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
- Cash +€36,983
up €36,983 (+39.3%), from €94,202 to €131,185
mainly Net result for the year (+€63,477) and Tax, wage and social debts (+€6,047)
- Tangible fixed assets +€27,245
up €27,245 (+820.9%), from €3,319 to €30,564
- Receivables within one year +€5,497
up €5,497 (+40.3%), from €13,626 to €19,122
of which Trade receivables: +€5,931
- Reserves +€63,477
up €63,477 (+61.6%), from €103,108 to €166,585
- Tax, wage and social debts +€6,047
up €6,047 (+252.5%), from €2,395 to €8,442
of which Taxes: +€5,250
- Gross operating margin +€7,099
up €7,099 (+8.3%), from €85,875 to €92,973
- Depreciation +€2,321
up €2,321 (+80.9%), from €2,869 to €5,189
- Taxes +€1,634
up €1,634 (+7.6%), from €21,615 to €23,250
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 | €112,606 | €182,809 | +€70,203 | +62.3% |
| Fixed assets | 21/28 | €3,319 | €30,564 | +€27,245 | +820.9% |
| Tangible fixed assets | 22/27 | €3,319 | €30,564 | +€27,245 | +820.9% |
| Furniture and vehicles | 24 | €3,319 | €30,564 | +€27,245 | +820.9% |
| Current assets | 29/58 | €109,287 | €152,245 | +€42,958 | +39.3% |
| Amounts receivable within one year | 40/41 | €13,626 | €19,122 | +€5,497 | +40.3% |
| Trade receivables | 40 | €12,375 | €18,306 | +€5,931 | +47.9% |
| Other amounts receivable | 41 | €1,251 | €816 | -€434 | -34.7% |
| Cash at bank and in hand | 54/58 | €94,202 | €131,185 | +€36,983 | +39.3% |
| Deferred charges and accrued income | 490/1 | €1,460 | €1,938 | +€478 | +32.7% |
| Total equity and liabilities | 10/49 | €112,606 | €182,809 | +€70,203 | +62.3% |
| Equity | 10/15 | €109,108 | €172,585 | +€63,477 | +58.2% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €103,108 | €166,585 | +€63,477 | +61.6% |
| Distributable reserves | 133 | €103,108 | €166,585 | +€63,477 | +61.6% |
| Amounts payable | 17/49 | €3,498 | €10,225 | +€6,726 | +192.3% |
| Amounts payable within one year | 42/48 | €3,498 | €10,225 | +€6,726 | +192.3% |
| Trade debts | 44 | €1,103 | €1,782 | +€679 | +61.5% |
| Suppliers | 440/4 | €1,103 | €1,782 | +€679 | +61.5% |
| Taxes, remuneration and social security | 45 | €2,395 | €8,442 | +€6,047 | +252.5% |
| Taxes | 450/3 | €615 | €5,865 | +€5,250 | +853.3% |
| Remuneration and social security | 454/9 | €1,780 | €2,577 | +€798 | +44.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,869 | €5,189 | +€2,321 | +80.9% |
| Other operating charges | 640/8 | €1,434 | €921 | -€513 | -35.8% |
| Gross operating margin | 9900 | €85,875 | €92,973 | +€7,099 | +8.3% |
| Operating profit (loss) | 9901 | €81,572 | €86,863 | +€5,291 | +6.5% |
| Financial income | 75/76B | €2 | €10 | +€8 | +389.3% |
| Recurring financial income | 75 | €2 | €10 | +€8 | +389.3% |
| Financial charges | 65/66B | €187 | €147 | -€40 | -21.4% |
| Recurring financial charges | 65 | €187 | €147 | -€40 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €81,387 | €86,726 | +€5,339 | +6.6% |
| Income taxes | 67/77 | €21,615 | €23,250 | +€1,634 | +7.6% |
| Profit (loss) for the period | 9904 | €59,772 | €63,477 | +€3,705 | +6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €59,772 | €63,477 | +€3,705 | +6.2% |
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.