WAX Architecture: 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.
WAX Architecture
Largest movements
- Receivables within one year +€341,306
up €341,306 (+192%), from €177,810 to €519,116
of which Trade receivables: +€327,463
- Cash -€174,899
down €174,899 (-68.7%), from €254,755 to €79,855
mainly Receivables within one year (-€341,306) and Investment in fixed assets (net) (-€164,640)
- Financial fixed assets +€104,769
up €104,769 (+45,449%), from €231 to €105,000
- Tangible fixed assets +€47,285
up €47,285 (+391%), from €12,088 to €59,373
of which Furniture and vehicles: +€34,700
- Deferred charges and accrued income -€25,809
down €25,809 (-58.3%), from €44,249 to €18,440
- Trade debts +€146,208
up €146,208 (+71.3%), from €205,106 to €351,314
- Other debts +€115,594
up €115,594 (+188%), from €61,444 to €177,038
- Debts after one year +€78,204
up €78,204 (+4,595%), from €1,702 to €79,906
- Accrued charges and deferred income -€42,492
down €42,492 (-99.3%), from €42,799 to €307
- Current portion of long-term debt -€35,918
down €35,918 (-66.6%), from €53,925 to €18,007
- Gross operating margin +€62,256
up €62,256 (+19.5%), from €318,700 to €380,956
- Staff costs +€20,910
up €20,910 (+14.4%), from €144,765 to €165,674
- Taxes +€10,391
up €10,391 (+28.7%), from €36,187 to €46,577
- Depreciation +€6,240
up €6,240 (+98.3%), from €6,345 to €12,585
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 | €489,131 | €781,784 | +€292,653 | +59.8% |
| Fixed assets | 21/28 | €12,318 | €164,373 | +€152,055 | +1,234% |
| Tangible fixed assets | 22/27 | €12,088 | €59,373 | +€47,285 | +391% |
| Plant, machinery and equipment | 23 | €20 | €12,605 | +€12,585 | +61,904% |
| Furniture and vehicles | 24 | €12,067 | €46,768 | +€34,700 | +288% |
| Financial fixed assets | 28 | €231 | €105,000 | +€104,769 | +45,449% |
| Current assets | 29/58 | €476,813 | €617,411 | +€140,598 | +29.5% |
| Amounts receivable within one year | 40/41 | €177,810 | €519,116 | +€341,306 | +192% |
| Trade receivables | 40 | €86,825 | €414,287 | +€327,463 | +377% |
| Other amounts receivable | 41 | €90,985 | €104,829 | +€13,844 | +15.2% |
| Cash at bank and in hand | 54/58 | €254,755 | €79,855 | -€174,899 | -68.7% |
| Deferred charges and accrued income | 490/1 | €44,249 | €18,440 | -€25,809 | -58.3% |
| Total equity and liabilities | 10/49 | €489,131 | €781,784 | +€292,653 | +59.8% |
| Equity | 10/15 | €67,409 | €56,200 | -€11,209 | -16.6% |
| Contributions | 10/11 | €8,060 | €6,200 | -€1,860 | -23.1% |
| Reserves | 13 | €24,677 | €50,000 | +€25,323 | +103% |
| Distributable reserves | 133 | €24,677 | €50,000 | +€25,323 | +103% |
| Profit (loss) carried forward | 14 | €34,672 | €0 | -€34,672 | -100% |
| Amounts payable | 17/49 | €421,722 | €725,584 | +€303,862 | +72.1% |
| Amounts payable after more than one year | 17 | €1,702 | €79,906 | +€78,204 | +4,595% |
| Financial debts | 170/4 | €1,702 | €79,906 | +€78,204 | +4,595% |
| Amounts payable within one year | 42/48 | €377,222 | €645,371 | +€268,150 | +71.1% |
| Current portion of amounts payable after more than one year | 42 | €53,925 | €18,007 | -€35,918 | -66.6% |
| Financial debts | 43 | €5,254 | €34,298 | +€29,044 | +553% |
| Credit institutions | 430/8 | €5,254 | €34,298 | +€29,044 | +553% |
| Trade debts | 44 | €205,106 | €351,314 | +€146,208 | +71.3% |
| Suppliers | 440/4 | €205,106 | €351,314 | +€146,208 | +71.3% |
| Advances received on contracts in progress | 46 | €1,416 | €0 | -€1,416 | -100% |
| Taxes, remuneration and social security | 45 | €50,077 | €64,714 | +€14,637 | +29.2% |
| Taxes | 450/3 | €31,586 | €40,463 | +€8,877 | +28.1% |
| Remuneration and social security | 454/9 | €18,490 | €24,251 | +€5,761 | +31.2% |
| Other amounts payable | 47/48 | €61,444 | €177,038 | +€115,594 | +188% |
| Accrued charges and deferred income | 492/3 | €42,799 | €307 | -€42,492 | -99.3% |
| Non-recurring operating income | 76A | €7,605 | - | -€7,605 | |
| Remuneration, social security and pensions | 62 | €144,765 | €165,674 | +€20,910 | +14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,345 | €12,585 | +€6,240 | +98.3% |
| Other operating charges | 640/8 | €8,807 | €6,564 | -€2,243 | -25.5% |
| Gross operating margin | 9900 | €318,700 | €380,956 | +€62,256 | +19.5% |
| Operating profit (loss) | 9901 | €158,783 | €196,132 | +€37,349 | +23.5% |
| Financial income | 75/76B | €3 | €2 | -€1 | -39.7% |
| Recurring financial income | 75 | €3 | €2 | -€1 | -39.7% |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €16,569 | €20,195 | +€3,626 | +21.9% |
| Recurring financial charges | 65 | €16,569 | €20,195 | +€3,626 | +21.9% |
| Profit (loss) for the period before taxes | 9903 | €142,217 | €175,939 | +€33,721 | +23.7% |
| Income taxes | 67/77 | €36,187 | €46,577 | +€10,391 | +28.7% |
| Profit (loss) for the period | 9904 | €106,031 | €129,361 | +€23,331 | +22.0% |
| Profit (loss) for the period to be appropriated | 9905 | €106,031 | €129,361 | +€23,331 | +22.0% |
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 23 October 2026 via checked.be.