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 +€40,301
up €40,301 (+36.5%), from €110,366 to €150,667
mainly Net result for the year (+€69,708) and Depreciation (+€16,536)
- Financial fixed assets -€20,050
down €20,050 (-72.6%), from €27,602 to €7,552
- Current investments +€15,255
new in 2025: €15,255
- Receivables within one year +€10,799
new in 2025: €10,799
- Profit (loss) carried forward +€69,708
up €69,708 (+90.7%), from -€76,831 to -€7,123
- Trade debts -€33,476
down €33,476 (-62.2%), from €53,786 to €20,310
- Other debts +€5,874
up €5,874 (+75.0%), from €7,837 to €13,711
- Tax, wage and social debts +€3,878
up €3,878 (+5.5%), from €70,184 to €74,062
of which Taxes: +€14,992
- Staff costs -€24,923
down €24,923 (-19.7%), from €126,593 to €101,670
- Gross operating margin +€23,285
up €23,285 (+13.0%), from €179,469 to €202,754
- Taxes +€7,691
up €7,691, from €0 to €7,691
- Financial charges +€6,235
up €6,235 (+1027.2%), from €607 to €6,842
- Financial income -€2,156
down €2,156 (-43.8%), from €4,922 to €2,766
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 | €256,263 | €303,399 | +€47,136 | +18.4% |
| Fixed assets | 21/28 | €127,154 | €106,049 | -€21,105 | -16.6% |
| Tangible fixed assets | 22/27 | €99,551 | €98,497 | -€1,055 | -1.1% |
| Plant, machinery and equipment | 23 | €1,399 | €2,216 | +€816 | +58.3% |
| Furniture and vehicles | 24 | €18,799 | €15,534 | -€3,265 | -17.4% |
| Other tangible fixed assets | 26 | €79,353 | €80,747 | +€1,394 | +1.8% |
| Financial fixed assets | 28 | €27,602 | €7,552 | -€20,050 | -72.6% |
| Current assets | 29/58 | €129,110 | €197,351 | +€68,241 | +52.9% |
| Stocks and contracts in progress | 3 | €15,998 | €17,351 | +€1,353 | +8.5% |
| Stocks | 30/36 | €15,998 | €17,351 | +€1,353 | +8.5% |
| Amounts receivable within one year | 40/41 | - | €10,799 | +€10,799 | |
| Trade receivables | 40 | - | €10,799 | +€10,799 | |
| Current investments | 50/53 | - | €15,255 | +€15,255 | |
| Cash at bank and in hand | 54/58 | €110,366 | €150,667 | +€40,301 | +36.5% |
| Deferred charges and accrued income | 490/1 | €2,746 | €3,279 | +€533 | +19.4% |
| Total equity and liabilities | 10/49 | €256,263 | €303,399 | +€47,136 | +18.4% |
| Equity | 10/15 | €76,395 | €146,103 | +€69,708 | +91.2% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €141,226 | €141,226 | = | 0.0% |
| Distributable reserves | 133 | €141,226 | €141,226 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€76,831 | -€7,123 | +€69,708 | +90.7% |
| Amounts payable | 17/49 | €179,868 | €157,296 | -€22,572 | -12.5% |
| Amounts payable after more than one year | 17 | €40,000 | €40,000 | = | 0.0% |
| Other amounts payable | 178/9 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €131,806 | €108,082 | -€23,724 | -18.0% |
| Trade debts | 44 | €53,786 | €20,310 | -€33,476 | -62.2% |
| Suppliers | 440/4 | €53,786 | €20,310 | -€33,476 | -62.2% |
| Taxes, remuneration and social security | 45 | €70,184 | €74,062 | +€3,878 | +5.5% |
| Taxes | 450/3 | €39,850 | €54,841 | +€14,992 | +37.6% |
| Remuneration and social security | 454/9 | €30,334 | €19,220 | -€11,114 | -36.6% |
| Other amounts payable | 47/48 | €7,837 | €13,711 | +€5,874 | +75.0% |
| Accrued charges and deferred income | 492/3 | €8,062 | €9,214 | +€1,152 | +14.3% |
| Remuneration, social security and pensions | 62 | €126,593 | €101,670 | -€24,923 | -19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,854 | €16,536 | +€682 | +4.3% |
| Other operating charges | 640/8 | €4,137 | €3,074 | -€1,063 | -25.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €179,469 | €202,754 | +€23,285 | +13.0% |
| Operating profit (loss) | 9901 | €32,885 | €81,475 | +€48,589 | +147.8% |
| Financial income | 75/76B | €4,922 | €2,766 | -€2,156 | -43.8% |
| Recurring financial income | 75 | €4,922 | €2,766 | -€2,156 | -43.8% |
| Financial charges | 65/66B | €607 | €6,842 | +€6,235 | +1027.2% |
| Recurring financial charges | 65 | €607 | €6,842 | +€6,235 | +1027.2% |
| Profit (loss) for the period before taxes | 9903 | €37,200 | €77,399 | +€40,199 | +108.1% |
| Income taxes | 67/77 | €0 | €7,691 | +€7,691 | |
| Profit (loss) for the period | 9904 | €37,200 | €69,708 | +€32,508 | +87.4% |
| Profit (loss) for the period to be appropriated | 9905 | €37,200 | €69,708 | +€32,508 | +87.4% |
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 5 October 2026 via checked.be.