WAVE LAW: 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 LAW
Largest movements
- Cash +€17,603
up €17,603 (+443%), from €3,970 to €21,573
mainly Other debts (+€12,800) and Net result for the year (+€12,316)
- Financial fixed assets -€1,300
no longer reported in 2025 (was €1,300)
- Receivables within one year +€1,265
up €1,265 (+9.7%), from €12,985 to €14,250
of which Other amounts receivable: +€2,573
- Tangible fixed assets -€659
down €659 (-7.8%), from €8,489 to €7,830
of which Furniture and vehicles: -€1,150
- Other debts +€12,800
new in 2025: €12,800
- Tax, wage and social debts +€6,452
up €6,452 (+86.5%), from €7,457 to €13,909
- Current portion of long-term debt -€1,678
no longer reported in 2025 (was €1,678)
- Profit (loss) carried forward -€484
down €484 (-3.6%), from €13,284 to €12,800
- Gross operating margin +€2,301
up €2,301 (+14.1%), from €16,370 to €18,671
- Depreciation +€891
up €891 (+113%), from €791 to €1,682
- Write-downs +€378
new in 2025: €378
- Other operating charges -€230
down €230 (-29.2%), from €789 to €559
- Taxes +€220
up €220 (+6.6%), from €3,355 to €3,575
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 | €26,744 | €43,653 | +€16,909 | +63.2% |
| Fixed assets | 21/28 | €9,789 | €7,830 | -€1,959 | -20.0% |
| Tangible fixed assets | 22/27 | €8,489 | €7,830 | -€659 | -7.8% |
| Furniture and vehicles | 24 | €4,175 | €3,025 | -€1,150 | -27.5% |
| Other tangible fixed assets | 26 | €4,314 | €4,805 | +€491 | +11.4% |
| Financial fixed assets | 28 | €1,300 | - | -€1,300 | |
| Current assets | 29/58 | €16,955 | €35,823 | +€18,868 | +111% |
| Amounts receivable within one year | 40/41 | €12,985 | €14,250 | +€1,265 | +9.7% |
| Trade receivables | 40 | €12,238 | €10,930 | -€1,308 | -10.7% |
| Other amounts receivable | 41 | €747 | €3,320 | +€2,573 | +344% |
| Cash at bank and in hand | 54/58 | €3,970 | €21,573 | +€17,603 | +443% |
| Total equity and liabilities | 10/49 | €26,744 | €43,653 | +€16,909 | +63.2% |
| Equity | 10/15 | €14,334 | €13,850 | -€484 | -3.4% |
| Contributions | 10/11 | €1,050 | €1,050 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,284 | €12,800 | -€484 | -3.6% |
| Amounts payable | 17/49 | €12,410 | €29,803 | +€17,393 | +140% |
| Amounts payable within one year | 42/48 | €12,410 | €29,803 | +€17,393 | +140% |
| Current portion of amounts payable after more than one year | 42 | €1,678 | - | -€1,678 | |
| Trade debts | 44 | €3,275 | €3,094 | -€181 | -5.5% |
| Suppliers | 440/4 | €3,275 | €3,094 | -€181 | -5.5% |
| Taxes, remuneration and social security | 45 | €7,457 | €13,909 | +€6,452 | +86.5% |
| Taxes | 450/3 | €7,457 | €13,909 | +€6,452 | +86.5% |
| Other amounts payable | 47/48 | - | €12,800 | +€12,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €791 | €1,682 | +€891 | +113% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €378 | +€378 | |
| Other operating charges | 640/8 | €789 | €559 | -€230 | -29.2% |
| Gross operating margin | 9900 | €16,370 | €18,671 | +€2,301 | +14.1% |
| Operating profit (loss) | 9901 | €14,790 | €16,052 | +€1,262 | +8.5% |
| Financial income | 75/76B | €23 | €90 | +€67 | +291% |
| Recurring financial income | 75 | €23 | €90 | +€67 | +291% |
| Financial charges | 65/66B | €314 | €251 | -€63 | -20.1% |
| Recurring financial charges | 65 | €314 | €251 | -€63 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €14,499 | €15,891 | +€1,392 | +9.6% |
| Income taxes | 67/77 | €3,355 | €3,575 | +€220 | +6.6% |
| Profit (loss) for the period | 9904 | €11,144 | €12,316 | +€1,172 | +10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €11,144 | €12,316 | +€1,172 | +10.5% |
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 17 October 2026 via checked.be.