WAW: 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.
What changed
WAW
NACE 17.220, Manufacture of paper and paper products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€136,997
2024 · €80,740+€56,257
Equity
€4.0m
2024 · €3.9m+€136,997
Cash
€52,206
2024 · €86,369-€34,164
Balance sheet total
€8.3m
2024 · €7.9m+€329,652
Largest movements
Assets
- Tangible fixed assets +€300,423
up €300,423 (+4.3%), from €6.9m to €7.2m
of which Land and buildings: +€440,705
- Deferred charges and accrued income +€220,514
up €220,514 (+1,456%), from €15,145 to €235,659
- Stocks and contracts -€177,303
down €177,303 (-100%), from €177,303 to €0
Equity and liabilities
- Short-term financial debts +€550,000
new in 2025: €550,000
- Debts after one year -€342,462
down €342,462 (-11.6%), from €3.0m to €2.6m
of which Financial debts: -€608,037
- Reserves +€136,997
up €136,997 (+5.2%), from €2.6m to €2.8m
of which Distributable reserves: +€136,997
Income statement
- Gross operating margin +€218,415
up €218,415 (+7.5%), from €2.9m to €3.1m
- Staff costs +€136,979
up €136,979 (+7.7%), from €1.8m to €1.9m
- Depreciation -€66,773
down €66,773 (-8.1%), from €823,895 to €757,121
- Financial charges +€34,667
up €34,667 (+63.2%), from €54,885 to €89,552
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.
Result 2024
€80,740
Gross operating margin
+€218,415
Staff costs
-€136,979
Depreciation
+€66,773
Other operating charges
+€4,427
Other operating items
-€31,271
Financial income
+€102
Financial charges
-€34,667
Taxes
-€30,543
Result 2025
€136,997
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€835,725
Investment
-€1.1m
Financing
+€212,710
Cash 2024
€86,369
From operations (derived)
+€835,725
Net result for the year
+€136,997
Depreciation
+€757,121
Stocks and contracts
+€177,303
Receivables within one year
+€4,872
Deferred charges and accrued income
-€220,514
Trade debts
+€10,764
Tax, wage and social debts
-€30,819
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
+€212,710
Debts after one year
-€342,462
Current portion of long-term debt
+€5,171
Short-term financial debts
+€550,000
Cash 2025
€52,206
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,935,435 | €8,265,088 | +€329,652 | +4.2% |
| Fixed assets | 21/28 | €7,011,603 | €7,337,079 | +€325,476 | +4.6% |
| Intangible fixed assets | 21 | €62,406 | €87,460 | +€25,053 | +40.1% |
| Tangible fixed assets | 22/27 | €6,945,948 | €7,246,371 | +€300,423 | +4.3% |
| Land and buildings | 22 | €5,912,935 | €6,353,640 | +€440,705 | +7.5% |
| Plant, machinery and equipment | 23 | €489,897 | €452,672 | -€37,225 | -7.6% |
| Furniture and vehicles | 24 | €158,367 | €178,671 | +€20,304 | +12.8% |
| Leasing and similar rights | 25 | €384,749 | €261,388 | -€123,361 | -32.1% |
| Financial fixed assets | 28 | €3,248 | €3,248 | = | 0.0% |
| Current assets | 29/58 | €923,833 | €928,009 | +€4,176 | +0.5% |
| Stocks and contracts in progress | 3 | €177,303 | €0 | -€177,303 | -100% |
| Stocks | 30/36 | €177,303 | €0 | -€177,303 | -100% |
| Amounts receivable within one year | 40/41 | €645,016 | €640,144 | -€4,872 | -0.8% |
| Trade receivables | 40 | €543,126 | €617,626 | +€74,500 | +13.7% |
| Other amounts receivable | 41 | €101,890 | €22,517 | -€79,372 | -77.9% |
| Cash at bank and in hand | 54/58 | €86,369 | €52,206 | -€34,164 | -39.6% |
| Deferred charges and accrued income | 490/1 | €15,145 | €235,659 | +€220,514 | +1,456% |
| Total equity and liabilities | 10/49 | €7,935,435 | €8,265,088 | +€329,652 | +4.2% |
| Equity | 10/15 | €3,857,145 | €3,994,142 | +€136,997 | +3.6% |
| Contributions | 10/11 | €370,000 | €370,000 | = | 0.0% |
| Capital | 10 | €370,000 | €370,000 | = | 0.0% |
| Issued capital | 100 | €370,000 | €370,000 | = | 0.0% |
| Revaluation surpluses | 12 | €864,034 | €864,034 | = | 0.0% |
| Reserves | 13 | €2,623,111 | €2,760,108 | +€136,997 | +5.2% |
| Non-distributable reserves | 130/1 | €37,000 | €37,000 | = | 0.0% |
| Legal reserve | 130 | €37,000 | €37,000 | = | 0.0% |
| Distributable reserves | 133 | €2,586,111 | €2,723,108 | +€136,997 | +5.3% |
| Amounts payable | 17/49 | €4,078,290 | €4,270,946 | +€192,655 | +4.7% |
| Amounts payable after more than one year | 17 | €2,963,992 | €2,621,530 | -€342,462 | -11.6% |
| Financial debts | 170/4 | €2,310,223 | €1,702,186 | -€608,037 | -26.3% |
| Other amounts payable | 178/9 | €653,769 | €919,344 | +€265,575 | +40.6% |
| Amounts payable within one year | 42/48 | €1,114,299 | €1,649,415 | +€535,117 | +48.0% |
| Current portion of amounts payable after more than one year | 42 | €602,866 | €608,037 | +€5,171 | +0.9% |
| Financial debts | 43 | - | €550,000 | +€550,000 | |
| Credit institutions | 430/8 | - | €550,000 | +€550,000 | |
| Trade debts | 44 | €226,341 | €237,105 | +€10,764 | +4.8% |
| Suppliers | 440/4 | €226,341 | €237,105 | +€10,764 | +4.8% |
| Taxes, remuneration and social security | 45 | €285,092 | €254,273 | -€30,819 | -10.8% |
| Taxes | 450/3 | €58,905 | €53,773 | -€5,132 | -8.7% |
| Remuneration and social security | 454/9 | €226,187 | €200,500 | -€25,687 | -11.4% |
| Non-recurring operating income | 76A | - | €2,500 | +€2,500 | |
| Remuneration, social security and pensions | 62 | €1,769,930 | €1,906,909 | +€136,979 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €823,895 | €757,121 | -€66,773 | -8.1% |
| Other operating charges | 640/8 | €132,778 | €128,351 | -€4,427 | -3.3% |
| Non-recurring operating charges | 66A | - | €31,271 | +€31,271 | |
| Gross operating margin | 9900 | €2,893,250 | €3,111,665 | +€218,415 | +7.5% |
| Operating profit (loss) | 9901 | €166,647 | €288,013 | +€121,365 | +72.8% |
| Financial income | 75/76B | €1 | €103 | +€102 | +10,215% |
| Recurring financial income | 75 | €1 | €103 | +€102 | +10,215% |
| Financial charges | 65/66B | €54,885 | €89,552 | +€34,667 | +63.2% |
| Recurring financial charges | 65 | €54,885 | €89,552 | +€34,667 | +63.2% |
| Profit (loss) for the period before taxes | 9903 | €111,764 | €198,564 | +€86,800 | +77.7% |
| Income taxes | 67/77 | €31,024 | €61,566 | +€30,543 | +98.5% |
| Profit (loss) for the period | 9904 | €80,740 | €136,997 | +€56,257 | +69.7% |
| Profit (loss) for the period to be appropriated | 9905 | €80,740 | €136,997 | +€56,257 | +69.7% |
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 14 October 2026 via checked.be.