WAVE: 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.
WAVE
Largest movements
- Receivables within one year -€87,062
down €87,062 (-9.5%), from €911,730 to €824,668
of which Trade receivables: -€131,348
- Stocks and contracts -€79,557
down €79,557 (-11.5%), from €692,690 to €613,133
- Cash -€38,115
down €38,115 (-53.1%), from €71,785 to €33,670
mainly Short-term financial debts (-€504,226) and Current portion of long-term debt (-€243,921)
- Tangible fixed assets +€37,998
up €37,998 (+24.6%), from €154,647 to €192,645
of which Plant, machinery and equipment: +€46,098
- Short-term financial debts -€504,226
down €504,226 (-58.9%), from €855,413 to €351,187
- Debts after one year +€355,687
up €355,687 (+544.4%), from €65,341 to €421,028
- Current portion of long-term debt -€243,921
down €243,921 (-49.7%), from €491,131 to €247,210
- Trade debts +€218,898
up €218,898 (+113.5%), from €192,788 to €411,686
- Gross operating margin +€36,598
up €36,598 (+5.7%), from €641,612 to €678,210
- Depreciation +€20,948
up €20,948 (+19.6%), from €106,811 to €127,759
- Taxes +€19,504
up €19,504 (+1028.1%), from €1,897 to €21,401
- Staff costs -€13,895
down €13,895 (-2.9%), from €474,762 to €460,867
- Financial charges -€12,572
down €12,572 (-20.1%), from €62,493 to €49,921
of which Financial charges: -€12,642
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 | €2,031,469 | €1,872,837 | -€158,632 | -7.8% |
| Fixed assets | 21/28 | €327,959 | €382,542 | +€54,583 | +16.6% |
| Intangible fixed assets | 21 | €161,284 | €177,680 | +€16,396 | +10.2% |
| Tangible fixed assets | 22/27 | €154,647 | €192,645 | +€37,998 | +24.6% |
| Plant, machinery and equipment | 23 | €1,461 | €47,559 | +€46,098 | +3155.2% |
| Furniture and vehicles | 24 | €134,289 | €129,594 | -€4,695 | -3.5% |
| Other tangible fixed assets | 26 | €18,897 | €15,492 | -€3,405 | -18.0% |
| Financial fixed assets | 28 | €12,028 | €12,217 | +€189 | +1.6% |
| Current assets | 29/58 | €1,703,510 | €1,490,295 | -€213,215 | -12.5% |
| Stocks and contracts in progress | 3 | €692,690 | €613,133 | -€79,557 | -11.5% |
| Stocks | 30/36 | €692,690 | €613,133 | -€79,557 | -11.5% |
| Amounts receivable within one year | 40/41 | €911,730 | €824,668 | -€87,062 | -9.5% |
| Trade receivables | 40 | €911,730 | €780,382 | -€131,348 | -14.4% |
| Other amounts receivable | 41 | - | €44,286 | +€44,286 | |
| Cash at bank and in hand | 54/58 | €71,785 | €33,670 | -€38,115 | -53.1% |
| Deferred charges and accrued income | 490/1 | €27,305 | €18,824 | -€8,481 | -31.1% |
| Total equity and liabilities | 10/49 | €2,031,469 | €1,872,837 | -€158,632 | -7.8% |
| Equity | 10/15 | €387,173 | €393,092 | +€5,919 | +1.5% |
| Contributions | 10/11 | €43,382 | €43,382 | = | 0.0% |
| Reserves | 13 | €104,582 | €104,582 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,338 | €4,338 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,338 | €4,338 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,244 | €9,244 | = | 0.0% |
| Distributable reserves | 133 | €91,000 | €91,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €239,209 | €245,128 | +€5,919 | +2.5% |
| Amounts payable | 17/49 | €1,644,296 | €1,479,745 | -€164,551 | -10.0% |
| Amounts payable after more than one year | 17 | €65,341 | €421,028 | +€355,687 | +544.4% |
| Financial debts | 170/4 | €65,341 | €421,028 | +€355,687 | +544.4% |
| Amounts payable within one year | 42/48 | €1,578,955 | €1,057,063 | -€521,892 | -33.1% |
| Current portion of amounts payable after more than one year | 42 | €491,131 | €247,210 | -€243,921 | -49.7% |
| Financial debts | 43 | €855,413 | €351,187 | -€504,226 | -58.9% |
| Credit institutions | 430/8 | €855,413 | €351,187 | -€504,226 | -58.9% |
| Trade debts | 44 | €192,788 | €411,686 | +€218,898 | +113.5% |
| Suppliers | 440/4 | €192,788 | €411,686 | +€218,898 | +113.5% |
| Taxes, remuneration and social security | 45 | €39,623 | €45,249 | +€5,626 | +14.2% |
| Taxes | 450/3 | €29,571 | €14,573 | -€14,998 | -50.7% |
| Remuneration and social security | 454/9 | €10,052 | €30,676 | +€20,624 | +205.2% |
| Other amounts payable | 47/48 | - | €1,731 | +€1,731 | |
| Accrued charges and deferred income | 492/3 | - | €1,654 | +€1,654 | |
| Remuneration, social security and pensions | 62 | €474,762 | €460,867 | -€13,895 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,811 | €127,759 | +€20,948 | +19.6% |
| Other operating charges | 640/8 | €12,471 | €11,830 | -€641 | -5.1% |
| Non-recurring operating charges | 66A | €2,581 | €647 | -€1,934 | -74.9% |
| Gross operating margin | 9900 | €641,612 | €678,210 | +€36,598 | +5.7% |
| Operating profit (loss) | 9901 | €44,987 | €77,107 | +€32,120 | +71.4% |
| Financial income | 75/76B | €130 | €134 | +€4 | +3.1% |
| Recurring financial income | 75 | €130 | €134 | +€4 | +3.1% |
| Financial charges | 65/66B | €62,493 | €49,921 | -€12,572 | -20.1% |
| Recurring financial charges | 65 | €62,493 | €49,851 | -€12,642 | -20.2% |
| Non-recurring financial charges | 66B | - | €70 | +€70 | |
| Profit (loss) for the period before taxes | 9903 | -€17,376 | €27,320 | +€44,696 | |
| Income taxes | 67/77 | €1,897 | €21,401 | +€19,504 | +1028.1% |
| Profit (loss) for the period | 9904 | -€19,273 | €5,919 | +€25,192 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,273 | €5,919 | +€25,192 |
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 4 October 2026 via checked.be.