WAUTERS: 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.
WAUTERS
Largest movements
- Tangible fixed assets +€200,859
up €200,859 (+54.3%), from €369,869 to €570,728
of which Land and buildings: +€201,218
- Receivables after one year -€127,958
down €127,958 (-100.0%), from €127,958 to €0
- Receivables within one year +€42,398
up €42,398 (+50.9%), from €83,369 to €125,767
of which Other amounts receivable: +€33,748
- Cash +€34,312
up €34,312 (+100.4%), from €34,159 to €68,471
mainly Debts after one year (+€167,886) and Receivables after one year (+€127,958)
- Debts after one year +€167,886
up €167,886 (+75.1%), from €223,660 to €391,546
- Reserves -€74,298
down €74,298 (-19.8%), from €374,729 to €300,431
- Current portion of long-term debt +€41,372
new in 2025: €41,372
- Tax, wage and social debts +€10,522
up €10,522 (+123.3%), from €8,534 to €19,056
of which Taxes: +€10,520
- Other operating charges -€21,262
down €21,262 (-92.1%), from €23,081 to €1,819
- Depreciation +€8,323
up €8,323 (+264.0%), from €3,153 to €11,476
- Financial charges +€6,618
up €6,618 (+83.7%), from €7,909 to €14,527
- Financial income +€4,694
up €4,694 (+151.4%), from €3,101 to €7,795
- Taxes +€3,177
up €3,177 (+16.5%), from €19,281 to €22,458
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 | €648,127 | €801,363 | +€153,236 | +23.6% |
| Fixed assets | 21/28 | €369,949 | €571,068 | +€201,119 | +54.4% |
| Tangible fixed assets | 22/27 | €369,869 | €570,728 | +€200,859 | +54.3% |
| Land and buildings | 22 | €359,815 | €561,034 | +€201,218 | +55.9% |
| Furniture and vehicles | 24 | €9,837 | €9,694 | -€143 | -1.5% |
| Other tangible fixed assets | 26 | €217 | €0 | -€217 | -100.0% |
| Financial fixed assets | 28 | €80 | €340 | +€260 | +325.0% |
| Current assets | 29/58 | €278,178 | €230,295 | -€47,883 | -17.2% |
| Amounts receivable after more than one year | 29 | €127,958 | €0 | -€127,958 | -100.0% |
| Other amounts receivable | 291 | €127,958 | €0 | -€127,958 | -100.0% |
| Amounts receivable within one year | 40/41 | €83,369 | €125,767 | +€42,398 | +50.9% |
| Trade receivables | 40 | €36,228 | €44,878 | +€8,650 | +23.9% |
| Other amounts receivable | 41 | €47,141 | €80,889 | +€33,748 | +71.6% |
| Current investments | 50/53 | €28,538 | €28,538 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €34,159 | €68,471 | +€34,312 | +100.4% |
| Deferred charges and accrued income | 490/1 | €4,153 | €7,518 | +€3,365 | +81.0% |
| Total equity and liabilities | 10/49 | €648,127 | €801,363 | +€153,236 | +23.6% |
| Equity | 10/15 | €393,329 | €319,031 | -€74,298 | -18.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €374,729 | €300,431 | -€74,298 | -19.8% |
| Distributable reserves | 133 | €374,729 | €300,431 | -€74,298 | -19.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €254,798 | €482,332 | +€227,534 | +89.3% |
| Amounts payable after more than one year | 17 | €223,660 | €391,546 | +€167,886 | +75.1% |
| Financial debts | 170/4 | €223,660 | €391,546 | +€167,886 | +75.1% |
| Amounts payable within one year | 42/48 | €31,137 | €90,623 | +€59,486 | +191.0% |
| Current portion of amounts payable after more than one year | 42 | - | €41,372 | +€41,372 | |
| Financial debts | 43 | €14,699 | €17,601 | +€2,902 | +19.7% |
| Credit institutions | 430/8 | €14,699 | €17,601 | +€2,902 | +19.7% |
| Trade debts | 44 | €7,725 | €12,594 | +€4,869 | +63.0% |
| Suppliers | 440/4 | €7,725 | €12,594 | +€4,869 | +63.0% |
| Advances received on contracts in progress | 46 | €179 | €0 | -€179 | -100.0% |
| Taxes, remuneration and social security | 45 | €8,534 | €19,056 | +€10,522 | +123.3% |
| Taxes | 450/3 | €5,201 | €15,722 | +€10,520 | +202.3% |
| Remuneration and social security | 454/9 | €3,332 | €3,334 | +€2 | +0.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | €162 | +€162 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,153 | €11,476 | +€8,323 | +264.0% |
| Other operating charges | 640/8 | €23,081 | €1,819 | -€21,262 | -92.1% |
| Gross operating margin | 9900 | €113,918 | €115,058 | +€1,139 | +1.0% |
| Operating profit (loss) | 9901 | €87,685 | €101,763 | +€14,079 | +16.1% |
| Financial income | 75/76B | €3,101 | €7,795 | +€4,694 | +151.4% |
| Recurring financial income | 75 | €3,101 | €7,795 | +€4,694 | +151.4% |
| Financial charges | 65/66B | €7,909 | €14,527 | +€6,618 | +83.7% |
| Recurring financial charges | 65 | €7,909 | €14,527 | +€6,618 | +83.7% |
| Profit (loss) for the period before taxes | 9903 | €82,877 | €95,032 | +€12,155 | +14.7% |
| Income taxes | 67/77 | €19,281 | €22,458 | +€3,177 | +16.5% |
| Profit (loss) for the period | 9904 | €63,596 | €72,574 | +€8,978 | +14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €63,596 | €72,574 | +€8,978 | +14.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.