WAUPIG: 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.
WAUPIG
Largest movements
- Receivables within one year +€2.0m
up €2.0m (+142%), from €1.4m to €3.4m
of which Trade receivables: +€1.7m
- Tangible fixed assets +€586,236
up €586,236 (+25.3%), from €2.3m to €2.9m
of which Land and buildings: +€442,794
- Stocks and contracts -€204,853
down €204,853 (-11.7%), from €1.7m to €1.5m
- Cash +€139,739
up €139,739 (+57.3%), from €243,775 to €383,514
mainly Other debts (+€2.5m) and Net result for the year (+€856,050)
- Other debts +€2.5m
up €2.5m (+177%), from €1.4m to €3.9m
- Short-term financial debts -€1.1m
down €1.1m (-100%), from €1.1m to €0
- Profit (loss) carried forward +€709,150
up €709,150, from -€709,062 to €88
- Trade debts +€636,428
up €636,428 (+36.6%), from €1.7m to €2.4m
- Debts after one year -€297,829
down €297,829 (-19.4%), from €1.5m to €1.2m
- Depreciation +€93,700
up €93,700 (+30.2%), from €310,262 to €403,963
- Financial charges -€84,560
down €84,560 (-49.5%), from €170,948 to €86,388
- Taxes +€40,000
new in 2025: €40,000
- Gross operating margin +€15,461
up €15,461 (+1.1%), from €1.5m to €1.5m
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 | €5,787,723 | €8,285,961 | +€2.5m | +43.2% |
| Fixed assets | 21/28 | €2,376,004 | €2,924,541 | +€548,537 | +23.1% |
| Intangible fixed assets | 21 | €60,935 | €23,236 | -€37,699 | -61.9% |
| Tangible fixed assets | 22/27 | €2,315,070 | €2,901,305 | +€586,236 | +25.3% |
| Land and buildings | 22 | €2,285,683 | €2,728,477 | +€442,794 | +19.4% |
| Plant, machinery and equipment | 23 | €22,712 | €161,698 | +€138,985 | +612% |
| Furniture and vehicles | 24 | €6,674 | €11,130 | +€4,456 | +66.8% |
| Current assets | 29/58 | €3,411,718 | €5,361,420 | +€1.9m | +57.1% |
| Stocks and contracts in progress | 3 | €1,746,845 | €1,541,992 | -€204,853 | -11.7% |
| Stocks | 30/36 | €1,746,845 | €1,541,992 | -€204,853 | -11.7% |
| Amounts receivable within one year | 40/41 | €1,420,498 | €3,431,047 | +€2.0m | +142% |
| Trade receivables | 40 | €736,474 | €2,393,866 | +€1.7m | +225% |
| Other amounts receivable | 41 | €684,024 | €1,037,181 | +€353,157 | +51.6% |
| Cash at bank and in hand | 54/58 | €243,775 | €383,514 | +€139,739 | +57.3% |
| Deferred charges and accrued income | 490/1 | €600 | €4,867 | +€4,267 | +711% |
| Total equity and liabilities | 10/49 | €5,787,723 | €8,285,961 | +€2.5m | +43.2% |
| Equity | 10/15 | -€409,062 | €446,988 | +€856,050 | |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | - | €146,900 | +€146,900 | |
| Distributable reserves | 133 | - | €146,900 | +€146,900 | |
| Profit (loss) carried forward | 14 | -€709,062 | €88 | +€709,150 | |
| Amounts payable | 17/49 | €6,196,785 | €7,838,974 | +€1.6m | +26.5% |
| Amounts payable after more than one year | 17 | €1,534,400 | €1,236,571 | -€297,829 | -19.4% |
| Financial debts | 170/4 | €1,534,400 | €1,236,571 | -€297,829 | -19.4% |
| Amounts payable within one year | 42/48 | €4,612,385 | €6,552,402 | +€1.9m | +42.1% |
| Current portion of amounts payable after more than one year | 42 | €414,829 | €297,829 | -€117,000 | -28.2% |
| Financial debts | 43 | €1,050,000 | €0 | -€1.1m | -100% |
| Credit institutions | 430/8 | €1,050,000 | €0 | -€1.1m | -100% |
| Trade debts | 44 | €1,740,518 | €2,376,947 | +€636,428 | +36.6% |
| Suppliers | 440/4 | €1,740,518 | €2,376,947 | +€636,428 | +36.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €7,038 | €6,627 | -€411 | -5.8% |
| Taxes | 450/3 | €726 | €352 | -€374 | -51.6% |
| Remuneration and social security | 454/9 | €6,312 | €6,275 | -€37 | -0.6% |
| Other amounts payable | 47/48 | €1,400,000 | €3,871,000 | +€2.5m | +177% |
| Accrued charges and deferred income | 492/3 | €50,000 | €50,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €37,272 | €46,651 | +€9,380 | +25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €310,262 | €403,963 | +€93,700 | +30.2% |
| Other operating charges | 640/8 | €28,884 | €32,690 | +€3,806 | +13.2% |
| Gross operating margin | 9900 | €1,450,023 | €1,465,484 | +€15,461 | +1.1% |
| Operating profit (loss) | 9901 | €1,073,606 | €982,180 | -€91,425 | -8.5% |
| Financial income | 75/76B | €15 | €258 | +€243 | +1,613% |
| Recurring financial income | 75 | €15 | €258 | +€243 | +1,613% |
| Financial charges | 65/66B | €170,948 | €86,388 | -€84,560 | -49.5% |
| Recurring financial charges | 65 | €170,948 | €86,388 | -€84,560 | -49.5% |
| Profit (loss) for the period before taxes | 9903 | €902,673 | €896,050 | -€6,623 | -0.7% |
| Income taxes | 67/77 | - | €40,000 | +€40,000 | |
| Profit (loss) for the period | 9904 | €902,673 | €856,050 | -€46,623 | -5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €902,673 | €856,050 | -€46,623 | -5.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.