Wavemakers: 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.
Wavemakers
Largest movements
- Receivables within one year -€135,795
down €135,795 (-26.5%), from €511,614 to €375,820
of which Trade receivables: -€144,633
- Cash +€90,477
up €90,477 (+90.5%), from €99,944 to €190,421
mainly Receivables within one year (+€135,795) and Net result for the year (+€132,281)
- Tangible fixed assets -€46,545
down €46,545 (-38.1%), from €122,272 to €75,727
of which Furniture and vehicles: -€44,771
- Other debts +€98,315
up €98,315 (+690.1%), from €14,247 to €112,563
- Trade debts -€95,633
down €95,633 (-71.8%), from €133,149 to €37,516
- Profit (loss) carried forward +€69,097
up €69,097 (+41.5%), from €166,665 to €235,762
- Reserves -€53,618
down €53,618 (-27.6%), from €194,152 to €140,535
of which Tax-exempt reserves: -€36,816
- Tax, wage and social debts -€41,673
down €41,673 (-29.4%), from €141,970 to €100,296
of which Remuneration and social security: -€39,142
- Gross operating margin +€114,292
up €114,292 (+23.8%), from €479,436 to €593,729
- Staff costs +€21,512
up €21,512 (+6.1%), from €352,424 to €373,936
- Other operating charges -€15,765
down €15,765 (-69.6%), from €22,647 to €6,882
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 | €819,731 | €736,727 | -€83,004 | -10.1% |
| Fixed assets | 21/28 | €197,647 | €157,371 | -€40,275 | -20.4% |
| Intangible fixed assets | 21 | €75,375 | €81,645 | +€6,270 | +8.3% |
| Tangible fixed assets | 22/27 | €122,272 | €75,727 | -€46,545 | -38.1% |
| Plant, machinery and equipment | 23 | €3,631 | €2,663 | -€968 | -26.7% |
| Furniture and vehicles | 24 | €114,237 | €69,466 | -€44,771 | -39.2% |
| Other tangible fixed assets | 26 | €4,404 | €3,598 | -€806 | -18.3% |
| Current assets | 29/58 | €622,084 | €579,356 | -€42,728 | -6.9% |
| Amounts receivable within one year | 40/41 | €511,614 | €375,820 | -€135,795 | -26.5% |
| Trade receivables | 40 | €331,634 | €187,001 | -€144,633 | -43.6% |
| Other amounts receivable | 41 | €179,981 | €188,819 | +€8,838 | +4.9% |
| Cash at bank and in hand | 54/58 | €99,944 | €190,421 | +€90,477 | +90.5% |
| Deferred charges and accrued income | 490/1 | €10,526 | €13,115 | +€2,589 | +24.6% |
| Total equity and liabilities | 10/49 | €819,731 | €736,727 | -€83,004 | -10.1% |
| Equity | 10/15 | €379,417 | €394,896 | +€15,479 | +4.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €194,152 | €140,535 | -€53,618 | -27.6% |
| Tax-exempt reserves | 132 | €36,816 | - | -€36,816 | |
| Distributable reserves | 133 | €157,337 | €140,535 | -€16,802 | -10.7% |
| Profit (loss) carried forward | 14 | €166,665 | €235,762 | +€69,097 | +41.5% |
| Amounts payable | 17/49 | €440,313 | €341,831 | -€98,483 | -22.4% |
| Amounts payable after more than one year | 17 | €58,251 | €27,479 | -€30,771 | -52.8% |
| Financial debts | 170/4 | €58,251 | €27,479 | -€30,771 | -52.8% |
| Amounts payable within one year | 42/48 | €339,621 | €290,369 | -€49,252 | -14.5% |
| Current portion of amounts payable after more than one year | 42 | €50,256 | €39,993 | -€10,262 | -20.4% |
| Trade debts | 44 | €133,149 | €37,516 | -€95,633 | -71.8% |
| Suppliers | 440/4 | €133,149 | €37,516 | -€95,633 | -71.8% |
| Taxes, remuneration and social security | 45 | €141,970 | €100,296 | -€41,673 | -29.4% |
| Taxes | 450/3 | €29,695 | €27,164 | -€2,532 | -8.5% |
| Remuneration and social security | 454/9 | €112,275 | €73,133 | -€39,142 | -34.9% |
| Other amounts payable | 47/48 | €14,247 | €112,563 | +€98,315 | +690.1% |
| Accrued charges and deferred income | 492/3 | €42,441 | €23,983 | -€18,459 | -43.5% |
| Remuneration, social security and pensions | 62 | €352,424 | €373,936 | +€21,512 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,138 | €68,240 | -€898 | -1.3% |
| Other operating charges | 640/8 | €22,647 | €6,882 | -€15,765 | -69.6% |
| Gross operating margin | 9900 | €479,436 | €593,729 | +€114,292 | +23.8% |
| Operating profit (loss) | 9901 | €35,228 | €144,671 | +€109,443 | +310.7% |
| Financial income | 75/76B | €7,631 | €11,226 | +€3,594 | +47.1% |
| Recurring financial income | 75 | €7,631 | €11,226 | +€3,594 | +47.1% |
| Financial charges | 65/66B | €5,198 | €4,632 | -€566 | -10.9% |
| Recurring financial charges | 65 | €5,198 | €4,632 | -€566 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €37,661 | €151,265 | +€113,604 | +301.6% |
| Income taxes | 67/77 | €17,300 | €18,984 | +€1,684 | +9.7% |
| Profit (loss) for the period | 9904 | €20,361 | €132,281 | +€111,920 | +549.7% |
| Transfer from tax-exempt reserves | 789 | - | €36,816 | +€36,816 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,361 | €169,097 | +€148,735 | +730.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.