WAVALIN: 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.
WAVALIN
Largest movements
- Stocks and contracts -€854,529
down €854,529 (-54.1%), from €1.6m to €726,207
- Receivables within one year -€694,076
down €694,076 (-46.0%), from €1.5m to €816,011
of which Trade receivables: -€352,166
- Current investments +€525,778
up €525,778 (+105.2%), from €500,001 to €1.0m
- Cash -€332,398
down €332,398 (-74.1%), from €448,646 to €116,249
mainly Current investments (-€525,778) and Contributions, distributions and other (-€500,000)
- Reserves -€793,445
down €793,445 (-22.0%), from €3.6m to €2.8m
of which Distributable reserves: -€735,625
- Other debts -€250,000
down €250,000 (-33.3%), from €750,000 to €500,000
- Trade debts -€165,482
down €165,482 (-37.7%), from €439,344 to €273,862
- Debts after one year -€154,374
down €154,374 (-8.0%), from €1.9m to €1.8m
of which Financial debts: -€160,682
- Gross operating margin -€759,720
down €759,720 (-52.1%), from €1.5m to €697,085
- Financial income -€182,532
down €182,532 (-89.7%), from €203,395 to €20,863
- Taxes -€148,459
down €148,459 (-99.8%), from €148,711 to €251
- Staff costs +€84,174
up €84,174 (+22.3%), from €377,543 to €461,716
- Other operating charges +€20,957
up €20,957 (+46.8%), from €44,743 to €65,699
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 | €7,262,918 | €5,872,857 | -€1.4m | -19.1% |
| Fixed assets | 21/28 | €3,212,912 | €3,176,715 | -€36,196 | -1.1% |
| Tangible fixed assets | 22/27 | €3,212,777 | €3,176,580 | -€36,196 | -1.1% |
| Land and buildings | 22 | €2,391,865 | €2,659,799 | +€267,934 | +11.2% |
| Plant, machinery and equipment | 23 | €625,511 | €468,886 | -€156,625 | -25.0% |
| Furniture and vehicles | 24 | €2,446 | €47,896 | +€45,450 | +1858.5% |
| Assets under construction and advance payments | 27 | €192,955 | €0 | -€192,955 | -100.0% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €4,050,007 | €2,696,142 | -€1.4m | -33.4% |
| Stocks and contracts in progress | 3 | €1,580,736 | €726,207 | -€854,529 | -54.1% |
| Stocks | 30/36 | €1,580,736 | €726,207 | -€854,529 | -54.1% |
| Amounts receivable within one year | 40/41 | €1,510,086 | €816,011 | -€694,076 | -46.0% |
| Trade receivables | 40 | €1,141,363 | €789,196 | -€352,166 | -30.9% |
| Other amounts receivable | 41 | €368,724 | €26,814 | -€341,909 | -92.7% |
| Current investments | 50/53 | €500,001 | €1,025,778 | +€525,778 | +105.2% |
| Cash at bank and in hand | 54/58 | €448,646 | €116,249 | -€332,398 | -74.1% |
| Deferred charges and accrued income | 490/1 | €10,537 | €11,897 | +€1,360 | +12.9% |
| Total equity and liabilities | 10/49 | €7,262,918 | €5,872,857 | -€1.4m | -19.1% |
| Equity | 10/15 | €3,791,392 | €2,997,947 | -€793,445 | -20.9% |
| Contributions | 10/11 | €187,500 | €187,500 | = | 0.0% |
| Capital | 10 | €187,500 | €187,500 | = | 0.0% |
| Issued capital | 100 | €187,500 | €187,500 | = | 0.0% |
| Reserves | 13 | €3,603,892 | €2,810,447 | -€793,445 | -22.0% |
| Non-distributable reserves | 130/1 | €18,750 | €18,750 | = | 0.0% |
| Legal reserve | 130 | €18,750 | €18,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €318,914 | €261,094 | -€57,820 | -18.1% |
| Distributable reserves | 133 | €3,266,228 | €2,530,603 | -€735,625 | -22.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €108,129 | €88,658 | -€19,471 | -18.0% |
| Deferred taxes | 168 | €108,129 | €88,658 | -€19,471 | -18.0% |
| Amounts payable | 17/49 | €3,363,397 | €2,786,252 | -€577,145 | -17.2% |
| Amounts payable after more than one year | 17 | €1,928,218 | €1,773,844 | -€154,374 | -8.0% |
| Financial debts | 170/4 | €733,031 | €572,349 | -€160,682 | -21.9% |
| Other amounts payable | 178/9 | €1,195,187 | €1,201,495 | +€6,308 | +0.5% |
| Amounts payable within one year | 42/48 | €1,435,179 | €1,011,322 | -€423,856 | -29.5% |
| Current portion of amounts payable after more than one year | 42 | €185,533 | €160,682 | -€24,852 | -13.4% |
| Trade debts | 44 | €439,344 | €273,862 | -€165,482 | -37.7% |
| Suppliers | 440/4 | €439,344 | €273,862 | -€165,482 | -37.7% |
| Taxes, remuneration and social security | 45 | €60,301 | €76,778 | +€16,477 | +27.3% |
| Taxes | 450/3 | €8,630 | €10,964 | +€2,333 | +27.0% |
| Remuneration and social security | 454/9 | €51,671 | €65,815 | +€14,144 | +27.4% |
| Other amounts payable | 47/48 | €750,000 | €500,000 | -€250,000 | -33.3% |
| Accrued charges and deferred income | 492/3 | - | €1,086 | +€1,086 | |
| Non-recurring operating income | 76A | €156,500 | €744 | -€155,756 | -99.5% |
| Remuneration, social security and pensions | 62 | €377,543 | €461,716 | +€84,174 | +22.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €460,546 | €453,558 | -€6,987 | -1.5% |
| Other operating charges | 640/8 | €44,743 | €65,699 | +€20,957 | +46.8% |
| Non-recurring operating charges | 66A | €39,474 | €14,490 | -€24,984 | -63.3% |
| Gross operating margin | 9900 | €1,456,804 | €697,085 | -€759,720 | -52.1% |
| Operating profit (loss) | 9901 | €534,499 | -€298,379 | -€832,878 | |
| Financial income | 75/76B | €203,395 | €20,863 | -€182,532 | -89.7% |
| Recurring financial income | 75 | €203,395 | €20,863 | -€182,532 | -89.7% |
| Financial charges | 65/66B | €41,584 | €35,149 | -€6,435 | -15.5% |
| Recurring financial charges | 65 | €41,584 | €35,149 | -€6,435 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €696,311 | -€312,665 | -€1.0m | |
| Transfer from deferred taxes | 780 | €11,996 | €19,471 | +€7,475 | +62.3% |
| Transfer to deferred taxes | 680 | €37,500 | €0 | -€37,500 | -100.0% |
| Income taxes | 67/77 | €148,711 | €251 | -€148,459 | -99.8% |
| Profit (loss) for the period | 9904 | €522,096 | -€293,445 | -€815,541 | |
| Transfer from tax-exempt reserves | 789 | €35,395 | €57,820 | +€22,425 | +63.4% |
| Transfer to tax-exempt reserves | 689 | €112,500 | €0 | -€112,500 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €444,991 | -€235,625 | -€680,616 |
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 8 October 2026 via checked.be.