WAULEF: 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.
WAULEF
Largest movements
- Receivables within one year +€165,516
up €165,516 (+23.2%), from €713,884 to €879,400
of which Trade receivables: +€182,160
- Cash -€123,273
down €123,273 (-94.9%), from €129,851 to €6,578
mainly Other debts (-€1.5m) and Receivables within one year (-€165,516)
- Receivables after one year +€100,000
up €100,000 (+1336.9%), from €7,480 to €107,480
- Other debts -€1.5m
down €1.5m (-51.9%), from €2.8m to €1.4m
- Debts after one year +€1.4m
up €1.4m (+54.7%), from €2.6m to €4.0m
- Reserves +€240,000
up €240,000 (+11.8%), from €2.0m to €2.3m
- Accrued charges and deferred income +€105,466
up €105,466 (+336.7%), from €31,319 to €136,785
- Advances received -€91,067
down €91,067 (-100.0%), from €91,067 to €0
- Financial charges +€106,574
up €106,574 (+262.2%), from €40,643 to €147,217
of which Financial charges: +€106,574
- Staff costs -€57,295
down €57,295 (-98.5%), from €58,196 to €901
- Write-downs -€33,028
down €33,028, from €7,580 to -€25,448
- Other operating charges +€8,995
up €8,995 (+58.4%), from €15,406 to €24,401
- Gross operating margin +€7,898
up €7,898 (+1.4%), from €562,815 to €570,713
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 | €7,975,119 | €8,157,050 | +€181,931 | +2.3% |
| Fixed assets | 21/28 | €7,086,336 | €7,151,942 | +€65,605 | +0.9% |
| Tangible fixed assets | 22/27 | €674,864 | €737,070 | +€62,205 | +9.2% |
| Land and buildings | 22 | €660,949 | €620,787 | -€40,162 | -6.1% |
| Plant, machinery and equipment | 23 | €4,900 | €5,903 | +€1,003 | +20.5% |
| Furniture and vehicles | 24 | €9,016 | €110,380 | +€101,364 | +1124.3% |
| Financial fixed assets | 28 | €6,411,472 | €6,414,872 | +€3,400 | +0.1% |
| Current assets | 29/58 | €888,783 | €1,005,109 | +€116,326 | +13.1% |
| Amounts receivable after more than one year | 29 | €7,480 | €107,480 | +€100,000 | +1336.9% |
| Other amounts receivable | 291 | €7,480 | €107,480 | +€100,000 | +1336.9% |
| Amounts receivable within one year | 40/41 | €713,884 | €879,400 | +€165,516 | +23.2% |
| Trade receivables | 40 | €18,861 | €201,020 | +€182,160 | +965.8% |
| Other amounts receivable | 41 | €695,023 | €678,380 | -€16,643 | -2.4% |
| Current investments | 50/53 | €500 | €500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €129,851 | €6,578 | -€123,273 | -94.9% |
| Deferred charges and accrued income | 490/1 | €37,068 | €11,150 | -€25,918 | -69.9% |
| Total equity and liabilities | 10/49 | €7,975,119 | €8,157,050 | +€181,931 | +2.3% |
| Equity | 10/15 | €2,048,793 | €2,295,460 | +€246,667 | +12.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,030,000 | €2,270,000 | +€240,000 | +11.8% |
| Distributable reserves | 133 | €2,030,000 | €2,270,000 | +€240,000 | +11.8% |
| Profit (loss) carried forward | 14 | €193 | €6,860 | +€6,667 | +3457.2% |
| Amounts payable | 17/49 | €5,926,327 | €5,861,591 | -€64,736 | -1.1% |
| Amounts payable after more than one year | 17 | €2,564,631 | €3,967,968 | +€1.4m | +54.7% |
| Financial debts | 170/4 | €2,564,631 | €3,967,968 | +€1.4m | +54.7% |
| Amounts payable within one year | 42/48 | €3,330,376 | €1,756,838 | -€1.6m | -47.2% |
| Current portion of amounts payable after more than one year | 42 | €172,211 | €192,511 | +€20,299 | +11.8% |
| Financial debts | 43 | €54,245 | €54,283 | +€38 | +0.1% |
| Credit institutions | 430/8 | €54,245 | €54,283 | +€38 | +0.1% |
| Trade debts | 44 | €103,204 | €12,485 | -€90,719 | -87.9% |
| Suppliers | 440/4 | €103,204 | €12,485 | -€90,719 | -87.9% |
| Advances received on contracts in progress | 46 | €91,067 | €0 | -€91,067 | -100.0% |
| Taxes, remuneration and social security | 45 | €59,832 | €127,348 | +€67,516 | +112.8% |
| Taxes | 450/3 | €58,184 | €127,348 | +€69,164 | +118.9% |
| Remuneration and social security | 454/9 | €1,648 | €0 | -€1,648 | -100.0% |
| Other amounts payable | 47/48 | €2,849,817 | €1,370,212 | -€1.5m | -51.9% |
| Accrued charges and deferred income | 492/3 | €31,319 | €136,785 | +€105,466 | +336.7% |
| Non-recurring operating income | 76A | €44,779 | €102,012 | +€57,233 | +127.8% |
| Remuneration, social security and pensions | 62 | €58,196 | €901 | -€57,295 | -98.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,239 | €51,472 | -€3,767 | -6.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,580 | -€25,448 | -€33,028 | |
| Other operating charges | 640/8 | €15,406 | €24,401 | +€8,995 | +58.4% |
| Gross operating margin | 9900 | €562,815 | €570,713 | +€7,898 | +1.4% |
| Operating profit (loss) | 9901 | €426,394 | €519,388 | +€92,993 | +21.8% |
| Financial income | 75/76B | €25,056 | €18,851 | -€6,204 | -24.8% |
| Recurring financial income | 75 | €25,056 | €18,788 | -€6,268 | -25.0% |
| Non-recurring financial income | 76B | €0 | €63 | +€63 | |
| Financial charges | 65/66B | €40,643 | €147,217 | +€106,574 | +262.2% |
| Recurring financial charges | 65 | €40,643 | €147,217 | +€106,574 | +262.2% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €410,807 | €391,022 | -€19,785 | -4.8% |
| Income taxes | 67/77 | €139,632 | €144,356 | +€4,723 | +3.4% |
| Profit (loss) for the period | 9904 | €271,175 | €246,667 | -€24,508 | -9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €271,175 | €246,667 | -€24,508 | -9.0% |
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 1 October 2026 via checked.be.