WAVE4GROWTH: 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.
WAVE4GROWTH
Largest movements
- Cash +€27,806
up €27,806 (+19.5%), from €142,614 to €170,420
mainly Net result for the year (+€77,719) and Depreciation (+€23,740)
- Tangible fixed assets -€23,740
down €23,740 (-33.1%), from €71,644 to €47,904
of which Furniture and vehicles: -€23,464
- Receivables within one year -€21,737
down €21,737 (-45.4%), from €47,850 to €26,113
of which Trade receivables: -€13,749
- Other debts -€67,951
down €67,951 (-29.4%), from €230,929 to €162,977
- Profit (loss) carried forward +€22,719
up €22,719 (+594.6%), from €3,821 to €26,540
- Debts after one year +€18,680
new in 2025: €18,680
- Current portion of long-term debt +€16,610
new in 2025: €16,610
- Trade debts -€3,730
down €3,730 (-71.4%), from €5,227 to €1,497
- Gross operating margin +€66,938
up €66,938 (+99.8%), from €67,054 to €133,993
- Other operating charges -€27,244
down €27,244 (-83.3%), from €32,716 to €5,472
- Taxes +€19,190
up €19,190 (+368.8%), from €5,203 to €24,393
- Depreciation +€7,179
up €7,179 (+43.3%), from €16,561 to €23,740
- Financial charges -€6,084
down €6,084 (-69.5%), from €8,754 to €2,670
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 | €264,002 | €246,459 | -€17,543 | -6.6% |
| Fixed assets | 21/28 | €71,644 | €47,904 | -€23,740 | -33.1% |
| Tangible fixed assets | 22/27 | €71,644 | €47,904 | -€23,740 | -33.1% |
| Furniture and vehicles | 24 | €70,494 | €47,030 | -€23,464 | -33.3% |
| Other tangible fixed assets | 26 | €1,150 | €875 | -€275 | -24.0% |
| Current assets | 29/58 | €192,358 | €198,555 | +€6,197 | +3.2% |
| Amounts receivable within one year | 40/41 | €47,850 | €26,113 | -€21,737 | -45.4% |
| Trade receivables | 40 | €39,404 | €25,654 | -€13,749 | -34.9% |
| Other amounts receivable | 41 | €8,446 | €459 | -€7,988 | -94.6% |
| Cash at bank and in hand | 54/58 | €142,614 | €170,420 | +€27,806 | +19.5% |
| Deferred charges and accrued income | 490/1 | €1,894 | €2,022 | +€128 | +6.7% |
| Total equity and liabilities | 10/49 | €264,002 | €246,459 | -€17,543 | -6.6% |
| Equity | 10/15 | €13,821 | €36,540 | +€22,719 | +164.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,821 | €26,540 | +€22,719 | +594.6% |
| Amounts payable | 17/49 | €250,181 | €209,919 | -€40,262 | -16.1% |
| Amounts payable after more than one year | 17 | - | €18,680 | +€18,680 | |
| Financial debts | 170/4 | - | €18,680 | +€18,680 | |
| Amounts payable within one year | 42/48 | €246,668 | €191,151 | -€55,518 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | - | €16,610 | +€16,610 | |
| Trade debts | 44 | €5,227 | €1,497 | -€3,730 | -71.4% |
| Suppliers | 440/4 | €5,227 | €1,497 | -€3,730 | -71.4% |
| Taxes, remuneration and social security | 45 | €10,513 | €10,067 | -€447 | -4.2% |
| Taxes | 450/3 | €8,813 | €8,367 | -€447 | -5.1% |
| Remuneration and social security | 454/9 | €1,700 | €1,700 | = | 0.0% |
| Other amounts payable | 47/48 | €230,929 | €162,977 | -€67,951 | -29.4% |
| Accrued charges and deferred income | 492/3 | €3,512 | €88 | -€3,425 | -97.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,561 | €23,740 | +€7,179 | +43.3% |
| Other operating charges | 640/8 | €32,716 | €5,472 | -€27,244 | -83.3% |
| Gross operating margin | 9900 | €67,054 | €133,993 | +€66,938 | +99.8% |
| Operating profit (loss) | 9901 | €17,778 | €104,781 | +€87,003 | +489.4% |
| Financial income | 75/76B | €0 | €0 | +€0 | +4800.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +4800.0% |
| Financial charges | 65/66B | €8,754 | €2,670 | -€6,084 | -69.5% |
| Recurring financial charges | 65 | €8,754 | €2,670 | -€6,084 | -69.5% |
| Profit (loss) for the period before taxes | 9903 | €9,024 | €102,112 | +€93,087 | +1031.5% |
| Income taxes | 67/77 | €5,203 | €24,393 | +€19,190 | +368.8% |
| Profit (loss) for the period | 9904 | €3,821 | €77,719 | +€73,898 | +1934.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,821 | €77,719 | +€73,898 | +1934.0% |
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 4 October 2026 via checked.be.