up €25,611 (+62.7%), from €40,828 to €66,439
mainly Trade debts (+€79,071) and Depreciation (+€73,194)
- Deferred charges and accrued income -€9,042
down €9,042 (-76.6%), from €11,804 to €2,762
- Stocks and contracts +€6,246
up €6,246 (+79.4%), from €7,865 to €14,110
- Trade debts +€79,071
up €79,071 (+96.1%), from €82,289 to €161,361
- Debts after one year -€52,723
down €52,723 (-28.8%), from €183,152 to €130,429
- Tax, wage and social debts -€18,574
down €18,574 (-51.1%), from €36,362 to €17,788
of which Remuneration and social security: -€15,364
- Other debts -€17,660
down €17,660 (-4.1%), from €432,417 to €414,757
- Profit (loss) carried forward +€17,378
up €17,378 (+7.7%), from -€224,626 to -€207,248
- Gross operating margin +€38,605
up €38,605 (+11.7%), from €329,940 to €368,544
- Staff costs -€25,893
down €25,893 (-9.0%), from €286,773 to €260,880
- Financial charges +€4,334
up €4,334 (+35.8%), from €12,109 to €16,443
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.
Cash bridge derived
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 | €568,398 | €577,697 | +€9,299 | +1.6% |
| Fixed assets | 21/28 | €485,212 | €417,929 | -€67,283 | -13.9% |
| Intangible fixed assets | 21 | €28,411 | €24,189 | -€4,222 | -14.9% |
| Tangible fixed assets | 22/27 | €456,801 | €393,740 | -€63,061 | -13.8% |
| Furniture and vehicles | 24 | €39,121 | €29,752 | -€9,369 | -23.9% |
| Other tangible fixed assets | 26 | €417,679 | €363,988 | -€53,691 | -12.9% |
| Current assets | 29/58 | €83,186 | €159,767 | +€76,581 | +92.1% |
| Stocks and contracts in progress | 3 | €7,865 | €14,110 | +€6,246 | +79.4% |
| Stocks | 30/36 | €7,865 | €14,110 | +€6,246 | +79.4% |
| Amounts receivable within one year | 40/41 | €22,690 | €76,456 | +€53,767 | +237.0% |
| Trade receivables | 40 | €9,065 | €70,617 | +€61,551 | +679.0% |
| Other amounts receivable | 41 | €13,624 | €5,839 | -€7,785 | -57.1% |
| Cash at bank and in hand | 54/58 | €40,828 | €66,439 | +€25,611 | +62.7% |
| Deferred charges and accrued income | 490/1 | €11,804 | €2,762 | -€9,042 | -76.6% |
| Total equity and liabilities | 10/49 | €568,398 | €577,697 | +€9,299 | +1.6% |
| Equity | 10/15 | -€221,626 | -€204,248 | +€17,378 | +7.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€224,626 | -€207,248 | +€17,378 | +7.7% |
| Amounts payable | 17/49 | €790,024 | €781,945 | -€8,079 | -1.0% |
| Amounts payable after more than one year | 17 | €183,152 | €130,429 | -€52,723 | -28.8% |
| Financial debts | 170/4 | €183,152 | €130,429 | -€52,723 | -28.8% |
| Amounts payable within one year | 42/48 | €606,872 | €646,640 | +€39,768 | +6.6% |
| Current portion of amounts payable after more than one year | 42 | €55,793 | €52,723 | -€3,070 | -5.5% |
| Financial debts | 43 | €11 | €12 | +€1 | +9.1% |
| Credit institutions | 430/8 | €11 | €12 | +€1 | +9.1% |
| Trade debts | 44 | €82,289 | €161,361 | +€79,071 | +96.1% |
| Suppliers | 440/4 | €82,289 | €161,361 | +€79,071 | +96.1% |
| Taxes, remuneration and social security | 45 | €36,362 | €17,788 | -€18,574 | -51.1% |
| Taxes | 450/3 | €7,609 | €4,398 | -€3,211 | -42.2% |
| Remuneration and social security | 454/9 | €28,754 | €13,390 | -€15,364 | -53.4% |
| Other amounts payable | 47/48 | €432,417 | €414,757 | -€17,660 | -4.1% |
| Accrued charges and deferred income | 492/3 | - | €4,876 | +€4,876 | |
| Remuneration, social security and pensions | 62 | €286,773 | €260,880 | -€25,893 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,723 | €73,194 | +€471 | +0.6% |
| Other operating charges | 640/8 | €714 | €813 | +€99 | +13.8% |
| Non-recurring operating charges | 66A | €6,514 | - | -€6,514 | |
| Gross operating margin | 9900 | €329,940 | €368,544 | +€38,605 | +11.7% |
| Operating profit (loss) | 9901 | -€36,785 | €33,658 | +€70,442 | |
| Financial income | 75/76B | €334 | €163 | -€171 | -51.2% |
| Recurring financial income | 75 | €334 | €163 | -€171 | -51.2% |
| Financial charges | 65/66B | €12,109 | €16,443 | +€4,334 | +35.8% |
| Recurring financial charges | 65 | €12,109 | €16,443 | +€4,334 | +35.8% |
| Profit (loss) for the period before taxes | 9903 | -€48,560 | €17,378 | +€65,938 | |
| Profit (loss) for the period | 9904 | -€48,560 | €17,378 | +€65,938 | |
| Profit (loss) for the period to be appropriated | 9905 | -€48,560 | €17,378 | +€65,938 |
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 12 October 2026 via checked.be.