Wave after Wave: what changed
Two financial 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 after Wave
Largest movements
- Receivables within one year -€46,246
down €46,246 (-38.7%), from €119,351 to €73,106
of which Other amounts receivable: -€41,223
- Cash +€19,970
up €19,970 (+160.8%), from €12,416 to €32,386
mainly Receivables within one year (+€46,246) and Net result for the year (+€42,781)
- Current investments +€12,500
up €12,500 (+50.0%), from €25,000 to €37,500
- Tangible fixed assets +€1,619
new in 2025: €1,619
- Trade debts -€17,520
no longer reported in 2025 (was €17,520)
- Reserves -€13,720
down €13,720 (-12.6%), from €108,762 to €95,042
- Short-term financial debts +€8,071
up €8,071 (+53.8%), from €15,000 to €23,071
- Tax, wage and social debts +€7,393
up €7,393 (+140.6%), from €5,257 to €12,650
- Other debts +€3,619
new in 2025: €3,619
- Write-downs +€34,463
new in 2025: €34,463
- Gross operating margin +€26,954
up €26,954 (+36.6%), from €73,689 to €100,643
- Financial income -€3,433
down €3,433 (-73.1%), from €4,697 to €1,264
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 | €157,683 | €145,526 | -€12,156 | -7.7% |
| Fixed assets | 21/28 | €915 | €2,534 | +€1,619 | +177.0% |
| Tangible fixed assets | 22/27 | - | €1,619 | +€1,619 | |
| Furniture and vehicles | 24 | - | €1,619 | +€1,619 | |
| Financial fixed assets | 28 | €915 | €915 | = | 0.0% |
| Current assets | 29/58 | €156,768 | €142,992 | -€13,776 | -8.8% |
| Amounts receivable within one year | 40/41 | €119,351 | €73,106 | -€46,246 | -38.7% |
| Trade receivables | 40 | €68,228 | €63,206 | -€5,023 | -7.4% |
| Other amounts receivable | 41 | €51,123 | €9,900 | -€41,223 | -80.6% |
| Current investments | 50/53 | €25,000 | €37,500 | +€12,500 | +50.0% |
| Cash at bank and in hand | 54/58 | €12,416 | €32,386 | +€19,970 | +160.8% |
| Total equity and liabilities | 10/49 | €157,683 | €145,526 | -€12,156 | -7.7% |
| Equity | 10/15 | €115,008 | €101,289 | -€13,719 | -11.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €108,762 | €95,042 | -€13,720 | -12.6% |
| Distributable reserves | 133 | €108,762 | €95,042 | -€13,720 | -12.6% |
| Profit (loss) carried forward | 14 | €46 | €47 | +€1 | +2.3% |
| Amounts payable | 17/49 | €42,675 | €44,237 | +€1,562 | +3.7% |
| Amounts payable after more than one year | 17 | €4,898 | €4,898 | = | 0.0% |
| Other amounts payable | 178/9 | €4,898 | €4,898 | = | 0.0% |
| Amounts payable within one year | 42/48 | €37,777 | €39,339 | +€1,562 | +4.1% |
| Financial debts | 43 | €15,000 | €23,071 | +€8,071 | +53.8% |
| Credit institutions | 430/8 | €15,000 | €23,071 | +€8,071 | +53.8% |
| Trade debts | 44 | €17,520 | - | -€17,520 | |
| Suppliers | 440/4 | €17,520 | - | -€17,520 | |
| Taxes, remuneration and social security | 45 | €5,257 | €12,650 | +€7,393 | +140.6% |
| Taxes | 450/3 | €5,257 | €12,650 | +€7,393 | +140.6% |
| Other amounts payable | 47/48 | - | €3,619 | +€3,619 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €311 | +€311 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €34,463 | +€34,463 | |
| Other operating charges | 640/8 | €1,549 | €2,301 | +€753 | +48.6% |
| Gross operating margin | 9900 | €73,689 | €100,643 | +€26,954 | +36.6% |
| Operating profit (loss) | 9901 | €72,140 | €63,569 | -€8,572 | -11.9% |
| Financial income | 75/76B | €4,697 | €1,264 | -€3,433 | -73.1% |
| Recurring financial income | 75 | €4,697 | €1,264 | -€3,433 | -73.1% |
| Financial charges | 65/66B | €530 | €1,175 | +€645 | +121.6% |
| Recurring financial charges | 65 | €530 | €1,175 | +€645 | +121.6% |
| Profit (loss) for the period before taxes | 9903 | €76,307 | €63,658 | -€12,649 | -16.6% |
| Income taxes | 67/77 | €20,261 | €20,876 | +€616 | +3.0% |
| Profit (loss) for the period | 9904 | €56,046 | €42,781 | -€13,265 | -23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €56,046 | €42,781 | -€13,265 | -23.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.