Wave Group: 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 Group
Largest movements
- Cash +€32,277
up €32,277 (+24.1%), from €133,904 to €166,181
mainly Current portion of long-term debt (+€100,000) and Receivables within one year (+€22,218)
- Receivables within one year -€22,218
down €22,218 (-8.8%), from €253,566 to €231,348
of which Trade receivables: -€22,213
- Financial fixed assets +€10,000
up €10,000 (+233%), from €4,300 to €14,300
- Tangible fixed assets -€6,449
down €6,449 (-44.5%), from €14,497 to €8,048
- Current portion of long-term debt +€100,000
new in 2025: €100,000
- Trade debts -€62,994
down €62,994 (-23.0%), from €273,590 to €210,597
- Tax, wage and social debts -€30,197
down €30,197 (-33.9%), from €89,023 to €58,826
of which Remuneration and social security: -€19,738
- Gross operating margin -€51,474
down €51,474 (-14.4%), from €357,679 to €306,205
- Staff costs -€39,254
down €39,254 (-12.3%), from €318,232 to €278,978
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 | €414,856 | €425,966 | +€11,109 | +2.7% |
| Fixed assets | 21/28 | €23,694 | €24,898 | +€1,203 | +5.1% |
| Intangible fixed assets | 21 | €4,898 | €2,550 | -€2,348 | -47.9% |
| Tangible fixed assets | 22/27 | €14,497 | €8,048 | -€6,449 | -44.5% |
| Furniture and vehicles | 24 | €14,497 | €8,048 | -€6,449 | -44.5% |
| Financial fixed assets | 28 | €4,300 | €14,300 | +€10,000 | +233% |
| Current assets | 29/58 | €391,162 | €401,068 | +€9,906 | +2.5% |
| Amounts receivable within one year | 40/41 | €253,566 | €231,348 | -€22,218 | -8.8% |
| Trade receivables | 40 | €253,561 | €231,348 | -€22,213 | -8.8% |
| Other amounts receivable | 41 | €5 | €0 | -€5 | -100% |
| Cash at bank and in hand | 54/58 | €133,904 | €166,181 | +€32,277 | +24.1% |
| Deferred charges and accrued income | 490/1 | €3,692 | €3,539 | -€153 | -4.1% |
| Total equity and liabilities | 10/49 | €414,856 | €425,966 | +€11,109 | +2.7% |
| Equity | 10/15 | €52,243 | €55,668 | +€3,425 | +6.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,643 | €37,068 | +€3,425 | +10.2% |
| Amounts payable | 17/49 | €362,613 | €370,298 | +€7,684 | +2.1% |
| Amounts payable within one year | 42/48 | €362,613 | €369,423 | +€6,809 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €273,590 | €210,597 | -€62,994 | -23.0% |
| Suppliers | 440/4 | €273,590 | €210,597 | -€62,994 | -23.0% |
| Taxes, remuneration and social security | 45 | €89,023 | €58,826 | -€30,197 | -33.9% |
| Taxes | 450/3 | €40,329 | €29,870 | -€10,459 | -25.9% |
| Remuneration and social security | 454/9 | €48,694 | €28,956 | -€19,738 | -40.5% |
| Accrued charges and deferred income | 492/3 | - | €875 | +€875 | |
| Remuneration, social security and pensions | 62 | €318,232 | €278,978 | -€39,254 | -12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,035 | €8,797 | -€238 | -2.6% |
| Other operating charges | 640/8 | €825 | €726 | -€99 | -12.0% |
| Gross operating margin | 9900 | €357,679 | €306,205 | -€51,474 | -14.4% |
| Operating profit (loss) | 9901 | €29,588 | €17,704 | -€11,883 | -40.2% |
| Financial income | 75/76B | €1 | €5 | +€4 | +316% |
| Recurring financial income | 75 | €1 | €5 | +€4 | +316% |
| Financial charges | 65/66B | €2,495 | €1,043 | -€1,451 | -58.2% |
| Recurring financial charges | 65 | €2,495 | €1,043 | -€1,451 | -58.2% |
| Profit (loss) for the period before taxes | 9903 | €27,095 | €16,666 | -€10,428 | -38.5% |
| Income taxes | 67/77 | €14,963 | €13,241 | -€1,721 | -11.5% |
| Profit (loss) for the period | 9904 | €12,132 | €3,425 | -€8,707 | -71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,132 | €3,425 | -€8,707 | -71.8% |
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 28 October 2026 via checked.be.