WAUBREL: what changed
Two fiscal 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.
What changed
WAUBREL
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€224,722
2024 · €38,913-€263,634
Equity
€10.9m
2024 · €11.2m-€224,722
Cash
€550,047
2024 · €618,763-€68,716
Balance sheet total
€28.4m
2024 · €28.2m+€260,690
Largest movements
Assets
- Receivables after one year +€787,632
up €787,632 (+218.3%), from €360,802 to €1.1m
- Financial fixed assets -€316,776
down €316,776 (-2.5%), from €12.8m to €12.5m
Equity and liabilities
- Debts after one year +€584,051
up €584,051 (+4.3%), from €13.6m to €14.2m
of which Financial debts: +€1.2m
Income statement
- Financial income -€253,330
down €253,330 (-21.1%), from €1.2m to €947,021
- Gross operating margin -€29,121
down €29,121 (-17.6%), from €165,237 to €136,116
- Taxes -€27,827
down €27,827, from €19,921 to -€7,906
- Financial charges +€27,277
up €27,277 (+2.5%), from €1.1m to €1.1m
of which Financial charges: +€227,277
- Provisions -€25,684
down €25,684 (-37.5%), from -€68,412 to -€94,096
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.
Result 2024
€38,913
Gross operating margin
-€29,121
Staff costs
-€1,527
Depreciation
-€3,693
Provisions
+€25,684
Other operating charges
-€2,198
Financial income
-€253,330
Financial charges
-€27,277
Taxes
+€27,827
Result 2025
-€224,722
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.
From operations
-€892,988
Investment
+€244,327
Financing
+€579,945
Cash 2024
€618,763
From operations (derived)
-€892,988
Net result for the year
-€224,722
Depreciation
+€258,498
Receivables after one year
-€787,632
Receivables within one year
-€59,690
Deferred charges and accrued income
+€15,091
Provisions
-€99,775
Trade debts
-€13,484
Smaller working-capital items
-€379
Accrued charges and deferred income
+€19,103
Investment (derived)
+€244,327
Investment in fixed assets (net)
+€265,443
Current investments
-€21,116
Financing
+€579,945
Debts after one year
+€584,051
Current portion of long-term debt
-€4,105
Cash 2025
€550,047
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,174,625 | €28,435,314 | +€260,690 | +0.9% |
| Fixed assets | 21/28 | €19,442,996 | €18,919,055 | -€523,941 | -2.7% |
| Tangible fixed assets | 22/27 | €6,626,863 | €6,419,699 | -€207,165 | -3.1% |
| Land and buildings | 22 | €4,896,356 | €4,780,629 | -€115,727 | -2.4% |
| Plant, machinery and equipment | 23 | €570,799 | €553,609 | -€17,190 | -3.0% |
| Furniture and vehicles | 24 | €83,264 | €78,802 | -€4,461 | -5.4% |
| Leasing and similar rights | 25 | €801,238 | €733,378 | -€67,860 | -8.5% |
| Other tangible fixed assets | 26 | €275,207 | €273,281 | -€1,926 | -0.7% |
| Financial fixed assets | 28 | €12,816,132 | €12,499,356 | -€316,776 | -2.5% |
| Current assets | 29/58 | €8,731,629 | €9,516,259 | +€784,630 | +9.0% |
| Amounts receivable after more than one year | 29 | €360,802 | €1,148,434 | +€787,632 | +218.3% |
| Other amounts receivable | 291 | €360,802 | €1,148,434 | +€787,632 | +218.3% |
| Amounts receivable within one year | 40/41 | €69,568 | €129,258 | +€59,690 | +85.8% |
| Trade receivables | 40 | €7,758 | €5,524 | -€2,234 | -28.8% |
| Other amounts receivable | 41 | €61,810 | €123,733 | +€61,924 | +100.2% |
| Current investments | 50/53 | €7,600,522 | €7,621,638 | +€21,116 | +0.3% |
| Cash at bank and in hand | 54/58 | €618,763 | €550,047 | -€68,716 | -11.1% |
| Deferred charges and accrued income | 490/1 | €81,974 | €66,883 | -€15,091 | -18.4% |
| Total equity and liabilities | 10/49 | €28,174,625 | €28,435,314 | +€260,690 | +0.9% |
| Equity | 10/15 | €11,167,882 | €10,943,160 | -€224,722 | -2.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €10,507,725 | €10,495,569 | -€12,156 | -0.1% |
| Non-distributable reserves | 130/1 | €2,155,854 | €2,155,854 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,155,854 | €2,155,854 | = | 0.0% |
| Tax-exempt reserves | 132 | €239,870 | €227,714 | -€12,156 | -5.1% |
| Distributable reserves | 133 | €8,112,001 | €8,112,001 | = | 0.0% |
| Profit (loss) carried forward | 14 | €641,557 | €428,991 | -€212,566 | -33.1% |
| Provisions and deferred taxes | 16 | €2,980,125 | €2,880,350 | -€99,775 | -3.3% |
| Provisions for liabilities and charges | 160/5 | €2,870,608 | €2,776,512 | -€94,096 | -3.3% |
| Other liabilities and charges | 164/5 | €2,870,608 | €2,776,512 | -€94,096 | -3.3% |
| Deferred taxes | 168 | €109,517 | €103,838 | -€5,678 | -5.2% |
| Amounts payable | 17/49 | €14,026,618 | €14,611,804 | +€585,186 | +4.2% |
| Amounts payable after more than one year | 17 | €13,614,668 | €14,198,719 | +€584,051 | +4.3% |
| Financial debts | 170/4 | €12,609,575 | €13,770,215 | +€1.2m | +9.2% |
| Other amounts payable | 178/9 | €1,005,093 | €428,504 | -€576,589 | -57.4% |
| Amounts payable within one year | 42/48 | €389,709 | €371,741 | -€17,968 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €359,139 | €355,034 | -€4,105 | -1.1% |
| Trade debts | 44 | €29,170 | €15,686 | -€13,484 | -46.2% |
| Suppliers | 440/4 | €29,170 | €15,686 | -€13,484 | -46.2% |
| Taxes, remuneration and social security | 45 | - | €1,021 | +€1,021 | |
| Taxes | 450/3 | - | €1,021 | +€1,021 | |
| Other amounts payable | 47/48 | €1,400 | - | -€1,400 | |
| Accrued charges and deferred income | 492/3 | €22,240 | €41,344 | +€19,103 | +85.9% |
| Remuneration, social security and pensions | 62 | €6,070 | €7,596 | +€1,527 | +25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €254,805 | €258,498 | +€3,693 | +1.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€68,412 | -€94,096 | -€25,684 | -37.5% |
| Other operating charges | 640/8 | €28,838 | €31,036 | +€2,198 | +7.6% |
| Gross operating margin | 9900 | €165,237 | €136,116 | -€29,121 | -17.6% |
| Operating profit (loss) | 9901 | -€56,064 | -€66,918 | -€10,855 | -19.4% |
| Financial income | 75/76B | €1,200,351 | €947,021 | -€253,330 | -21.1% |
| Recurring financial income | 75 | €1,200,351 | €947,021 | -€253,330 | -21.1% |
| Financial charges | 65/66B | €1,091,132 | €1,118,409 | +€27,277 | +2.5% |
| Recurring financial charges | 65 | €891,132 | €1,118,409 | +€227,277 | +25.5% |
| Non-recurring financial charges | 66B | €200,000 | - | -€200,000 | |
| Profit (loss) for the period before taxes | 9903 | €53,155 | -€238,306 | -€291,462 | |
| Transfer from deferred taxes | 780 | €5,678 | €5,678 | = | 0.0% |
| Income taxes | 67/77 | €19,921 | -€7,906 | -€27,827 | |
| Profit (loss) for the period | 9904 | €38,913 | -€224,722 | -€263,634 | |
| Transfer from tax-exempt reserves | 789 | €12,156 | €12,156 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,068 | -€212,566 | -€263,634 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.