WAVE CONSTRUCTION: 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 CONSTRUCTION
Largest movements
- Cash -€71,990
down €71,990 (-97.3%), from €73,981 to €1,992
mainly Contributions, distributions and other (-€513,411) and Tax, wage and social debts (-€14,510)
- Receivables within one year -€26,029
down €26,029 (-51.8%), from €50,294 to €24,265
of which Trade receivables: -€29,690
- Tangible fixed assets -€15,947
down €15,947 (-4.8%), from €332,777 to €316,830
of which Land and buildings: -€14,060
- Reserves -€365,934
no longer reported in 2025 (was €365,934)
- Other debts +€274,792
up €274,792 (+2,114%), from €13,000 to €287,791
- Tax, wage and social debts -€14,510
down €14,510 (-77.5%), from €18,734 to €4,224
- Debts after one year -€10,127
down €10,127 (-22.6%), from €44,718 to €34,591
- Gross operating margin +€16,891
up €16,891 (+8.5%), from €198,047 to €214,938
- Depreciation -€12,497
down €12,497 (-47.7%), from €26,225 to €13,728
- Taxes +€7,361
up €7,361 (+17.0%), from €43,334 to €50,695
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.
Derived cash bridge
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 | €459,233 | €344,015 | -€115,218 | -25.1% |
| Fixed assets | 21/28 | €332,777 | €316,830 | -€15,947 | -4.8% |
| Tangible fixed assets | 22/27 | €332,777 | €316,830 | -€15,947 | -4.8% |
| Land and buildings | 22 | €328,083 | €314,023 | -€14,060 | -4.3% |
| Plant, machinery and equipment | 23 | €2,251 | €1,166 | -€1,085 | -48.2% |
| Furniture and vehicles | 24 | €685 | €426 | -€259 | -37.8% |
| Other tangible fixed assets | 26 | €1,759 | €1,215 | -€543 | -30.9% |
| Current assets | 29/58 | €126,456 | €27,185 | -€99,271 | -78.5% |
| Amounts receivable within one year | 40/41 | €50,294 | €24,265 | -€26,029 | -51.8% |
| Trade receivables | 40 | €49,582 | €19,892 | -€29,690 | -59.9% |
| Other amounts receivable | 41 | €711 | €4,373 | +€3,661 | +515% |
| Cash at bank and in hand | 54/58 | €73,981 | €1,992 | -€71,990 | -97.3% |
| Deferred charges and accrued income | 490/1 | €2,181 | €928 | -€1,253 | -57.4% |
| Total equity and liabilities | 10/49 | €459,233 | €344,015 | -€115,218 | -25.1% |
| Equity | 10/15 | €368,934 | €3,000 | -€365,934 | -99.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €365,934 | - | -€365,934 | |
| Distributable reserves | 133 | €365,934 | - | -€365,934 | |
| Amounts payable | 17/49 | €90,299 | €341,015 | +€250,716 | +278% |
| Amounts payable after more than one year | 17 | €44,718 | €34,591 | -€10,127 | -22.6% |
| Financial debts | 170/4 | €44,718 | €34,591 | -€10,127 | -22.6% |
| Amounts payable within one year | 42/48 | €43,790 | €305,705 | +€261,915 | +598% |
| Current portion of amounts payable after more than one year | 42 | €10,014 | €10,127 | +€113 | +1.1% |
| Trade debts | 44 | €2,044 | €3,564 | +€1,520 | +74.4% |
| Suppliers | 440/4 | €2,044 | €3,564 | +€1,520 | +74.4% |
| Taxes, remuneration and social security | 45 | €18,734 | €4,224 | -€14,510 | -77.5% |
| Taxes | 450/3 | €18,734 | €4,224 | -€14,510 | -77.5% |
| Other amounts payable | 47/48 | €13,000 | €287,791 | +€274,792 | +2,114% |
| Accrued charges and deferred income | 492/3 | €1,791 | €719 | -€1,072 | -59.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,225 | €13,728 | -€12,497 | -47.7% |
| Other operating charges | 640/8 | €1,442 | €2,156 | +€714 | +49.5% |
| Gross operating margin | 9900 | €198,047 | €214,938 | +€16,891 | +8.5% |
| Operating profit (loss) | 9901 | €170,380 | €199,054 | +€28,674 | +16.8% |
| Financial income | 75/76B | €0 | €539 | +€539 | +449,083% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -91.7% |
| Non-recurring financial income | 76B | - | €539 | +€539 | |
| Financial charges | 65/66B | €2,380 | €1,421 | -€959 | -40.3% |
| Recurring financial charges | 65 | €2,380 | €1,421 | -€959 | -40.3% |
| Profit (loss) for the period before taxes | 9903 | €168,001 | €198,172 | +€30,171 | +18.0% |
| Income taxes | 67/77 | €43,334 | €50,695 | +€7,361 | +17.0% |
| Profit (loss) for the period | 9904 | €124,667 | €147,477 | +€22,810 | +18.3% |
| Profit (loss) for the period to be appropriated | 9905 | €124,667 | €147,477 | +€22,810 | +18.3% |
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 25 October 2026 via checked.be.